Rockville, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The latest study on the ultrasound endoscope market conducted by Fact.MR uncovers critical trends and growth opportunities across key factors including, application type, distribution channel, and region during the assessment period. The report emphasizes on providing exclusive insights to assist key players in making well-knitted approaches to gain a competitive edge.
The global endoscopy ultrasound market is worth approximately US$ 997 Million in 2022, growing at a CAGR of 5.7% over the forecast period (2022-2032). Sales in the market are projected to reach approximately US$ 1.85 Billion in 2032.
Endoscopic ultrasound (EUS) is a type of minimally invasive endoscopic treatment used by medical professionals to diagnose gastrointestinal and pulmonary problems. The increasing prevalence of gastrointestinal cancer across the globe has surged the use of endoscopic ultrasound techniques. EUS's high success rate is acknowledged as a key motive for its rising popularity. During the period from 2022 to 2032, the ultrasound endoscope market is anticipated to grow at CAGR of 5.7%. Technological advancements such as advent of automated devices and. Endoscopic ultrasound is much cheaper than other treatments such as Endoscopic Retrograde Cholangiopancreatography (ERCP).
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While the advancements and research in the endoscopy/urology and gynaecology fields has been related to automated medical techniques and various grid issues, there are several other notable aspects of this field. For instance, there may be an increase in certain new treatments such as: High power focused ultrasound.
Endoscopic ultrasound is another area that has recently received immense traction. These developments will boost the demand for endoscopic ultrasound in the coming decade. Moreover, increasing technological developments in the healthcare sector and emergence of transducers and improved cameras will improve the efficiency of the diagnostic process.
For instance, Olympus Corporation declared a strategic alliance with Hitachi Medical Systems Europe. This makes the Olympus Endoscopic Ultrasound (EUS) device compatible with ARIETTA 850 ENDOSCOPIC ultrasound system from Hitachi.
Key Takeaways:
- The endoscopy category is projected to account for more than 1/3rd of the global endoscopy ultrasound market share.
- North America market is projected to rise at a CAGR of 5.7% over the forecast period, contributing for more than 2/5th of the market share.
- China is projected to grow at a CAGR of 5% over the forecast period due to rising prevalence of cancer and EUS legislation in hospitals and other health care facilities.
- Sales in the U.S. endoscopy ultrasound market are projected to expand at 5.7% CAGR during the assessment period.
- Demand for endoscopy ultrasound in Japan is expected to surge at 5.5% CAGR over the forecast period.
Growth Drivers:
- Application of endoscopic ultrasound (EUS) in the diagnosis of gastrointestinal cancers is driving the demand for products like endoscopes, probes and EUS needles.
- Rising incidence of gastrointestinal cancer, new and creative merchandise offerings from market players will propel the growth in the market.
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Competitive Landscape:
Key players in the market are focusing on the development of new and innovative products to gain competitive edge. Some of the leading healthcare companies are investing in research activities for the development of technologically advanced endoscopy ultrasound products to maintain their position in the industry.
For instance,
- Olympus Corporation and Hitachi Corporation. Announced that they have agreed to work on the expansion of an endoscopic ultrasound system for five years from June 2021. Under this agreement, Hitachi will continue to supply Olympus with analytical ultrasound systems and associated parts for use at EUS.
- In February 2022, Philips expanded its ultrasound portfolio to propose advanced hemodynamic assessment and measurement capabilities with the launch of Lumify, a portable point-of-care ultrasound solution.
- In July 2021, Cairo-based e-health & remote consultation platform Estshara will raise a $500,000 seed funding round to provide additional services and client care activities to grow its user base.
- In January 2020, Teladoc Health, Inc., entered into a ultimate agreement to get InTouch Health, a leading provider of telemedicine explanations for hospitals and healthcare systems.
Key Companies Profiled by Fact.MR
- Olympus Corporation
- PENTAX Medical (HOYA Corporation)
- FUJIFILM Corporation
Complete list is available upon request*
More Valuable Insights on Endoscopy Ultrasound Market
In the latest study, Fact.MR reveals key factors expected to boost the growth in global endoscopy ultrasound market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected through detailed segmentation as follows:
Product
- Endoscope
- Endoscopy Ultrasound Probe
- Endoscopy Ultrasonic Processor
- Endoscopy Ultrasound Imaging Systems
- Endoscopy U
- Ultrasound Needles
- Endoscopy Ultrasound Accessories
Procedure
- Upper Endoscopy Ultrasound
- Lower Endoscopy Ultrasound
- Endoscopy Ultrasound Guided Fine-needle Aspiration
- Other Endoscopy Ultrasound Procedures
Technology
- Radial Scanning Endoscopy Ultrasound
- Linear Scanning Endoscopy Ultrasound
Application
- Oncology
- Upper GI Oncology
- Lower GI Oncology
- Pancreatic Conditions
- for Other Applications
End User
- Hospitals
- Specialty Clinics
- Ambulatory Surgery Centers
- Diagnostic Centers
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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Key Questions Covered in the Endoscopy Ultrasound Market Report
- What will be the demand outlook for the endoscopy ultrasound market during the forecast period?
- Which are the challenges faced in the endoscopy ultrasound market?
- Which region will lead the growth in the global endoscopy ultrasound market during 2022-2032?
- What is the projected market valuation of the endoscopy ultrasound market in 2032?
- Which are the factors driving the endoscopy ultrasound market during 2022-2032?
- Which end user will generate maximum revenue in the global endoscopy ultrasound market?
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