The High Intensity Focused Ultrasound (HIFU) Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R&D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of High Intensity Focused Ultrasound (HIFU) Market over the period 2019-2026.
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Market Scenario
High intensity focused ultrasound (HIFU) therapy kills cancer cells with high frequency sound waves. It can treat only a single tumor or a part of a large tumor and cannot be used to treat widespread tumors. Thus, the HIFU therapy is not suitable for the treatment of malignant tumor. This therapy is a novel, emergent and practices ultrasound waves that propagate through tissue media as energy carriers. HIFU therapy is a completely non-invasive technology that has great potential of tumor ablation, hemostasis, thrombolysis as well as targeted drug/gene delivery. The therapy is also used to treat prostate cancer using high frequency ultrasound energy. It is broadly used in the field of interventional oncology due to its non-invasiveness, sharp treatment margins, and low complication rates.
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Additionally, the use of the technology in combination of other therapeutic and diagnostic modalities, such as targeted drug/gene-delivery, robotic surgery, and molecular imaging is expected to grow and have a revolutionary clinical impact over the forecast period.
Rising prevalence of different types of cancers, especially, prostate cancer, kidney cancer, primary and secondary liver cancer, pancreatic cancer, and bladder cancer will boost growth of the market. According to the American Cancer Society, about 161,360 new cases of prostate cancer have been registered in the US in 2016. Moreover, increasing development in medical technology and its wide-range applications used in the treatment of uterine fibroids, neurological disorders, cosmetic medicine, others have fueled growth of the market.
On the other hand, high cost of the treatment and certain adverse effects are likely to restrain the market’s growth over the assessment period.
The global high intensity focused ultrasound (HIFU) therapy market is expected to grow at a CAGR of 7.8% during the forecast period 2017-2023.
FIGURE 1 Global High Intensity Focused Ultrasound (HIFU) Therapy Market, by Applications, 2016 (%)
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
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Key Players in the Global High Intensity Focused Ultrasound (HIFU) Therapy Market
Some of the key players in this market are Image Guided Therapy, EDAP TMS, SonaCare Medical, LLC, Theraclion, Chongqing Haifu Medical Technology Co., Ltd, Koninklijke Philips N.V., Shanghai A&S Co. LTD, Mianyang Sonic Electronic Ltd., Insightec, Alpinion Medical Systems, and FUS Instruments.
Intended Audience
High intensity focused ultrasound (HIFU) system/device supplies companies
High intensity focused ultrasound (HIFU) system/device providers
Research and development (R&D) companies
Market research and consulting service providers
Potential investors
Research Methodology
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
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Segments
The global high intensity focused ultrasound (HIFU) therapy market is segmented on the basis of modality, which comprises of therapeutic ultrasound, hemostasis, lithotripsy, thrombolysis, immunomodulation, and others.
On the basis of the methods, the market is segmented into non-invasive method, and minimal invasive method.
On the basis of applications, the market is segmented into prostate cancer, uterine fibroids, neurological disorders, cosmetic medicine, and others.
On the basis of end users, the market is segmented into diagnostic centers, hospitals, research centers, and others.
Regional Analysis of the Global High Intensity Focused Ultrasound (HIFU) Therapy Market
The Americas accounts for the largest share in the global high intensity focused ultrasound (HIFU) therapy market. It includes North America and South America. North America dominates the market due to growing prevalence of cancers in this region, which is one of the major driving factors for the growth of high intensity focused ultrasound (HIFU) therapy market.
Europe is the second highest revenue generating region in the global HIFU therapy market. Europe is mainly consist of Eastern Europe and Western Europe. More developed countries of Western Europe such as Germany, France, and the UK are holding the major market share, whereas the Eastern European countries are also growing at a significant rate. Owing to developing healthcare infrastructure and increasing healthcare expenditure, and growing adoption of HIFU therapy for the treatment of cancers and related diseases drive the growth of the HIFU therapy market.
In Asia Pacific, increasing government support for research & development in healthcare domain, growing number of cancer cases drives the growth of the market.
The Middle East & Africa is expected to show a least market share due to less availability of medical facilities, and less development in healthcare domain.
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