The global endoscopic ultrasound (EUS) market size is projected to reach USD 1,375.6 million by 2026, registering a CAGR of 6.5% during the forecast period. 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. Endoscopy ultrasound equipment plays a vital role in diagnosing stomach cancer and timely diagnosis can help the doctor to take appropriate treatment routes and form an informed prognosis of the disease. As a result, the demand for EUS technology is slated for considerable expansion and echo-endoscopy products will dominate the endoscopic ultrasound market trends in the near future.
Highlights of the Report:
- In-depth analysis of various insights, namely, Endoscopic Ultrasound Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Endoscopic Ultrasound Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Endoscopic Ultrasound Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Medi-Globe GmbH
- FUJIFILM Holdings Corporation
- Boston Scientific Corporation
- CONMED Corporation
- Olympus Corporation
- PENTAX Medical
- Cook Medical
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.
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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. 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.
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- Comprehensive analysis of the Endoscopic Ultrasound Market growth drivers, obstacles, opportunities, and other related challenges.
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