Market Highlights
It is estimated that the Global Ultrasound Gastroscopes Market valued USD 630.2 million in 2017 and is anticipated to register a CAGR of ~ 6.32% during the forecast period of 2018 to 2023.
Ultrasound gastroscopes are medical devices used as a minimally invasive technique to diagnose and treat several diseases of the gastrointestinal tract such as gastrointestinal cancers, pancreatic conditions, and others. The growing prevalence of gastric cancers such as upper and lower GI cancers, higher accuracy, and specificity of endoscopy ultrasound techniques, growing geriatric population, and technological advancements are some of the major factors boosting the growth of global ultrasound gastroscopes market. According to the data by the World Health Organization, there were about 1.03 million cases of stomach cancer globally in the year 2018. However, the lack of skilled professionals and high cost associated with this device are considered to hamper the growth of the market over the forecasted period.
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Regional Analysis
On the basis of the regional analysis, the Americas is anticipated to hold the largest market share of the global ultrasound gastroscopes market owing to the increasing demand for advanced diagnostic techniques especially in oncology, the availability of new and advanced products in the US and increasing prevalence of pancreatic cancers in the region. Europe is expected to register a significant amount of growth in the global ultrasound gastroscopes market. The market growth in this region is due to the increasing incidence of gastrointestinal diseases and the growing geriatric population. According to the data by the Cancer Research UK, nearly 8,282 cases of stomach cancer are likely to be diagnosed in the UK in 2035.
Moreover, the rising government support for research & development and availability of funds for research is expected to support the market growth in the region. Asia-Pacific is anticipated to be the fastest growing market for ultrasound gastroscopes owing to the presence of rapidly developing healthcare technology, huge patient population, and high healthcare expenditure. Moreover, increasing demand for new treatment methods in countries such as India and South Korea is likely to fuel the market growth in the region. On the other hand, the Middle East & Africa is expected to account the lowest share of the market due to the poor access to treatment, and limited screening for disease management in the region.
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Segmentation
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 optic ultrasound gastroscope, linear array ultrasound gastroscope, endoscopic ultrasound needle, and others. 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. Furthermore, based on end user, the market has been segmented into hospitals and clinics, ambulatory surgical centers, and others.
Key Players
Some of the key players in the Global Ultrasound Gastroscopes Market are Olympus Corporation, Fujifilm Holdings, Karl Storz Endoscopy, Cook Medical, Medtronic plc, Boston Scientific Corporation, Esaote Spa, Conmed Corporation, and Medi-Globe GmbH.