Global Ultrasound Gastroscope Market: Introduction
Ultrasound Gastroscope are medical devices that are used in minimal invasive procedures. These devices are utilized in the diagnosis and treatment of gastrointestinal, pancreatic conditions, and other chronic diseases. Rising incidence of stomach and pancreatic cancer is expected to drive the usage of ultrasound Gastroscope for early diagnosis. Rising geriatric population coupled with technology advancements is likely to drive the ultrasound Gastroscope market. According to research by World Health Organization (WHO), in 2018, 1.03 million cases of stomach cancer were diagnosed globally.
Global Ultrasound Gastroscope Market: Competition Landscape
Major players operating in the global ultrasound Gastroscope market are Pentax Medical, Olympus Corporation, Medtronic, Cook Medical, and Boston Scientific Corporation or its affiliates. Technology advancements and collaborations among key players are major strategies adopted by prominent players.
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Medtronic is a leading medical devices company that engages in the development, manufacturing, and marketing of products to alleviate pain and restore normal health of patients. The company operates through four business segments: Cardiac & vascular group, minimally invasive therapies group, restorative therapies group, and diabetes group. The company specializes in the development of technologies with an aim to mitigate pain, improve health, and extend the quality of life of patients. Medtronic is an industry leader who offers value-based health care services in order to expand globally. The company believes in improving human welfare, thus enhancing its offerings by developing new products. Medtronic operates in 160 countries through 370 locations worldwide. It offers innovative solutions to hospitals, clinics, third-party health care providers, distributors, and government health care organization and group purchasing organizations.
Boston Scientific Corporation and its affiliates
Boston Scientific Corporation develops, manufactures, and markets medical devices that are utilized in a wide range of interventional procedures worldwide. It offers over 13,000 products in medical specialties, such as urology, cardiology, pulmonology, neurology, gynaecology, orthopedic, endoscopic, intervention radiology, and vascular surgery products. Boston Scientific Corporation has manufacturing plants located in 12 countries and offices situated in around 40 countries worldwide.
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Established in 1963 and presently based in the U.S., Cook Medical is a prominent company that manufactures medical devices with worldwide operations. It focuses on the development of medical technologies to eliminate the need for open surgeries. The company offers products for 41 medical specialties including pediatric cardiology, pediatric interventional cardiology, cardiothoracic surgery, endovascular surgery, peripheral cardiology, and interventional cardiology. The company’s portfolio consists of over 1,600 products, which are distributed in more than 13 major hospital lines across 135 countries. Cook Medical operates through diverse divisions such as vascular division and MedSurg division. The company’s vascular division offers products for major specialties including aortic intervention, interventional radiology, lead management, and peripheral intervention.
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Global Ultrasound Gastroscope Market: Dynamics
Rise in awareness about early diagnosis and demand for treatment to drive Ultrasound Gastroscope market
Global rise in prevalence of gastrointestinal diseases, pancreatic cancers, and other chronic illnesses have led to an increase in health care expenditure. Government initiatives supported by public and private organizations to spread awareness have prompted people to focus on early diagnosis in order to avoid delay in treatment, which can lead to severe medical conditions. For instance, developed countries such as the U.S. and the U.K. have implemented screening initiatives. Lung cancer is a highly common type of cancer, which has a significantly high mortality rate. Early diagnosis can help patients prevent chronic conditions and cause less financial burden. Moreover, access to various diagnostic and treatment services has improved in the last few years, especially in developed countries. This, in turn, has increased the life expectancy of the population.
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Untapped emerging markets such as China, India, and other developing countries likely to boost the Ultrasound Gastroscope market
China and India are two highly lucrative markets for ultrasound Gastroscope due to increasing prevalence of gastrointestinal and pancreatic diseases in these countries. In India, numerous gastrointestinal diseases are diagnosed for endoscopic procedures for biliary and pancreatic diseases, which are highly common, coupled with a total population of over 1.2 billion. India is projected to offer considerable opportunity to the ultrasound gastroscope market during the forecast period. According to the National Office for Cancer Prevention and Control of China (NOCPCC), in China, 679,100 new gastric cancer cases and 498,000 deaths were registered in 2015. Players operating in the ultrasound Gastroscope market are expanding their business in Asia Pacific. For instance, in July 2016, Olympus established a training center in Thailand to train medical personnel from Southeast Asia. Olympus is also emphasizing on the development of medical technology infrastructure in the region and rise in adoption of endoscopy procedures. The company is working with academic societies in India and supports over 150 endoscopic training sessions annually. The factors mentioned above are expected to offer lucrative opportunity to market players in the ultrasound Gastroscope market in developing countries during the forecast period. Large consumer base coupled with augmented health care expenditure and a paradigm shift observed in patients’ inclination toward improved health care facilities offer significant opportunity to the market in China and India.
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