How Are Technological Advancements Driving U.S. Endoscope Repair Market Growth?
Factors such as the increasing preference for equipment insurance, surging adoption of medical equipment maintenance contracts, accelerating shift toward minimally invasive surgical procedures, and rising advancements in the medical device industry are expected to drive the U.S. endoscope repair market at a CAGR of 9.3% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $248.6 million in 2020, and it is projected to generate $603.6 million revenue by 2030.
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The rising advancements in the medical device industry are propelling the demand for endoscope repair services in the U.S. The technological advancements in the medical device industry aim at providing new and improved medical facilities to patients. For example, video capsule endoscopy (VCE), a powerful diagnostic tool and advanced endoscopy technology, is being used for diagnosing gastrointestinal tract diseases. VCE can visualize the colon, stomach, esophagus, and proximal small bowel and provide functional information. Thus, with the rising complexity in endoscopes, the requirement for their regular and effective servicing is increasing.
The endoscope type segment of the U.S. endoscope repair market is classified into laparoscope, bronchoscope, arthroscope, cystoscope, colonoscope, esophagoscope, and others. Under this segment, the esophagoscope category generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be owed to the rising incidence of diseases such as gastroesophageal reflux disease (GERD) and abnormal throat and surging knowledge about the early signs of esophageal cancer and advantages of its early diagnosis.
Geographically, Texas is expected to account for the largest share in the U.S. endoscope repair market during the forecast period due to the booming geriatric population and surging prevalence of cancer in the state. Besides, the mounting healthcare expenditure by the state government will support the market growth. For instance, the Texas Department of State Health Services (DSHS), Teacher Retirement System (TRS), Texas Department of Aging and Disability Services (DADS), and Employees Retirement System (ERS) contribute approximately 83% of all the healthcare expenditure in Texas.
Therefore, the increasing technological developments in the medical device industry and mounting focus of end users on comprehensive servicing contracts will contribute to the market growth.