It’s being expected that by 2032, the Rising incidence of breast cancer and high increasing prevalence of liver disorders to drive the elastography imaging market cap will hit US$ 8.9 Billion at a CAGR growth of about 11.2%.
Elastography is a noninvasive medical imaging modality that measures the stiffness of organs inside the body. It is also useful in detecting the presence and severity of liver disease. This method uses painless low-frequency vibration during an ultrasound and MRI. The global elastography imaging market is mainly driven by the rising incidence of breast cancer and increasing prevalence of liver disorders such as hepatitis B, and liver cancer. According to an article published in by the American Institute for Cancer Research, approx 2 million cases were identified in 2018 worldwide. In addition, as per the data published by the Centers for Disease Control and Prevention, approx 4.5 million adults were diagnosed with liver disease in 2018. Therefore, as a result, increasing demand for elastography imaging in terms of detecting such diseases is propelling the growth of the elastography imaging market globally. However, high capital costs involved in medical devices concerning diagnostic purpose, and lack of supportive reimbursement system, are likely to hamper the growth of the global elastography imaging market.
Elastography currently has wide application in the evaluation of thyroid, breast, liver, and prostate. The growing number of ongoing research are likely to rise their diagnostic application of different condition such as chronic kidney disease and neurodegenerative disorders. Besides, the elastography imaging technique is a painless method, and also offers ease in handling of the types of equipment, such factors are propelling the growth of the global elastography imaging market. However, factors such as less skilled professionals in terms of capturing accurate diagnostic images may hamper the growth of the market.
The ultrasound imaging segment is expected to account for significant revenue share in the global market
Ultrasound imaging is an economical, widely performed and accurate diagnostic method. Due to such factors, the ultrasound elastography imaging segment is expected to dominate the market over the forecast period. Yet the ultrasonic elastography imaging method sometimes provides inaccurate results in patients with small intercostal spaces and high obesity. However, magnetic resonance elastography imaging modality provides excellent accuracy in diagnosis. Hence, MR elastography imaging modality becomes a standard reference for patients including liver biopsy, and thus shall register a greater growth rate during the forecast period.
North America to spearhead elastography imaging demand, globally
North America is estimated to account for a significant market share owing to the increase in patient pool of breast cancer and liver disorder in the U.S. Furthermore, factors such as ongoing research projects in elastography and substantial healthcare spending across developed regions like North America are contributing to the growth of the elastography imaging market.
Asia Pacific is likely to be the fastest-growing market in elastography imaging owing to the increasing government screening program, which incorporates the use of elastography ultrasound devices. Besides, risen concern about health issues further fueling the growth of the elastography imaging market.
Key Market Players
• General Electric Company
• Koninklijke Philips N.V.
• Hitachi, Ltd.
• Siemens Healthcare GmbH
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd
• Canon Medical Systems Corporation
• Fujifilm Holdings Corporation
• Esaote SpA
• Samsung Medison Co., Ltd.
• Resoundant, Inc.
elastography imaging market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 8.9 Billion|
|Growth Rate||CAGR of 11.2 % during 2022-2032|
|Segment Covered||by Modality, Application, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Samsung Medision, GE healthcare, Koninklijke Philips N.V., Siemens Healthineers, Hitachi Ltd., Mindray Medical International Limited, Fujifilm Holdings Corporation, Canon Medical Systems Corporation, Landwind Medical, Esaote SpA, SonoScape Medical Corp, SuperSonic Imagine.|
Key Segment Of The elastography imaging market
by Modality, 2022-2032 (USD Million)
• Magnetic Resonance Elastography
Application, 2022-2032 (USD Million)
• Radiology/General Imaging
• Orthopedic & Musculoskeletal Applications
End User, 2022-2032 (USD Million)
• Hospitals & Ambulatory Surgical Centers
• Diagnostic Centers
• Research Laboratories
Regional Overview, 2022-2032 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa