Elastography Imaging Market Forecasted to Value Over USD 6 Billion by 2029 End

  • 13 Aug 2019

Global Elastography Imaging Market to value over US $ 6 billion and grow at a CAGR of over 10% during the forecast period of 2019 to 2029.

 With a rise in the geriatric population, there is an increase in the incidence of chronic ailments. A significant rise in chronic liver conditions and the burgeoning prevalence of breast cancer has augmented expansion and growth in the global elastography imaging market. Elastography imaging is a preferable non-invasive procedure that faces high demand due to the progressing requirement for minimally invasive diseases and consumer awareness.

The global market is widening due to various initiatives by major firms, government, and non-government organizations. Developing nations are providing lucrative growth opportunities in the global elastography imaging market due to the growing reception for advanced devices and huge investments executed in the healthcare sector. Furthermore, multiple continuing research activities and studies will ensure the promotion and development of new products that will assist the expansion of the global elastography imaging market.

However, an unfavourable reimbursement outline and expensive elastography imaging systems are anticipated to restrain the growth of the global elastography imaging market. Entry barriers for new firms are also foreseen to hinder growth in this market.

Europe is likely to hold a principal share in the global elastography imaging market. Increasing initiatives to raise awareness and increase accessibility helps foster the market and its global growth. Efforts and funds to facilitate research and development programs are the fundamental determinants augmenting growth in this market. Campaigns to advocate consumer consciousness and the importance of these facilities among users is proving to be beneficial for the elastography imaging market. The increasing endeavours by manufacturers for commercialization have strengthened Europe's elastography imaging market. Growing government initiatives for cancer screening that involves ultrasound systems featuring elastography and ongoing clinical research in elastography further assists in taking a major share in the global market. North America is expected to follow and provide a lucrative market for elastography imaging.

The radiology/general imaging segment overlooks the market. This segment held the largest share and is anticipated to grow at the highest CAGR during the forecast period. The radiological applications of ultrasound find heavy application across the medical industry whereas, general imaging applications are also widely employed. Similarly, the rising incidence of various cancers across major markets and the growing market availability of elastography systems. This is a major factor driving the growth of this segment.

The hospitals, surgical centers, & diagnostic centers segment valued for the biggest share of the elastography imaging market. This segment is also foreseen to register the highest growth during the forecast period owing to the significant number of ultrasound and MRI-based elastography medical procedures performed in hospitals, the growing trend of Workflow Automation among healthcare providers, and rising adoption of minimally invasive diagnostic & surgical procedures in these facilities.

North America dominated the market and is expected to continue its dominance during the forecast period. The elastography imaging market growth observed in the region is due to the presence of a large number of global players, along with a high adoption rate for advanced imaging techniques.

Prominent firms in the global elastography imaging market are involved in strategic development and research activities to offer sophisticated products to their huge customer base. For instance, Philips Healthcare partnered with a U.S. based company named PathAI to strengthen its global position. The company collaborated with Erasmus University Medical Center (Netherlands). In both these initiatives, the company aimed to expand its presence in different geographies across the globe. GE Healthcare extended its collaboration with SonoSim to come up with ultrasound training mainly for point of care and primary care users. After this partnership, both companies are aiming to improve education services for ultrasound users. They also aim to address women’s health, point of care, cardiology, and primary care.

Apart from these developments, other key firms are also making substantial efforts to expand growth in the global elastography imaging market. Major shareholders in this market are GE Healthcare, Siemens Healthineers, Resoundant, FUJIFILM Holdings Corporation, Philips Healthcare, Samsung Medison, Canon Medical System Corporation, and Hitachi Ltd.

 

Market Segmentation:

By Application

● Radiology/General Imaging

● Cardiology

Obstetrics/Gynecology

Urology

Vascular

Orthopedic & Musculoskeletal Applications

Other Applications

 

 By End-User

Hospitals, Surgical Centers, & Diagnostic Centers   

Ambulatory Surgical Centers

Other End Users

 

By Region

Europe

North America

APAC

Latin America

Rest of World

 

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share

Tier 2 players

Emerging players which are growing rapidly

New Entrants 

 

FutureWise Takeaways:

Growth prospects

SWOT analysis

Key trends

Key data points affecting market growth

 

Objectives of the Study:

To provide an exhaustive analysis on the global elastography imaging market by application, by end-user, and by region

To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

To evaluate and forecast micro-markets and the overall market

To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

 

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