High-intensity focused ultrasound (HIFU) therapy is a novel, emerging, and therapeutic modality technology. It involves propagation of ultrasound waves through cancerous tissues that kills cancer cells. HIFU is a minimal invasive technique and is performed with real-time imaging by ultrasound or MRI to enable treatment targeting and monitoring. This technology have been extensively exploited for the treatment of prostate, liver, pancreatic, and bladder cancer. The American Cancer Society estimated that about 161,360 new cases of prostate cancer have been registered in the US in 2017. Moreover, the number of people living beyond a cancer diagnosis were nearly 14.5 million in 2014 and is expected to rise to over 19 million by 2024. Moreover, increasing development in the medical technology and its wide range of application used in the treatment of uterine fibroids, neurological disorders, cosmetic medicine and others fuel the growth of this market. However, high cost of the treatment and certain adverse effects are likely to restrain the market growth over the forecasted period.
The global HIFU treatment market is expected to grow at a CAGR of 7.8% during the forecast period 2017-2023.
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Major Players in High intensity focused ultrasound (HIFU) therapy Market
Some of the key players in the global 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.
The global high intensity focused ultrasound (HIFU) therapy market consists of four regions including the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominates the global HIFU therapy market. North America is the largest market owing to rising prevalence of cancer cases in the American counties and well-developed technology in this region contributes majorly to the growth of this market.
Europe accounts for the second largest share of the global HIFU therapy market. In the Europe, wide demand for cancer diseases treatment methods drives the market growth. Moreover, increasing expenditure in the healthcare domain and investment in research & development in developing new treatment methods for cancer diseases will fuel to the growth of this market.
Asia Pacific is the fastest growing market in the world. India is the largest potential market due to increasing investments in healthcare services and increasing adaption of new technologies used for diagnosis and treatment methods.
The Middle East & Africa is expected to witness a steady growth due to rising demand for primary healthcare services such as new and advanced treatment methods in healthcare domain.
The global high intensity focused ultrasound (HIFU) therapy market has been 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 has been segmented into prostate cancer, uterine fibroids, neurological disorders, cosmetic medicine, and others. On the basis of end users, the market has been segmented into diagnostic centers, hospitals, research centers, and others.