Elastography Imaging Market Size, Share & Trends Analysis Report By End-use (Imaging Centers, Hospitals), By Application (General Imaging, Cardiology), By Modality (Magnetic Resonance, Ultrasound), By Region, And Segment Forecasts, 2024 - 2030

Elastography Imaging Market Size & Trends

The global elastography imaging market size was valued at USD 2.12 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.30% from 2024 to 2030. The increasing prevalence of chronic liver and breast cancer, coupled with a growing demand for advanced diagnostic techniques, stands as significant drivers for the market. Additionally, a strong preference for minimally or non-invasive surgical procedures is anticipated to further propel market growth throughout the forecast period.

The elastography technique is garnering increased popularity and acceptance among both patients and physicians, primarily owing to its non-invasive characteristics and precise assessment of tissue mechanical properties. Advanced elastography systems not only offer detailed quantitative but also qualitative diagnostic capabilities. The rising demand for sophisticated diagnostic techniques in developing nations is anticipated to displace traditional ultrasound methods with elastography, significantly boosting the market.

Shear wave elastography provides a large number of advantages over other diagnostic techniques. The technique helps reduce the need for biopsy in various breast conditions. It is widely used to assess liver conditions before and after transplantation and monitor the degree of liver cirrhosis. Increasing incidence of breast and liver conditions is expected to boost demand for elastography systems.

Elastography has potential applications in early detection of tumors. It can be used effectively to accurately detect tiny nodules in glands. This is expected to increase the adoption of elastography in preventive healthcare. Further, an increasing number of ongoing studies to assess potential applications of elastography is expected to fuel the market during the forecast period. A large number of these studies include ophthalmic applications such as analysis of oculomotor muscles and assessment of mechanical properties of cornea.

Market Concentration & Characteristics

The market experienced notable innovations includingadvancements in strain and shear wave techniques, integration with various modalities, enhanced clinical applications, and the incorporation of machine learning for improved analysis.

Several market players such as Canon Medical Systems Corporation, GE Healthcare, and Koninklijke Philips N.V, are involved in merger and acquisition activities. Through M&A activity, these companies can expand their geographic reach and enter new territories.

Regulatory measures have influenced the market by shaping standards for quality and safety, fostering market growth through increased confidence in the technology, while compliance challenges and approval processes may impact the speed of market entry for new innovations.

Emerging alternatives such as magnetic resonance imaging (MRI) techniques and advanced ultrasound technologies pose potential substitutes in the elastography imaging market, challenging traditional methods and offering complementary solutions for tissue stiffness assessment.

Regional expansion driven by increasing healthcare infrastructure investments, growing awareness of non-invasive diagnostic methods, and the adoption of advanced imaging technologies, particularly in emerging economies.

Modality Insights

The ultrasound segment held the largest share of over 69.36% in 2023 owing to benefits such as affordability, short turnaround time, and easy availability. Ultrasound elastography is gradually replacing conventional ultrasound devices used for organ assessment and biopsy procedures.

The MRI segment is expected to show lucrative growth during the forecast period. The utilization of magnetic resonance imaging (MRI) is gaining prominence as the preferred method for diagnosing liver diseases. The increasing adoption of MRE can be attributed to its precise results and the painless nature of the procedure, which collectively contribute to the growth of this segment. MRE proves to be an effective tool for diagnosing advanced liver fibrosis, aiding in gauging the severity of liver disease and assisting in determining the appropriate course of treatment.

Application Insights

The general imaging segment accounted for the largest revenue share in 2023 due to its widespread utility across various medical disciplines. Elastography, as a non-invasive technique for assessing tissue stiffness, finds extensive use in general imaging applications, including liver disease diagnosis, cancer detection, and musculoskeletal assessments. Its versatility allows healthcare professionals to obtain valuable information in routine clinical settings, contributing to its dominance as a go-to diagnostic tool.

The breast segment is estimated to register the fastest CAGR over the forecast period due to the increasing demand for non-invasive and accurate diagnostic tools in breast health assessment. Elastography imaging offers a valuable adjunct to traditional breast imaging methods by providing insights into tissue stiffness, aiding in the early detection and characterization of breast lesions.

End-use Insights

The hospital segment dominated the market in 2023owing to increasing number of ultrasound and MRI-based elastography surgeries. Moreover, increasing number of cancer cases are expected to contribute toward the growth of the segment.

The imaging centers segment has been anticipated to show lucrative growth over the forecast period.Increasing adoption of non-invasive surgical and diagnostic procedures in these facilities by professionals is expected to drive the segment during the forecasted period. in addition, growing adoption of automation among surgeons and other specialists is anticipated to augment demand for these systems in different hospital settings.

Regional Insights

North America dominated the overall market with a revenue share of 33.24% in 2023owing to the presence of a large number of global players in the region. Moreover, increasing efforts by manufacturers for commercialization and growing importance among end users for the use of these systems in different countries is driving the regional market.

The U.S. accounted for the largest share of the market in North America region in 2023. The U.S. benefits from a robust ecosystem of healthcare institutions, key market players, and research facilities, facilitating the rapid integration of elastography imaging into clinical practices. Additionally, a favorable reimbursement landscape and a proactive approach to early disease detection contribute to the widespread acceptance in various medical applications, further solidifying the U.S.'s leading position in the North America region.

The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Increasing geriatric population, improving healthcare services, and rapid economic growth are factors expected to drive the regional market. Growth in Asia Pacific is majorly contributed by economies such as India, Japan, and China due to speedy expansion of healthcare facilities. Furthermore, increasing awareness among the public concerning therapeutic potential of ultrasound technologies and accurate and speedy results provided by these devices is contributing to the regional market.

China accounted for the largest share of the market in the Asia Pacific region in 2023. The country's large population and rising healthcare awareness drive the demand for advanced diagnostic tools, including elastography imaging, for conditions such as liver disease and cancer. Moreover, the Chinese government's initiatives to modernize healthcare and promote research and development contribute to the widespread adoption of innovative medical imaging technologies.

 Key Elastography Imaging Company Insights

Key players such as Canon Medical Systems Corporation, GE Healthcare, and Koninklijke Philips N.V. are constantly investing in research and development activities to introduce new and advanced products to the market. They are also focusing on strategic partnerships and collaborations to expand their market presence and increase their customer base.

Emerging players such as Esaote SpA and Samsung Medison Co., Ltd are focusing on product innovation and differentiation to gain a competitive edge in the market. They are also expanding their market reach by establishing partnerships and collaborations with other companies in the industry. Additionally, these players are adopting various growth strategies, such as offering cost-effective products and solutions, to attract a larger customer base.

Recent Developments

• In June 2023, Nikon Instruments Inc. has revealed the development and release of "ECLIPSE Ui," a comprehensive microscope-based viewing system crafted for seamless clinical observations, catering to both in-person and remote pathological assessments.

• In July 2023, at the Microscopy and Microanalysis (M&M) 2023 Conference, ZEISS Microscopy introduces its latest product launch and highlights new researchers through interactive display features.

• In November 2023, ZEISS introduces new Lattice structured illumination microscopy (SIM) to overcome the physical resolution limits of light microscopy.

Elastography Imaging Market Report Scope

Global Elastography Imaging Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. for the purpose of this study, Grand View Research has segmented the global elastography imaging market report on the basis of modality, application, end-use, and region: 

• Modality Outlook (Revenue, USD Million, 2018 - 2030)

  • Ultrasound

  • Magnetic Resonance

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Radiology

  • Cardiology

  • Obstetrics

  • Urology

  • Vascular

  • Orthopedic and Musculoskeletal

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ambulatory Surgery Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait