Endoscopic Ultrasound Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2856
Endoscopic Ultrasound Market size is projected to experience significant growth from 2018 to 2024.
Rising adoption of endoscopy ultrasound technique is attributable to its high accuracy in diagnosis and treatment of gastrointestinal (GI) diseases. High pervasiveness of gastrointestinal cancers is driving demand for endoscopy ultrasound products. Cancer Research UK estimated that there will be 23.6 million new cancer cases annually by 2030. Moreover, constant technological advances and innovations in endoscopic ultrasound products will positively influence market growth in upcoming years. However, lack of skilled professionals and training programs in developing economies may restrict growth of endoscopic ultrasound market.
Endoscopes segment will show tremendous growth during the forecast period owing to increasing number of cancer patients. According to Institute of Health Metrics and Evaluation, about 42 million people across the globe suffered from cancer in 2016. Increasing incidence of pancreatic and liver cancer will drive the demand for endoscopes, thereby leading to segmental growth. Various technological advancements in endoscopes will lead to its higher adoption, thereby favoring segmental growth.
Radial scanning market segment will grow steadily due to its ease-of-use. Radial scanning technique provides a 360? view of gastrointestinal tract and surrounding structures. This offers an added advantage to the physicians to read image, thereby increasing its acceptance among physicians. Growing number of colorectal and esophageal cancer will have positive influence on segmental growth.
EUS guided fine-needle aspiration market segment will grow at a momentous rate as a result of its high sensitivity and efficient diagnosis of tissue lesions of GI tract and adjacent organs. Use of Endoscopic Ultrasound (EUS) guided fine-needle aspiration spare the patients from invasive, risky and costly sampling procedures, thereby increasing its adoption rate. Fewer limitations and complications associated with EUs guided fine-needle aspiration procedure will favor segmental growth.
Oncology segment is expected to show lucrative growth in the future due to increasing burden of cancer globally. According to World Health Organization (WHO), about 1 in every 6 deaths were due to cancer in 2015. Sub-optimal diet, physical inactivity, tobacco and alcohol consumption are the major factors that lead to cancer. Growing geriatric population and unhealthy lifestyle will lead to high pervasiveness of cancer, thus augmenting segmental growth
Hospitals segment is anticipated to show considerable growth during the projected timeframe. Increasing prevalence of pancreatitis and cancer among all age groups, availability of well-developed healthcare facilities as well as increasing number technologically advanced diagnostic procedures will augment segmental growth in the coming years.
U.S. endoscopic ultrasound market will dominate market owing to wide prevalence of cancer across the nation. According to the American Cancer Society (ACS) statistics, in 2017, above 1.6 million new cancer cases were diagnosed in U.S. Numerous government initiatives, favorable reimbursement policies and availability of technologically advanced diagnostic procedures will boost industry growth in U.S. in the upcoming years.
Some of the prominent players of global endoscopic ultrasound market include B. Braun, Boston Scientific Corporation, Conmed Corporation, Cook Medical, Ethicon, Fujifilm Corporation, Medi-Globe Corporation, Medtronic, Olympus Corporation, Pentax Medical, Smith & Nephew, Stryker. Key strategies adopted by prominent industry players include innovative product launch as well as strategic mergers, acquisitions and collaborations. For instance, in April 2016, Olympus Corporation announced its strategic alliance with Hitachi. This will fortify company’s market position and expand its product portfolio and geographic presence.
Endoscopic ultrasound market by product, 2013-2024 (USD Million)
- Ultrasound Probe
- Ultrasonic Processor
- Imaging Systems
Endoscopic ultrasound market by technology, 2013-2024 (USD Million)
- Radial Scanning
- Linear Scanning
Endoscopic ultrasound market by procedure, 2013-2024 (USD Million)
- Upper Endoscopic Ultrasound (EUS)
- Lower EUS
- EUS Guided Fine-needle Aspiration
Endoscopic ultrasound market by application, 2013-2024 (USD Million)
- Upper GI Oncology
- Lower GI Oncology
- Pancreatic conditions
Endoscopic ultrasound market by end-user, 2013-2024 (USD Million)
- Ambulatory Surgical Centers
- Specialty Clinics
- Diagnostic Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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