The medical device industry of the U.S. is one of the most advanced in the world, with numerous new variants of all kinds of diagnostic and therapeutic devices launched almost every year. As a result, the U.S. endoscope repair market size is projected to rise to $603.6 million in 2030 from $248.6 million in 2020, at a 9.3% CAGR between 2020 and 2030, according to P&S Intelligence.
This is will also be because endoscopes are one of the most-widely used instruments in medical diagnosis and treatment, as they offer clear pictures of the internal anatomy and have no risk of radiation overexposure. Being strongly regulated by the Food and Drug Administration (FDA), they need to be kept in the optimum working condition, which is essentially driving the U.S. endoscope repair market advance.
During the COVID-19 pandemic, most hospital departments and diagnostic centers in the country were shut, except for COVID patients. This led to a drastic drop in the usage of endoscopes and the rate of operational wear and tear. Moreover, the lockdowns in the country hampered the face-to-face interactions of pharmaceutical and medical device company representatives and those of the U.S. endoscope repair market players with the medical fraternity, which resulted in a lower provision of medical device repair services.
In the coming years, the fastest growth in the U.S. endoscope repair market, under segmentation by endoscope type, is likely to be seen in the esophagoscope category. This type of endoscope is widely used for diagnosing gastroesophageal reflux disease (GERD), abnormal throat, and many other diseases of the GI tract. As a result, these devices witness significant wear and tear, which creates a regular requirement for repairs and maintenance.
The original equipment manufacturers (OEM) bifurcation of the service provider segment held the larger share in the U.S. endoscope repair market in the past. Compared to independent service organizations (ISO), OEMs are relied upon more by medical centers, as they are presumed to know the devices they created better and, resultingly, provide more-effective servicing.
Texas is the largest and fastest-growing state in the U.S. endoscope repair market, as medical devices and treatments are easily affordable here. This is because state government bodies, including the Texas Department of State Health Services (DSHS), Texas Department of Aging and Disability Services (DADS), Teacher Retirement System (TRS), and Employees Retirement System (ERS), account for almost 83% of the spending on healthcare here. P&S Intelligence