Endoscopy Ultrasound Market to Surge at a CAGR of 5.0% by 2026
Endoscopy Ultrasound Market Overviwe :
The global endoscopy ultrasound market was valued at approximately US$ 650.0 Mn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of over 5.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ’Endoscopy Ultrasound Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
The report suggests that increase in incidence of gastrointestinal cancers, rise in applications of endoscopy ultrasound as a diagnostic and therapeutic tool for gastrointestinal cancers and other pancreatic conditions, and increase in number of new and advanced products introduced in the global market are factors propelling the expansion of the market. Implementation of training and education programs regarding endoscopy ultrasound procedures in countries in Asia Pacific countries and rise in demand for new diagnostic tools for cancer are likely to lead to rise in adoption of endoscopy ultrasound techniques in the region. This is projected to drive the comparatively higher growth of the market in Asia Pacific in the coming years.
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Lack of Trained and Qualified Surgeons to Restrain Global Market Expansion
Endoscopy ultrasound techniques require skilled professionals in terms of performing the procedures and trained professionals for disinfection and delicate handling of the endoscopes and other equipment during the process. The National Institutes of Health (NIH), Centers for Disease Control and Prevention (CDC), and other health care agencies have laid down policies and regulations regarding proficiency of health care providers for performing endoscopy ultrasound procedures in any health care setting.
For instance, a working group mandated by the British Society of Gastroenterology recommended that trainees should complete 250 EUS procedures, including 80 luminal cancers, 20 sub-epithelial lesions, and 150 pancreato-biliary cases. However, there is a lack of training and educational programs conducted and implemented globally, leading to a lack of adequately trained professionals adept at performing endoscopy ultrasound techniques. This has led to an increase in the gap between demand for and supply of endoscopy ultrasound procedures globally. This is restraining the growth of the global endoscopy ultrasound market.
Endoscopes and Needles Segments to Gain Market Share
The report offers detailed segmentation of the global endoscopy ultrasound market based on product, procedure, technology, application, end-user, and geography. In terms of product, the endoscopes and needles segments are projected to gain market share between 2018 and 2026. Constant innovations by market players in the endoscopes and EUS needles segments; diverse applications of endoscopy ultrasound techniques demanding new and ergonomically designed endoscopes and needles for diagnostic and therapeutic purposes; and technological advances in endoscopy ultrasound techniques, including elastography endoscopy ultrasound (EG-EUS), contrast-enhanced endoscopy ultrasound (CE-EUS), and other techniques are boosting demand for innovative product offerings. Market players are offering new endoscope and needle products to cater to these demands. These factors are projected to drive the expansion and market share of the endoscopes and needles segments in the coming years.
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Linear Scanning Technology Projected to be a Promising Investment
In terms of technology, the linear scanning segment is projected to dominate the global market during the forecast period. Radial scanning technology is mostly suitable for screening of esophageal cancer, and the use of this technology is limited to diagnostic procedures and does not allow health care providers to perform therapeutic procedures, including fine-needle aspiration and biopsy. New technological advances in EUS have led to an increase in adoption of linear scanning technology for diagnostic and therapeutic procedures for various GI cancers and pancreatic conditions.
Oncology to be the Most Prominent Application Segment
Based on application, oncology is projected to be a prominent segment of the endoscopy ultrasound market, owing to higher specificity and accuracy of endoscopy ultrasound in the diagnosis of gastrointestinal cancers and the therapeutic role of endoscopy ultrasound in fine-needle aspiration and biopsy of cancer tissues. Moreover, new technologies, including elastography, have widened the applications of endoscopy ultrasound techniques in oncology. This is anticipated to propel the oncology segment between 2018 and 2026.
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Market in Asia Pacific to Expand at a Rapid Pace and Offer Significant Incremental Opportunity
In terms of value, North America was a leading contributor to the global endoscopy ultrasound market in 2017. The market in Asia Pacific is expected to expand at a prominent CAGR in the coming years. This is due to rapid adoption of endoscopy ultrasound techniques as a diagnostic and therapeutic tool in cancer and other pancreatic conditions in emerging countries, including China and India.
Moreover, implementation of training facilities and adequate educational programs leading to an increase in the number of skilled professionals able to perform endoscopy ultrasound procedures is likely to boost demand for them. Furthermore, rise in incidence of gastric cancers in countries in Asia Pacific is projected to drive the market in the region from 2018 to 2026. Developing health care infrastructure in Brazil and improving reimbursement policies for endoscopy ultrasound procedures in the country are propelling the endoscopy ultrasound market in Latin America.
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Key Players such as Olympus Corporation, PENTAX Medical, and FUJIFILM Corporation are Likely to Continue to Lead the Global Endoscopy Ultrasound Market
The report also provide profiles of leading players operating in global endoscopy ultrasound market. Key players include Olympus Corporation, PENTAX Medical, FUJIFILM Corporation, CONMED Corporation, Boston Scientific Corporation, Esaote SpA, Cook, Medtronic, and Medi-Globe Corporation. Strong product offerings, innovative technologies, and strong and diverse global presence were some of the major factors responsible for the prominent share of these companies in the global endoscopy ultrasound market in 2017.
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