Ultrasound Gastroscopes Market Technology Development, Demand Overview, Industry Growth Rate, Top Companies, Key Regions

iCrowd Newswire
22 Jan 2021, 22:33 GMT+10

Market Outlook

The global ultrasound gastroscopes market is expected to register a CAGR of 6.32% over the forecast period (2018-2023). It stood at USD 630.2 million in 2017. Technological breakthroughs in endoscopy equipment and the transformation of the healthcare sector are likely to drive market growth. The rising prevalence of gastric cancers and biopsies of gastroscopic samples as well as a collection of images of blood flow for ascertaining the presence of malignant tumors can bode well for the market. According to the National Cancer Institute, close to 26,420 cases of stomach cancer were detected in the U.S. in 2017.

The large geriatric populace and the use of ultrasound gastroscopes for early detection of stomach cancer can drive the market demand exponentially. This can increase the success rate by 5% and improve surgical outcomes. The use of artificial intelligence in gastrointestinal endoscopy can lead to detection of abnormal formations. This can lead to development of advanced imaging techniques with high accuracy and sensitivity.

Ultrasound gastroscopes are endoscopy equipment used by surgeons in the diagnosis and treatment of gastrointestinal (GI) disorders. The global ultrasound gastroscopes market report by Market Research Future (MRFR) contains trends and growth drivers pertinent to its future which have been compiled by looking at historical data and current events.

Regional Analysis

The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

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The Americas is expected to be the leading region of the global ultrasound gastroscopes market due to massive demand for minimally invasive therapies in oncology, availability of advanced products in the U.S., and rising prevalence of stomach cancer. According to the Canadian Cancer Society, close to 3,500 Canadians were diagnosed with the disease. Gastroscopes can play its part by detecting the disease at a preventive stage.

APAC is touted to exhibit a rapid growth rate till 2023 due to investments in the healthcare sector, large patient pool, and developments in gastroscopes. Heightened demand for new treatments in South Korea and India can fuel the market growth in the region

Segmentation Analysis

The global ultrasound gastroscopes market has been segmented into product type, application, procedure, and end user.

The market on the basis of product type has been segmented into endoscopic ultrasound needle, optic ultrasound gastroscope, linear array ultrasound gastroscope, and others.

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Based on application, the market has been segmented into oncology, pancreatic conditions, and others. Further, the oncology segment has been segmented into upper gastrointestinal (GI) oncology and lower gastrointestinal (GI) oncology.

On the basis of procedure, the global market has been segmented into upper endoscopy ultrasound (EUS), lower endoscopy ultrasound (EUS), and others.

Competition Outlook

Cook Medical, Karl Storz Endoscopy, Esaote Spa, Medi-Globe GmbH, Medtronic plc, Olympus Corporation, Fujifilm Holdings, Boston Scientific Corporation, and Conmed Corporation are major industry participants. The competition in the market is marked by collaborations and product launches driven by technological advances.

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