According to a new report published by Allied Market Research, titled, "High-intensity Focused Ultrasound (HIFU) Therapy Market by Application: Global Opportunity Analysis and Industry Forecast, 2018-2025, the market was valued at $81,000 thousand in 2017, and is projected to reach $398,724 thousand by 2025, growing at a CAGR of 21.8% from 2018 to 2025. Europe is anticipated to be the highest revenue contributor throughout the forecast period.
HIFU is a minimally invasive technique used to treat diseases such as cancer with focused ultrasound waves, which destroy damaged tissues with precision and accuracy. The ultrasound waves are focused at a specific location or focal point. The targeted tissue at the focal point is destroyed, but tissue outside the focal point is unharmed.
The HIFU therapy market is anticipated to grow considerably in the near future, owing to different factors such as increase in prevalence of chronic diseases such as cancer among the population, favorable regulatory scenario with respect to HIFU therapy, and rise in elderly population globally. However, limitations associated with HIFU therapy and dearth of skilled professionals are the key factors that are expected to impede the market growth. On the contrary, the emerging markets such as India and China are anticipated to provide lucrative growth opportunities to the market players during the forecast period.
By application, prostate cancer accounted for more than one-third share of the global HIFU therapy market in 2017. Furthermore, the aesthetics segment is anticipated to grow at the highest rate of 24.7% in the forecast period.
Key Findings of the High-intensity Focused Ultrasound (HIFU) Therapy Market:
- North America occupied a nearly one-third share of the global HIFU therapy market.
- Aesthetics is anticipated to grow with the highest CAGR throughout the forecast period.
- Europe is anticipated to nearly occupy a two-seventh market share of the global HIFU therapy market by 2023.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
Europe was the leading revenue contributor to the global market in 2017, owing to high adoption rate of HIFU devices. However, Asia-Pacific is expected to grow at the highest CAGR of 23.2% from 2018 to 2025, due to increase in disposable income; surge in research, development, & innovation activities; and rise in awareness towards HIFU therapy devices.
The report provides an extensive competitive analysis and profiles of the key market players such as Chongqing Haifu Medical Technology Co., Ltd., EDAP TMS S.A., SonaCare Medical, LLC., ILJIN Holdings Co., Ltd. (ALPINION MEDICAL SYSTEMS Co., Ltd.), Image Guided Therapy S.A., INSIGHTEC Ltd., Theraclion SA, Merz Pharmaceuticals GmbH (Ulthera, Inc.), Profound Medical Corp., and Shanghai A&S Technology Development Co., Ltd. The other players in the value chain (not included in the report) include Sonic Concepts, Inc., Mianyang Sonic Electronic Ltd., and FUS Instruments.