Global Elastography Imaging Market to amass USD 6.5 billion over 2020-2027

April 29, 2021

As cited by the research report titled ‘Global Elastography Imaging Market Size study, by Modality (Ultrasound Elastography, Magnetic Resonance Elastography), by Application (Cardiology, Radiology, Urology, Vascular, Obstetrics/Gynecology, Others), by End-User (Hospitals, Ambulatory Surgical Centers, Surgical & Diagnostic Centers) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global elastography imaging market was worth USD 2.8 billion in 2019 and is projected to grow with a CAGR of 11.1% over the next seven years to reach USD 6.5 billion valuation by the year 2027.

Factors like rising incidence of breast cancer and prolonged liver diseases, in consort with increasing preference for non-invasive procedures are positively swaying the global elastography imaging market dynamics. As cited by the World Cancer Research Fund International (WCRFI), breast cancer is a prevalent type of cancer among women, with over 2 million new cases registered each year.

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Moreover, rising geriatric population, and improved awareness regarding the advantages of elastography imaging are further stimulating the market growth.

For those unaware, elastography imaging is a method that denotes elastic characteristics and acuteness of soft tissue by means of imaging modality like ultrasound imaging and magnetic resonance. It is known to provide the most precise results related to the diagnosis of diseases, thereby facilitating apt treatment decision. The equipment is also leveraged for procuring supplementary diagnostic information and for monitoring biopsies.

However, adverse compensation settings, and expensive nature of these systems are hampering the growth rate of global elastography imaging industry.

Based on modality, worldwide elastography imaging market is segmented into magnetic resonance elastography, and ultrasound elastography. As per application scope, the marketplace is divided into cardiology, urology, radiology, vascular, and obstetrics/gynecology among others. While the end user spectrum comprises of ambulatory surgical centers, hospitals, and surgical & diagnostic centers.

Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to the overall elastography imaging industry remuneration. Of these, North America is a major growth hub for the market over 2020-2027, owing to widespread usage of innovative elastography imaging system, along with presence of significant players in the region.

Whereas, Asia Pacific market is poised to showcase lucrative growth trends over the forecast period, owing to rising occurrence of cancer, and progressing healthcare infrastructure.

Leading players influencing the global elastography imaging system market trends are Koninklijke Philips N.V., General Electric Company, Siemens AG, Hitachi Ltd., Canon Medical Systems Corporation, Resoundant Inc., MINDRAY Medical International Co. Ltd., Fujifilm Holdings Corporation, SuperSonic Imagine, and Samsung Electronics Co. Ltd.

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