Rise in the prevalence of breast cancer & chronic liver diseases, increase in geriatric population, and surge in investments in R&D by pharmaceutical companies drive the growth of the global elastography imaging market.
PORTLAND, Ore., Oct. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Elastography Imaging Market by Modality (Ultrasound Elastography Imaging, Magnetic Resonance Elastography), by Application (Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Others ), by End User (Hospitals and Clinics, Diagnostic labs, Maternity Centers, Ambulatory Surgical Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global elastography imaging industry generated $3.0 billion in 2021, and is anticipated to generate $6.0 billion by 2031, witnessing a CAGR of 7.1% from 2022 to 2031.
Prime determinants of growth
Rise in the prevalence of breast cancer & chronic liver diseases, increase in geriatric population, increase in adoption of technologically advanced elastography imaging devices for the diagnosis of disease, and surge in investments in R&D by pharmaceutical companies drive the growth of the global elastography imaging market. However, higher cost of elastography imaging systems restricts the market growth. Moreover, the use of elastography imaging for cancer research, new product advancements and launches present new opportunities in the coming years.
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Impact of Covid-19 on Elastography Imaging Market-
The overall impact of the COVID-19 pandemic remained positive on the elastography imaging market., owing to increase in number of diagnostic procedures adopted by patients.
Moreover,in the post-pandemic, rising innovations in diagnostic device and increase in the demand for elastography imaging devices boosted the market growth. The technology of modern ultrasound machines (ultrasound elastography imaging and magnetic resonance imaging) has many favorable characteristics.
The hospitals & clinics segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals & clinics segment held the highest market share in 2021, accounting for around one-third of the global elastography imaging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.9% from 2022 to 2031, owing to rise in the number of patient visits in the hospital for the diagnosis of various types of cancer and chronic diseases, and for the purpose of other procedural applications such as gynecologic, obstetric, vascular, and soft tissue screening.
The ultrasound elastography imaging segment to maintain its leadership status throughout the forecast period
Based on modality, the ultrasound elastography imaging segment held the highest market share in 2021, accounting for more than half of the global elastography imaging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.4% from 2022 to 2031. This is attributed to rise in the prevalence of breast cancer and chronic liver diseases and the increase in the demand of minimally invasive procedures.
The radiology/general imaging segment to maintain its lead position during the forecast period
Based on application, the radiology/general imaging segment accounted for the largest share in 2021, contributing to nearly one-third of the global elastography imaging market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.8% from 2022 to 2031, owing to a rise in demand for high-quality diagnostic and therapeutic imaging capabilities as well as a surge in awareness related to radiation dose concerns with other imaging modalities.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global elastography imaging market, and is likely to dominate the market during the forecast period. This is due to the high adoption of technologically advanced imaging systems, increase in the healthcare expenditure and presence of major key players in the country and the strategies they adopt for their product development. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.0% from 2022 to 2031. This is owing to the growing demand for minimal invasive therapies, healthcare reforms, highly populated countries along with high birth rate and high prevalence of chronic diseases. In addition, the increase in patient awareness and presence of high unmet needs in these nations, especially in countries such as India and China, are expected to further drive the market growth.
Leading Market Players:
Shenzhen Mindray Bio-Medical Electronics Co
Clarius Mobile Health
Koninklijke Philips N.V., GE
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