Companiesandmarkets.com has released a new report on the global flexible endoscopes market. According to the report, last year, the market was estimated at $2.4 billion.
The report, titled “Flexible Endoscopes - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017” predicts that the market will experience a Compound Annual Growth Rate (CAGR) of 4 % and by the year 2017, the market will reach a value of $3.1 billion.
The biggest market for flexible endoscopes is in the United States, which accounted for 44 % of the global market share in 2010. Valued at $1 billion last year, it is expected that annually, the US flexible endoscopes market will witness a 5 % growth during 2010-2017 to reach a value of $1.4 billion by 2017.
Factors influencing the growth of the endoscopes market in the United States include the rising preference for outpatient surgery as well as the bigger reimbursement coverage provided for colorectal screening. Europe accounts for 29 % of the total flexible endoscopes market.
A fast growing segment of flexible endoscopes market is flexible videoscopes, with a market value of $2.1 billion in 2010. By 2017, the value of flexible videoscopes market is likely to reach $2.9 billion. The growth in the flexible videoscopes market is likely to be driven by the growing number of colonoscopy procedures required for the screening of colorectal cancer.
In 2010, Olympus Medical Systems, Hoya and Fujifilm are the three companies which together accounted for 90 percent of the global market share.