Worth $2.5 billion in 2011, the North American endoscopy device market will soar to a whopping $4.3 billion by 2017, according to a new industry report. Thank better health awareness, an increased move toward high-end technologies and improved standards of living for driving the trend, Transparency Market Research concludes.
Endoscope accessories are among the largest growth segment within the sector, the report notes, with 15.7% expected growth over the same period. And while the U.S. generated most of the endoscopy device business in 2011, Canada and Mexico will likely claim a greater share of the market by 2017, as endoscopy demand in both markets is growing at a much higher rate, according to the study.
The report reflects the reality that endoscopy devices and related equipment are a solid growth area for many companies. Japan's Olympus ($OCPNY), in addition to making cameras, is perhaps the largest maker of endoscopic equipment. And Olympus is betting hard that it can recover financially from a massive accounting scandal through growth in that business line. Given Imaging ($GIVN) in Israel will seek FDA approval for its PillCam Colon 2 device to visualize the colon for patients that can't have or finish a colonoscopy, though investors want the company to seek a broader indication.
Even Boston Scientific ($BSX), which experienced an otherwise dismal 2012 second quarter, enjoyed a 7% rise in endoscopy sales over that period.
- read the release
Like what you're reading?
Click here to get more news like this delivered to your inbox every day >>