Endoscopic Ultrasound Needles Market: Rising Cancer Prevalence to Influence Growth of the Market
The global endoscopic ultrasound needles market was valued at around US$ 139.2 Mn in 2016 is anticipated to expand at a stable CAGR of over 4.5% during forecast period of 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled ’Endoscopic Ultrasound Needles Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.’ Expansion of the global endoscopic ultrasound needles market is expected to be driven by technological advancements and increasing use of single-use endoscopic ultrasound needles during the forecast period. The endoscopic ultrasound needles market in Asia Pacific is likely to expand at a CAGR of above 5.0% due to high prevalence of diseases, development in the health care sector, and increased focus on research and developmental activities.
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Rise in Geriatric Population and Increasing Incidence of Diseases that Require Endoscopic Ultrasound Procedures to Drive Market Expansion
The global population is aging rapidly, especially in some developed economies such as the U.S., most of Western Europe, and Japan. Developed economies witness high rates of aging as compared to developing economic countries. This is attributed to improved health care infrastructure, reimbursement policies, and advancement in health care facilities in these countries. Moreover, easy access to various diagnostic and treatment services has improved in the recent past, especially in developed economies. This, in turn, has increased the life expectancy of the population. The geriatric population is the major end-user of bariatric surgeries, knee-hip implants, colonoscopy, and gastrointestinal endoscopic ultrasound procedures for the improvement in the quality of their life. Increase in number of elderly people leads to high rate of ailments, which, in turn, is likely to propel demand and consumption of endoscopic ultrasound needles.
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High Prevalence of Gastrointestinal Related Cancers
Cancer is the second leading cause of death, and in 2015, it was responsible for 8.8 million deaths worldwide. Helicobacter pylori infection is the best known carcinogen for gastric cancer. Most of the gastric cancer cases in the Western countries are diagnosed at late stages when the treatment remains less effective. Increasing prevalence of chronic diseases such as cancer associated with pancreas and stomach have increased the demand for diagnostic methods to detect cancer at early stages. The progress of gastrointestinal tract related cancers depends upon their stage, and most advanced developments in diagnostic ultrasound endoscopy have therefore focused on early detection. These factors are expected to increase demand for endoscopy ultrasound needles in the future to identify cancers at an early stage.
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Rising Patient Preference for Minimally Invasive Surgeries is Likely to Increase Demand for Endoscopic Ultrasound Needles
Presently, doctors have great assistance due to advanced robotic devices that provide higher control and vision during surgeries, allowing them to perform safe, less invasive, and precise surgical procedures. Non-robotic surgery is a minimally invasive surgery also known as endoscopic surgery that can be categorized into laparoscopic surgery and/or thoracoscopic surgery. Minimally invasive procedures use advanced technology to reach internal organs through small incisions that causes decreased pain, small incisions, low risk of infection, shorter hospital stay, quicker recovery time, less scarring, and reduced blood loss compared to traditional surgeries. These factors are likely to drive the endoscopy ultrasound needles market in the near future.
In terms of product, the market can be divided into aspiration needles (EUS-FNA) and biopsy needles (EUS-FNB). The aspiration needles segment is likely to account for a leading share of the global EUS needles market during the forecast period, owing to wide usage of these needles in pulmonology and gastroenterology. Technological developments in EUS biopsy needles are estimated to result in significant expansion of the biopsy needles segment during the forecast period. Based on application, the endoscopic ultrasound needles market can be segmented into bronchial EUS needles and enteral EUS needles. Increasing adoption of EUS needles in gastroenterology is likely to fuel the enteral EUS needles segment in the next few years.
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Rise in Patient Preference for Minimally Invasive Surgeries at Hospitals Drive Expansion of Hospitals End-user Segment
Based on end-user, the market can be segmented into hospitals, ambulatory surgical centers, and specialty clinics. The ambulatory surgical centers segment is estimated to expand at a rapid pace during the forecast period, owing to increasing number of these centers and rising number of endoscopic ultrasound procedures performed in these centers.
Increasing Prevalence of Gastrointestinal Related Cancers in Asia Pacific Region to Create More Opportunities for Endoscopic Ultrasound Needles Market
In terms of gepgraphy, the global endoscopic ultrasound needles market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to constitute a leading share of the global market during the forecast period, owing to high adoption of EUS needles and high health care expenditure in the region. Europe is anticipated to account for a significant share of the global market between 2017 and 2025. Increase in the incidence of cancer and chronic hepatobiliary diseases in Europe is projected to fuel the market in the region during the forecast period. The market in Asia Pacific is projected to expand at a rapid pace during the forecast period, due to increasing health care expenditure in the region. The endoscopic ultrasound needles market in Latin America is at a pivotal point today. It was valued around US$ 22.0 Mn in 2016 and anticipated to expand at a significant pace. Increasing focus of key players on expansion in Asia Pacific with its large untapped population and rising awareness about health care are expected to propel the endoscopic ultrasound needles market in Asia Pacific.
Boston Scientific Corporation, Olympus Corporation, and Medtronic Were the Market Leaders in the Endoscopic Ultrasound Needles Market in 2016
Key players covered in this report are Olympus Corporation, Medtronic, Cook Medical, CONMED Corporation, Medi-globe, ACE Medical Devices Pvt. Ltd., and Boston Scientific Corporation. Companies operating in the global market for endoscopic ultrasound needles are focusing on strategic collaborations for developing new products in the emerging regions such as Asia Pacific and Latin America.
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