Major endoscopic ultrasound needle manufacturers are leveraging the demand for minimally invasive cytological and histological studies, to support demand in the port-pandemic period.
DUBAI, UAE / ACCESSWIRE / August 13, 2020 / The global endoscopic ultrasound needles market is likely to grow to a valuation of approximately US$405 Mn between 2017 and 2025. Endoscopic procedures are often associated with the spread of droplets, splashes, and secretions from patients, which makes the risk of virus transmission much higher. Consequently, with guidelines to postpone non-urgent endoscopic medical procedures the endoscopic ultrasound needle market is expected to witness a short-term slump in demand.
"Applications of endoscopic ultrasound needles including bronchial endoscopy and procedures in areas other than the gastrointestinal tract are expected to generate growth opportunities in the near future. Investments into research for potential new applications will aid market growth for years to come," says the FMI study.
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Endoscopic Ultrasound Needles Market - Key Takeaways
- Endoscopic ultrasound aspiration needles are highly sought after owing to application in lung cancer and pleural effusions.
- Non-Hodgkin Lymphoma diagnosis applications generates significant revenue, with associated tech advancements in EUS needles.
- North America remains a key market for endoscopic ultrasound needles, supported by rising use of gastroenterology, pulmonology, and oncology procedures.
Endoscopic Ultrasound Needles Market - Key Driving Factors
- The widespread and expanding population of geriatrics, coupled with high numbers of gastrointestinal cancer cases, aid market growth.
- Applications in diagnosis of numerous chronic ailments in the pancreas, lungs, and gastrointestinal tracts generate key lucrative opportunities.
Endoscopic Ultrasound Needle Market - Key Constraints
- Shortage of adequately skilled healthcare professionals is a major challenge to adoption of endoscopic ultrasound needles.
- Endoscopic ultrasound needles pose a notable risk of infection, which hurts sales and use.
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The Anticipated Impact of Coronavirus
The increased risk of covid-19 transmission through the endoscopic procedures is a key factor that is hindering the demand for endoscopic ultrasound needles through the crisis period. Postponed elective endoscopic procedures enforced through government lockdown guidelines will hamper short term market growth. On the other hand, recovery of the industry is likely to be strong as the pandemic subsides, and pending endoscopy procedures are performed towards 2021.
Competition Landscape
Major manufacturers in the endoscopic ultrasound needle market include but are not limited to CONMED Corp., Medtronic, Boston Scientific Corp., Medi-globe, Cook Medical, ACE Medical Devices Pvt. Ltd., and Olympus Corp.
Endoscopic ultrasound needle manufacturers have been found investing research efforts into product development and launch initiatives and into getting faster regulatory approvals for their offerings.
For instance, Olympus Corp. has announced that its EZ Shot 3 plus 25 G, single use endoscopic ultrasound needle has acquired FDA approval for aspiration and biopsy procedures. Similarly, Exact Imaging has received FDA approval for its new, Sterile Transperineal Needle Guide for micro-ultrasound systems. Further, Cook Medical has introduced the EchoTip ProCore endobronchial ultrasound needle, to extract histological samples from the pulmonary region.
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More About the Report
The FMI's market research report offers detailed insights on endoscopic ultrasound needle market. The market is scrutinized on the basis of product type (fine aspiration needles and fine biopsy needles), end user (ambulatory surgical centers, specialty clinics, and hospitals), and application (enteral EUS needles and bronchial EUS needles), across six key regions (North America, Latin America, Europe, Japan, Asia Pacific, and Middle East and Africa).
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SOURCE: Future Market Insights