Prevalence of gastrointestinal and lung diseases continue to generate demand for endoscopic ultrasound procedures.
ROCKVILLE, MD / ACCESSWIRE / May 18, 2020 / Tech-driven advancements such as transducers and high-performance cameras, coupled with cost efficiency of endoscopic diagnosis, primarily underpin the growth of endoscopy ultrasound market. Increasing number of cases of gastrointestinal cancer continues to propel the demand for endoscopy ultrasound procedures, which will expand nearly 1.5X during 2020 - 2026, according to a new Fact.MR report. Products such as needles will continue to generate revenues in market on the back of their cost-effective and single-use/disposable nature.
"Improving rate of gastrointestinal cancer diagnosis is a central factor pushing the growth of endoscopy ultrasound market. Augmenting R&D expenditure on enhanced, cost-efficient endoscopic procedures will further shape the competitive landscape," states a new Fact.MR report.
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Key Takeaways of Endoscopy Ultrasound Market
- Oncology applications of endoscopy ultrasound will capture over 3/4th of the total market value through 2026.
- Sales of endoscopy needles will grow 1.5X through 2026.
- Endoscopes are poised to account for a third of the total market value through 2026.
- Linear scanning technology remains preferred, with a projected CAGR of around 5.8% during forecast period.
- Endoscopy ultrasound market in Asia Pacific is developing a highly remunerative investment pocket for key market players; local players in the region are slated to experience notable growth.
Endoscopy Ultrasound Market- Key Growth Factors
- Innovative endoscopic procedures that employ cost-efficient technologies such as transducers, and high-definition miniature cameras drive significant growth within the market.
- Preference for low-cost, single-use endoscopic needles instead of conventional alternatives contributes to the growth of needle-less segment.
- Introduction of techniques such as elastography and contrast-enhanced endoscopic ultrasound (CE-EUS) drive revenues in oncology applications.
- Proliferation of endoscopic ultrasound in emerging markets of Asia Pacific such as India, and Indonesia are important growth levers in the Asia Pacific market.
Endoscopy Ultrasound Market - Key Restraint
- In addition to being an indispensable tool for diagnosis and staging of pancreatic ductal adenocarcinoma, endoscopy ultrasound is being increasingly perceived as a therapeutic procedure. However, its role in pancreatic cancer treatment still remains experimental despite sufficient supporting evidences.
- Suspension of elective medical procedures due to prioritization of COVID-19 treatment at hospitals is the key restraint for market growth in 2020 and near term.
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Impact of COVID-19 on Endoscopic Ultrasound Market
The global healthcare industry is dedicating all its resources in fighting the life threatening COVID-19. Elective medical procedures have been put on hold, only those that face terminal illnesses are being admitted to hospitals. In such a scenario, market players in the endoscopy ultrasound market face extreme difficulties in generating sales. The suspension of all non-essential trade practices poses supply chain problems for product manufacturing. Primarily being a diagnostic medical procedure, healthcare institutions are postponing their purchase orders until the COVID-19 pandemic is brought under control.
Major players are diversifying into mechanical ventilator manufacturing, and COVID-19 related vaccines to contribute towards fast recovery of the global economy. Projected healthcare expenditure post-crisis will present remunerative opportunities for manufacturers with high cash reserves. Social distancing practices such as work from home have disrupted manufacturing activities. Market players are renovating production processes to ensure safe distance between employees coupled with regular sanitation practices.
Competitive Landscape of Endoscopy Ultrasound Market
The endoscopy ultrasound market is highly consolidated with top three companies accounting for over 70% share of the total market value. Market players that shape the competitive landscape of the endoscopy ultrasound market are, but not limited to, Olympus Corporation, PENTAX Medical (HOYA Corporation) and FUJIFILM Holdings.
Research and development of COVID-19 related medicines and medical equipment is a popular competitive strategy. For instance, Fujifilm Toyama Chemicals, the pharmaceutical division of Fujifilm Holding is in phase 3 trials of an antiviral influenza drug called Avigan as a method to reduce the COVID-19 treatment recovery time from 11 days to 4 days in Japan.
More About the Report
This Future Market Insights study of 404 pages provides all-inclusive insights on the global expansion valves market. The market analysis is based on product (endoscope, ultrasound probe, ultrasonic processor, imaging systems, needles, and accessories), procedure (upper EUS, lower EUS, EUS guided fine-needle aspiration, and others), technology (radial scanning, and linear scanning). Application (oncology, pancreatic conditions, and others), end-user (hospitals, specialty clinics, ambulatory surgery centers, and diagnostic centers), and across five regions (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa).
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SOURCE: Fact.MR