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In recent years, diseases and disorders that affect women’s
health have attracted more attention from the medical community. Women’s
health is a reflection of the overall quality of life in the United States
and directly affects all other aspects of health, including men’s health
and children’s health. There is now widespread recognition that researchers
and clinicians alike must understand how differences in sex, gender, culture,
ethnicity, and socioeconomic background can influence the causes, diagnoses,
progression, and treatment of diseases.
According to New Therapeutics and
Diagnostics for Woman's Disorders, a new study from Business
Communications Co., the total US market for new diagnostics and treatments
for women’s disorders was worth over $21 billion in 2000. Expected to
grow at an average annual growth rate (AAGR) of 8.7% throughout the next
five years, this market is likely to reach nearly $32 billion by 2005.
Reproduction-related therapies and diagnostics
represent 33.6% of the total market, generating $7.1 billion in revenues
in 2000. Large numbers of women in the baby-boomer age group, coupled
with large numbers of the mini-boomers (daughters of the baby boomer generation),
contributed to the reproduction-related therapeutics and diagnostics’
dominant role. It is anticipated that the reproduction-related therapeutics
and diagnostics will maintain the largest market share throughout in the
near term, crosses the $10 billion mark by 2005.
The combined market for rheumatoid arthritis
and osteoporosis represents the second largest (and fastest growing) market.
Expanding at an AAGR of 8.9%, this market is expected to exceed $9 billion
by 2005. The sexual dysfunction market, which was non-existent in 2000,
will contribute substantially to revenues by 2005.
The market for diagnosing and treating autoimmune
diseases is small but growing. The term "autoimmune disease" refers to
a varied group of more than 80 serious chronic illnesses that involve
almost every human organ system. This market was the smallest in 2000
representing 2.4% of the market with revenues of $550.8 million. It is
anticipated that it will gain substantial revenues if products in development
are approved and the rate of discovery about these diseases continues
at its present pace. Estimated to grow at an AAGR of 11.9%, this market
is likely to total $966.2 million by 2005.
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The potential for economic growth in Latin America offers a number of
opportunities to endoscopy manufacturers. However, the volatility of Latin
America economies creates cyclical markets. As a result, endoscopy markets
in Latin America are more heavily influenced by economic considerations
than by technological improvements. For example, in Brazil, currency devaluation
has decreased endoscope unit sales by over 40% in two years. In Argentina,
political instability and a severe recession caused a 43% decrease in
rigid endoscope unit sales over two years. Chile is a more stable market,
but its ties with MERCOSUR and certain Asian countries have resulted in
a decrease in economic growth that has affected the endoscopy market.
On the other hand, Mexico's strong dependence on the booming US market
has resulted in relatively healthy economic growth.
In 2000, the Latin American endoscopy market
was valued at $103.1 million, a 3% decrease from 1999 (attributed to the
severe recession in the MERCOSUR region at that time). The recovery of
MERCOSUR countries will trigger overall growth in Latin America, leading
to a CAGR of 7.9% between 1999 and 2004. Overall, the market is dominated
by just a few large competitors such as Karl Storz, Olympus, Smith & Nephew,
Wilson Cook, and Pentax.
The Mexican endoscopy market is valued at
$26.5 million in 2000, and annual growth is projected to reach 8% from
1999 to 2004. Worth about $9 million, the market for rigid endoscope instrumentation
and accessories comprises the largest segment. Rigid scope and flexible
scope instrumentation markets will experience the highest growth through
2004, reaching 10.4% and 10.6% per year, respectively. Karl Storz leads
the Mexican endoscopy market with a 17% market share, mostly as a result
of Karl Storz's dominance in the rigid endoscope market, where it controls
40%. In addition, Karl Storz has a strong presence in the rigid scope
instrumentation market as well as the market for cameras and light sources.
Olympus controls nearly 14% of the endoscopy products market, thanks to
its strong presence in the flexible scope, cameras, and light source markets.
In 2000, the Argentinean market for endoscopy
products will reach $21.3 million and is expected to hit $29.4 million
by 2004. Rigid scope and flexible scope instrumentation and accessories
comprise the largest market segments, totaling $14 million. The flexible
scope instrumentation market is expected to show the greatest growth at
9.8% per year through 2004. Negative growth in the rigid endoscope market
and slow growth in other markets stem from the severe recession, which
slowed equipment replacement and decreased investment in hardware. With
a 27.7% market share, Karl Storz is the overall leader in this region,
dominating the markets for new rigid scopes, instruments and accessories,
and cameras and light sources. Olympus, the second largest competitor,
has a 17.4% market share, largely due to its dominance in the flexible
scope market and its strong presence in the flexible scope instrumentation
and accessories market. In the Argentina, used and refurbished products
play a major role, accounting for 40% of the rigid scope market and 30%
of the light source market. Instruments and accessories are also sold
in the black market, but at lower rates. In addition, small German competitors
supply approximately 40% of the market for rigid scope instrumentation.
The Brazilian endoscopy market is the largest
in Latin American, worth about $47.8 million in 2000. Between 1998 and
2000, the Brazilian market suffered a harsh recession as a result of the
devaluation of its currency, and the market contracted severely. As the
economy returns to normal growth, the endoscopy market is expected to
expand. Growth should average 8.4% per year through 2004, with flexible
scope instrumentation showing the largest growth at 15.5% per year over
this period. Karl Storz is the market leader in Brazil with a 36.8% market
share for new products, followed closely by Smith & Nephew with a 20.5%
market share. Olympus and Wilson Cook are the third and fourth largest
market competitors with market shares of 16.8% and 10.3%, respectively.
Although four companies dominate nearly 85% of the market for new products,
the Brazilian market is not well consolidated because used and refurbished
products constitute a very large part of the market. For instance, 70%
of the camera market is comprised of used or refurbished equipment. In
addition, several domestic players compete in the rigid endoscope instrumentation
market. Eldo, a Brazilian company, currently holds 33% of the laparoscopy
reusable instrumentation market.
The endoscopy market in Chile was valued at
$7.4 million in 2000. Though small, the relative political and economic
stability of the Chilean market make it attractive for foreign companies.
Moderate growth of 7.5% per year is expected through 2004. The market
for rigid instrumentation, however, is expected to increase by 11.6% per
year, and the market for flexible instrumentation should grow nearly 10%
annually. Although the overall endoscopy products market in Chile is relatively
stable, individual segments are cyclical--largely because the small size
of the economy creates small market segments that are easily influenced
by market shocks. For instance, the Chilean government might choose to
renovate arthroscopy equipment in two consecutive years, expanding the
market, but will wait five years before undertaking any further investments
in that sector. Karl Storz enjoys a 25% market share in Chile, mostly
due to the company's dominance in the rigid scope, rigid scope instrumentation,
and camera and light source markets. Wilson Cook controls 80% of the flexible
scope market and is the second major player in the overall endoscopy products
market with an 18.4% market share. Olympus holds 13.9% of the overall
market due to its dominance in the flexible endoscope area.
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