PUBLISHER: The Business Research Company | PRODUCT CODE: 1414184
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414184
“Elastography Imaging Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on elastography imaging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for elastography imaging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The elastography imaging market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Elastography imaging is a non-invasive diagnostic technology designed to assess the rigidity of organs and various body components. This method involves utilizing painless, low-frequency vibrations to determine the stiffness of tissues and organs, aiding in the diagnosis of related disorders.
Two primary modes of elastography imaging are ultrasound and magnetic resonance. Ultrasound, also known as sonography, is an imaging technique that employs high-frequency sound waves to visualize the interior organs and connective tissues such as muscles. This method is valuable for identifying the root causes of discomfort, edema, and diseases affecting the body's internal organs. Elastography imaging finds applications in various medical fields, including radiology, cardiology, obstetrics, urology, vascular, orthopedic, musculoskeletal, and others. These applications are utilized by hospitals, ambulatory surgery centers, and other healthcare facilities.
The elastography imaging software market research report is one of a series of new reports from The Business Research Company that provides elastography imaging software market statistics, including elastography imaging software industry global market size, regional shares, competitors with a elastography imaging software market share, detailed elastography imaging software market segments, market trends and opportunities, and any further data you may need to thrive in the elastography imaging software industry. This elastography imaging software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The elastography imaging market size has grown rapidly in recent years. It will grow from $3.31 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historical period's growth can be ascribed to the validation and acceptance of clinical applications, the introduction of shear wave elastography, expansion into imaging beyond the liver, and advancements in software and algorithms development.
The elastography imaging market size is expected to see strong growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated expansion in the forecast period can be linked to the growth and expansion of the market, global healthcare trends, cost-effectiveness and affordability, the increasing demand for non-invasive diagnostics, and the acceptance and adoption of clinical practices. Key trends expected in the forecast period involve clinical advancements, the incorporation of shear wave elastography (SWE), real-time imaging, integration of multimodal imaging, and the extension of clinical applications.
The anticipated increase in the elastography imaging market is expected to be driven by the growing incidence of chronic liver and breast cancer. Chronic liver and breast cancer involve the uncontrolled growth and multiplication of liver cells, leading to life-threatening conditions. Elastography, a technique based on ultrasound (US), is commonly utilized in hepatology to assess liver stiffness in individuals with chronic liver disease. Consequently, the rising prevalence of chronic liver and breast cancer is poised to fuel the growth of the elastography imaging market. For example, data from the 'Cancer Facts And Figures 2023' report by the American Cancer Society, a nationwide voluntary health organization in the United States, revealed an increase in new cases of liver and intrahepatic bile duct cancer in females, rising from 12,640 in 2020 to 13,230 in 2023.
The growth of the elastography imaging market is also expected to be propelled by an increase in healthcare expenditure. Healthcare expenditure encompasses the total financial outlay on healthcare-related goods and services within a specific period, typically at a national or regional level. In the context of elastography imaging, heightened healthcare spending contributes to improved diagnostic accuracy, early disease detection, reduced invasiveness, better monitoring of disease progression, and overall cost-effective healthcare. For instance, a report by the Office for National Statistics, a UK-based government department, indicated a 9.4% increase in healthcare spending in the UK between 2020 and 2021, both in nominal terms and real terms. The total healthcare expenditure in the UK reached $367.25 billion (£280.7 billion) in 2021, with pharmaceutical expenditure at $51.84 billion (£39.6 billion) and preventive care spending doubling to $45.93 billion (£35.1 billion) from 2020. Therefore, the upsurge in healthcare expenditure is a significant driver of the elastography imaging market's growth.
A prominent trend gaining traction in the elastography imaging market is the adoption of technologically advanced devices. Leading companies in the market are directing their efforts towards the development of sophisticated elastography imaging devices to maintain their competitive positions. For example, in May 2022, Mindray Medical International Limited, a China-based medical instrumentation manufacturing company, introduced the Resona I9 Ultrasound Machine. This Shear Wave Elastography (SWE)-based system features an intelligent iConsole control panel, customizable E-Ink keys, and a 2-hour battery. The Resona I9 incorporates Mindray's groundbreaking ZONE Sonography Technology+ (ZST+), providing advanced ultrasound capabilities with a harmonious blend of resolution, tissue homogeneity, and crisp imaging. Shear-wave elastography enables increased frame rates, greater refresh rates, and smoother transitions in the I9.
Major players in the elastography imaging market are also focusing on launching innovative technological products, such as performance endoscopic ultrasound systems, to enhance patient care and workflow efficiency. Performance endoscopic ultrasound systems represent cutting-edge medical technology utilized for diagnosing and treating various digestive and respiratory diseases. For instance, in November 2022, Pentax Corporation, a Japan-based camera and optical equipment manufacturer, introduced its Performance Endoscopic Ultrasound System (EUS) in Canada. This system combines the ARIETTA 65 PX ultrasound scanner with the J10 Series Ultrasound Gastroscopes, providing exceptional imaging, maneuverability, and efficiency for endoscopic ultrasound procedures. This powerful and versatile tool aims to improve the quality of care for patients undergoing endoscopic ultrasound procedures.
In July 2021, Fujifilm Holdings Corporation, a Japan-based conglomerate specializing in photography, optics, and electronic biotechnology products, acquired Hitachi's Diagnostic Imaging-related business for $1.3 billion. This strategic acquisition positions Fujifilm to offer a comprehensive solution catering to a variety of clinical needs. Hitachi Ltd., a Japan-based technology company, is known for providing medical devices and imaging systems, including elastography imaging.
Major companies operating in the elastography imaging market report are Canon Medical Systems Corporation, Esaote S.p.A., GE Healthcare Technologies Inc., Koninklijke Philips N.V., Mindray Bio-Medical Electronics Co. Ltd., Samsung Medison Co. Ltd., Siemens Healthineers AG, Clarius Mobile Health Corp., Medtronic plc, Toshiba America Medical Systems Inc., SuperSonic Imagine, Resoundant Inc., Shimadzu Corporation, BK Medical Holding Company Inc., SonoScape Medical Corp., Philips Healthcare, Hitachi Medical Systems, Fujifilm Holdings Corporation, Analogic Corporation, Hologic Inc., Exact Imaging Inc., Echosens, Konica Minolta Healthcare Americas Inc., Guerbet S.A, Arterys Inc., Fovia Medical Inc., QT Ultrasound LLC, Healcerion Co. Ltd., EDAP TMS Inc., Zeon Medical Inc.
Asia-pacific was the largest region in the elastography imaging market in 2023. The regions covered in the elastography imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the elastography imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The elastography imaging market consists of sales of one-dimensional transient elastography, point shear wave elastography, and two-dimensional shear wave elastography. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.