The U.S. endoscope repair market is set to reach $990.7 million by 2030, growing at a compound annual growth rate of 10.4% from 2021 to 2030, according to the “U.S. Endoscope Repair Market Report: By Type, Service Provider – Size, Share Analysis and Growth Forecast to 2030” report.
In 2021, the U.S. endoscope repair market was valued at $405.6 million. The rise in the acceptance of equipment insurance, the existence of stalwarts, and the surge in the incidence of malignant gastrointestinal, respiratory, and colorectal diseases are some of the factors propelling the market growth, the report says.
In the past, Texas dominated the U.S. endoscope repair market. Furthermore, the state market is predicted to grow at a significant CAGR, mostly due to the state’s large elderly population, as well as the high cancer prevalence. Moreover, the Employees Retirement System, Teacher Retirement System, Texas Department of Aging and Disability Services, and Texas Department of State Health Services account for over 83% of Texas’ yearly healthcare budget, thus making endoscopies and other treatments accessible to the masses.
Within the repair market, the flexible endoscope category held the major share, of around 70%, in 2021. As flexible endoscopes comprise readily movable tubes, are light in weight, and can be attached to components at the top that can scrape and scratch the tissues under examination, they are used in minor operating procedures, the report says. Flexible endoscopes are also more comfortable for patients and provide a greater vision for endoscopists.
The cost of the maintenance of medical devices is high, which propels the demand for their insurance. Several firms in the country offer medical device insurance to shield equipment users from financial losses in the event of equipment failures, such as Medical Equipment Repair Associates, ProTek Insurance, and CAN Financial Corporation.
To keep ahead of their competition, major players in the U.S. endoscope repair market have engaged in mergers. Some of these players are Endoscopy Repair Specialist Inc., HMB Endoscopy Products, Endoscopy Support Services Inc., STERIS Instrument Management Services Inc., Associated Endoscopy Inc., Medical Optics, Stryker Corporation, Total Scope Inc., J2S Medical, and Agiliti Inc.
In the coming years, the ISOs category is predicted to grow at a CAGR of over 10%. This can be mostly due to the advantages offered by ISOs, such as lower costs and increased flexibility in maintaining and repairing endoscopic equipment from various OEMs.