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Elastography Imaging Market Is Set to Expand at A CAGR Of 11.2% To Reach US$ 8.9 Billion During the Year 2022-2032

Elastography Imaging Market by Product Type, Line Capacity, Application & Region - Forecast 2022 – 2032

NEWARK, NEWARK, UNITED STATES OF AMERICA, June 29, 2022 / -- Elastography Imaging Market Size is set to gain significant momentum from 2022 to 2028, owing to a rise in demand for minimally-invasive medical procedures. Elastography refers to a non-invasive technique for medical imaging, designed to determine the stiffness of organs and other structures in the body. Magnetic resonance imaging or ultrasound are used to examine how quickly vibrations pass through the organs. This data is then used to develop a visual map of the elasticity or stiffness of the liver as well as other organs like the thyroid, breast, and prostate.

One of the prominent factors driving market trends over 2022-2028 is the rising burden of breast cancer across the globe. According to estimates from the WHO (World Health Organization), over 2.3 million women were diagnosed with breast cancer in 2020, contributing to more than 685 000 deaths worldwide. While biopsies are considered as conventional standard for the assessment of diseases like breast cancer, non-invasive techniques like MR (magnetic resonance) elastography and ultrasound-based elastography are being used extensively to identify suspicious areas and determine whether they are cancerous, which could add considerable impetus to elastography imaging industry growth over the years ahead.

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Magnetic resonance is poised to emerge as a key technique segment for the elastography imaging industry by 2028. MR elastography is a noninvasive technique used extensively to diagnose liver disease by quantifying the elastic properties of tissues. Furthermore, beneficial attributes like high repeatability, noninvasiveness, reliability of results, ease of use, decreased dependency on operators and clearer detailed tumor images will boost market expansion from this segment.

Regionally, North America is expected to emerge as a major revenue pocket for the elastography imaging industry by 2028, on account of the surging healthcare expenditure in countries like the U.S. For instance, according to CMS (Centers for Medicare & Medicaid Services) estimates, healthcare spending in the U.S. increased by 9.7% in 2020, reaching $4.1 trillion. This, alongside escalating efforts by manufacturers to develop and commercialize advanced elastography imaging systems, will contribute to regional market share over the estimated timeline.

Key players operating in the elastography imaging industry include Samsung, GE Healthcare, Hitachi Medical Systems, Shenzhen Mindray Bio-Medical Electronics, Koninklijke Philips N.V., Fujifilm Holdings, Esaote SpA, Canon Medical Systems, and Siemens. Partnerships and novel product launches, among others, are some of the strategies being employed by these entities to enhance their presence in the global market. In November 2021, Canon Medical Systems Corporation signed a licensing agreement with Resoundant, Inc. to integrate the latter’s advanced MRE (Magnetic Resonance Elastography) on the Canon MRI platforms. The partnership is aimed at facilitating seamless integration of the next-gen MRE technology into Canon’s newest MRI scanner line.

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Impact of COVID-19 on Global Elastography Imaging Market trends
Since the onset of the novel coronavirus outbreak, healthcare systems have been facing an immense influx of patients, making technologies like elastography imaging crucial in the initial diagnosis and management of the COVID-19 disease and its associated comorbidities. Ultrasound imaging, in particular, has been gaining rapid momentum, given its portability, versatility, and cost-effectiveness as compared to other medical imaging solutions. Ultrasound elastography techniques have shown significant potential in the general examination of lung-related conditions, and are used to characterize pleural effusion, pulmonary edema, and lung lesions. In addition to this, CDC estimates suggest that several patients hospitalized due to COVID-19 have increased levels of liver enzymes like AST (aspartate aminotransferase) and ALT (alanine aminotransferase), which can cause temporary liver damage. Factors such as these could further augment elastography imaging industry dynamics over the years ahead.

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