Elastography Imaging Market Growing at a CAGR of 11.0%

According to research report the Elastography Imaging Marketis 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. 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. However, the high cost of elastography imaging systems and an unfavorable reimbursement scenario are expected to restrain the growth of this market to a certain extent.

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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.

GE Healthcare is one of the leading companies in the elastography imaging systems. The company focuses on maintaining its leading position in the elastography imaging market through pipeline development and product commercialization. It has a strong presence and wide industry coverage in North America, South America, Europe, Australia, and Asia. The company has a reliable customer- services support set up, which helps in strengthening its customer relationships and growing its geographical presence. The company is expected to grow at a positive rate in the market due to its superior product offerings.

Philips Healthcare is among the top players operating in the global elastography imaging market. The company focuses on developing advanced elastography imaging systems and expanding its geographical presence in order to maintain its position in the elastography imaging market. Philips Healthcare manufactures its products in 25 countries and distributes these products in over 100 countries, on a global scale.

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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.

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.