New Colorectal Cancer Screening Coverage to Drive US Gastrointestinal Endoscopy Device Market to Almost $2.2 Billion by 2014
WALTHAM, Mass., Aug. 19 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, new coverage instituted under the Patient Protection and Affordable Care Act of 2010 will remove the financial disincentives associated with colorectal cancer screening for a large segment of the US population. As a result of these changes in reimbursement, a growing number of colorectal cancer screening procedures will be performed through 2014, driving sales of many gastrointestinal endoscopy devices, including videoscopes and biopsy forceps.
Under the health care act, all new health insurance policies must cover preventative exams, including colonoscopies, without charging out-of-pocket fees such as copayments or deductibles. All Medicare patients will therefore have colorectal cancer screening colonoscopies fully covered as of January 1, 2011. This expanded coverage of colorectal cancer screening procedures will increase the number of colonoscopies performed over the next five years. Sales of devices used in the procedures, such as colonoscopes and biopsy forceps, will also rise to meet this growing demand for colorectal cancer screening. Although colonoscopy volumes dipped in 2009 during the recession, they are climbing again and will continue to rise as increased medical insurance coverage encourages more Americans to undergo screening.
"At the height of the economic downturn, many Americans declined to undergo colorectal cancer screening because they lost insurance coverage for it or they felt that paying for a diagnostic procedure when they did not have any symptoms was not a priority for them in economically uncertain times," said Sara Scharf, Ph D, Analyst at MRG. "As this new coverage is put in place, patients will increasingly get screened for colorectal cancer."
MRG's new report, US Markets for Gastrointestinal Endoscopy Devices 2010, now includes more segments, detailed com