Albany, NY -- (SBWIRE) -- 05/15/2018 -- Keeping in view the high demand for endoscopic procedures in North America, Transparency Market Research has released a report on the endoscopy devices market in the region. The report, titled "Endoscopy Devices Market - North America Industry Size, Market Share, Trends, Analysis and Forecast 2011 - 2017", predicts that the North America endoscopy devices market in grow at a CAGR of 8.9% between 2011 and 2017. The market was valued at US$2.5 billion in 2011 and is expected to be valued at US$4.3 billion by the end of 2017.
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According to the American Board of Surgery, endoscopy is one of the top five procedures performed by certified surgeons. Since endoscopic surgeries are minimally invasive, they are often preferred by patients and doctors alike. Increase in the chronically ill and ageing demographics coupled with the adoption of new technologies in endoscopic procedures such as narrow band imaging, and confocal microendoscopy has boosted the growth of the endoscopy devices market in North America. The report points out that increased purchasing power has also helped boost demand for endoscopic procedures. However, the report cites that the medical device tax levied upon the sales of medical devices in the U.S., allied to stringent FDA regulations, would negatively impact the endoscopy devices market in North America. Though the medical device tax directly affects the manufacturer or importer of a taxable medical device, the overall endoscopy devices market will get affected due to the high number of devices shipped and the domino effect on the market's competitive landscape.
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High investment cost of endoscopic equipments will also hamper the growth of the market. The report mentions that there lies a huge opportunity for the market to expand in emerging economies such as Mexico. Also, a growing preference for neuroendoscopy will open new doors for the endoscopy devices market in North America.Depending on the product type, the report segments the overall endoscopy devices market into rigid endoscopes, flexible endoscopes, endoscopic visualization systems, endoscopic ultrasound, endoscope fluid management systems, and endoscope accessories. Flexible endoscopes along with endoscope accessories form the major segment of the market. The flexible endoscope segment dominated the endoscopy devices market in North America, generating revenue worth US$911.7 million in 2011. The endoscope accessories segment is expected to grow significantly during from 2011 to 2017, at a CAGR of 15.7%. However, segments such as traditional rigid endoscopes and endoscope fluid management systems are expected to grow at a slower pace.
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