Hyderabad, Telengana -- (SBWire) -- 02/20/2023 --Elastography Imaging Market size was valued at US$ 2,938.67 million in 2022 and is estimated to reach US$ 5,758.34 million by 2029, growing at a CAGR of 8.26% during the forecast period (2022-2029). Elastography is an imaging method that produces an image called an elastogram. This diagnostic, noninvasive technique is used to map the elastic properties and stiffness of soft tissues, which gives information about the presence or status of the disease. For example, diseased livers are stiffer than healthy ones, and cancerous tumors often appear harder than the surrounding tissue. Elastography is used for the investigation of many disease conditions in many organs. It can be used for additional diagnostic information compared to an anatomical image, and it can be used to guide biopsies or replace them entirely.
Market Dynamics:
Elastography Imaging Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Elastography Imaging Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
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The major factors driving the global elastography imaging market are the rising incidence of chronic liver diseases and breast cancer, increasing research and development, and rising demand for these systems owing to the adoption of minimally invasive procedures.
The increasing research & development and novel product launches are expected to drive the market's growth.
The elastography imaging market is driven by rising technological advancements, increasing research & development, and high demand for these imaging systems, owing to increased adoption of minimally invasive procedures, which is expected to drive the market. The market's growth can also be attributed to the rising expenditure on healthcare, rising government funding, and increasing awareness for treating chronic liver disorders and clinical trials.
Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market's growth. Another driving factor for the elastography imaging market is the high adoption rate of elastography imaging systems for breast cancer and chronic liver diseases. Various novel product launches and research studies contribute to the market's growth.
For instance, in September 2022, Philips announced that its innovative 5000 compact series of ultrasound systems were cleared by the United States Food and Drug Administration. This will enhance the portability performance of the ultrasound system via the latest advancements designed by Philips for providing high image quality in cart-based compact form with a broad range of ultrasound solutions applicable in general imaging, cardiology, and gynecology.
High costs associated with elastography imaging systems are expected to hamper the market growth.
However, the unfavorable reimbursement scenario and the high cost of elastography imaging systems are the major factors restricting the growth of the global elastography imaging market. An ultrasound elastography machine costs around $ 22,000 to $ 45,000.
COVID-19 Impact Analysis:
The pandemic has positively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The elastography imaging market has experienced huge profits due to COVID, as it was widely used for lung-related conditions examination, owing to its versatility and cost-effectiveness. During COVID, liver failure cases increased, leading to increased demand for elastography imaging devices. Various research and clinical trials started in full swing due to the increasing cases of COVID. Various initiatives, collaborations and mergers are happening worldwide, boosting the market's growth. For instance, in Nov 2020, Resoundant Inc. and United Imaging Healthcare announced their strategic partnership to offer Resoundant's advanced magnetic resonance elastography on the MRI systems of United Imaging.
Segment Analysis:
The modality segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The modality segment is the highest market holder in the global elastography imaging market. Based on modality, the global elastography imaging market is segmented into ultrasound elastography (UE) and magnetic resonance elastography (MRE). The ultrasound elastography imaging technique generally tracks shear waves with the help of ultrasound-tracking beams.
UE displays stiffness-related parameters' spatial distribution in the form of elastograms, a kind of parametric map. Ultrasound elastography imaging modalities are portable, highly available, inexpensive, and provide good diagnostic accuracy. The ultrasound elastography segment dominates the market as the demand for these products increases due to the increase in liver-related disorders and rising global incidences of breast cancer.
The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market's growth. For instance, in Oct 2021, Samsung Medison, medical equipment company, launched its high-end ultrasound system V8, which provides improved image quality, convenience and usability to all healthcare professionals. It is furnished with S-Shearwave imaging that will provide tissue stiffness-related information using ultrasonic transverse elasticity. Its S-Fusion feature provides ultrasound medical images alignment with cross-sectional studies.
Geographical Analysis:
North America holds the largest market share in the global elastography imaging market.
North America dominates the global elastography imaging market, primarily attributed to the rising number of people suffering from liver and breast cancer. According to the Centre for Disease Control and Prevention report 2021, the increase in breast cancer causes more deaths. Annually 266,400 breast cancer cases are diagnosed in the United States, of which 264,000 are women and the remaining are men. Annually 42,500 people die from breast cancer, of which 42,000 are women, and 500 are men.
Increasing expenditure on healthcare and raising awareness among people are also contributing to the market's growth in this region. Advancement of applications via these devices, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the elastography imaging market.
Moreover, the growing number of product launches is responsible for the market's growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Nov 2021, Canon Medical System Corporation announced its partnership agreement with Resoundant Inc. for the incorporation of Resoundant's advanced magnetic resonance elastography on MRI platforms of Canon. They both are working to implement this integration of MRE technology on a new line of MRI scanners of Canon.
Competitive Landscape:
The elastography imaging market is highly competitive with local and global companies' presence. GE Healthcare, Siemens Healthineers, Philips Healthcare, Samsung Healthcare, Fujifilm Healthcare, Canon Medical System, Shenzhen Mindray, Esaote SpA, Hologic Inc., Resoundant Inc and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in Jul 2022, Canon Medical Systems, an innovative provider in diagnostic imaging technology, announced its agreement of acquisition with NXC Imaging, medical imaging products and service provider in Minnesota.
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Elastography Imaging Market Is Estimated to Reach at a CAGR 8.26% During the Forecast Period (2022-2029)
Global Elastography Imaging Market is segmented By Modality (Ultrasound, Magnetic Resonance Elastography), By Application (Radiology, Cardiology, OB/GYN, Vascular, Orthopedic, and Musculoskeletal), By End-User (Hospital, Surgery Center, Diagnostic Center)