Endoscopic Ultrasound Needles Market Share, Size, Demands, Key Company Analysis and Industry Outlook
Endoscopic ultrasound-guided fine-needle aspiration (EUS-FNA) is widely used to diagnose both tumor and inflammatory lesions located in and adjacent to gastrointestinal tract. Endoscopic ultrasound needles have become an integral part of diagnosis. According to the World Cancer Research Fund, stomach cancer also known as gastric cancer is the fifth most common cancer globally. In 2018, there were more than 1 million new stomach cancer cases worldwide. Moreover, with rise in generic population, the rate of stomach cancer is also rising as it is most common among older adults above 50 years of age.
Rise in the stomach cancer cases is driving the demand in the endoscopic ultrasound needles market including fine needle aspiration as the leading method to diagnose gastrointestinal cancer.
Technological Advancements in Endoscopic Ultrasound Needles Market to Accelerate GrowthPhysicians are focusing on using high-definition endoscopic ultrasound needle technology and endoscopic ultrasound biopsy needles using better technology to get more accurate images of gastrointestinal tract as compared to ultrasound and offer minimally invasive access to the areas that are difficult to reach. Manufacturers in the endoscopic ultrasound needles market are focusing on providing fine needle biopsy (FNB) technology to provide information on tissue architecture and a large amount of tissue for other ancillary testing.
Recently FNB devices have become commercially available and studies have also shown FNB needle to be more appropriate with greater accuracy than FNA needle. This is likely to drive demand for FNB needles in the endoscopic ultrasound needles market.
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Rising Preference for Minimally Invasive Surgeries to Boost Growth in Endoscopic Ultrasound Needles MarketOwing to advanced robotic devices, healthcare providers are able to perform minimally invasive and safe surgical procedures. Endoscopic surgery is gaining traction as it uses advanced technology to reach internal organs with help of small incision resulting in less pain, and quick recovery as compared to the traditional methods of surgery. These factors are likely to drive the demand for endoscopic ultrasound needles in minimally invasive procedures.
With rise in digestive and lung diseases, the endoscopic ultrasound is finding wide application as it is minimally invasive procedure. Moreover, endoscopic ultrasound needles including FNA has emerged as minimally invasive alternative to the exploratory surgery.
Endoscopic Ultrasound Needles Market- Asia Pacific to Expand at Rapid Phase, China and India to Offer Growth OpportunitiesAsia Pacific is expected to emerge as the lucrative region in the endoscopic ultrasound needles market, offering profit-making opportunities for key stakeholders in the endoscopic ultrasound needles market. Increasing incidences of cancer and other chronic diseases in the region is key factor fueling the growth of the endoscopic ultrasound needles market in Asia Pacific. Rising awareness about healthcare and increasing healthcare expenditure are likely to propel growth in endoscopic ultrasound needles market in the region.
Pharmaceutical and Biotechnology companies are also focusing on establishing new production facilities in India and China due to the low cost of manufacturing in countries. Moreover, rise in the investment by governments across countries in the healthcare sector in Asia Pacific is also accelerating endoscopic ultrasound needles market growth.
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Endoscopic Ultrasound Needles Market- Competitive Analysis
The report provides detailed profiles of the leading players in the endoscopic ultrasound needles market. Key developments and business strategies by players to remain competitive in the market are also provided in the report. Some of the key players in the endoscopic ultrasound needles market are Medtronic, Medi-globe, ACE Medical Devices Pvt. Ltd, Olympus Corporation, Cook Medical, Boston Scientific Corporation, and CONMED Corporation.