From $405.6 million in 2021, the U.S. endoscope repair market is predicted to touch $990.7 million by 2030. The market is projected to grow at a 10.4% CAGR from 2021 to 2030 owing to a higher prevalence of respiratory, colorectal, and malignant gastrointestinal (GI) diseases than before; increasing number of hospitals, bettering quality of healthcare services, and highly competitive market players. Moreover, the increasing count of preventive treatments and diagnostic procedures due to a rising geriatric population will pave the way for an extensive usage of endoscopes.
The growing adoption of equipment insurance is one of the major trends in the U.S. endoscope repair market. There is a robust requirement for insurance because of the exorbitant maintenance costs of medical devices. To protect healthcare institutions from heavy losses owing to equipment damage and uncertainties, medical device insurance is offered by numerous corporations. They include DESCO, American International Group Inc., Anco Insurance, Medical Equipment Repair Associates, ProTek Insurance, Cailor Fleming Insurance, and CAN Financial Corporation.
Within the type segment, the U.S. endoscope repair market is bifurcated into the rigid category and flexible category. The flexible category generated the higher revenue in 2021, amounting to approximately 70% of the share. Built with moveable tubes, flexible endoscopes are easier to control. Because a range of tools can be fixed to their tips for various procedures and are lighter in weight, they are utilized in minute operations. Moreover, they permit better access, improved vision, and more comfort for patients. Hence, their extensive usage calls for regular maintenance, thereby driving the demand for insurance.
There is a boundless U.S. endoscope repair market growth opportunity in Texas. The state market is predicted to witness the highest compound annual growth rate from 2021 to 2030. This can be credited to a swift spread of cancer, coupled with a boom in the aged population in the state. Moreover, the Texas Teacher Retirement System (TRS), Department of State Health Services (DSHS), Employees Retirement System (ERS), and Department of Aging and Disability Services (DADS) account for approximately 83% of the annual healthcare expenditure, raising its affordability among the masses.
With the growing count of gastrointestinal and colorectal infection cases, the count of endoscopy procedures for treatment and diagnosis has been surging. The incidence of GI and benign disorders, along with colorectal problems, is on a significant rise. Similarly, disorders including biliary and pancreatic diseases are very much prevalent among the aged population. On account of efficacy and safety concerns, there is an inclination of patients and doctors toward the usage of endoscopes for the diagnosis of tumors.
Hence, a continuous increase in the prevalence of diseases, especially cancer, coupled with a growing geriatric population, will drive the market.