Endoscopy Ultrasound Market Estimated to Expand at a Robust CAGR by 2026
Demand for various products in the endoscopy ultrasound market has been on the back of extensive application in gastroenterology over the past several years, noted analysts at Transparency Market Research (TMR). The drive for endoscopy ultrasound market gathered a marked momentum in recent years from the clinical role of endoscopy in therapeutic procedures. The diagnostic capabilities have also advanced on the back of advancement in imaging modalities. Key manufacturers in the endoscopy ultrasound market have harnessed these advancements to meet the clinical demand for identifying pancreaticobiliary malignancies, and other benign pancreatic disorders.
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The use of fine needle biopsies in cancer management is one of the key trend bolstering growth of the endoscopy ultrasound market. The increasing incidence of gastrointestinal cancers and the growing awareness about their morbidity in patient populations have led to unlocking new demand dynamic in developing and developed regions.
The global endoscopy ultrasound market stood at S$0.6 bn in 2017 and is expected to clock a CAGR of more than 5.0% during 2018 – 2026. This will help market reach a worth of US$ ~1.0 bn by the end of 2026.
Growing Awareness of Morbidity of Tumors Spurs Demand in All Clinical Settings
The demand for technologies for optimal targeting and diagnosis in tumors has spurred demand for new endoscopy technologies in the endoscopy ultrasound market. Continuous strides have been made by medical device makers to meet the objectives of higher precision in the characterization and staging. These are boosting the application of the modalities in both therapeutic as well as diagnostic applications.
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In recent years, the endoscopy ultrasound market has gained sizable revenues on account of the uptake in EUS-FNA procedures. In addition, elastography procedures have also risen in popularity. The demand for endoscopy in such procedures is underpinned by the growing popularity of minimally invasive procedures.
Some of the well-entrenched industry stakeholders in the endoscopy ultrasound market include names such as ACE Medical Devices, Olympus Corporation, Medtronic PLC, CONMED Corporation, Medi-Globe GmbH, and Boston Scientific Corporation.
Continuous Microscopy Advancements Drive Endoscopy Ultrasound Market
Massive microscopy advancements have been key characteristic of new launches in the global endoscopy ultrasound market, especially of lucrative regional markets. One of these is North America which is expected to hold the major share in the endoscopy ultrasound market. The trend in uptake of various endoscopy ultrasound modalities is in account of the clinical significance of endoscopy in the treatment of diseases related to gastroenterology, oncology, and pulmonology. Moreover, the regional market is thronged by the presence of several top players over the past few years.
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Asia Pacific Holds Vast Latent Opportunities
On the other side of the spectrum are the regions that will be key to rise in revenues. One of these is Asia Pacific. The regional market is expected to rise at promising pace through 2026.
Rising geriatric population has been spurring the demand for technologies requirement for advancing the therapeutic and diagnostic capabilities of devices used in radiology and in hospital setting. This has also spurred demand for better endoscopy ultrasound in improving characterization of lesions for the management of a wide range of chronic conditions. Countries such as India have seen the rise of endoscopy ultrasound in the management of cancer, including its characterization and staging among the regional population. This has expanded the horizon of the endoscopy ultrasound market.
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