Pune, India, Dec. 11, 2020 (GLOBE NEWSWIRE) -- The global Endoscopic Ultrasound Market size is projected to reach USD 1,375.6 million by 2026, registering a CAGR of 6.5% during the forecast period. The market value stood at USD 830.6 Million in 2018. 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.
INDUSTRY DEVELOPMENT:
- August 2017: PENTAX Medical announced the launch of the Slim Linear Ultrasound Endoscope (EG-3270UK) in the U.S.
- June 2018: Olympus Corporation announced a strategic alliance with Hitachi Medical Systems Europe as a result of which Olympus’ endoscopic ultrasound sonography (EUS) scopes will now be compatible with Hitachi’s ultrasound system ARIETTA 850 ENDOSCOPIC.
- May 2018: Olymbus Corporation and Hitachi Healthcare Americas announced a distribution agreement in the U.S. for ARIETTA 850, an ultrasound processor.
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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.
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.
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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.
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Increasing Investment in R&D Activities to Intensify Competition
Major players are ramping up their investment in research and development to come out with novel products in a bid to diversify their product offerings as well as strengthen their position in the market. For example, in October 2019, Fujifilm Medical Systems launched eight new endoscopes along with a complete suite of Endoscopy Imaging Solutions in San Antonio, Texas. Similarly, in March 2019, ESAOTE unveiled its high-performance ultrasound product line for hospitals called MyLab X8.
List of the key companies in the endoscopic ultrasound market:
- Olympus Corporation
- PENTAX Medical
- FUJIFILM Holdings Corporation
- Cook Medical
- Boston Scientific Corporation
- Medtronic
- Medi-Globe GmbH
- CONMED Corporation
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Global Endoscopic Ultrasound Market Segmentations:
By Product
• Endoscopes
o Radial Endoscopes
o Linear Endoscopes
• Ultrasound Probes
• Ultrasonic Processors
• Imaging Systems
• Needles
• Accessories
By Application
• Oncology
• Pancreatic Conditions
• Others
By End User
• Hospitals
• Ambulatory Surgery Centers
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East and Africa (South Africa, GCC, and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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