High Intensity Focused Ultrasound (HIFU) Market is Estimated To Witness High Growth Owing To Increased Demand for Non-Invasive Procedures
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) is a non-invasive therapeutic procedure that uses focused ultrasound energy to heat and destroy diseased tissue through ablation. It provides an alternative treatment for tumors without radiation or invasive surgery. HIFU is used to treat conditions such as uterine fibroids, prostate cancer, breast cancer and bone metastases. It works by concentrating ultrasound waves through a transducer to generate heat that destroys diseased cells, while leaving surrounding healthy tissue intact. The procedure is minimally invasive, leaves no external scars and has minimal risk of infection compared to surgery.
Market key trends:
One of the major trends in the HIFU market is the increased demand for non-invasive surgical procedures. Minimally invasive procedures like HIFU offer advantages like reduced trauma, faster recovery times, minimal pain and scarring. With rising health awareness, patients prefer non-invasive options for medical conditions that do not require open/invasive surgeries. This has driven the adoption of HIFU treatment for conditions such as prostate cancer, uterine fibroids and bone metastases. In addition, growing geriatric population prone to age-related diseases like prostate cancer also contributes to market growth. Technological advancements integrating HIFU with diagnostic imaging like MRI and ultrasound has made treatment more precise and effective. This increased accuracy and safety profile is further boosting the HIFU market.
Porter’s Analysis
Threat of new entrants: New entrants face high initial capital requirements for R&D which pose high entry barrier.
Bargaining power of buyers: Buyers have high bargaining power as there are many established players offering substitutable products.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are many component suppliers and raw material suppliers.
Threat of new substitutes: Technological advancements constantly introduce new minimally invasive techniques posing threat of new substitutes.
Competitive rivalry: Fierce rivalry exists among key players to gain higher market share through product innovations and expanded regional presence.
SWOT Analysis
Strengths: Non-invasive nature, shorter recovery time, minimal pain and scarring compared to surgery.
Weaknesses: High setup and maintenance cost, lack of trained medical professionals for operation.
Opportunities: Rising geriatric population suffering from cancer and other disorders, increasing preference for minimally invasive therapies.
Threats: Stringent regulatory approvals, reimbursement issues, presence of alternative treatment options.
Key Takeaways
The Global High Intensity Focused Ultrasound (HIFU) Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing prevalence of cancer worldwide. Asia Pacific region is expected to be the fastest growing region due to growing healthcare expenditure and presence of major market players.
Regional analysis: The Asia Pacific region holds the highest market share and is expected to grow at the fastest rate during the forecast period. Growth in this region can be attributed to factors such as increasing healthcare expenditures, rising disposable incomes, growing awareness regarding innovative medical technologies. China, Japan and India are some of the lucrative markets in this region.
Key players: Key players operating in the High Intensity Focused Ultrasound (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. Major players are focusing on new product launches, partnerships and expansions to increase their market share.
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