Elastography Imaging Market Analysis

Global Elastography Imaging Market Overview

Elastography Imaging Market Size was valued at USD 10.2 Billion in 2022. The elastography imaging market industry is projected to grow from USD 11.34 Billion in 2023 to USD 26.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.16% during the forecast period (2023 - 2032). The rise in the incidence of breast cancer and chronic liver illnesses are the main market drivers driving the growth of the elastography imaging market. The market is also expected to develop as a result of the rising elderly population, rising use of technologically improved elastography imaging instruments for illness diagnosis, and rising R&D expenditures by pharmaceutical firms. 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The increasing prevalence of chronic diseases and breast cancer, as well as the rising demand for minimally invasive operations, are factors that are projected to drive market expansion. The primary factor expected to drive market growth throughout the projected period is the increasing prevalence of breast cancer and other chronic ailments such as cardiovascular diseases, obstetrics/gynecology, urology, and others among the population.

Sonographic imaging, which offers information on breast lesions, is anticipated to increase in demand, as is the case with ultrasound elastography imaging equipment, due to the rising incidence of breast cancer among women. One factor driving the market is the increasing prevalence of cancer screening programs, many of which incorporate the use of ultrasound machines equipped with elastography.

Additionally, there is a rising demand for minimally invasive surgeries among the general public due to their many benefits over conventional surgeries, such as greater precision due to video-assisted equipment, which provides a clearer and more magnified image of the organs or body parts being operated on; less major bleeding; fewer post-op infections; fewer complications; a shorter length of stay; a speedier recovery; a shorter scar; a quicker return to normal activities; a lower cost; and a shorter

The rising demand for screening tests is anticipated to fuel the expansion of the market, which in turn is predicted to be fueled by the increasing campaigning and launching of programs to create awareness among the people about breast cancer and its health impacts. For instance, numerous corporations have launched efforts to urge women to obtain mammograms, which many had put off owing to the COVID-19 outbreak.

June 2023: The Hepatus 6 Diagnostic Ultrasound System from healthcare technology pioneer and innovator Mindray was released in June 2023, marking the company's entry into the transient elastography industry. The non-invasive detection, diagnosis, and assessment of liver disease are all made possible by the Hepatus 6 ultrasonography thanks to its combination of transient elastography and diagnostic ultrasonography. Mindray is determined to make an impact and address the growing prevalence of Chronic Liver Disease and rising public healthcare concern with its strategic entry into the transient elastography imaging industry. 

In June 2023, Mindray, a prominent company in the healthcare industry specializing in patient monitoring, anesthetic, and ultrasound, revealed its expansion into the transient elastography market by introducing the Hepatus 6 Diagnostic Ultrasound System. The Hepatus 6 Ultrasound is a device that integrates transient elastography and diagnostic ultrasound, making it highly suitable for the non-invasive identification, diagnosis, and assessment of liver disease. 

Mindray consistently demonstrates its unwavering commitment and determination to develop cutting-edge technology that pushes the limits of innovation in the healthcare industry. Mindray has entered the transient elastography imaging market with a strategic approach. The company is dedicated to making a significant impact and tackling the increasing prevalence of Chronic Liver Disease, which has become a serious concern in public healthcare.   

Konica Minolta has recently introduced the PocketPro H2, a handheld and wireless ultrasound device, in July 2023. This device offers a combination of user-friendly features, excellent connectivity with current systems, and high-quality imaging capabilities. According to Konica Minolta, the ultrasonic instrument enables quick evaluation of ligaments, muscles, cartilage, inflammation, and joint instability in soft tissues. Clinicians can utilize the PocketPro H2 ultrasonography for vascular access and needle guidance applications, according to the manufacturer. The PocketPro H2 not only has color and pulsed-wave Doppler capabilities and M-Mode functionalities, but also features an ergonomic design and customizable image presets that enhance user-friendliness. 

The business highlighted that the PocketPro H2 can be wirelessly connected to most iOS and Android smart devices through a downloadable app. This allows users to examine photographs directly at the point of care. The PocketPro H2 is fully compatible with DICOM and can be seamlessly connected to any PACS platform, as stated by Konica Minolta.

Elastography Imaging Market Trends

• Increased prevalence of chronic diseases is driving the market growth

The primary driver propelling market expansion over the projection period is the increased prevalence of chronic diseases such as cardiovascular diseases, urology, obstetrics/gynecology, and others, including breast cancer. For instance, according to Cancer Australia, 20,030 new cases of breast cancer were expected to be detected in Australia in 2021 (164 males and 19,866 females). Additionally, one person in the United States dies from cardiovascular illness every 36 seconds, and around 659,000 Americans pass away from heart disease each year, according to statistics from the Centers for illness Control and Prevention that were updated in February 2022. cardiovascular problems are so common in wealthy countries like the United States. The World Health Organization (WHO) 2020 factsheet states that roughly 12 million of the estimated 21 million females between the ages of 15 and 19 who become pregnant each year in developing nations actually give birth. In poor nations, adolescent girls under the age of 15 give birth to at least 777,000 babies each year. The increasing pregnancy rate is anticipated to lead to an increase in demand for ultrasound imaging treatments, which will fuel the expansion of the elastography imaging market CAGR.

Additionally, the demand for minimally invasive procedures is increasing as a result of their many advantages, which include higher precision due to video-assisted equipment, which creates an improved and magnified image of the organs or body parts being operated on, fewer post-operative infections, fewer complications, shorter length of stay, less major bleeding, faster return to normal activities, less scarring, and comparable to or lower cost, compared to traditional procedures.

Furthermore, it is anticipated that increased public awareness campaigns and the introduction of programs to educate people about breast cancer and its consequences on health will enhance demand for screening tests and spur market expansion. For instance, since many women had put off getting mammograms because of the COVID-19 outbreak, businesses have launched ads to persuade them to get the exams done. The 'Back to Screening' campaign, which was started by Hologic Inc. in August 2020, aims to get women to get their yearly mammograms. Similarly, Kvinna Care LLC opened its doors in the Liberty Lake Health & Wellness Center in Washington in February 2021. Patients who attend the facility will receive specialized breast cancer detection services. These activities should accelerate elastography imaging market revenue during the anticipated time frame.

Elastography Imaging Market Segment Insights

Elastography Imaging Application Insights

The elastography imaging market segmentation, based on application includes Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Urology, Vascular, Orthopedic & Musculoskeletal Applications and Others. The radiology/general imaging segment dominated the market due to the growing use of elastography in image-guided radiotherapy and radiology ultrasonography. Cancer diagnosis and/or treatment, abdominal conditions, and soft tissue injuries are among the general imaging applications of radiology. The widespread ease of access to elastography technologies is anticipated to increase demand for these devices. Additionally, it is anticipated that during the projected period, demand for radiology therapy will increase due to an increase in the incidence of various diseases, particularly breast cancer.

Elastography Imaging Modality Insights

The elastography imaging market segmentation, based on modality, includes Ultrasound and Magnetic Resonance Elastography. The ultrasound category generated the most income due to advantages including price, speedy turnaround, and ease of supply. Conventional ultrasound instruments used for organ assessment and biopsy procedures are gradually being replaced by ultrasonic elastography. Additionally, due to its non-invasive nature, the magnetic resonance category is anticipated to increase at the quickest rate. This approach is quickly becoming the most used one for detecting liver disorders. This market is expanding as a consequence of more people using magnetic resonance elastography due to its precise results and easy method.

Figure 1: Elastography Imaging Market, by Modality, 2022 & 2032 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Elastography Imaging End User Insights

The elastography imaging market segmentation, based on end user, includes Hospitals & Ambulatory Surgical Centers, Diagnostic Centers and Research Laboratories. The hospitals & ambulatory surgical centers category generated the most income due to an increase in elastography operations using MRI and ultrasound. Furthermore, the segment is anticipated to rise as more people are diagnosed with cancer. In addition, during the anticipated period, the segment is anticipated to be driven by professionals' growing use of non-invasive surgical and diagnostic procedures in these facilities.

Elastography Imaging Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific elastography imaging market area will dominate this market. The regional market is anticipated to be driven by factors like an aging population, better healthcare services, and swift economic expansion. Due to the quick expansion of healthcare facilities, countries like China, Japan, and India have made a significant contribution to growth in the Asia Pacific region. Additionally, growing public knowledge of the therapeutic potential of ultrasound technology and the precise and quick results offered by these devices is helping the local market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ELASTOGRAPHY IMAGING MARKET SHARE BY REGION 2022 (USD Billion) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe elastography imaging market accounts for the second-largest market share. The primary driver driving this market's growth is increased investment in research and development initiatives. The elastography imaging market in Europe has been reinforced by rising marketing efforts by producers and rising user knowledge of the value of elastography imaging. Further, the German elastography imaging market held the largest market share, and the UK elastography imaging market was the fastest growing market in the European region

North America Elastography imaging Market is expected to grow at the fastest CAGR from 2023 to 2032 as a result of the region's high concentration of international players. Additionally, the regional market is being driven by an increase in commercialization efforts made by manufacturers and a rise in end-user importance for using these systems in various nations. The usage of ultrasound equipment with elastography as part of growing government initiatives for cancer screening is also a factor in the market's expansion. Moreover, US elastography imaging market held the largest market share, and the Canada elastography imaging market was the fastest growing market in the region.

Elastography imaging Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the elastography imaging market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, elastography imaging industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the elastography imaging industry to benefit clients and increase the market sector. In recent years, the elastography imaging industry has offered some of the most significant advantages to market. Major players in the elastography imaging market attempting to increase market demand by investing in research and development operations include Canon Medical Systems Corporation, Siemens AG, Fujifilm Holdings Corporation, Esaote, Resoundant Inc., Hitachi Ltd., Mindray Medical International Ltd., Koninklijke Philips N.V., Samsung Electronics (Samsung Medison), Supersonic Imagine, and General Electric Company.

Imaging systems, material solutions, and healthcare solutions are all produced by Fujifilm Holdings Corp. (Fujifilm). The business provides document solutions, including office supplies, printers for the workplace, allied production services, and international services. The company's main goods are color films, color paper and chemicals, photofinishing tools, electronic imaging and optical equipment, TV cameras, security lenses, healthcare items, graphic systems, flat panel display components, recording media, and industrial goods.

A worldwide conglomerate, Hitachi Ltd. (Hitachi), is active in the fields of construction equipment, electronics, power systems, information technology, and social infrastructure. Construction equipment, electronic systems and equipment, automotive systems, smart life and eco-friendly systems, power systems, social infrastructure and industrial systems, information and telecom systems, and power systems are all produced and sold by the corporation.

Key Companies in the elastography imaging market include

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  Canon Medical Systems Corporation

  
  


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  Siemens AG

  
  


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  Fujifilm Holdings Corporation

  
  


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  Esaote

  
  


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  Resoundant Inc.

  
  


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  Hitachi Ltd.

  
  


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  Mindray Medical International Ltd.

  
  


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  Koninklijke Philips N.V.

  
  


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  Samsung Electronics (Samsung Medison)

  
  


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  Supersonic Imagine

  
  


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  General Electric Company

  
  

Elastography Imaging Industry Developments

July 2023: Konica Minolta's PocketPro H2 is a portable, wireless ultrasound device that combines convenience of use with great interoperability with existing systems and outstanding image quality. According to Konica Minolta, the ultrasonic equipment enables quick evaluation of ligaments, muscles, cartilage, inflammation, and joint instability. The business also claims that the PocketPro H2 ultrasonography may be used by professionals for vascular access and needle guided procedures. The PocketPro H2 has a variety of useful features, including color and pulsed-wave Doppler capabilities and M-Mode functionalities, as well as an ergonomic design and user-friendly imaging settings.

June 2023: Mindray, a prominent company in the healthcare industry specializing in patient monitoring, anesthetic, and ultrasound, revealed its expansion into the transient elastography market by introducing the Hepatus 6 Diagnostic Ultrasound System. The Hepatus 6 Ultrasound is a device that integrates transient elastography and diagnostic ultrasound, making it highly suitable for the non-invasive identification, diagnosis, and assessment of liver disease. Mindray consistently demonstrates its unwavering commitment and determination to develop cutting-edge technology that pushes the limits of innovation in the healthcare industry. Mindray has entered the transient elastography imaging market with a strategic approach. The company is dedicated to making a significant impact and tackling the increasing prevalence of Chronic Liver Disease, which has become a serious concern in public healthcare.  

May 2022:Mindray's Resona 19 Advanced Technologies included HiR Sound Touch Elastography. It enabled faster refresh rates and smoother transition times during live 2D shear wave imaging, resulting in more reliable capture and evaluation.

March 2022:Real-time Tissue Elastography (RTE) and Shear Wave Measurement (SWM), which color-code and quantify tissue stiffness, are two new ultrasound technologies from FUJIFILM Healthcare Europe that aid in the diagnosis of hepatic diseases such as hepatitis, fibrosis, and cirrhosis.

February 2020:Resoundant, Inc. and Canon Medical Systems Corporation, both of Rochester, Minnesota, in the United States, reached a licensing agreement to incorporate Resoundant's cutting-edge Magnetic Resonance Elastography (MRE) technology onto Canon's MRI. In order to provide a seamless integration of the most cutting-edge MRE technology on Canon's most modern MRI scanners, Canon Medical and Resoundant have worked closely together. 

Elastography Imaging Market Segmentation

Elastography Imaging Application Outlook (USD Billion, 2018-2032)

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   Radiology/General Imaging

  
  


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  Cardiology

  
  


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  Obstetrics/Gynecology

  
  


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  Urology

  
  


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  Vascular

  
  


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  Orthopedic & Musculoskeletal Applications

  
  


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  Others

  
  

Elastography Imaging Modality Outlook (USD Billion, 2018-2032)

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  Ultrasound

  
  


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  Magnetic Resonance Elastography

  
  

Elastography Imaging End User Outlook (USD Billion, 2018-2032)

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  Hospitals & Ambulatory Surgical Centers

  
  


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  Diagnostic Centers

  
  


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  Research Laboratories

  
  

Elastography Imaging Regional Outlook (USD Billion, 2018-2032)

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  North America

  
  

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  US

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America