Elastography imaging Market Overview
During the projection period of 2019 to 2025, the global elastography imaging market is predicted to grow at a CAGR of 11.1 percent, with a market value of USD 2,538.2 million in 2018.
Elastography is a type of medical imaging that uses the elastic properties of soft tissue to specify diagnostic information during surgery. The growing desire for minimally invasive methods to detect and treat various chronic diseases, as well as the rising prevalence of life-threatening disorders, are driving the elastography imaging market size. The expensive cost of the systems, on the other hand, is projected to limit the market's expansion.
Several major companies currently lead the worldwide elastography imaging market. To increase its market position, the top companies are active in new product launches and strategic collaborations. For example, Estate announced the MyLabX8, an ultrasound platform for hospitals and clinics, in February 2019. In November 2018, Canon Medical Systems Corporation introduced Contrast Vector Imaging (CVI) on its premium ultrasound system to provide more information on liver hemodynamics and increase the use of contrast-enhanced ultrasound.
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Elastography imaging Market Segmentation
The global elastography imaging market has been segmented based on modality, application, and end user.
The market, based on modality, has been bifurcated into ultrasound, and magnetic resonance elastography. The ultrasound segment is expected to hold a major share in the market, owing to the high advantages of this type of modality. The magnetic resonance elastography segment is anticipated to be the fastest growing due to the wider availability and rising adoption rate.
The market, by application, has been divided into radiology/general imaging, cardiology, obstetrics/gynecology, urology, vascular, orthopedic musculoskeletal applications, and others. The radiology/general imaging segment is expected to hold a major share owing to the increasing occurrences of chronic diseases throughout the globe. The cardiology segment is expected to be the fastest growing one due to the increased patient population in recent years.
The market, by end user, has been classified as hospitals ambulatory surgical centers, diagnostic centers, research laboratories, and others. The hospitals ambulatory surgical centers segment is anticipated to hold a major share in the market. This is due to the increasing number of hospitals as well as the increased number of hospitalizations. The diagnostic centers segment is expected to boom and becomes the fastest growing market due to the increased patient preference and inclination towards the diagnostic centers.
Elastography imaging Market Regional Analysis
The market in the Americas is likely to lead the global elastography imaging market during the assessment period owing to the increasing per capita healthcare expenditure, and the heavy adoption of new technology in the region. Additionally, the increase in the insurance coverage and improving reimbursement scenario in the US and Canada are also projected to drive the growth of the market.
Europe is expected to hold the second largest position in the global elastography imaging market. The market growth in this region is because of the presence of a well-established healthcare system, an increase in life-threatening diseases, and the active involvement of major players. For instance, in May 2017, Estate expanded its ultrasound sales team in the UK.
The market in Asia-Pacific is projected to have a steady growth rate during the forecast period owing to the increasing number of patients with chronic diseases and government initiatives for healthcare reforms. However, a decrease in capital investment is restricting the market growth of this region.
The market in the Middle East Africa is likely to account for the smallest share of the global elastography imaging market. The market growth in this region is restricted due to the low per capita disposable income.
Elastography imaging Market Players
Some of the key players in the global elastography imaging market are Canon Medical Systems Corporation, Siemens AG, Fujifilm Holdings Corporation, Esaote, Resoundant Inc., Hitachi Ltd., Mindray Medical International Ltd., Koninklijke Philips N.V., Samsung Electronics (Samsung Medison), Supersonic Imagine, and General Electric Company.
among others are some key companies in the global elastography imaging that are listed by MRFR for market research.
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