(I-BusinessNews.Com, July 07, 2021 ) According to research report the Elastography Imaging Market is expected to grow from USD 2.8 billion in 2019 to USD 6.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
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The major driving factors in the elastography imaging market are growing incidence of breast cancer and chronic liver diseases, and a rising preference for minimally invasive procedures across the globe.
The major elastography imaging providers include GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Canon Medical System Corporation (Japan), Samsung Medison (South Korea), Hitachi Ltd. (Japan), Shenzhen Mindray Bio-Medical Electronics Co. (China), FUJIFILM Holdings Corporation (Japan), Esaote (Italy), SuperSonic Imagine (France), and Resoundant (US).
Asia-Pacific is estimated to grow at a highest CAGR during the forecast period. The Asia Pacific elastography imaging market, particularly comprises Asian countries (such as India, China, South Korea, Japan, and Indonesia, among others) and Pacific countries (such as Australia, New Zealand, and Fiji, among others). Emerging Asia Pacific countries, such as India, China, Japan, South Korea, and Indonesia, are witnessing increasing per capita healthcare expenditure and rapid expansion and the modernization of their respective healthcare infrastructure.
Opportunity: Emerging markets to offer significant growth opportunities
Emerging markets (such as China, India, Brazil, and Mexico) are expected to offer significant growth opportunities for elastography imaging product manufacturers and distributors during the forecast period. This can be attributed to the growing number of minimally invasive procedures, the ever-increasing prevalence of chronic conditions, as well as increasing R&D initiatives.
Moreover, the development of healthcare systems and infrastructure in developing countries, along with their rising healthcare expenditure, will support the adoption of elastography devices. ChinaÃ‚Â’s healthcare market, for example, was expected to hit USD 748 billion (CNY 4.9 trillion) in 2017 (Source: Health Management Summit Report, Beijing). Both India and China registered high growth in government healthcare expenditure during 2010Ã‚Â–2015 (Source: OECD). Private sector expenditure on the healthcare segment in India was around USD 60.8 billion in 2015, from USD 56 million in 2014. (Source: Statistica). The potential for growth has drawn several market players to these countries, to expand or establish their presence in these markets. Mature markets are also reaching saturation, prompting players to look for alternative avenues to offset falling profit margins.
Challenge: Survival of small players and entry barriers for new players
The survival of small players and new entrants in the elastography imaging market is a significant challenge, as huge investments are required to enter this market. This market demands the continuous improvement of existing products and technologies, as well as the launch of novel products. Thus, to remain competitive, companies have to invest heavily in R&D. Market players also have to maintain economies of scale and reduce operational costs to successfully survive in the market, thereby posing a significant challenge for small players and new entrants. Other barriers include the presence of a stringent product approval process and long time-to-market for a new product. For example, in the US, the FDA approval process takes several years to complete, owing to the presence of stringent regulations and norms.
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Growth in this regional market can be attributed to the increasing healthcare expenditure across the regionÃ‚Â’s major countries (especially India and China), growing public awareness about the therapeutic potential of ultrasound technologies, continuous decrease in device costs (due to growing localized manufacturing and the presence of global market players), and rising prevalence of target diseases.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Mr. Aashish Mehra