NEW YORK, May 18, 2022 /PRNewswire/ -- In 2021, the U.S. endoscope repair market was valued at $405.6 million, and it is set to reach $990.7 million by 2030, growing at a compound annual growth rate of 10.4% during 2021-2030, according to the market research report published by P&S Intelligence. 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.
Within the U.S. endoscope repair market, the flexible 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. Flexible endoscopes are also more comfortable for patients and provide a greater vision for endoscopists.
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Key Findings of U.S. Endoscope Repair Market Report
- Mobile Instrument Service & Repair Inc., a company that specializes in servicing rigid and flexible endoscopes, powered surgical equipment, laparoscopic and general handheld instruments, case carts, processing systems, video cameras, and rolling stock sterilizers, was acquired by Agiliti Inc. in February 2020.
- In December 2018, Agiliti Holdco Inc. and Federal Street Acquisition Corp. agreed to alter and restate their merger agreement, lowering the total price paid to Agiliti Holdco Inc.'s selling equity investors from roughly $1.58 billion to $1.44 billion.
- 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.
- OEMs hold a significant revenue share in the market owing to their ability to provide quick, dependable, and superior services than ISOs. Furthermore, OEM components can be employed to substitute original parts, as they have similar performance.
- 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.
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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.
U.S. Endoscope Repair Market Segmentation Analysis
By Type
- Flexible
- Upper gastrointestinal endoscopes
- Colonoscopes
- Bronchoscopes
- Sigmoidoscopes
- Laryngoscopes
- Duodenoscopes
- Nasopharyngoscopes
- Rhinoscopes
- Rigid
- Laparoscopes
- Ureteroscopes
- Gynecology endoscopes
- Arthroscopes
- Cystoscopes
- Neuroendoscopes
By Service Provider
- Independent Service Organizations
- Original Equipment Manufacturers
Geographical Analysis
- Texas
- California
- Florida
- Illinois
- Pennsylvania
- Ohio
- New York
- Michigan
- Georgia
- Kansas
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