According to FutureWise analysis the market for elastography imaging in 2023 is US$ 4.22 billion, and is expected to reach US$ 9.86 billion by 2031 at a CAGR of 11.20%.
Elastography imaging is gaining popularity and replacing biopsy as it has additional advantages. It is a complete noninvasive procedure and is therefore preferred over other procedures. Elastography imaging is employed in the diagnosis of numerous chronic cancers. The services are primarily used to analyze liver disease as well. Elastography imaging find great applications in various medical practices and thus face high demand and is foreseen to grow at a healthy CAGR during the forecast period. A particular type of elastography imaging is used for musculoskeletal imaging to determine mechanical properties and state of muscle and tendon. Owing to these factors, the global market faces high demand and is expected to soar in the near future.
The growing number of fatal chronic diseases and their incidence due to an unhealthy lifestyle and habits lead to an increase in demand for healthcare facilities. Increasing incidences of various fatal ailments is expected to favor the demand for elastography imaging devices.The growing adoption of minimally invasive procedures favors the growth of the market. Furthermore, a rise in consumer awareness positively affects the global market. Elastography imaging is a widely performed procedure serving as an inexpensive, portable and reliable diagnostic accuracy alternative to traditional means.
North America is the most significant region for the market due to the growing adoption of superior imaging techniques and the immediate commercialization of devices in the U.S. market. Western Europe is expected to contribute a major share in the market. Factors such as growing research projects and rising adoption of ultrasound screening favor the growth of the Europe market. Companies are focusing on the launch of new elastography imaging product, which expected to favor the growth of the market. Manufacturers are focusing on clinical trials and FDA approvals for market expansion. In 2017, FDA approved Phillips ElastQ Imaging capability (shear wave elastography) for imaging of tissue.