Elastography Imaging Market

Elastography Imaging Market Size:

The global elastography imaging market size reached US$ 4,175.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 8,105.7 Million by 2032, exhibiting a growth rate (CAGR) of 7.65% during 2024-2032. The market is growing primarily because of ongoing developments in diagnostic procedures and the increasing need for minimally invasive imaging solutions. In addition, the increasing product applications in cardiology and oncology, escalating patient awareness about the benefits of early diagnosis, and rapid utilization of elastography imaging in hospitals are fueling the market growth.

Elastography Imaging Market Analysis:

• Major Market Drivers: The market is majorly driven by the heightening prevalence of chronic diseases like liver disorders and cancer that require non-invasive diagnostic techniques. Technological innovations, such as the introduction of point-of-care and portable elastography devices, improve diagnostic abilities, further boosting the market growth. Moreover, the magnifying investments in healthcare infrastructure, coupled with an intensifying emphasis on early diagnosis, is helping reinfornce market expansion. In addition, beneficial financial policies in numerous regions facilitate the amplified adoption rates, particularly among healthcare providers, which, in turn, is supporting the market growth.
• Key Market Trends: Key trends in the global market include the incorporation of machine learning (ML) and artificial intelligence (AI) to enhance diagnostic efficiency and precision. The rising demand for non-invasive diagnostic technologies is boosting the utilization elastography over conventional biopsy techniques. Moreover, innovations in magnetic resonance and ultrasound elastography are broadening its applications, while strategic collaborations between companies and healthcare providers are spurring the innovations of highly advanced elastography devices.
• Geographical Trends: North America is the dominant region in the global elastography imaging market which is mostly driven by its robust healthcare infrastructure and rising incidents of cancer and liver diseases. The region also profits from early adoption of new and innovative imaging devices, comprehensive research and development sector, and heavy investments in healthcare. Moreover, profitable reimbursement schemes of American government as well as a securely established regulatory landscape further fuels regional market growth. Additionally, the escalating demand for non-invasive imaging solutions, combined with elevated spending on healthcare, positions North America as the leading region.
• Competitive Landscape: Some of the major market players in the elastography imaging industry include Canon Medical Systems Corporation (Canon Inc.), Esaote SpA, Fujifilm Holdings Corporation, GE HealthCare, Hitachi, Ltd., Hologic, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers AG (Siemens AG), SonoScape Medical Corp, among many others.
• Challenges and Opportunities: The market faces challenges including elevated equipment costs and a lack of skilled personnels, which can significantly constrain the adoption of elastography imaging in many regions. Nonetheless, there are numerous opportunities, including technological advancements that lower costs and enhance functionality. Moreover, extending applications in emerging markets and the increasing emphasis on early disease detection also provide opportunities for market expansion. Additionally, heightening awareness of non-invasive assessment techniques further offer opportunities to drive market growth, in spite of current challenges. 
   

Elastography Imaging Market Trends:

Advancements in Imaging Technology

The market is witnessing substantial growth due to rapid advancements in imaging technology, specially in techniques related to both shear and strain wave elastography. Such innovations provide better resolution and highly precise evaluation of tissue stiffness, which are critical in diagnosing disorders like breast lesions, liver fibrosis, and thyroid nodules. Consequently, surge in such diseases significantly spurs the innovations in imaging technology. According to a research article, liver diseases accounts for approximately 2 million deaths per year around the world. In addition, 4% of all global deaths result from a liver disease. Moreover, the integration of advanced technologies like machine learning and artificial intelligence is further improving diagnostic precision and workflow effectiveness. In addition, continuous enhancements in magnetic resonance and ultrasound elastography systems are proliferating their clinical uses, ultimately boosting heightened adoption in diagnostic centers and hospitals worldwide. 

Increasing Product Demand for Non-Invasive Diagnostics

The global elastography imaging market is heavily benefitted from the increasing preference for non-invasive diagnostic solutions. Both healthcare providers are patients are rapidly substituting elastography over conventional biopsy techniques due to its capability to offer real-time evaluations without the requirement for invasive sampling of tissues. According to a research article published in May 2024, ultrasound elastography is the best and most accurate non-invasive imaging technology to monitor changes in tissue stiffness as well as elasticity. This shift is further bolstered by the need for less painful and time-saving diagnostics methods, specially for oncology and liver disorders. The non-invasive profile of elastography technique, coupled with its cost-efficiency and diagnostic accuracy, is propelling its adoption across numerous medical segments, further increasing market revenue.

Heightening Prevalence of Chronic Diseases

As per the elastography imaging market overview, the escalating incidents of chronic diseases like cardiovascular disorders, liver fibrosis, and cancer are substantially affecting the global market growth. According to the National Cancer Institute, by 2040, new cancer cases are projected to increase to 29.9 million annually, with an anticipated 15.3 million deaths. With the rapid growth of aging population and heightening prevalence of lifestyle-associated health disorders, there is an increasing demand for precise and early diagnostic solutions. Moreover, elastography imaging capability to assess and detect these diseases in early stages is crucial for efficient treatment strategy and regulation. Resultantly, healthcare providers are focusing on heavy investments in cutting-edge elastography devices to improve patient care, further spurring market expansion and fostering its pivotal role in modern medical imaging. 

Elastography Imaging Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on modality, application, and end use.

Breakup by Modality:

• Ultrasound
• Magnetic Resonance
   

Ultrasound accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the modality. This includes ultrasound and magnetic resonance. According to the report, ultrasound represented the largest segment.

According to the elastography imaging market forecast, ultrasound is anticipated to sustain the dominancy in this segment primarily due to its non-invasive profile, multi-functionality, and cost-efficiency. For instance, in June 2023, Mindray launched a Hepatus 6 Diagnostic Ultrasound System that is integrated with visual transient elastography technology and is particularly designed for non-invasive liver assessment. Ultrasound efficiently provides high-resolution and real-time imaging which establishes it as a preferred option for assessing certain soft tissues disorders, liver fibrosis, and breast cancer. Moreover, the escalating demand for innovations in elastography and early diagnosis, have further boosted adoption. In addition, portable ultrasound devices have expanded their reach to elastography, fostering its dominance in the global market.

Breakup by Application:

• Radiology
• Cardiology
• Obstetrics
• Urology
• Vascular
• Orthopedic and Musculoskeletal
• Others
   

Radiology holds the largest share of the industry

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes radiology, cardiology, obstetrics, urology, vascular, orthopedic and musculoskeletal, and others. According to the report, radiology accounted for the largest market share.

Radiology represents the largest market share chiefly due to its crucial role in non-invasive diagnostics techniques. Various elastography techniques like shear and strain wave elastography, are rapidly being incorporated into radiological practices for monitoring and analyzing tissue stiffness, facilitating the early detection of chronic disorders such as musculoskeletal-related, tumors, and fibrosis. Furthermore, the demand for cutting-edge imaging techniques in radiology, significantly driven by the demand for real-time, precise, diagnostic solutions, substantially bolsters the utilization of elastography, fostering its leadership in this segment.

Breakup by End Use:

• Hospitals
• Ambulatory Surgery Centers
• Others
   

Hospital represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end use. This includes hospitals, ambulatory surgery centers, and others. According to the report, hospitals represented the largest segment.

Hospitals accounts for the largest market share in the global elastography imaging market, principally due to their widespread utilization of innovative diagnostics techniques and abilities to manage high patient inflow. Furthermore, elastography imaging is essential for hospitals as it offers both precise and non-invasive monitoring of numerous conditions, such as breast cancer and liver fibrosis. Moreover, the rising prevalence of chronic diseases and the requirement for accurate diagnostics in a clinical environment further propel the demand for elastography technologies in hospitals, fortifying their market dominance. 

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others 
• Middle East and Africa
   

North America leads the market, accounting for the largest elastography imaging market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for elastography imaging.

North America is the largest regional market, primarily driven by increasing prevalence of chromic diseases like cancer, particularly in the United States, and an elevated adoption rate of high-tech diagnostics techniques. According to the National Institute of Cancer, 2,001,140 new cases of cancer are projected to be diagnosed in the United States in 2024, with an estimated 611,720 deaths. Moreover, the advanced healthcare infrastructure also contributes to the positive elastography imaging market outlook in the region by facilitating the employment of improved elastography-based medical devices. Furthermore, the region profits from substantial investments in R&D, stable healthcare expenditure, and a robust presence of major companies. In addition, rising awareness and requirement for non-invasive disease assessing methods further contribute to market expansion, establishing North America as a dominant region in the global market dynamics.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the elastography imaging industry include Canon Medical Systems Corporation (Canon Inc.), Esaote SpA, Fujifilm Holdings Corporation, GE HealthCare, Hitachi, Ltd., Hologic, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthineers AG (Siemens AG), and SonoScape Medical Corp.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The global market is represented by the presence of major companies heavily investing in technological innovations and strategic acquisitions to improve their market dominance as well as product line. For instance, in May 2024, Samsung Medison, an elastography imaging solutions provider, announced the 100% acquisition of Sonio SAS, company specialized in fetal ultrasound AI software technology. This strategic acquisition is anticipated to fortify Samsung Medison’s leadership in advanced medical devices. Moreover, key players are currently emphasizing on advancements, providing cutting-edge imaging technologies to address soaring demand in diagnostic applications. Furthermore, geographical proliferation and regulatory clearances also play pivotal roles in acquiring market share.

Elastography Imaging Market News:

• In February 2024, Echosens, a non-invasive medical devices company, launched its new next-gen FibroScan system that leverages its new Guided Vibration-Controlled Transient Elastography imaging technology for a non-invasive, efficient, and highly accurate liver assessment.
• In August 2024, Siemens Healthineers, one of the leading elastography imaging devices manufacturer, announced its plans to acquire the diagnostic division of Novartis for USD 224 million. This strategic acquisition will aid Siemens in expanding its foothold in Europe and strengthening its position in the medical imaging segment.

Elastography Imaging Market Report Scope:

Key Questions Answered in This Report:

• How has the global elastography imaging market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global elastography imaging market?
• What is the impact of each driver, restraint, and opportunity on the global elastography imaging market?
• What are the key regional markets?
• Which countries represent the most attractive elastography imaging market?
• What is the breakup of the market based on the modality?
• Which is the most attractive modality in the elastography imaging market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the elastography imaging market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the elastography imaging market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global elastography imaging market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the elastography imaging market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global elastography imaging market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the elastography imaging industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.