by High Intensity Focused Ultrasound (HIFU) utilizes high-energy sound waves to accurately target and destroy diseased or damaged tissues by generating heat through absorption of acoustic energy. It is a non-invasive treatment option for various medical conditions such as prostate cancer, uterine fibroids, neurological disorders and ophthalmological diseases. HIFU procedures offer several advantages over conventional surgery including minimal cutting, bleeding or scarring, reduced hospital stay and recovery time. With rising health awareness and preference for minimally invasive therapies, HIFU has emerged as an effective modality for painless treatment of various medical conditions without compromising efficiency.
The global High Intensity Focused Ultrasound Market is estimated to be valued at US$ 129.84 million in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global High Intensity Focused Ultrasound Market Size is growing number of clinical applications. Traditionally used for treatment of cancers like prostate and pancreatic cancer, HIFU is now being explored for various new applications such as treatment of tinnitus, coagulation of bleeding vessels including hemangiomas, chronic neuropathic pain and neurological disorders. Ongoing research studies are evaluating feasibility and effectiveness of HIFU for bone cementing, tumor ablation and gene therapy. Market players are also focused on developing new HIFU devices with advanced features for improved functionality and safety. This growing scope of clinical usage along with ongoing innovation is expected to drive the demand for HIFU devices over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement would allow new players to enter this market easily. However, established players have strong brand recognition and distribution networks that pose significant barriers.
Bargaining power of buyers: Large healthcare facilities and hospitals have more bargaining power due to bulk purchasing. However, need for specialized equipment limits impact on prices.
Bargaining power of suppliers: Key components such as transducers, generators, and imaging systems come from few specialized suppliers giving them strong influence over prices.
Threat of new substitutes: Non-invasive procedures pose competition but limited ability of alternatives to target regions deeply makes HIFU highly preferable.
Competitive rivalry: Major players compete on technological advancements, broader application areas and geographic expansion. Pricing pressures exist due to growing number of local manufacturers.
Key Takeaways
The global High Intensity Focused Ultrasound market is expected to witness high growth. The global High Intensity Focused Ultrasound Market is estimated to be valued at US$ 129.84 million in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
North America is currently the largest market for HIFU systems owing to rapid adoption of advanced therapies and supportive reimbursement policies. The widespread focus on non-invasive procedures and the increasing incidence of cancer is expected to drive the regional growth during the forecast period. The Asia Pacific region is anticipated to witness the highest growth during the forecast years owing to rapidly increasing healthcare infrastructure, growing medical tourism industry and rising healthcare expenditure. Growing incidence of prostate cancer and uteral fibroids in countries like China and India will further aid regional market growth.
Key players operating in the High Intensity Focused Ultrasound market are Ellex Medical Lasers Ltd, Iridex Corporation, Alcon, Carl Zeiss Meditec AG, Lumenis Ltd., Topcon Medical Laser System, Nidek Co. Inc., Ziemer Ophthalmic Systems AG, Heine Optotechnik GmbH, and Keeler Ltd. Ellex Medical Lasers Ltd dominates the market and is expected expand its geographic presence in Asian and Latin American countries. The key players are focusing on new product launches and geographical expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
