Global Endoscopic Ultrasound (EUS) Market to Grow at a CAGR of 6.5% till 2026

The global endoscopic ultrasound (EUS) market size is projected to reach USD 1,375.6 million by 2026, registering a CAGR of 6.5% during the forecast period. Growing prevalence of gastric cancer is touted to be the key driver for the growth of this market during the forecast period. Gastric cancer or cancer of the stomach is one of the leading cancer-related deaths in the world. According to the GLOBOCAN 2018 report of the International Association of Cancer Registries (IARC), gastric cancer was the third deadly type of cancer in 2018, causing 783,000 deaths in the same year. It also has the fifth-highest incidence rate among cancers, with 5.7% of new cancer cases being of this type. Detection of cancer in its early stages is crucial for prolonging the life of a patient. Endoscopy ultrasound equipment plays a vital role in diagnosing stomach cancer and timely diagnosis can help the doctor to take appropriate treatment routes and form an informed prognosis of the disease. As a result, the demand for EUS technology is slated for considerable expansion and echo-endoscopy products will dominate the endoscopic ultrasound market trends in the near future.

According to the report published by Fortune Business Insights, titled "Endoscopic Ultrasound (EUS) Market Size, Share & Industry Analysis, By Product (Endoscopes (Radial Endoscopes and Linear Endoscopes), Ultrasound Probes, Ultrasonic Processors, Imaging Systems, Needles, and Accessories) By Application (Oncology Pancreatic Conditions, and Others), By End User (Hospitals,Ambulatory Surgery Centers,Others) and Regional Forecast, 2019-2026", the market value stood at USD 830.6 Million in 2018.

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Growing Pressure on Countries to Increase Healthcare Expenditure to Prove Conducive for Growth

In recent years, there has been mounting pressure on countries, especially developing economies, to improve their healthcare infrastructure through increased spending. According to the WHO, in 2016, global expenditure on health was around USD 7.5 trillion, roughly 10% of world GDP. Of more import is the fact that the rise in healthcare spending was faster in low and middle-income countries than in developed countries, the WHO points out. This shows that countries are ready to spend on modern diagnostic devices and machines to raise public health levels. EUS products require higher spending capacity from both producers and consumers and with government support and a simultaneous rise in incomes, this equipment can be made accessible to majority of the people. This can significantly expand the market, create new avenues for revenue generation, and pave the way for more innovations.

High Prevalence of Chronic Digestive Disorders to Propel the Market in North America

With a revenue generation of USD 296.9 Million in 2018, North America is set to occupy a commanding position in the EUS market till 2026. This is mainly owing to the high incidence rate of chronic digestive diseases among the geriatric population in the US, leading to the performance of around 18 million endoscopy procedures in the US, as per NCBI estimates. Well-established healthcare systems and proactive healthcare policies are factors that will fuel the market in Europe. In Asia-Pacific, increasing prevalence of cancer is expected to push up the demand for echo-endoscopy equipment, which augurs well for this market.

Saurabh is a part of the very talented content team at Fortune Business Insights™. He is a highly-driven writer with extensive experience in market research.