(I-BusinessNews.Com, August 12, 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 growth of the global elastography imaging market is mainly driven by the growing incidence of breast cancer and chronic liver diseases, and a rising preference for minimally invasive procedures across the globe. Emerging economies will provide new growth opportunities for players in the elastography imaging market.
The major elastography imaging vendors 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).These players have adopted various growth strategies from 2016 to 2018, such as product launch, collaboration, partnership, acquisitions and expansions to expand their presence in the global elastography imaging market. This has helped them to innovate their offerings and broaden their customer base.
GE Healthcare is one of the leading companies in the elastography imaging systems. The company focuses on maintaining its leading position in the elastography imaging market through pipeline development and product commercialization. It has a strong presence and wide industry coverage in North America, South America, Europe, Australia, and Asia. The company has a reliable customer- services support set up, which helps in strengthening its customer relationships and growing its geographical presence. The company is expected to grow at a positive rate in the market due to its superior product offerings.
Philips Healthcare is among the top players operating in the global elastography imaging market. The company focuses on developing advanced elastography imaging systems and expanding its geographical presence in order to maintain its position in the elastography imaging market. Philips Healthcare manufactures its products in 25 countries and distributes these products in over 100 countries, on a global scale.
On the basis of modality, the elastography imaging market is segmented into ultrasound and magnetic resonance. Ultrasound imaging involves the imaging of organs by exposing the anatomy to high-frequency sound waves. Elasticity imaging or elastography through ultrasound elastography (USE) provides complementary information to conventional ultrasound by adding stiffness as another measurable property to current ultrasound imaging techniques.
Based on end-users, the elastography imaging market is segmented into hospitals, surgical centers, & diagnostic centers; ambulatory surgical centers; and other end users. Among these end-user segments, hospitals, surgical centers, & diagnostic centers accounted for the largest share of the elastography imaging market in 2018.
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The Asia Pacific elastography imaging market is estimated to grow at the highest CAGR during the forecast period. Growth in this regional market can be attributed to the increasing healthcare expenditure across the region’s major countries (especially India and China), growing public awareness about the therapeutic potential of ultrasound technologies, a continuous decrease in device costs (due to increasing localized manufacturing and the presence of global market players), and rising prevalence of target diseases.
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