New Endoscope Manufacturing Industry Research Report by IBISWorld; Rising Demand for Minimally Invasive Surgery Will Help Offset Device Taxes
(PRWEB) November 28, 2011
The Endoscope Manufacturing industry has experienced strong revenue growth recently and is forecast to continue expanding. Since 2006, revenue increased by an average annual rate of 14.4% to $ 1.8 billion in 2011, and it is expected to grow by 7.4% in 2011 alone. The US economic downturn did little to deter hospitals and other customers from buying medical devices like endoscopes. The aging US population is a major factor driving demand, since the occurrence of health issues that require medical devices is higher in the elderly population. Cancer rates are also one of the drivers of the market. There are more than one million new cases of colorectal cancer annually worldwide according to the International Agency for Research on Cancer’s Globocan project. These cases of cancer are often diagnosed or treated with endoscopic equipment. Another factor that drives demand is the rising rate of obesity. Gastric bypass and gastric-banding procedures are becoming increasingly popular for treating obesity, and endoscopic procedures are often used pre and post-operatively.
While IBISWorld projects that revenue will grow at a robust rate in the coming 5 years, expansion will not match that of the recent years. The changing regulatory environment will be the main hindrance. The Patient Protection and Affordable Care Act of 2010 will place an excise tax on medical devices, reducing industry profitability. However, minimally invasive procedures are gaining traction due to their lower costs and ability to be performed at physician’s offices versus hospitals. Office-based endoscopies are becoming more popular in fields like otolaryngology, urology, gynecology, gastroenterology and orthopedic surgery.
Foreign outsourcing of manufacturing, research and development, and other operations, combined with industry consolidation, will likely cause enterprises to decrease by 2.8% per year during the next five years. Similarly, industry employment is projected to grow at the slow average annual rate of 0.6%. Foreign players will continue their prominent role in this industry, especially countries such as Japan and Germany (which already dominate major players in this industry), as US customers face more stringent Medicare reimbursement requirements and other cost-cutting pressures. Imports are expected to constitute 39.2% of domestic demand in 2011. Major manufacturers in the US include Olympus Corporation, FujiFilm, Hoya Corporation and Medtronic
For more information on IBISWorld’s report visit the Endoscope Manufacturing Industry
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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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