Endoscopy procedures are used for diagnosis, prevention, and treatment of the complications of internal organs. These procedures are conducted to examine ulcers, pain, digestive tract bleeding, abdominal pain and abnormal growths in the colon, and other gastrointestinal conditions.
The rise in demand for minimally invasive procedures which require less operational complications makes it one of the most preferred and desirable procedures for diagnostics and surgery. In the past few years, the demand for cost-effective endoscopic procedures in terms of pre- and post-surgical operations has increased.
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Endoscopic ultrasound (EUS) is a minimally invasive endoscopic procedure used to investigate the complications of gastrointestinal (digestive) and lungs diseases. EUS is commonly called as echo-endoscopy.
In this procedure, high-frequency sound waves are used to produce detailed images of the lining and walls of the digestive tract, chest, liver, pancreas, and lymph nodes. This procedure is performed by pulmonologists (gastroenterologists).
It is usually executed in an outpatient setting and takes between 20 and 45 minutes.
The global endoscopic ultrasound market is anticipated to grow rapidly in the next few years. One of the key factors driving the market growth for endoscopic ultrasound is rise in incidences of gastrointestinal diseases, cancer, and other chronic diseases globally owing to increase in geriatric population and changes in lifestyle and eating habits leading to obesity.
Additionally, technological advancements in visualization techniques, surgical endoscopic treatments, and diagnosis and increase in awareness about endoscopic technologies are factors boosting the growth of the market. However, high cost of medical devices, stringent guidelines followed by the regulatory bodies of countries, and lack of awareness about new technologies are restraining the market growth for endoscopic ultrasound.
The global market can be segmented on the basis of type, application, end-user, and region. On the basis of type, the market is segmented as flexible endoscopes and rigid endoscopes.
In terms of application, the market is categorized as bronchoscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, obstetrics/gynecology endoscopy, and ENT endoscopy. The gastrointestinal endoscopy, obstetrics/gynecology endoscopy, and ENT endoscopy segments are expected to account for high market shares during the forecast period.
In terms of end-user, the market is segmented as hospitals, diagnostic centers, academic and research institutes, and others. The hospitals and diagnostic centers segments are anticipated to grow owing to rise in investments by governments and private players in the health care sector, specifically in endoscopic devices.
Additionally, wide acceptance of EUS devices and products due to technological advancements is the other reason behind the growth this segment.
Geographically, the market for endoscopic ultrasound is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America dominates the global market due to rise in the number of infectious diseases resulting in increased awareness among people about the early diagnosis of diseases.
One of the other reason, for dominance of the North America market is the satisfactory reimbursement policies in the region. Europe region is also expected to rapidly, as key players in the market are collaborating with research institutions & lab to develop new innovative products.
The Asia Pacific market is anticipated to expand at a high growth rate due to unmet needs of the growing population. In addition, factors such as rapidly developing health care network, rise in disposable income, increased health care awareness, and reimbursement facilities are boosting the market growth in Asia.
Key players operating in the endoscopy ultrasound market are Arthrex, Inc., Boston Scientific Corporation, Cook Medical, Inc., Ethicon Endo-Surgery, Inc., Fujifilm Holdings Corporation, HOYA Corporation, Intuitive Surgical, Inc., Medtronic plc, Stryker Corporation, KARL STORZ GmbH & Co. KG, Olympus Corporation, and Smith & Nephew plc.
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