BURLINGTON, Mass., Oct. 9, 2014 /PRNewswire/ -- Decision Resources Group finds that the markets for gastrointestinal (GI) endoscopy devices in the United States and Europe will expand to reach values of $3.5 billion and $1.6 billion, respectively, by 2023. Though both markets will be negatively impacted by price competition as a result of group purchasing and tendering, cost constraints in Europe will result in notably slower market growth in that region.
Other key findings from Decision Resources Group's coverage of the U.S. and European gastrointestinal device markets:
- Expanded indications for existing devices: Clinical evidence supporting the use of existing devices in new indications will allow these markets to grow through 2023. For example, evidence demonstrating the effectiveness of using radiofrequency ablation to treat Barrett's esophagus patients with low-grade dysplasia, a practice that is already common in the U.S., will increase the use of such treatment in Europe.
- Competing approaches: The U.S. Food and Drug Administration's approval of a stool-based screening kit in August 2014 signals increasing adoption of this approach over standard colonoscopy, which will limit the market for biopsy devices going forward. This trend will eventually extend to the European market, where some countries already rely more heavily on screening tests other than colonoscopy, including the fecal immunochemical test.
- Pricing disparity: The presence of different competitors in the U.S. and European markets has led to disparities in product prices between these regions. For example, in some segments where devices are commoditized or can be easily manufactured, prices are often lower in Europe due to the presence of low-cost local competitors.
Comments from Decision Resources Group Senior Analyst Jason Lau:
- "Despite ongoing price competition, developing well-regarded and well-differentiated GI endoscopy devices will help competitors in this space establish brand loyalty among physicians. Because many competitors in this market offer an assortment of GI endoscopy devices, a stand-out device in one market can encourage purchases of related GI devices from the same vendor."
- "The ease-of-use and high quality associated with Boston Scientific's Resolution Clip, for example, has helped drive sales of the company's thermal contact probes, which are often used alongside these clips. Similarly, Boston Scientific, Cook Medical, and Olympus have all gained sales across the endoscopic retrograde cholangiopancreatography (ERCP) device segment based on the strength of their guidewire offerings."
- Jason Lau has written Medtech 360 reports on this subject entitled US Markets for Gastrointestinal Endoscopy Devices 2015 and European Markets for Gastrointestinal Endoscopy Devices 2015, respectively.
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