by The global 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 medical therapeutic procedure that uses highly focused ultrasonic beams to heat and destroy diseased or damaged tissues deep in the body without damaging nearby healthy tissues. HIFU can be used to treat both benign and malignant tumors such as uterine fibroids, prostate cancer, breast cancer etc. It offers advantages such as being non-invasive, painless, and can be performed on an outpatient basis with minimal downtime and risks of infection or scarring associated with surgery. HIFU destroys cancerous or tumor tissues through localized generation of heat and coagulative necrosis of targeted tissues. The increasing adoption of minimally invasive procedures and technological advancements is driving the growth of the HIFU market.
Market key trends:
One of the key trends in the HIFU market is the increasing adoption of HIFU therapies for treating cancers and tumors. According to studies, HIFU can effectively treat various types of solid cancers without side effects of chemotherapy or radiation therapy. Major players are focusing on developing HIFU devices for treating liver cancer, pancreatic cancer, kidney cancer etc. which is expected to boost the market growth. Additionally, advancing HIFU technologies with image guidance and real-time monitoring is also a major trend. Integration of HIFU with magnetic resonance imaging (MR-HIFU) provides precision and monitoring of lesions during treatment which is an important development.
Porter’s Analysis
Threat of new entrants: The high initial cost required to develop and manufacture HIFU devices poses a moderate threat to new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative treatments and technologies for medical conditions addressed by HIFU. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative component suppliers. Threat of new substitutes: The threat of new substitutes is low as HIFU holds advantages over other therapies in being non-invasive and requiring no incisions. Competitive rivalry: Competition in the market is high among the existing players.
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 applications of HIFU in non-invasive treatment of solid cancers and other medical conditions.
North America dominated the global HIFU market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to rising HIFU adoption, availability of reimbursement and advanced healthcare infrastructure in the region.
Asia Pacific is expected to be the fastest growing market during the forecast period. Increasing awareness about non-invasive treatments and healthcare expenditure are some factors expected to support the regional market growth.
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. The market is consolidated in nature with these players accounting for major share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
