Endoscopy Ultrasound Market is Driven by the Rise in Adoption of Endoscopy Ultrasound Techniques
Added: (Tue Jan 29 2019)
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Endoscopy ultrasound (EUS) combines the advantages of endoscopic access and ultrasound imaging, enabling health care providers to more accurately diagnose and treat the conditions of the gastrointestinal tract. The global endoscopy ultrasound market was valued at approximately US$ 600.0 Mn in 2017 and is anticipated to expand at a CAGR of over 5.0% during the forecast period to reach a value of approximately US$ 1,000 Mn in 2026. Rise in adoption of endoscopy ultrasound techniques owing to their higher accuracy in diagnosis and treatment of gastrointestinal (GI) diseases is expected to drive the market from 2018 to 2026.
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Major applications of endoscopy ultrasound (EUS) in the diagnosis of gastrointestinal cancers, including pancreatic, liver, and other cancers and increase in prevalence of gastrointestinal cancers are driving demand for endoscopy ultrasound products such as endoscopes, probes, and EUS needles, globally. According to statistics from the American Cancer Society (ACS), pancreatic cancer is among the leading causes of deaths globally. An estimated 53,070 people in the U.S. were diagnosed with pancreatic cancer in 2016, and an estimated 41,000 deaths were related to pancreatic cancer in 2016. According to GLOBOCAN, there were an estimated 782,000 new cases of liver cancer globally in 2013. Rise in incidence of GI cancers, new and innovative product offerings by market players, and opening of new application areas for EUS techniques were some of the major factors propelling the market in 2017. Moreover, market players are focusing on constant innovations in their product offerings. Endoscopy ultrasound techniques are being utilized in areas apart from oncology, and demand for new endoscopy ultrasound techniques such as elastography and contrast-enhanced endoscopy ultrasound (CE-EUS) is on the rise. This is fuelling demand for new and advanced products in the global market. These factors are further projected to boost the market from 2018 to 2026.
The Centers for Disease Control and Prevention (CDC), National Institutes of Health (NIH), and other agencies have laid down strict policies for the training and education of skilled professionals performing endoscopy ultrasound techniques. However, lack of skilled professionals in the sector and lack of training and education programs in emerging countries are projected to be major restraining factors of the global endoscopy ultrasound market in the coming years.
The global endoscopy ultrasound market can be segmented based on product, application, procedure, technology, end-user, and region. Based on product, the global endoscopy ultrasound market can be classified into endoscopes, ultrasound probes, ultrasonic processors, imaging systems, needles, and accessories. Innovative product offerings in the endoscopes segment and increase in application of endoscopy ultrasound techniques are likely to propel the segment in the near future. In terms of application, the global market can be categorized into oncology (upper GI oncology and lower GI oncology), pancreatic conditions, and others. Based on technology, the global endoscopy ultrasound market can be divided into radial scanning technology and linear scanning technology. In terms of procedure, the global market can be classified into upper EUS, lower EUS, EUS-guided fine-needle aspiration, and others. Based on end-user, the global endoscopy ultrasound market can be categorized into hospitals, ambulatory surgery centers, specialty clinics, and diagnostic centers.
In terms of region, North America accounted for a dominant share of the global endoscopy ultrasound market in 2017. Higher demand for advanced diagnostic techniques in oncology, availability of new and advanced products in the U.S., and increase in incidence of gastric cancers were some of the major factors leading to the increased adoption of endoscopy ultrasound techniques in the market in North America 2017. The adoption of EUS techniques is steadily gaining pace in Asia Pacific, owing to the implementation of proper training and educational programs for surgeons and rise in preference of health care providers for minimally invasive EUS techniques in the diagnosis and treatment of gastrointestinal conditions. This is projected to drive the comparatively higher growth of the endoscopy ultrasound market in Asia Pacific from 2018 to 2026.
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Key companies operating in the global endoscopy ultrasound market and profiled in the report include Olympus Corporation, PENTAX Medical, FUJIFILM Corporation, Medtronic, CONMED Corporation, and Boston Scientific Corporation. These players are adopting organic and inorganic growth strategies to expand their product offerings, strengthen their geographical reach, and consolidate their market share in the global endoscopy ultrasound market. For instance, in September 2017, PENTAX Medical and Hitachi Medical Systems Europe announced the launch of a new ultrasound video bronchoscope (EBUS), EB19-J10U, in combination with Hitachi’s innovative ultrasound systems.
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