London, United Kingdom (PressExposure) July 12, 2011 -- The global flexible endoscopes market was estimated at $2.4 billion in 2010 and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4% to reach $3.1 billion by 2017. Flexible endoscopes have become popular as less invasive procedures are preferred over open surgical procedures.
The flexible endoscopes market is expected to be driven by the growing elderly and chronically ill populations worldwide who require medical procedures. Moreover, the expanding range of applications for flexible endoscopes and technological innovations in the areas of video imaging such as high definition image clarity and narrow-band imaging are also expected to drive the market growth in future. The market is also driven by the increased prevalence of gastrointestinal (GI) diseases such as colorectal cancer and esophagitis. As the general population around the world becomes aware of disease conditions affecting the gastrointestinal tract, there will be an increase in preventive screening procedures, which will increase the demand for flexible endoscopic procedures.
The US is the biggest market for flexible endoscopes, accounting for 44% of the global market in 2010. The US flexible endoscopes market, valued at $1 billion in 2010, is forecast to grow by 5% annually during 2010-2017 to reach $1.4 billion by 2017. Factors, such as the growing preference for outpatient surgery and the increased reimbursement coverage for colorectal screening in the US, are expected to boost the flexible endoscopes market in future. Europe accounts for 29% of the total global flexible endoscopes market. Japan is also a significant market for flexible endoscopes, contributing 17% of the market share. The remaining 10% market share is accounted for by other countries such as India, China, Australia and Brazil.
Colon cancer is the second leading cause of cancer-related deaths in the US, but conformity rates for colonoscopies still remain low globally. Governments along with manufacturers and private institutions over the past few years have intensified their awareness campaigns for GI diseases such as colon cancer. For instance, in the US, since 2000, the month of March is designated as National Colorectal Cancer Awareness month. Similarly, in the UK a campaign 'Be Clear on Cancer' was launched to increase awareness about bowel cancer. With the rise of health care awareness, patient expectations regarding the health care services they receive have increased. Currently, in the US, only half of the individuals who should be getting screened (patients aged 55 years and above) are getting colonoscopies done. In Europe, just 25% of the same patient group has a colonoscopy done, while the figure in Japan is even lower at 10%. This provides an immense opportunity to use flexible endoscopes for diagnosing diseases such as colon cancer in a safe, efficient and patient-friendly manner.
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NOTES is a minimally-invasive non-scarring surgical procedure that allows access to internal body organs and is performed using flexible endoscope introduced through natural openings such as mouth, anus, and vagina. The procedure, which is under development for various applications, is the latest trend in the flexible endoscopes market. GlobalData's new report, "Flexible Endoscopes - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017" provides key data, information and analysis on the global flexible endoscopes market. The report provides market landscape, competitive landscape and market trends information on the flexible endoscopes market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
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