According to a new report published by Allied Market Research, titled, “Endoscopic Ultrasound (EUS) Market," The endoscopic ultrasound (eus) market was valued at $1.2 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Endoscopic ultrasound (EUS) is a minimally invasive technique used to diagnose diseased conditions of the gastrointestinal system and other surrounding organs and tissues. Endoscopic ultrasound combines the use of a thin, flexible tube (endoscope) inserted into the gastrointestinal tract and a device that uses sound waves to create images (ultrasound). The surrounding organs and tissues, including the lungs, pancreas, gall bladder, liver, and lymph nodes, are also clearly visible in the high-resolution pictures created by the high-frequency sound waves.
The key Endoscopic Ultrasound Market Trends that drive the growth of the global Endoscopic Ultrasound Industry are technological advancement and the rise in the adoption of minimally invasive procedures. In addition, the surge in the geriatric population and an increase in government expenditure on healthcare further boost the market growth. For instance, according to the World Health Organization (WHO), by 2050, the world’s population of people aged 60 years and older is estimated to reach to 2.1 billion. The geriatric peoples are more prone to gastric disorders and other lung diseases.
Furthermore, factors that drive the growth of the Endoscopic Ultrasound Industry include R&D for the development of schizophrenia drugs, an increase in clinical trial activities, and new product launches in the market. For instance, in May 2022, Limaca Medical, a leading healthcare technology company, received a Breakthrough Device Designation from the U.S. Food and Drug Administration for its Precision-GI Endoscopic Ultrasound Biopsy Product.
The Precision-GI device is designed to obtain tumor tissue within or adjacent to the gastrointestinal tract. Endoscopic biopsy is performed by a gastroenterologist who accesses the targeted GI tumor utilizing an ultrasound visualization endoscope.
Furthermore, the rise in awareness about minimal invasive diagnostic tools and the increase in the acceptability of endoscopic ultrasound (EUS) by medical practitioners contribute to the growth of the Endoscopic Ultrasound Market Size. However, a shortage of trained physician and endoscopists are expected to hamper the growth of the Endoscopic Ultrasound Market Size market during the forecast period. Conversely, developments in the healthcare sector in developing economies are expected to provide numerous opportunities for the Endoscopic Ultrasound Market Forecast period.
The endoscopic ultrasound (EUS) market is segmented into product, application, end-user, and region. On the basis of products segment, the market is classified into endoscopes, ultrasound probes, ultrasonic processors, imaging systems, needles, and accessories. The endoscopes segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advancements in endoscopes and new product launches in the market.
On the basis of application, the market is divided into oncology, pancreatic conditions, and others. The pancreatic conditions segment dominated the Endoscopic Ultrasound Market Share in 2021, and this trend is expected to continue during the forecast period, owing to an increase in the prevalence of pancreatitis and a rise in demand for advanced diagnostic tools. By end user, the market is classified into hospitals, ambulatory surgery centers, and others. The hospitals segment dominated the Endoscopic Ultrasound Market Share in 2021, and this trend is expected to continue during the Endoscopic Ultrasound Market Analysis period, owing to an increase in the number of hospitals and improvements in healthcare infrastructure.
North America accounted for a majority of the endoscopic ultrasound (EUS) market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed due to the increase in the prevalence of pancreatitis, the new product launch in the market, and the presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to an increase in the prevalence of gastrointestinal disorders and a high population base.
Key findings of the study
- On the basis of products, the endoscopes segment was the highest contributor to the market in 2021.
- Based on application, the pancreatic conditions segment was the highest contributor to the market in 2021.
- Depending on the end user, the hospital segment was the highest contributor to the market in 2021.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.