According to a recent industry analysis by Fact.MR, a supplier of market research and competitive intelligence, The global echocardiography market size is likely to reach over US$ 2 billion by 2031
Increased geriatrics globally, an increase in esophageal cancer and other diseases, alterations in people’s lifestyles, and the need for more effective treatment to reduce the risk of consequences are all factors contributing to market expansion. As a result of technological developments like the development of bioabsorbable stents and stents made of nitinol materials with high flexibility and kink resistance, demand for esophageal stents is also increasing. Additionally anticipated to drive the market is an increase in demand for minimally invasive surgical procedures.
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Hospitals provide superior care because they have access to trained medical staff and nursing staff who can provide quality care. Furthermore, the number of stenting procedures will rise as a result of a growing sedentary lifestyle, poor diet, and unhealthy habits, including smoking, drinking, and using cigarettes. It is anticipated that market revenue for esophageal stents will be boosted by increased attention to modernizing the healthcare infrastructure.
The development of technologies such as biochips, stent strut design, and increased use of advanced software applications for monitoring stent movement during therapy is projected to drive the demand for self-expandable metallic stents.
Key Takeaways from Market Study
- The global esophageal stents market is anticipated to reach US$ 105 million by 2027.
- Market in Canada is expected to increase at a CAGR of 4.7% through 2027.
- Market in Japan is projected to expand at a CAGR of 3.5% over the forecast period.
- Demand for esophageal stents in specialty clinics is expected to rise at a CAGR of 5.3% from 2022 to 2027.
Winning Strategy
Key market participants are concentrating on implementing advanced technologies and features in their products. Top companies are concentrating on strategic initiatives such as the creation of novel products through customization by consumer needs to expand their product portfolios and solidify their leading positions in the business.
For instance,
- Olympus introduced self-expanding metal stents for patients with a limited lifespan or those who have a malignant colonic or duodenal blockage.
Many medical problems make it difficult for individuals to swallow because they restrict a section of the esophagus. Esophageal stents allow food and liquids to pass by opening the esophagus. Start-ups are working on stents that can adjust and fit the anatomy of each patient.
A new entrant based in the U.S. called Thoracent offers pulmonology-specific medical equipment. BONASTENT is a self-expanding metallic esophageal stent produced by the company. It has a nitinol hook and cross-wire design that allows for anatomical customization. Its radial and returning forces are also ideal for great conformability.
Competitive Landscape
Technological advancements, product portfolio expansion, mergers & acquisitions, and enhancing R&D capacities lie at the core of several echocardiography providers.
- In 2018, Koninklijke Philips N.V. introduced the EPIQ CVx cardiac ultrasound solution providing anatomical intelligence for improving diagnostic outcomes via enhanced surgical site image quality
- In October 2020, Siemens Healthineers invested € 160 million to establish an innovation hub in Bengaluru, India, for augmenting its digital healthcare capabilities for the next 10 years
Major Stakeholders
- GE Healthcare
- Koninklijke Philips N.V
- Siemens Healthineers
- Canon Medical Systems Corporation
- Esaote S.p.A.
- Samsung Electronics Co. Ltd.
- Fujifilm Holdings Corporation
- Hitachi Medical Corporation
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Bay Labs Inc.
- Bracco Imaging S.p.A.
- ContextVision AB
- Digirad Corporation
- TELEMED Medical Systems
Industry Research
- By Product : Self-expandable Metallic Stents Self-expandable Plastic Stents
- By End User : Hospitals Specialty Clinics Ambulatory Surgery Centers
- By Region : North America Europe Asia Pacific Latin America Middle East & Africa
Key Questions Covered in the Echocardiography report
- What is the projected value of the Echocardiography in 2023?
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- Which are the factors propelling the growth in the Inspection management software?
- Which region is expected to lead in the global Echocardiography during 2023 to 2033?
- Which are the factors driving the Echocardiography during the forecast period?
- What is the expected market value of the Echocardiography during the forecast period?
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