The recent study by Fact.MR on global endoscopy ultrasound market offers a 6-year forecast between 2020 and 2026.
The recent study by Fact.MR on global endoscopy ultrasound market offers a 6-year forecast between 2020 and 2026. The study analyzes crucial trends that are currently determining the growth of the global endoscopy ultrasound market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of endoscopy ultrasound devices. The study also provides dynamics that are responsible for influencing the future status of the global endoscopy ultrasound market over the forecast period.
The World Health Organization estimated the global incidence of cancers amounting to over 19 million cases as of 2020, with a cumulative risk of over 20% across males and females. Mortality rates reached nearly 10 million across both genders that same year. Concerned by this, healthcare providers worldwide are leveraging every opportunity to offset this risk in upcoming years.
The National Cancer Institute is a pioneer in fostering advanced cancer prevention and treatment programs by leading, conducting and supporting cancer research to advance scientific knowledge. Its ECHO Program endeavors to promote tele-monitoring as a pathway to facilitate translation of research and ensure evidence-based policies and programs. Such programs are anticipated to encourage enhanced usage of EUS to offer advanced quality cancer care, leading to the market’s expansion.
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Key Takeaways from Fact.MR’s Endoscopy Ultrasound Study
- By product, endoscope likely to register over a third of the revenue share, needles to follow suit
- High applications in detecting upper GI tract anomalies to escalate prospects of upper EUS in terms of procedure
- Linear endoscopy to acquire high ground, owing to precision in detecting cancers
- U.S to expand at a strong CAGR, owing to heightened number of endoscopy procedures undertaken each year
- U.K to experience steady Y-o-Y growth, attributed to increased funding for cancer research
- France and Germany to register steady growth throughout the forecast period
- Japan and South Korea to remain promising growth hotspots
Endoscopy Ultrasound Market- Prominent Drivers
- Growing applications in elastography and differentiate improved endoscopy ultrasound (CE-EUS) to widen scope of EUS sales
- Expanding preference for minimally invasive surgical procedures to reduce patient trauma is expected to aggrandize growth prospects in the future
- Manufacturers are emphasizing on technological innovations to launch new product lines, leading to future proliferation
Endoscopy Ultrasound Market- Key Restraints
- Dearth of skilled professionals and limited training programs for training surgeons is expected to hinder growth prospects
- Instances of complications such as infection, acute pancreatitis and bleeding may deter patients from availing this procedure
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Competitive Landscape
Olympus Corporation, FUJIFILMS Corporation, PENTAX Medical, Boston Scientific Corporation, CONMED Corporation, Medtronic and Esaote SpA are the most prominent endoscopy ultrasound device manufacturers. According to Fact.MR, the market is highly consolidated as these players generate maximum revenue across the landscape.
In order to retain prominence, the aforementioned vendors deploy a slew of expansion strategies, which range from introducing new product lines to capacity expansion via mergers, acquisitions, collaborations and strengthening regional as well as global supply chains.
In January 2021, Olympus Corporation announced a long-term business alliance with Hitachi Ltd. to ensure a consistent supply of endoscopic ultrasound systems. This alliance is expected to last until 2026. Additionally, the company also unveiled its IPLEXTM G-Air long videoscope solution which offers high maneuverability with high-quality, wide-view imaging capacities in 2020.
Furthermore, FUJIFILM has inaugurated a medical screening service business in India and Southeast Asia to provide enhanced treatment for cancer screening, based on high-definition diagnostic imaging, AI-enabled technology and IT-based data assimilation solutions.
More Valuable Insights on the Endoscopy Ultrasound Market
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in global endoscopy ultrasound market across the globe.
A comprehensive estimate of the global endoscopy ultrasound market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the global endoscopy ultrasound during the forecast period. Price point comparison by region with global average price is also considered in the study.
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