Market Trends of Elastography Imaging Industry
Ultrasound Modality Segment Expects to Register a High CAGR in the Forecast Period
- The ultrasound segment is expected to dominate the market owing to factors such as easy affordability, quick turnaround time, and easy accessibility.
- Ultrasound elastography is a gradual substitution for traditional ultrasound systems used for organ examination and biopsy. It is expected that painless, precise diagnostic imaging of such imaging devices can stimulate market growth during the forecast period.
- The increasing prevalence of breast cancer among the female population is expected to raise the demand for sonographic imaging, which provides information on breast lesions, and is expected to increase the demand for ultrasound elastography imaging devices, thereby boosting the market growth. For instance, as per Cancer Australia, in 2021, it is estimated that a person has a 1 in 15 (or 6.7%) risk of being diagnosed with breast cancer by the age of 85 (1 in 8 or 13% for females and 1 in 829 or 0.12% for males). Thus, the increasing burden of breast cancer cases among women is expected to increase the demand for early diagnosis and effective treatment, which is likely to increase the demand for elastography imaging devices, thereby boosting the market growth. In the United States, the number of births has increased in the past few years. For instance, as per the data published in the National Vital Statistics Reports by the United States Department of Health and Human Services in January 2023, over 3,664,292 births were registered in 2021 in the United States, which showed an increase of 1% as compared to the previous year. Thus, the increasing number of breast cancer cases in the region is likely to increase the demand for early detection, thus increasing the demand for elastography imaging devices, propelling the market growth over the forecast period.
- Furthermore, various research studies have been published on the insight of ultrasound elastography. For instance, in September 2021, a research study published titled "Ultrasound Elastography in the Assessment of the Intestinal Changes in Inflammatory Bowel Disease-Systematic Review" stated that elastography is a promising novel imaging technique to evaluate intestinal strictures in Crohn's patients. Hence, such studies would increase the potential of the technology, which would increase the market growth.
- Moreover, the rising company focus on developing advanced ultrasound imaging devices and increasing product launches are also contributing to the growth of the studied market over the forecast period. For instance, in May 2021, Mindray launched new ultrasound solutions for General Imaging, Women's Healthcare, and Cardiology. The new solutions are integrated with advanced technologies and offer a diversified range of expert tools that include Smart Scene 3D, Smart Planes CNS, Smart ICV, Smart Pelvic, and Smart ERA. Also, in September 2022, Boston Imaging, the Samsung digital radiography and ultrasound company, launched a cutting-edge ultrasound system, V7, which can be utilized in a range of clinical applications and is equipped with the features of S-Shearwave Imaging, which provides quantitative non-invasive assessment and documentation of tissue stiffness for clinical applications. The system is also equipped with AutoIMT, which is a screening tool to analyze the potential risk for cardiovascular disease.
- Therefore, due to the aforementioned factors, the studied market is expected to grow over the forecast period.
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North America is Expected to Dominate the Market Over the Forecast Period
- North America is expected to dominate the elastography imaging market over the forecast period owing to factors such as the increasing prevalence of chronic diseases such as breast cancer, liver disease, cardiovascular diseases, musculoskeletal disorders, and others. In addition, the increasing healthcare spending, the presence of well-established healthcare infrastructure, and rising company activities are also contributing to the growth of the studied market over the forecast period. Also, the growing demand for non-invasive or minimally-invasive techniques for the detection of chronic diseases is likely to increase the demand for elastography imaging over the forecast period.
- The rising burden of chronic diseases is expected to increase the market growth. For instance, according to Breastcancer.org, 2022, about 287,500 new cases of invasive breast cancer are expected to be diagnosed in women in the United States in 2022. In addition, as per the same source, approximately 51,400 new cases of non-invasive (in situ) breast cancer were estimated to be diagnosed in 2022 in the United States. Thus, the increasing number of breast cancer cases is creating opportunities for the market players to develop and launch novel and advanced screening devices for the studied market. Additionally, As per the data published by the Centers for Disease Control and Prevention in October 2021, 1 in 4 adults (23.7%), or about 58.5 million people in the United States, have been diagnosed with arthritis by doctors. Thus, with the high prevalence of osteoarthritis, the demand for elastography imaging is expected to increase to calculate the mechanical load that induces strain as well as detect any tissue injury and observe the pathological changes of muscles or cartilage degeneration in patients, thereby boosting the market growth. In addition, 2D or 3D elastography is done depending on the mechanical response and cartilage deformation.
- Furthermore, the rising government and healthcare organizations' initiatives to raise public awareness of cardiac illnesses are also contributing to the market's growth. For instance, in June 2022, Echosens stated that according to the "American Association of Clinical Endocrinology Clinical Practice Guideline for the Diagnosis and Management of Nonalcoholic Fatty Liver Disease in Primary Care and Endocrinology Clinical Settings,' transient elastography (TE) is preferred to quantify liver fat (CAP) and fibrosis vibration-controlled transient elastography (VCTE) for risk stratification. Similarly, in November 2021, the Women's Heart Alliance and WomenHeart launched the National Awareness Campaign to raise awareness for the risk of cardiovascular diseases in women after COVID-19 infection since the infection increases the risk of heart disease in women. Such programs would enable the early or timely diagnosis and management of heart diseases. Such initiatives/programs would aid in raising public awareness, which would enhance the demand for elastography imaging instruments used for monitoring and diagnostic purposes.
- Moreover, the presence of key market players in the country focusing on the development of effective diagnostic technologies, adopting various business strategies such as agreements, acquisitions, partnerships, and increasing product launches are likely to boost the growth of the market. For instance, in December 2021, Canon signed a licensing agreement with Resoundant, Inc. to incorporate the company's Magnetic Resonance Elastography (MRE) technology on Canon's newest line of MRI scanners.
- Hence, the abovementioned factors are expected to increase market growth in the region.
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