Ultrasound Gastroscopes Market Report Overview
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The global ultrasound gastroscopes market size was 579 million in 2021 & the market is expected to reach USD 849 million by 2031, exhibiting a CAGR of 3.6% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with ultrasound gastroscopes experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Ultrasound gastroscopes, also known as endoscopic ultrasound (EUS) gastroscopes, are specialized medical devices used for endoscopic ultrasound procedures. These gastroscopes combine traditional endoscopy with high-frequency ultrasound imaging capabilities. With a small ultrasound transducer at the tip, they can create real-time images of the gastrointestinal (GI) tract's wall layers and nearby structures, including tumors and lymph nodes.
Ultrasound gastroscopes are valuable diagnostic tools, aiding in the detection and staging of various GI conditions, especially in diagnosing pancreatic cancer, gastrointestinal tumors, and other disorders. They also enable fine needle aspiration (FNA), allowing for tissue sample collection for further examination and therapy delivery if required. Endoscopic ultrasound has become an important technique in gastroenterology and oncology, offering precise imaging and improved management of GI conditions and diseases.
COVID-19 IMPACT: Infection Control Measures to Hamper Demand Significantly
COVID-19 had a life changing impact globally. The ultrasound gastroscopes market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for ultrasound gastroscopes technology experienced a reduced demand.
EUS procedures involve close contact between healthcare professionals and patients. To prevent the spread of the virus, strict infection control measures were implemented, such as personal protective equipment (PPE) requirements, enhanced cleaning protocols, and reduced patient flow in endoscopy units. These measures may have resulted in longer waiting times for EUS examinations and affected the scheduling of procedures.
To reduce unnecessary hospital visits and exposure to the virus, telemedicine and virtual consultations became more prevalent during the pandemic. While not suitable for all cases, remote consultations may have been used as an alternative to in-person EUS evaluations, particularly for follow-up appointments or less urgent cases. The market is anticipated to boost the ultrasound gastroscopes market share following the pandemic.
LATEST TRENDS
"Enhanced Imaging Technologies to Broaden Market Growth"
There have been continuous advancements in ultrasound technology, leading to improved image quality, resolution, and 3D imaging capabilities. These developments allow for more detailed and accurate visualization of the gastrointestinal tract and surrounding structures. Some ultrasound gastroscopes now come equipped with additional therapeutic features, allowing for therapeutic interventions during EUS procedures. For example, instruments for fine needle aspiration (FNA) and other minimally invasive treatments can be integrated into the scope, reducing the need for additional instruments during the procedure.
AI has been increasingly explored in medical imaging, including endoscopy and EUS. AI algorithms can assist in image interpretation, lesion detection, and potentially aid in the early diagnosis of gastrointestinal conditions. Virtual reality (VR) and augmented reality (AR) technologies are being researched and applied in endoscopy and EUS training. These technologies offer immersive and interactive learning experiences for healthcare professionals, potentially improving their procedural skills and patient outcomes. These latest developments are anticipated to boost the ultrasound gastroscopes market share.
Ultrasound Gastroscopes Market Segmentataion
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- By Type
Based on type, the market is divided into Optic Ultrasound Gastroscope and Linear Array Ultrasound Gastroscope.
Optic Ultrasound Gastroscope holds a major share of the global market.
- By Application
Based on application, the market is bifurcated into Hospital, Clinic, Medical Center, and Others.
Hospital as application holds a major share of the global market.
DRIVING FACTORS
"Minimally Invasive Nature to Boost Market Share"
EUS is a minimally invasive procedure that can be performed through the mouth (upper GI EUS) or rectum (lower GI EUS). As it avoids the need for surgical incisions, EUS is less traumatic for patients, resulting in reduced post-procedure discomfort, shorter recovery times, and decreased risk of complications. The desire for less invasive diagnostic procedures is a strong driving force behind the popularity of ultrasound gastroscopes.
"Staging & Treatment Planning to Boost Market Size"
EUS plays a crucial role in staging various GI cancers, particularly pancreatic cancer. Accurate staging helps clinicians determine the extent of the disease and plan the most appropriate treatment strategy, including surgery, radiation therapy, or chemotherapy. The staging capabilities of ultrasound gastroscopes are vital in guiding treatment decisions and improving patient outcomes. Ongoing advancements in ultrasound technology, including miniaturization of transducers and improved image resolution, have enhanced the performance of ultrasound gastroscopes. These factors are anticipated to drive the ultrasound gastroscopes market share.
RESTRAINING FACTORS
"Equipment Maintenance and Upgrades to Hamper Market Share"
Keeping ultrasound gastroscopes in optimal working condition requires regular maintenance and periodic upgrades to stay up-to-date with the latest technological advancements. Maintenance costs and the need for periodic equipment replacement can add to the overall expenses for healthcare facilities. EUS procedures can be time-consuming compared to standard endoscopy procedures. The detailed imaging process and potential therapeutic interventions during EUS may extend the duration of the procedure, impacting patient throughput in endoscopy units. The factors are anticipated to hinder the growth of the ultrasound gastroscopes market share.
Ultrasound Gastroscopes Market Regional Insights
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"North America Dominates the Ultrasound Gastroscopes Market "
North America is the major shareholder for the ultrasound gastroscopes market share. The region has a well-established and advanced healthcare systems are more likely to have a higher demand for ultrasound gastroscopes. This region has better access to medical facilities, trained healthcare professionals, and the financial resources to invest in advanced medical equipment. Europe is the second major shareholder for the ultrasound gastroscopes market share.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Olympus Corporation [Japan]
- Fujifilm Holdings Corporation [Japan]
- Ethicon Endo-Surgery, LLC [U.S.]
- Stryker Corporation [U.S.]
- Richard Wolf GmbH [Germany]
- Boston Scientific Corporation [U.S.]
- Karl Storz [Germany]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 579 Million in 2021 |
Market Size Value By |
US$ 849 Million by 2031 |
Growth Rate |
CAGR of 3.6% from 2021 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the ultrasound gastroscopes market expected to touch by 2031?
The global ultrasound gastroscopes market is expected to reach USD 849 million by 2031.
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What CAGR is the ultrasound gastroscopes market expected to exhibit by 2031?
The ultrasound gastroscopes market is expected to exhibit a CAGR of 3.6% by 2031.
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Which are the driving factors of the ultrasound gastroscopes market?
Minimally Invasive Nature and Staging & Treatment Planning are drivers of this ultrasound gastroscopes market.
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Which are the top companies operating in the ultrasound gastroscopes market?
Olympus Corporation, Fujifilm Holdings Corporation, Ethicon Endo-Surgery, LLC, Stryker Corporation, Richard Wolf GmbH, Boston Scientific Corporation, and Karl Storz are key companies operating in the ultrasound gastroscopes market.