Market for Gastrointestinal Endoscopy Devices and Services to Grow
Some parts of the Patient Protection and Affordable Care Act of 2010 will not take effect until 2014. But other parts, especially those that pertain to preventive care take effect much sooner. For example, consumers on Medicare will pay no out of pocket fees for colon cancer screening starting January 2011. And effective next month, September 2010, consumers who enroll in new health plans will not be charged co-pays, co-insurance of deductible fees for recommended preventive services. This includes consumers over age 50 who undergo screening for colon cancer.
Currently, consumers use preventive medical services at about half of the recommended rate. Often, cost is cited as a reason to skip screening exams. But as a result of the new legislation, industry analysts expect to see higher demand for procedures such as colon cancer screening. Clinics and medical centers will need to purchase more equipment such as videoscopes and biopsy forceps to meet this demand. The entire gastrointestinal endoscopy device market should reach $2 billion by 2014.
As this market heats up, look for service providers and medical device makers to increase marketing. Consumers will need to be educated about their new coverage and encouraged to undergo regular screening for colon cancer to catch the disease in its early stages.[Sources: New Colorectal Cancer Screening Coverage. MillenniumResearchGroup.com. 19 Aug. 2010. Web. 20 Aug. 2010; The Affordable Care Act’s New Rules on Preventive Care and You. HealthCare.gov. 14 Jul. 2010. Web. 18 Aug. 2010]