The new report by Expert Market Research titled, ‘Global Elastography Imaging Market Share, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global elastography imaging market, assessing the market based on its segments like technique, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2 billion
- Forecast CAGR (2023-2028): 7%
- Forecast Market Size (2026): USD 3 billion
The market for elastography imaging has seen substantial growth due to factors such as the increased occurrences of chronic liver diseases and breast cancer and the rising demand for advanced diagnostic techniques. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the elastography imaging market. Due to its non-invasive nature and exact assessment of mechanical characteristics of tissue, the elastography imaging process is gaining popularity and acceptability among both patients and doctors, propelling the market forward.
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Advanced elastography imaging equipment can give both qualitative and quantitative diagnosis, which will help the sector grow even faster. In developing nations, the growing desire for innovative diagnostic procedures is likely to lead to the replacement of traditional ultrasound techniques with elastography imaging, giving the industry a considerable boost.
Industry Definition and Major Segments
Elastography is a type of medical imaging that maps the elastic properties and rigidity of soft tissue. The main concept is to provide diagnostic information on the presence or status of disease, regardless of whether the tissue is hard or soft.
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Based on the technique, the industry is divided into:
- Ultrasound Imaging
- Magnetic Resonance Elastography
Based on the application, the industry is divided into:
- Radiology/General Imaging
- Orthopaedic and Musculoskeletal Applications
Based on the end use, the industry is divided into:
- Hospitals, Surgical Centres, and Diagnostic Centres
- Ambulatory Surgical Centres (ASC)
The regional markets for elastography imaging include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, throughout the forecast period, Europe is expected to lead the overall elastography imaging market. This is due to factors such as increasing initiatives to conduct research & development activities, which are a vital driver in the region’s market growth. The increased prevalence of breast cancer in the region, as well as government programmes for cancer screening that include ultrasound systems with elastography and ongoing clinical research, are driving up demand in the regional market.
Because of characteristics such as price, short return time, and easy accessibility, the ultrasound segment dominates the market. Traditional ultrasound systems for organ evaluation and biopsy are gradually being replaced by ultrasound elastography. During the forecast period, it is expected that painless precise diagnostic imaging of such imaging devices will fuel market expansion.
Key Market Players
The major players in the market are General Electric Company (NYSE: GE), Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Co., Ltd., Hitachi, Ltd., Samsung Electronics Co Ltd, Fujifilm Holdings Corporation, Shenzhen Mindray Bio-Medl Elctrnc Co Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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