January 12, 2021
According to the research report titled ‘Global Endoscopic Ultrasound Needles Market Analysis, 2020’, available with Market Study Report LLC, global endoscopic ultrasound needles market is projected to witness high returns, registering a CAGR of 4% during 2020-2025.
As per the report findings, global endoscopic ultrasound needles market is driven by the escalating cases of chronic diseases such as hepatobiliary, cancer, lung and liver diseases, and gastrointestinal disorders.
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The research report on global endoscopic ultrasound needles market provides a comprehensive analysis of this business sphere, while stressing driving forces, growth opportunities, and challenges that will shape the industry dynamics. It also highlights the several market segments including product type, end user scope, application spectrum, and geographical ambit.
Speaking of product type, the market is split into biopsy needles and aspiration needles. Aspiration needles segment held considerable share of global endoscopic ultrasound needles market in 2019, attributable to its growing use in pulmonology and gastroenterology. On the other hand, biopsy needles segment is slated to grow substantially over the analysis period, owing to technological advancements.
Based on end user scope, the industry is categorized into specialty clinics, ambulatory surgical centers, and hospital. With respect to application scope, the market is divided into bronchial needles and enteral needles.
As per WHO (World Health Organization), the geriatric population count is expected to rise to 2 billion by 2050 from 962.3 million in 2017. Having said that, according to a survey, 36% of the population aged 45 and above is susceptible to cancer, liver or lung related disorders, or other severe diseases, which further promotes product sales.
In addition, technological innovations in the healthcare sector have driven patients’ inclination towards minimally invasive surgeries, which in turn is facilitating the business scenario.
Coming to the drawbacks, strict regulatory policy and high-quality product standards are likely to negatively impact the remuneration scale of the industry over the estimated timeframe.
Considering the geographical landscape, North America held majority of global endoscopic ultrasound needles industry share in 2019, creditable to growing use of highly advanced diagnostic devices in developed regions and surging gastrointestinal disorders. Moreover, obese population and increasing improper eating habits in the United States are adding to the market outlook.
Meanwhile, technological advancements in healthcare infrastructure and rising healthcare expenditure are swaying endoscopic ultrasound needles industry dynamics in Asia Pacific. Economies such as India and China are offering opportunities for manufacturing endoscopic ultrasound needles on account of reduced costs, which is further improving regional profits.
The major companies that define the competitive landscape of global endoscopic ultrasound needles market are Pentax Medical, Creganna Medical, ACE Medical Devices Pvt Ltd., Cook Medical, Medi Globe Corporation, Boston Scientific Corporation, Olympus Corporation, Medtronic plc, and CONMED Corporation.