Apr 18, 2018, 08:30 ET
ALBANY, New York, April 18, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled, "Endobronchial Ultrasound Biopsy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025". According to the report, the global endobronchial ultrasound biopsy market was valued at US$ 469.5 Mn in 2016 and is anticipated to expand at a CAGR of 4.6% during forecast period. The global market is driven by technological advancements and increase in usage of endoscopic ultrasound needles during the forecast period. The endobronchial ultrasound biopsy market in North America is expected to expand at a CAGR of 5.1% due to high prevalence of diseases, developments in the health care sector, and increase in focus on research & development activities.
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Rise in Geriatric Population and Increase in Incidence of Diseases that Require Endoscopic Ultrasound Procedures to Drive the Market
Rise in geriatric population, especially in developed economies such as the U.S., countries in Western Europe, and Japan is likely to increase demand for improved health care infrastructure, policies, and advancement in health care facilities. Moreover, access to various diagnostic and treatment services has improved in the last few years, especially in developed economies. This, in turn, has increased life expectancy of the population. The geriatric population is a major end-user of bariatric surgeries, lung surgeries, knee-hip implants, colonoscopy, and gastrointestinal endoscopic ultrasound procedures. Rise in geriatric population leads to high rate of ailments, which is anticipated to increase demand and use of endoscopic ultrasound devices.
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Large Patient Pool with Respiratory Disorders
Rise in incidence and prevalence of disorders such as lung cancer, asthma, cystic fibrosis, and chronic obstructive pulmonary disorders (COPD) each year increase the global demand for endobronchial ultrasound devices. According to the World Cancer Research Fundamental findings, lung cancer is the most common cause of death. It accounts for approximately one in five deaths globally. According to the Centers for Disease Control and Prevention (CDC) 2014 findings, COPD was the third primary cause of death in the U.S. Over 50% of the adult population had COPD and tumors were not aware of the condition. The primary cause of pulmonary disorders includes exposure to allergens, changes in temperature, smoking, respiratory infections, and pollutants. For example, in the U.K., lung cancer is the third most common cause of cancer. According to Europe COPD Coalition 2016 findings, nearly 5% to 12% adults in Europe were suffering from severe COPD.
Rise in incidence of pulmonary/respiratory disorders has increased demand for novel diagnostic devices and techniques across the globe. A study conducted by the Burden of Obstructive Lung Disease (BOLD) indicated that over 50% cases of lung cancer are reported in developing countries. Additionally, nearly 58 million people in 12 countries in Asia are affected by COPD. Primary factors causing respiratory conditions are smoking and air pollution and other pollutants. These are likely to increase mortality and morbidity rates in developing countries, which in turn are expected to drive the endobronchial ultrasound biopsy market.
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Increase in Popularity of Minimally Invasive Procedures to Drive Demand for Endobronchial Ultrasound Biopsy
Adoption of minimally invasive surgeries among end-users is anticipated to increase demand for endobronchial ultrasound biopsy. Rise in demand for such techniques and devices is due to the number of technical hitches associated with traditional open surgeries such as mediastinoscopy and video-assisted thoracic surgery. In developed countries, endobronchial ultrasound guided needle aspiration (EBUS-TBNA) procedure is considered to be a gold standard for staging lung cancer in both malignant and benign tumors, and other respiratory complications. These minimally invasive procedures offer multiple advantages such as high comfort level, cost effectiveness, maneuverability, quick recovery, ergonomics, reduced blood loss, small incisions, and less pain.
Several research findings have verified the advantages of minimally invasive surgeries over traditional ones. Minimally invasive procedures can also be used to treat people who are in critical conditions and cannot be operated through conventional open surgeries, for example children and the elderly population. Endoscopes are inserted into a patient's body through the mouth to record detailed video image of the surface of the internal parts (proximal & distal airways). Technologically advanced devices also able to record data of other functions such as biopsies (sample collection) and body temperatures. Few advanced versions are able to convert data into 3D images for better evaluation, which can aid during complicated procedures to prevent nerve damage or any other causality. These factors are anticipated to boost the market.
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Increase in Number of Technologically Advanced Hospitals
The number of surgeries performed in hospitals is anticipated to increase due to the rise in the number of technologically advanced hospitals. Additionally, surge in government initiatives for improving the health care sector, especially in Asia Pacific, Latin America, Africa, and the Middle East, is expected to drive the market.
Significant rise in medical tourism in Asia Pacific, the Middle East, and Latin America is likely to drive the endobronchial ultrasound biopsy market. According to the Medical Tourism Association of India, cost of knee surgery in the country ranges from US$ 3000 to US$ 5,200 as compared to US$ 7000 to US$ 11,500 in the U.S. Low cost of treatment attracts patients to emerging economies for treatment. This is expected to propel the market during the forecast period.
Olympus Corporation, Boston Scientific Corporation, and Medtronic Led were the Leading Players in the Endobronchial Ultrasound Biopsy Market in 2016
Key players covered in this report are Olympus Corporation, Medtronic, Cook Medical, CONMED Corporation, Medi-Globe, Veran Medical Technologies, and Boston Scientific Corporation.
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