Endoscopic Ultrasound (EUS) Needles Market to Exhibit Lucrative Growth during the Forecast Period
The global endoscopic ultrasound needles market accounted for a value of US$ 289.3 Mn in 2017 and expected to attain US$ 440.4 Mn by 2026. Growing geriatric population coupled with rising prevalence of diseases such as gastrointestinal, lung, liver & hepatobiliary, and pancreatic, worldwide are majorly driving the market growth. Additionally, technological advances in endoscopic ultrasound needles and increasing patient preference for minimally invasive surgeries are anticipated to display significant future outlook over the forecast period from 2018 to 2026. According to the World Health Organization (WHO), the elderly population will surge from 841.0 Mn in 2013 to 962.3 million in 2017 to over 2.0 Bn by 2050 across the globe. According to the United Nations (an intergovernmental organization), by 2050, the elder population may account for 35.0% of the population in Europe, 28.0% in North America, 25.0% in Latin America & the Caribbean, 24.0% in Asia, 23.0% in Oceania, and 9.0% in Africa.
The older population is more prone to develop gastrointestinal (GI) diseases, lung diseases, liver & hepatobiliary diseases, pancreatic diseases among others. As per the data published by World Cancer Research Fund International, worldwide there were 952,000 new cases diagnosed in 2012. In 2015, the WHO reported that about 754,000 deaths occurred due to stomach cancer, lung cancer — 1.69 million deaths, and liver cancer — 788,000 deaths. According to the American Lung Association, in 2018, around 415,000 Americans were diagnosed with lung cancer. In 2016, about 224,390 new cases of lung cancer were diagnosed in the country. On the contrary, risk of complications associated with EUS such as infection, bleeding, pancreatitis, tearing of the intestinal wall or throat are anticipated to limit the use of EUS during the forecast period.
The Aspiration Needles (EUS-FNA) Segment is expected to Register Comparatively Higher Growth over the Forecast Period
Aspiration needles are intended for diagnosis & staging of various lesions located in and around the gastrointestinal tract and of adjacent organs. The EUS-FNA is performed usually at several endoscopic centers and it has a significant impact on the therapeutic management of patients. Rising adoption of aspiration needles for the treatment of gastrointestinal diseases, lung diseases, liver & hepatobiliary diseases, and pancreatic diseases among others expected to continue the dominance of the aspiration needles segment during the forecast period.
Based on Disease Type, the Gastrointestinal Diseases Segment forecast to Command the Market From 2018 to 2026
Gastrointestinal diseases segment held the highest market share in 2017 due to rising applications of aspiration & biopsy needles in the diagnosis of inflammatory bowel disease (IBD) and cancers such as gastric/stomach, anal & rectal, and esophageal. Endoscopic ultrasonography is majorly used for the diagnosis and loco-regional staging of gastric cancer effectively, that cannot be reliably imaged by using other modalities such as magnetic resonance imaging (MRI), computerized tomography (CT), or diagnosed with conventional biopsies & endoscopy.
Hospitals Segment Contributes Maximum to the Overall Growth of Endoscopic Ultrasound Needles Market
As per the data provided by an independent source, currently, there are more than 145,000 hospitals across the world. Global surge in the number of hospitals along with comparatively higher use of endoscopic ultrasound needles for the diagnosis of gastrointestinal, lungs, liver, and pancreatic diseases is assisting in the dominance of the hospitals’ segment. Ambulatory surgery centers (ASCs) have an ability to improve quality and customer service while simultaneously reducing costs has triggered the gradual rise in the number of endoscopic ultrasound procedures. The ASC vertical demonstrated itself to be ahead of the curve in identifying favourable avenues for improving healthcare delivery, which is supporting the fastest market growth over the forecast period.
North America Holds Dominant Position Attributed to Higher Demand for Advanced Diagnostic Techniques in Gastroenterology, Pulmonology, and Oncology
North America spearheaded the market in 2017 owing to higher demand for advanced diagnostic techniques in gastroenterology, pulmonology, and oncology; the presence of major market participants, availability of advanced products in the U.S. and Canada, and rising prevalence of cancers such as stomach, pancreatic, metastatic, and lung. Asia Pacific expected to register comparatively higher CAGR during the forecast period due to the presence of target population coupled with the increasing incidence of GI & liver diseases, and growing awareness of endoscopic ultrasound in China, India, and Japan.
The Presence of Multinational Market Participants Makes Market Penetration Challenging for New Entrants
Major players in this vertical are Medtronic plc; Olympus Corporation; Boston Scientific Corporation; Cook Medical; CONMED Corporation; Medi-Globe GmbH; and ACE Medical Devices Pvt. Ltd. These market players are adopting new product launches, mergers & acquisitions, partnerships, collaborations growth strategies to gain a competitive advantage. For instance, in April 2016, Olympus Corporation launched EZ Shot 3 Plus Single-use Aspiration Needle in Europe & Asia Pacific in order to increase its gastrointestinal product portfolio. Some market participants are raising capital from existing investors to fund commercial growth of their EUS needle products while few players adopted inorganic growth strategy such as acquisition. For instance, in April 2015, Boston Scientific Corporation acquired Xlumena, Inc., a U.S.-based manufacturer of minimally invasive (MI) devices for endoscopic ultrasound-guided transluminal drainage of targeted areas within gastrointestinal tract (GIT), in order to become a market spearhead in the EUS segment.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Endoscopic Ultrasound (EUS) Needles market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
