Published: July 2021 | Report Code: LS12215 | Available Format: PDF | Pages: 89
The U.S. endoscope repair market generated $248.6 million revenue in 2020, and it is expected to grow at a CAGR of 9.3% during 2020–2030. The key factors responsible for the growth of the market include the advancements in the medical device industry, shift toward minimally invasive procedures, increasing adoption of comprehensive medical equipment maintenance contracts, and rising adoption of equipment insurance.
The U.S. endoscope repair market faced an unprecedented challenge due to the COVID-19 pandemic. When the outbreak began in 2020, social distancing policies were adopted by the federal, state, and local governments, as well as hospitals, nursing homes, and other healthcare facilities. This impacted the face-to-face interactions typically conducted by sales representatives, medical science liaisons, and other field-based employees of pharmaceutical and medical device companies. Moreover, due to the non-operational out-patient departments (OPDs) and diagnostic imaging centers, the use of endoscopes decreased during the lockdown, thus reducing the demand for repair services.
The esophagoscope category held the largest share in the U.S. endoscope repair market in 2020, based on endoscope type. This is majorly attributed to the increase in the prevalence of diseases such as abnormal throat and gastroesophageal reflux disease (GERD) and the rising awareness on spotting the early signs of esophageal cancer and getting it diagnosed as soon as possible.
The ISOs category is expected to witness the faster growth in the U.S. endoscope repair market during the forecast period, based on service provider. This will mainly be due to the benefits provided by ISOs, such as low cost and greater flexibility in servicing and repairing the endoscopic equipment of different original equipment manufacturers (OEMs).
Texas is expected to lead the U.S. endoscope repair market throughout the forecast period. This can be attributed to the high geriatric population of the state, combined with the high prevalence of cancer. Furthermore, the Texas Department of Aging and Disability Services (DADS), Texas Department of State Health Services (DSHS), Employees Retirement System (ERS), and Teacher Retirement System (TRS) account for ~83% of all the healthcare spending in the state annually. Thus, the increasing healthcare spending of the state government is also a major factor for the growth of the market in Texas.
End users in the U.S. endoscope repair market are becoming more inclined toward entering into comprehensive contracts with ISOs, in order to reduce the complexities and additional expenses associated with the separate services provided under agreements with different OEMs. For instance, NovaMed Corporation runs a comprehensive service management program that allows customers to consolidate the company’s services into one contract. The contract offers a cost-effective alternative to OEM contracts, coupled with multi-vendor, multi-modality access. Such examples affirm that the increasing adoption of comprehensive endoscope service contracts is a notable trend in the U.S.
The expanding medical device industry is one of the major drivers for the growth of the market for endoscope repair in the U.S., owing to its consistent focus on bringing new technologies to the people. Owing to this, there are a large number of technologically advanced products in use in the healthcare settings here, to provide better facilities to patients. For instance, video capsule endoscopy (VCE) is a recent endoscopy technology and a powerful diagnostic tool for diseases related to the gastrointestinal tract. VCE endoscopy can visualize the esophagus, stomach, proximal small bowel, and colon and provide functional information.
|Base Year (2020) Market Size||$248.6 Million|
|Market Size Forecast in 2030||$603.6 Million|
|Forecast Period CAGR||9.3%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Service Provider; By State|
|Secondary Sources and References (Partial List)||American Association for Accreditation of Ambulatory Surgery Facilities; American College of Radiology; Association for the Advancement of Medical Instrumentation; Canadian Association of Medical Radiation Technologists; Central American Medical Outreach; International Association of Healthcare Central Service Materiel Management; International Medical Equipment Collaborative; Pan American Development Foundation|
The U.S. endoscope repair market is marked by the presence of several key players. Some of the major players in the industry are Olympus Corporation, Stryker Corporation, STERIS, Agiliti Inc., J2S Medical, FUJIFILM Holdings Corporation, Pentax Medical Company, Total Scope Inc., Endoscopy Repair Specialist Inc., Associated Endoscopy Inc., Medical Optics, Endoscopy Support Services Inc., and HMB Endoscopy Products.
In recent years, players in the U.S. endoscope repair industry have been involved in partnerships and acquisitions in order to attain a significant position. For instance:
The U.S. endoscope repair market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Endoscope Type
Based on Service Provider
During 2020–2030, the endoscope repair market in the U.S. is set to witness a CAGR of 9.3%.
The popularity of ISOs among the end users in the U.S. endoscope repair industry is rising as their services are flexible and cost-effective.
Texas generates the highest revenue in the endoscope repair market of the U.S.
Multi-vendor service contracts are the U.S. endoscope repair industry trend as they make the services cost-effective for end users.
Players in the endoscope repair market of the U.S. are entering into partnerships and acquisitions.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws