|Base Year Market Size (2022)||~USD 18 Million|
|Forecast Year Market Size (2033)||~USD 22 Million|
The global endoscopic ultrasound needles market is estimated to garner a revenue of USD 22 Million by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 18 Million in the year 2022. The rise in the incidence of chronic diseases across the world. About 6 in 10 U.S people have the chronic disease as of 2022.
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Additionally, increase awarenessof healthcare and rising healthcare expenditure. The National Healthcare Expenditure of the U.S during 2020 raised to 9.7% i.e., 4.1 trillion.
Global Endoscopic Ultrasound Needles Market: Growth Drivers and Challenges
The global endoscopic ultrasound needles market is segmented and analyzed for demand and supplyby end-user into hospitals, ambulatory surgical centers, and specialty clinics. Out of these, the hospital segment is anticipated to hold the largest market size by the end of 2033 owing tothe rise in digestive and lung diseases. The total number of people diagnosed with digestive disorders was 14.8 million in the U.S in 2018.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Global Endoscopic Ultrasound Needles Market Regional Synopsis
Regionally, the global endoscopic ultrasound needles market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033on the account of rising government organizations’ investments inthe development of healthcare.For instance, in Angola, the government raised the healthcare budget to about USD 400 million for health and education contributing 16 million to children in 2018.
The global endoscopic ultrasound needles market is further classified on the basis of region as follows:
Our in-depth analysis of the global endoscopic ultrasound needles market includes the following segments:
Top Featured Companies Dominating the Global Endoscopic Ultrasound Needles Market
FREQUENTLY ASKED QUESTIONS
Rise in prevalence of gastrointestinal and stomach cancer and high use by physicians are the major factors driving the growth of the endoscopic ultrasound needles market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
High cost of endoscopic ultrasound needles and lack of skilled professionalsare the challenges affecting the market growth.
The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market areCook Group Incorporated, Medi-Globe GmbH, Medtronic Plc, Micro-Tech Endoscopy, Olympus Corporation, Medline Industries, LP, CIVCO Medical Solutions, Protek Medical Products Inc., Spectra Medical Devices, LLC, and ACE Medical Devices Pvt. Ltd.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, end-user, and by region.
The hospital segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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