The growth of this 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.
According to research report the Elastography Imaging Market is expected to grow from USD 2.5 billion in 2018 to USD 4.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
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Elastography imaging uses high-frequency soundwaves and mechanical waves to create images of the inside of the body. Currently, ultrasound is one of the most-preferred elastography imaging techniques as compared to other imaging modalities such as MRI and CT, owing to its minimally invasive nature, lower procedural cost, less/no side effects, and ease of use.
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.
The market is divided into four major regions – North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, Europe is expected to account for the largest share of this market, followed by North America. The large share of this regional segment is attributed to ongoing clinical research projects in elastography, the early commercialization of these devices in the region, and the significant healthcare expenditure across mature European countries. Furthermore, government initiatives for cancer screening, which involve the use of ultrasound systems featuring elastography, are also supporting market growth.
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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.