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Elastography Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 114 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4896101
UP TO OFF until Sep 30th 2023
The Elastography Imaging market is anticipated to grow with a CAGR of 8.5%, during the forecast period (2022-2027).

The COVID-19 pandemic affected healthcare systems and resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cancer to significant risks. Various research studies have been published on the impact of the market. For instance, in June 2021, a research study published titled "Ultrasound and shear-wave elastography patterns of COVID-19 mRNA vaccine-related axillary, supra and subclavicular lymphadenopathy" stated that the ultrasound appearance of COVID-19 Pfizer-BioNTech vaccine-related lymph node abnormalities, which can occur at different stations ipsilateral to the site of vaccination, after either first or second vaccine dose and can represent a diagnostic dilemma when encountered in patients with underlying conditions. Typically, they appear as enlarged hypoechoic nodes with loss of fat hilum, increased hilar and cortical vascularization at color-Doppler, but low to intermediate cortical consistency at shear-wave elastography. They can be observed in patients without and with clinical symptoms, such as armpit pain, fever, and fatigue. Hence, such results could hinder the market growth as they can lead to false diagnoses. However, in the long term, market growth is likely to increase.

Factors such as the rising incidence of chronic ailments and breast cancer coupled with the growing demand for minimally invasive surgeries are expected to increase the market growth.
According to a study published by British Heart Foundation in July 2022, there were approximately 7.6 million people with heart disease in the United Kingdom and nearly 160,000 deaths each year, an average of 460 people each day or one death every three minutes happen in the United Kingdom due to cardiovascular disorders. In recent years, people are showing interest in the minimally invasive procedures rather than opting for traditional open surgeries that involve long incisions made through the muscles, and these muscles take a considerable amount of time to heal. The main advantage of minimally invasive surgeries (MIS) over the traditional open surgeries is higher precision due to video-assisted equipment, which produces a better and magnified image of the organs or body parts being operated on, along with other significant benefits, such as less major bleeding, fewer post-op infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost among others. As a result, these procedures have become more popular in recent times.

Due to the COVID-19 pandemic, as many women had delayed their mammogram screenings, companies have started campaigns to encourage them to get their tests done. In August 2020, Hologic Inc. launched the ‘Back to Screening’ campaign, which encourages women to schedule their annual mammograms. Furthermore, several companies are launching programs to support breast cancer tests. These can be done through partnerships, agreements, collaborations, mergers, and acquisitions by players. In February 2021, Kvinna Care LLC was opened in the Liberty Lake Health & Wellness Center in Washington. The center will provide specialized breast cancer detection to patients visiting the place. Such developments are expected to boost market growth during the forecast period. Therefore, the above mentioned factors are expected to increase the market growth in the upcoming period.

However, the adverse scenario of reimbursement and high price of imaging devices for elastography will hinder the market growth.

Key Market Trends

Ultrasound Segment is Expected to Hold Significant Market Share in the Elastography Imaging Market

The ultrasound segment is found to dominate the market owing to the attributes such as 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. Breast cancer is the most commonly occurring cancer in women and the second most common cancer overall in the world. According to World Cancer Research Fund International data, in 2020 there were 2,261,419 new cases. According to a Globocan report in 2020, breast cancer was the most prevalent type of cancer with a prevalence rate of 11.7%. According to the same report, the five-year prevalence rate for both sexes showed that Asia had the highest number of people affected at 3,218,496 (41.3%), followed by Europe at 2,138,117 (27.4%) and North America with 1.189,111 people (15.3%). Such high prevalence rates of breast cancer are one of the main reasons why the demand for elastography devices is expected to increase, as they will be used for diagnostic purposes.

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. Product launches are one of the key factor in market growth. In January 2021, Hologic launched a new ultrasound scanner, SuperSonic Mach 20, for imaging the breast, liver, muscles, and tendons. Such launches are expected to increase the growth by introducing new technology in the market.

Hence, the abovementioned factors are contributing to the overall market growth.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to hold a major market share in the global brucellosis vaccines market. Factors such as the increasing prevalence of diseases and increasing initiatives by the public and private players are anticipated to drive the studied market growth in the country. In the United States, the burden of breast cancer is particularly high. According to Breastcancer.org, in 2022, an estimated 287,500 new cases of invasive breast cancer will be diagnosed in women in the United States as well as 51,400 new cases of non-invasive (in situ) breast cancer. 65% of breast cancer cases are diagnosed at a localized stage, for which the 5-year relative survival rate is 99%. At the time of diagnosis, approximately 65% of breast cancer patients have local-stage breast cancer, 27% have a regional stage, and 6% have the distant (metastatic) disease. The increasing number of cancer cases is creating opportunities for the market players who are producing novel and advanced screening devices for the studied market. The market growth is also supported by the government and healthcare bodies initiated to create awareness among the people of cardiac diseases. For instance, in February 2020, Mexico officially joined the Hearts Initiative which is promoted by Pan American Health Organization/ World Health Organization (PAHO/WHO). The initiative aims to strengthen primary care leading to the prevention and control of hypertension in the country. The initiative will help to create awareness among people, which will increase in demand for monitoring and diagnostic elastography imaging devices. Additionally, In June 2022, Echosens, a high-technology company offering the FibroScan portfolio of solutions, stated that 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 ” states that transient elastography (TE) is preferred to quantify liver fat (CAP) and fibrosis vibration-controlled transient elastography (VCTE) for risk stratification. Initiatives by the key market players are another factor in market growth. Resoundant, Inc. and Canon Medical Systems Corporation inked a licensing agreement in November 2021 with the intention of integrating Resoundant's advanced Magnetic Resonance Elastography (MRE) technology onto Canon's MRI systems. In order to establish a smooth integration of the most recent MRE technology on Canon's newest series of MRI scanners, Canon Medical and Resoundant have been working closely together.

Hence, the abovementioned factors are expected to increase market growth in the region.

Competitive Landscape

The elastography imaging market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and new product launches with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Canon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips N.V., and Mindray Medical International Limited among others.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidence of Chronic Ailments and Breast Cancer
4.2.2 Growing Demand for Minimally Invasive Surgeries
4.3 Market Restraints
4.3.1 Adverse Scenario of Reimbursement
4.3.2 High Price of Imaging Devices for Elastography
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value ? USD million)
5.1 By Modality
5.1.1 Utrasound Elastography
5.1.2 Magnetic Resonance Elastography
5.2 By Application
5.2.1 Cardiology
5.2.2 Radiology
5.2.3 Urology
5.2.4 Vascular
5.2.5 Obstetrics/Gynecology
5.2.6 Others
5.3 By End User
5.3.1 Hospitals
5.3.2 Ambulatory Surgical Centers
5.3.3 Surgical & Diagnostic centers
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Esaote SpA
6.1.3 Fujifilm Holdings Corporation
6.1.4 GE Healthcare
6.1.5 Supersonic Imagine
6.1.6 Hologic (Supersonic Imagine)
6.1.7 Koninklijke Philips N.V.
6.1.8 Mindray Medical International Limited
6.1.9 Resoundant, Inc.
6.1.10 Samsung Medison
6.1.11 Siemens AG

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Canon Medical Systems Corporation
  • Esaote SpA
  • Fujifilm Holdings Corporation
  • GE Healthcare
  • Supersonic Imagine
  • Hologic (Supersonic Imagine)
  • Koninklijke Philips N.V.
  • Mindray Medical International Limited
  • Resoundant, Inc.
  • Samsung Medison
  • Siemens AG