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.
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 the market growth. The rising prevalence of gastric cancers and biopsies of gastroscopic samples as well as a collection of images ofblood 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.
Lack of skilled personnel and high costs of endoscopy equipment are restraints of the market.
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.
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.
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On the basis of procedure, the global market has been segmented into upper endoscopy ultrasound (EUS), lower endoscopy ultrasound (EUS), and others.
Based on end user, the market is segmented into hospitals and clinics, ambulatory surgical centers, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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.
Europe can capture a sizeable share of the market during the assessment period. This can be attributed to rising incidence of GI diseases and the large geriatric population. Establishment of the European Society of Gastrointestinal Endoscopy (ESGE) for keeping surgeons and doctors aware of the latest developments in gastroenterology and imaging techniques can bode well for the market. This can encourage sales of the latest gastroscopes at private and government hospitals.
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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. Lastly, the MEA region has the lowest market share due to lack of sufficient infrastructure and paucity of efficient treatments.
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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