The European gastrointestinal endoscopy market will experience a significant growth in view of increasing number of colorectal cancer (CRC) screening, and thus could drive this market to achieve $1 billion by 2016, according to Millennium Research Group (MRG), a global authority on medical technology market intelligence.
Several market segments are growing at a relatively slow annual rate. On the other hand, by 2016 GI stents will exhibit a significant growth.
Due to implementation and promotion of CRC screening across Europe, awareness about this cancer has increased. In the UK, a new flexible sigmoidoscopy screening program would be conducted to offer free screenings to susceptible populations. Through screening, a large number of polyps are identified which results in increase number of CRC diagnoses, and this in turn raises the rate of gastrointestinal endoscopy procedures. Such outcomes increase the sales of polypectomy snares, hemostasis devices, biopsy forceps and GI videoscopes.
The colonic/duodenal stents is projected to be one of the fastest growing segments in the European gastrointestinal endoscopy device market with a CAGR of more than 13%. Increasing clinical evidence and advancements in delivery systems have allowed physicians to confidently insert stents rather than using different methods to reduce strictures. This procedure has significant benefits such as quicker recovery and reduced procedure times, compared to open surgery.
Travis Allen, Analyst at MRG, stated that covered metal stents used for treating biliary strictures will witness a robust growth. The plastic stents will be replaced by these devices. The plastic stents are low-cost; however, they require frequent patient visits for stent replacement. On the other hand, self-expanding metal stents have low operating cost and require fewer procedures.
The landscape of the European gastrointestinal endoscopy device market will be supporting major companies with vast product portfolios.
The ‘European Markets for Gastrointestinal Endoscopy Devices 2012’ report of MRG features average selling price, unit, market drivers and limiters, revenue information, competitive landscape for GI videoscopes, ERCP devices, enteral feeding devices, GI stents, hemostasis devices, polypectomy snares, biopsy devices and esophageal dilation balloons which are sold in Germany, France, Spain, Italy and the United Kingdom.
Source: http://mrg.net