According to a recent study report published by Market Research Future (MRFR), the global high intensity focused ultrasound (HIFU) therapy market will garner significant accruals by 2023, registering a CAGR of 7.8% throughout the forecast period (2017-2023).
High Intensity Focused Ultrasound (HIFU) therapy is essentially indicated for patients with different kinds of tremors and cancer patients. This technique is based on ultrasound and helps in pinpointing the exact cell that is involved in the growth of the tumor.
HIFU technology is also extensively used in the development of cosmetic medicines. Moreover, HIFU therapy is broadly used in the field of interventional oncology due to its sharp treatment margins and low complication rates.
The high intensity focused ultrasound (HIFU) therapy market is growing pervasively over the past few years, primarily due to the rising prevalence of different types of cancers. Moreover, the wide range of applications of HIFU technology and the increasing development in medical technology is accelerating the market on the global platform.
Conversely, factors such as the high cost and the side effects associated with HIFU therapy are impeding the growth of the market. Nevertheless, more advancements in the technology that are expected to happen in the upcoming years will support market growth, lowering the cost of HIFU therapy.
Global High Intensity Focused Ultrasound Therapy Market – Segments
For ease of understanding, the market is segmented into five key dynamics: –
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By Modality: Therapeutic Ultrasound, Hemostasis, Lithotripsy, Thrombolysis, and Immunomodulation among others.
By Method: Non-Invasive and Minimal-Invasive Method among others.
By Application: Uterine Fibroids, Prostate Cancer, Neurological Disorders, and Cosmetic Medicine among others.
By End-users: Diagnostic Centers, Hospitals, and Research Centers among others.
By Regions: Europe, Asia Pacific, North America, and the Rest-of-the-World.
Global High Intensity Focused Ultrasound Therapy Market – Geographical Analysis
The North America region, heading with the largest numbers of cancers patients is expected to retain its dominance over the global HIFU therapy market. Factors such as the presence of numerous technology providers and caregivers substantiate the growth of the market. Moreover, high healthcare expenditures and substantial investments in the RD activities to being betterments in the therapy drive the growth of the HIFU therapy market in the region.
Owing to the augmenting demand for minimally invasive therapy to treat the chronic diseases such as cancer, the HIFU therapy market in the North American region is expected to grow at a significant rate of CAGR throughout the forecast period, creating a large revenue pocket by 2023.
The HIFU therapy market in the European region accounts for the second-largest market, globally. Factors such as the increasing demand for painless therapies among the rising number of cancer and other chronic diseases patients predominantly drive the growth of the regional market.
Moreover, the rapidly developing healthcare infrastructure and increasing healthcare expenditure, and the growing adoption of HIFU therapy for the treatment of chronic diseases drive the growth of the HIFU therapy market in the region. Furthermore, favorable governmental support and initiatives drive the growth of the regional market extensively.
Global High Intensity Focused Ultrasound Therapy Market – Competitive Landscape
Highly competitive, the high intensity focused ultrasound therapy market appears to fragmented characterized by the presence of several small and large-scale players. Matured players incorporate various strategic initiatives such as acquisition, partnership, collaboration, expansion, and product launch to gain an edge over their competitors and thus to sustain their position in the market.
The structure of the market is changing due to the increasing partnerships between private practice centers and technology providers. Because of the growing competition in the market, multinational companies are acquiring small yet promising companies operating the developing markets.
Key players leading the global high intensity focused ultrasound market include EDAP TMS, Image Guided Therapy, SonaCare Medical, LLC, Chongqing Hailu Medical Technology Co., Ltd, Theraclion, Koninklijke Philips N.V., Mianyang Sonic Electronic Ltd., Shanghai AS Co. LTD, Insightec, FUS Instruments, and Alpinion Medical Systems among others.