Impact of COVID-19 on Elastography Imaging Market by Share, Trends, Growth, Application (Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Orthopedic & Musculoskeletal Applications), Modality (Ultrasound, Magnetic Resonance Elastography) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast to 2025
Elastography Imaging Market Analysis
Global Elastography Imaging Market size valuation had reached USD 2,538.2 million in 2018, which is estimated to appreciate further at 11.1% CAGR during the forecast period (2019 to 2025). The Global Elastography Imaging Market size is growing pervasively, witnessing the rising cancer cases worldwide. Elastography imaging technology has become increasingly popular in the diagnostic data during surgery. The technique is extensively used during the radiology, general imaging, cardiology, cancer, obstetrics, gynecology, urology, vascular, and orthopedic & musculoskeletal applications. The growing prevalence of life-threatening diseases and increasing demand for minimally invasive procedures to diagnose and treat different chronic diseases, alongside the elastography imaging market trends, act as major driving forces for the market growth.
Besides, the increasing launches of innovative systems with easy to use technologies are helping the market to grow freely. Growing awareness about the benefits of elastography imaging technique in cancer detection, impact the growth of the market positively. Conversely, high costs of elastography imaging systems and the requirement of high initial investments are the major factors projected to impede market growth during the forecast period. Nevertheless, changes in regulatory policies and rising demand for effective therapies to treat complicated disorders would support the market growth throughout the analyzed period.
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Elastography Imaging Market Segmentations
By Modality, the elastography imaging market is segmented into Ultrasound, Magnetic Resonance Elastography, and others.
By Application, the elastography imaging market is segmented into Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Orthopedic & Musculoskeletal Applications, and others.
By End User, the elastography imaging market is segmented into Hospitals & Ambulatory Surgical Centers, Diagnostic Centers, Research Laboratories, and others.
Elastography Imaging Market Regional Analysis
North America dominates the global elastography imaging market. The largest market share attributes to the rising numbers of cancer patients and the high adoption of new technology in the region. Besides, the presence of major market players and the increasing usages of elastography imaging techniques for the detection of cancer are spurring market growth. Also, the high healthcare expenses and technological advances in elastography imaging drive the regional market growth.
Additional factors such as the increasing R&D expenses, the increase in the insurance coverage, and improving reimbursement scenario in the US & Canada fuel the growth of the regional market. The North American elastography imaging market is expected to retain its dominance over the global market throughout the assessment period.
Europe holds the second-largest share in the global elastography imaging market. The market is majorly driven by the considerable growth in the occurrences of cancer and the increasing support & funding from regulatory authorities to control the rising prevalence of cancer. Moreover, factors such as the presence of well-established healthcare systems and the rising per capita healthcare spending, drive the regional market growth. Also, augmenting demand for innovative diagnosis techniques has been increasing the elastography imaging market size.
The elastography imaging market in the Asia Pacific region is growing briskly. The market is predominantly led by raising awareness about the advantages of elastography imaging systems in the detection & treatment of cancer. Additionally, the increasing number of patients with chronic diseases and government initiatives for healthcare reforms push the market growth excellently. Furthermore, factors such as the increasing healthcare expenses, resurging economy in the region, and spreading awareness about elastography techniques, influence the growth of the regional market.
Elastography Imaging Market Competitive Landscape
Highly competitive, the elastography imaging market appears fragmented, with many well-established players forming a competitive landscape. To gain a larger competitive share, market players adopt strategic approaches such as mergers & acquisitions, product & technology launch, expansion, and collaboration. Players make substantial investments to drive the R&D required for innovation and product launch. They also invest in increasing their global footprint and acquiring promising companies from emerging markets.
Elastography Imaging Market Players:
Players leading the global elastography imaging market include Canon Medical Systems Corporation, Esaote, Fujifilm Holdings Corporation, General Electric Company, Hitachi Ltd., Koninklijke Philips N.V., Mindray Medical International Ltd., Resoundant Inc., Samsung Electronics (Samsung Medison), Siemens AG, and Supersonic Imagine, among others.
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Elastography Imaging Industry/Innovation/Related News:
American Association for Cancer Research published a study a recent Cancer Research in which the diagnostic accuracy of quantitative micro-elastography for margin assessment in breast-conserving surgery has been evaluated. The study reveals that imaging plus elastography enhances surgical margin assessment in breast cancer. Findings from the study – Quantitative microelastography demonstrated increased sensitivity, specificity, and accuracy in detecting positive surgical margins in combination with optical coherence tomography versus optical coherence tomography alone in women who received breast-conserving surgery.
The ideal scenario to perform the imaging in the surgical cavity is immediately after the specimen has been removed. This would give surgeons a direct indication of whether any tumor had been missed. The next goal of the research team is to develop a handheld quantitative microelastography probe to enable intraoperative imaging.
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