Endoscopic Ultrasound Market Rising in United States | Fortune Business Insights
The global endoscopic ultrasound 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.
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According
to the report published by Fortune Business Insights, titled “Endoscopic
Ultrasound (EUS) Market Size, Share & Industry Analysis, By Product
(Endoscopes (Radial Endoscopes and Linear Endoscopes), Ultrasound Probes,
Ultrasonic Processors, Imaging Systems, Needles, and Accessories) By
Application (Oncology Pancreatic Conditions, and Others), By End User
(Hospitals, Ambulatory Surgery Centers, Others) and Regional Forecast,
2019-2026”, the market value stood at USD 830.6 Million in 2018. The
report also incorporates a comprehensive overview of the industry outlook along
with in-depth research. Further, it also shares a detailed assessment of the
factors, upcoming trends, future prospects, and competitive and regional
dynamics that will influence the market in the forecast period.
Endoscopes to Emerge as the Most Promising
Segment
Growing popularity
of echo-endoscopy procedures, especially for treatment of gastric diseases, and
other advanced endoscopy ultrasound products is the primary factor driving the
EUS market growth during the forecast period. This is expected to be a result
of the increasing prevalence of gastrointestinal disorders. For example, the
American Cancer Society estimates that in 2019, the incidence of gastric cancer
will go beyond 27,000. Moreover, rising investment by key companies in
innovation is anticipated to further propel the growth of this segment.
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Increasing Demand for Minimally Invasive
Procedures to Boost Business Opportunities
As seen above,
there has been a rapid rise in the incidence of gastrointestinal cancer
worldwide. The World Cancer Research Fund states that in 2018, more than 1
million new cases of stomach cancer were reported. As a result, the oncology
segment is slated for considerable expansion on account of rising preference
for minimally invasive diagnostic techniques for detecting cancer in its early
stages. This, in turn, will accelerate the development of the market during the
forecast period.
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