Global Endoscopy Ultrasound Market to Expand 1.5x by 2026
The scope of global endoscopy ultrasound market has widened since the past few years. This is primarily attributed to the increased incidences of gastrointestinal cancers across the world. The World Health Organization (WHO) estimates that more than 700,000 cancer-related casualties are a result of stomach cancers. Therefore, the adoption of endoscopy ultrasound procedures has become important. Owing to the current COVID-19 pandemic, healthcare workers are delaying elective endoscopic ultrasound procedures to reduce transmission from infected patients to healthcare workers. This is anticipated to moderately impact the market in the near term
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On the back of these trends, the global endoscopy ultrasound market is poised to experience a positive growth path, expanding 1.5x during the forecast period (2020-2026). The affordability of endoscopy ultrasound procedures in terms of money as compared to procedures such as Endoscopic Retrograde Cholangiopancreatography (ERCP) shall also augment market growth.
Key Takeaways of Global Endoscopy Ultrasound Market Study:
- By product type, the endoscopes segment is anticipated to capture a considerable portion of the global endoscopy ultrasound market. Projections indicate a market share greater than one-third. Important innovations such as installation of transducers and cameras are poised to uplift market prospects.
- However, the needles segment is poised to expand rapidly, growing 1.5x and capturing almost a quarter of the endoscopy ultrasound market. Their low cost, single-use feature and application in aspiration and biopsy procedures are key growth determinants for the segment.
- By application, the oncology segment shall capture the majority of the global endoscopy market, amounting to more than 3/4th. Increased applicability in detecting and treatment of gastrointestinal cancers, introduction of new techniques such as elastography and contrast-enhanced endoscopy ultrasound (CE-EUS) are important growth levers.
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