The high intensity focused ultrasound (HIFU) market is estimated to be valued at US$112.7 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
High intensity focused ultrasound (HIFU) utilizes high-intensity focused beams of ultrasound energy to heat and destroy diseased tissues and tumors without affecting nearby healthy tissues. It is a non-invasive procedure used to treat various medical conditions such as cancer, osteoid osteoma, nerve disorders and others. The treatment is devoid of incisions, pain and scarring. HIFU devices can be applied to treat breast fibroadenomas, uterine fibroids, prostatic hyperplasia and some types of cancers.
Market Dynamics:
The growth of the global HIFU market is supported by some key drivers such as the rising prevalence of cancer globally, minimal invasiveness of HIFU treatment and quick recovery time as compared to other traditional therapies. According to WHO, cancer prevalence has increased exponentially over the past decades and is anticipated to rise by over 50% by 2040. HIFU helps cure tumors by focusing ultrasound waves at the diseased site without damage to intervening tissues and eliminates the need for surgery in some cases. It offers reduced hospitalization duration and faster healing. Additionally, technological advancements such as 3D HIFU devices with enhanced targeting capability and improved efficacy are augmenting the market growth. However, high costs associated and limited reimbursement policies in some regions may restrain the market to a certain extent over the forecast period.
Segment Analysis
The high intensity focused ultrasound (HIFU) market is dominated by the oncology segment, which accounts for over 50% share due to the wide application of HIFU in the treatment of tumors such as prostrate, breast, liver, and bone. HIFU is emerging as an effective non-invasive therapy for cancer treatment with advantages over other treatment options such as minimal invasion, low risk of infection, reduced hospital stay, and quick recovery time for patients.
PEST Analysis
Political: Governments globally are supporting initiatives to increase adoption of non-invasive treatment methods to reduce healthcare costs which is driving growth opportunities for HIFU.
Economic: Rising healthcare expenditure along with economic growth is fueling investments in advanced medical technologies. Developed markets like North America and Europe dominate HIFU market spending.
Social: Growing geriatric population prone to chronic diseases and preference for minimally invasive procedures is a key driver for HIFU adoption.
Technological: Innovations in HIFU technologies by market players delivering high resolution imaging, improved focusing capability, and expanded therapeutic applications in orthopedic, neurological disorders have accelerated market penetration.
Key Takeaways
The Global High Intensity Focused Ultrasound (HIFU) Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing prevalence of chronic diseases such as cancer and orthopedic disorders. Asia Pacific region is expected to be the fastest growing market for HIFU driven by increasing healthcare infrastructure, availability of low-cost treatment options and growing medical tourism in China and India.
Key players operating in the HIFU market are Koninklijke Philips N.V., Sonic Concepts, Inc., Theraclion, Sonablate, Alpinion Medical Systems Co., Ltd., Shanghai Carnation Medical Technology Co., Ltd., Insightec, FUS Instruments Inc., Mianyang Sonic Electronic, Profound Medical, Merz Pharmaceuticals GmbH, Image Guided Therapy, and Promedica Bioelectronics s.r.l. Some of the major players are focusing on strategic collaborations to strengthen their product portfolio and market presence in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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