Apr 06, 2020
Global Endoscopy Ultrasound Market to Expand 1.5x between 2020 and 2026, Decline in Sales Predicted owing to COVID-19 Pandemic, Concludes Fact.MR
by Team Fact.MR
The scope of global endoscopy ultrasound market has widened since the past few years. This is primarily attributed to the increased incidences of gastrointestinal cancers across the world. The World Health Organization (WHO) estimates that more than 700,000 cancer-related casualties are a result of stomach cancers. Therefore, adoption of endoscopy ultrasound procedures has become important. Owing to the current COVID-19 pandemic, healthcare workers are delaying elective endoscopic ultrasound procedures to reduce transmission from infected patients to healthcare workers. This is anticipated to moderately impact the market in the near term
On the back of these trends, the global endoscopy ultrasound market is poised to experience a positive growth path, expanding 1.5x during the forecast period (2020-2026). The affordability of endoscopy ultrasound procedures in terms of money as compared to procedures such as Endoscopic Retrograde Cholangiopancreatography (ERCP) shall also augment market growth.
Key Takeaways of Global Endoscopy Ultrasound Market Study:
- By product type, the endoscopes segment is anticipated to capture a considerable portion of the global endoscopy ultrasound market. Projections indicate a market share greater than one-third. Important innovations such as installation of transducers and cameras are poised to uplift market prospects.
- However, the needles segment is poised to expand rapidly, growing 1.5x and capturing almost a quarter of the endoscopy ultrasound market. Their low cost, single-use feature and application in aspiration and biopsy procedures are key growth determinants for the segment.
- By application, the oncology segment shall capture the majority of the global endoscopy market, amounting to more than 3/4th. Increased applicability in detecting and treatment of gastrointestinal cancers, introduction of new techniques such as elastography and contrast-enhanced endoscopy ultrasound (CE-EUS) are important growth levers.
- In terms of procedure, the upper EUS segment is anticipated to account for more than 70% of the global endoscopy ultrasound market. Preference for endoscopy ultrasound in diagnostic and therapeutic applications of upper gastrointestinal cancer is augmenting the segment’s growth.
- By technology, linear scanning is anticipated to be very lucrative, owing to its suitability in performing therapeutic procedures for various GI cancers and pancreatic conditions. Anticipated CAGR for the linear scanning segment is pegged at 5.8% during the forecast period.
- By region, North America shall dominate the global endoscopy ultrasound market, growing at a CAGR of 5.8% and capturing more than 2/5th of the market. This is because of rising demand for more advanced diagnostic procedures to address GI cancers.
- Asia-Pacific shows burgeoning market prospects. This is supported by an increasing patient pool suffering from gastrointestinal and pancreatic cancers as well as higher penetration of EUS techniques in hospital and other healthcare settings. The region is anticipated to expand nearly 2.0x, capturing around 2/5th of the global endoscopy ultrasound market.
- The COVID-19 pandemic is anticipated to register a marginal decline in the production of endoscopy devices for elective purposes. Key market players such as FUJIFILM have redirected their resources in drug development. FUJIFILM has initiated the third phase of its clinical trial for Avigan anti-influenza drug. The drug specifically inhibits RNA polymerase associated with influenza virus replication.
- Companies such as Olympus Corporation have encouraged work from home and restricted international travel of all its employees. The company claims that its operations shall run on a regular basis as certain departments work on a shift-basis.
“The global endoscopy ultrasound market shows positive growth trends. Rising prevalence of gastrointestinal and pancreatic cancers are anticipated to drive the market growth. Key market players are thus concentrating on technological breakthroughs in order to provide better quality products and solutions,” concludes a Fact.MR analyst.
Global Endoscopy Ultrasound Market: Competitive Landscape:
The global endoscopy ultrasound market is dominated by three market players: are Olympus Corporation, PENTAX Medical (HOYA Corporation) and FUJIFILM Corporation. These companies are constantly innovating their technologies to provide quality solutions to their clients.
For instance, Olympus Corporation is the leading player. It focuses on strong organic growth through new and innovative product introductions. For example, in 2016, the company announced the launch of its EZ Shot 3 Plus single-use aspiration needle for endoscopic ultrasound-fine needle aspiration (EUS-FNA) procedures. Currently, it manufactures the ProSound F75 Endoscopy Ultrasound Processor and the EU-ME2 High Quality Ultrasound Processor.
Similarly, FUJIFILM Corporation launched its Vevo MD, an ultra-high frequency (UHF) clinical ultrasound system in 2016 after receiving clearance from the U.S. Food and Drug Administration (FDA). Its other imaging solutions include the EG-530 UR Ultrasound Video Bronchoscope and the EG-530 UT Ultrasonic Processor SP-900.
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The research study on the global endoscopic clips market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global endoscopy ultrasound market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of Product (Endoscope, Ultrasound Probe, Ultrasonic Processor, Imaging Systems, Needles and Accessories), Procedure (Upper EUS, Lower EUS, EUS Guided Fine-needle Aspiration and Others), Technology (Radial Scanning and Linear Scanning), Application (Oncology, Pancreatic Conditions and Others) and End-user (Hospitals, Ambulatory Surgery Centers, Specialty Clinics and Diagnostic Centers) across five major regions.
>>> To Get more insights on endoscopy ultrasound market, visit- https://www.factmr.com/report/4689/endoscopy-ultrasound-market
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