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.
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.
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.
Global Ultrasound Gastroscope Market: Segmentation
Based on product, the global ultrasound Gastroscope market can be classified into:
- Optic Ultrasound Gastroscope
- Linear Array Ultrasound Gastroscope
In terms of application, the global ultrasound Gastroscope market can be categorized into:
Based on end-user, the global ultrasound Gastroscope market can be divided into:
- Hospital & Surgical Centers
- Ambulatory Surgical Centers
- Diagnostic Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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