TORONTO--(BUSINESS WIRE)--According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, increases in colorectal cancer (CRC) screening will drive sales in the European gastrointestinal endoscopy market, helping this market reach a value of $1 billion by 2016. While many market segments will grow at a relatively slow annual rate, GI stents will show notable growth through 2016.
With greater CRC screening being promoted and implemented across Europe, there is increased awareness of this cancer and how it can be detected. Of particular importance is a new flexible sigmoidoscopy screening program planned for rollout in the United Kingdom, which will provide free screenings to susceptible populations. Screening leads to a greater number of polyps discovered and an increase in CRC diagnoses, driving the number of gastrointestinal endoscopy procedures. This will particularly boost the sales of polypectomy snares, biopsy forceps, hemostasis devices and GI videoscopes.
With a compound annual growth rate of over 13 percent, the duodenal/colonic stents will be one of the fastest growing segments in the European gastrointestinal endoscopy device market. Technological advances in delivery systems, as well as increasing clinical evidence, have made physicians more confident with placing stents instead of pursuing other methods for alleviating strictures. This will be particularly significant with duodenal/colonic stents, which show significant benefits over open surgery, such as reduced procedure times and quicker patient recovery.
“Covered metal stents for treating biliary strictures will also see strong growth,” said MRG Analyst Travis Allen. “These devices will increasingly replace the plastic stents currently used in these indications. Plastic stents are cheaper, but they occlude more quickly and require repeat patient visits for stent replacement. Self-expanding metal stents, however, require fewer patient procedures, and show a lower cost overall. Unit sales for covered metal stents will grow at an average annual rate of over 13 percent through 2016.”
The competitive landscape of the European gastrointestinal endoscopy device market will continue to favor large companies with wide product portfolios that can bundle products to win contracts with budget-conscious hospitals. Major competitors include Olympus/Gyrus-ACMI, Boston Scientific, Fresenius Kabi, FUJIFILM, Cook Medical, Group DANONE, PENTAX Medical, Nestlé and Kimberly-Clark.
Millennium Research Group’s European Markets for Gastrointestinal Endoscopy Devices 2012 report includes, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for GI videoscopes, enteral feeding devices, ERCP devices, GI stents, biopsy devices, hemostasis devices, polypectomy snares, and esophageal dilation balloons sold in France, Germany, Italy, Spain and the United Kingdom.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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