According to a new market research study titled ‘High-Intensity Focused Ultrasound Therapy Market to 2027 – Global Analysis and Forecasts by Modality, Method, Application, and End User.’ The global high intensity focused ultrasound therapy market is expected to reach US$ 755.46 Mn in 2027 from US$ 417.98 Mn in 2018. The market is estimated to grow with a CAGR of 7.1% from 2019-2027. The report highlights the trends prevalent in the global high-intensity focused ultrasound therapy market and the factors driving the market along with those that act as deterrents to its growth.
Cancer is one of the leading cause of deaths across the globe and is extremely affecting the quality of life. Thus, cancer will be burden on society if not diagnosed and treated on time. According to the World Health Organization in 2018, approximately, 9.6 million deaths across the globe were due to cancer. Furthermore the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases will be diagnosed in the US. Furthermore, Asia Pacific region is also facing the problem of growing prevalence of cancer. The top 15 countries with Cancer prevalence are: Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India total deaths due to cancer were 784,821. These statistics determine an increase in the demand for advanced cancer diagnostics and treatment in various regions across the globe. Thus driving the growth of High-intensity focused ultrasound therapy (HIFU) market during the forecast period.
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Global High-intensity focused ultrasound therapy market, based on method, was segmented as, Non-Invasive and minimal invasive. In 2018, the Non-Invasive segment held a largest market share of the High-intensity focused ultrasound therapy market, by method. This segment is also expected to dominate the market in 2027 because it is conventional treatment which does not need incision into the body or the replacement of tissue. This market segment is expected to grow at significant rate in the forecast period 2019 to 2027.
The major players operating in the High-Intensity Focused Ultrasound therapy market include Image Guided Therapy, EDAP, Sonacare Medical and LLC, Koninklijke Philips N.V., Chongqing Haifu Medical Technology Co., Ltd., Shanghai A & S Science Technology Development Co.,Ltd, Mianyang Sonic Electronic, Insightec Ltd., Alpinion Medical Systems Co., Ltd., FUS Instruments among others. The market has witnessed various organic as well as inorganic developments during recent years in the High-Intensity Focused Ultrasound therapy market. For instance, in July 2019, Insightec received the FDA approval to the Exablate Neuro, it has focused ultrasound device for performing incision-less thalamotomy guided by MR imaging.
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The high-intensity focused ultrasound therapy market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the high-intensity focused ultrasound therapy market are present across the globe and have wide distribution and sales network through partnerships or authorized dealers.
The most notable market participants are Koninklijke Philips N.V., Chongqing Haifu Medical Technology Co., Ltd., Shanghai A & S Science Technology Development Co.,Ltd, Mianyang Sonic Electronic, Insightec Ltd., Alpinion Medical Systems Co., Ltd., FUS Instruments, Image Guided Therapy, EDAP, and Sonacare Medical and LLC occupying a considerable share of the market owing to their offerings to the market.
Market leaders are involved in product approvals and launches which have promoted its growth. For instance, in October 2017, EDAP TMS S.A approved its product by FDA. EDAP TMS SA, FDA approval of its Ablatherm-Fusion device, it enables a more precise method for targeting of diagnosed areas within the prostate
Many well-known as well as small local companies are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally various companies are also undergoing other strategic alliances such as acquisitions and others to garner their significance and remain competitive in the market.
