Preliminary research of Fairfield Market Research indicates a promising growth outlook for global echotherapy market during the course of next few years.
Rising Cancer Prevalence, and Increasing Consumer Inclination Toward Minimally Invasive Procedures Collectively Push Echotherapy Market Prospects
Increasing incidence of cancer worldwide, rising public-private investment levels, and expanding desire for minimally invasive treatment methods are the main factors driving the global echotherapy market. Additionally, the surgical treatments performed with the help of these technologies are frequently less intrusive, expensive, and uncomfortable. With the increased desire for minimally invasive therapy and advancing technology, the demand for echotherapy is projected to increase. The expanding uses of medical technology for treating uterine fibroids, neurological problems, and other conditions have fueled the expansion of the worldwide echotherapy market. Additionally, the sector for echotherapy is developing due to the rising prevalence of diseases such as pancreatic cancer, primary and secondary liver cancer, prostate cancer, bladder cancer, and kidney cancer. In the United States in 2021, an estimated 1.9 million new cancer cases and 608,570 cancer deaths were diagnosed. The expansion of the echotherapy market has been driven by the development of medical technology and its applications in treating neurological illnesses, uterine fibroids, and other ailments. The market for echotherapy is anticipated to gain over the anticipated time period from increased innovation in high-end technology and other therapies, including robotic surgery, drug/gene delivery, and molecular imaging.
With numerous small and large-scale companies globally, the global echotherapy industry is extremely competitive and looks overly fragmented. More established players in global echotherapy market are using a variety of business tactics, such as product launches, FDA approval, expansion, partnerships, and acquisitions, to outperform their rivals and maintain their market share. Multinational corporations are purchasing small businesses to extend their markets and take most of the share in ecotherapy market due to the fierce rivalry in the echotherapy sector. Urology Associates, P.C. (the US), one of the preeminent private urology institutions in the US, and HIFU Prostate Services, LLC (the US), a major distributor of echotherapy equipment to physicians around the US, announced their alliance in February 2019. Thanks to the partnership, the business can promote its current echotherapy program and aid those thinking about echotherapy as a prostate cancer treatment.
Echotherapy Market: COVID-19 Impact
Every sector has had setbacks during the epidemic. This is because several precautionary lockdowns and other worldwide limitations implemented by governing bodies have significantly disrupted each company's manufacturing and supply chain operations. The global market for echotherapy is not an exception. Additionally, consumer demand has decreased as a result of people focusing more on cutting down on unnecessary expenses from their budgets due to the epidemic's negative effects on the general economic situation of most people. Throughout the forecast period, these variables are anticipated to have an impact on the global echotherapy market's revenue growth trajectory. However, when regional regulatory bodies relax these imposed restrictions, the worldwide echotherapy market will likely rebound.
Increasing Cancer Prevalence to Accelerate Echotherapy Market Growth
Cancer incidence has climbed globally, overtaking cardiovascular diseases as the second greatest cause of death. This phenomenon is caused by environmental variables such as cigarette use, altered dietary habits, urbanization, and prolonged post-reproductive lifetime. For example, the World Health Organization (WHO) foretells that, from 18.1 million cases in 2018, there would be 29.4 million new cancer cases globally by 2040. Therefore, it is anticipated that the rising incidence of cancer will increase the demand for oncology cancer medications globally throughout the projection period. Furthermore, it is projected that the global industry will benefit from the population's growing awareness of cancer in the next years.
Growing Neurological Diseases Coupled with Rising Geriatric Population to Drive Echotherapy Market Growth
The frequency and incidence of neurological illnesses, including multiple sclerosis, Alzheimer's, and Parkinson's are rapidly rising globally. This rise is predicted to greatly affect the market's growth in the following years. On the other side, nations with an increasing senior population are also seeing an increase in the prevalence of Alzheimer's disease. For instance, according to the Alzheimer's Association, there are already more than five million Alzheimer's patients globally, and by the year 2050, that number is projected to rise to fourteen million. Additionally, according to the group, the US government would spend more than US$305 Bn on Alzheimer's treatment and care in 2020.
Unwanted Anxiety Triggered due to Incorrect Echo to Hamper Echotherapy Market Growth
While echo can sometimes alleviate anxiety issues, it can also exacerbate or induce anxiety in certain people. The improper echo can exacerbate anxiety and induce distress in Alzheimer's patients. The echo intensity may significantly impact the therapist's patient's mental state. Some echo intensity may express a pessimistic viewpoint, which ultimately heightens one's melancholy. This is particularly challenging for those who are depressed, which will impede the growth of echotherapy market throughout the anticipated period.
Prostate Cancer Likely to Remain Dominant in Echotherapy Market
The dominant factors boosting the growth of the sector are the aging population, increased prostate cancer prevalence, the surge in generic products, increased public awareness osf prostate cancer treatment options, increased R&D investment by pharmaceutical companies, robust emerging pipeline drugs, and accessibility of new prostate cancer treatments prostate cancer segment's growth. Additionally, during the projected period, the unrealized potential of developing economies presents lucrative opportunities for the growth of ecotherapy market. The prostate cancer segment will rise due to expanding government funding and rising awareness-raising efforts by both public and private organizations. Prostate cancer echotherapy will increase at a faster rate due to the development of potent pipeline therapy and the availability of new prostate cancer treatments.
Hospitals Continue to Generate the Maximum Demand in Echotherapy Market
In the forecast period, the hospital end-use market dominated the entire. Some elements promoting the segment's growth include increased demand for high-tech therapy modalities and incorporating surgical suits with therapy equipment. Teaching hospitals in several affluent nations have seen a dramatic demand for various treatment modalities compared to general or specialty hospitals. But the number of new hospitals in developing nations in Asia Pacific has sharply increased. This is a result of international healthcare service providers entering the market. Private players rule the healthcare industry in these nations.
North America Reigns Supreme in Echotherapy Market Banking on Technologically Advanced Healthcare Infrastructure
The North American healthcare system is renowned for its sophisticated infrastructure and high spending. Various regulatory laws and insurance policies have been established to regulate the country's healthcare system. Additionally, to lessen their load on healthcare, American regulatory authorities are implementing several affordable methods. Governments, providers, biotechnology firms, and insurance payers have all implemented various policies that have significantly increased the volume of the shift to a value-based system. The expansion of the echotherapy market is driven by the increasing incidence of several cancer types, including pancreatic cancer, primary and secondary liver cancer, prostate cancer, bladder cancer, and kidney cancer. As of 2021, roughly 268,490 brand-new prostate cancer cases were found in the US. The development of the echotherapy market has been propelled by the advancement of medical technology and its applications in treating neurological disorders, uterine fibroids, and other conditions. The market is growing due to rising regulatory support for echotherapy and increased awareness of early disease detection and treatment benefits.
It is anticipated that the Asia Pacific echotherapy market will grow significantly in the near future due to an increase in the elderly population, a favorable regulatory environment for echotherapy, and the rising incidence of chronic illnesses like cancer among people. Additionally, the region's echotherapy market is anticipated to develop as vendors increasingly concentrate on emerging markets like China and India. Thanks to China and India, market participants should have access to substantial growth possibilities during the projection period. Furthermore, the rise of echotherapy is projected to be boosted by increased R&D spending, an increase in disease diagnosis knowledge, and the growing presence of key competitors in the area.
Global Echotherapy Market: Competitive Landscape
In January 2022, THERACLION, a forward-thinking startup developing a scalable robotic platform for non-invasive echotherapy, announced its new expansion strategy today. Major milestones have been met, paving the way for the launch of SONOVEIN® next generation. Theraclion made significant investments in the technological development of SONOVEIN® to facilitate the first phase of an Artificial Intelligence (AI) pivot. The SONOVEIN® 2022 will enable the collection of technical and operational data to create deep-learning image processing models. In December 2021, Insightec, a global healthcare company leveraging the therapeutic power of acoustic energy to create the next generation of patient care, announced today that the Exablate Prostate device had acquired FDA 510K clearance for treating prostate tissue with high-intensity Focused Ultrasound. The exablate prostate technology employs sound waves to ablate or kill targeted prostate tissue. The therapy is carried out under the guidance of Magnetic Resonance Imaging (MRI), enabling high-resolution visualization of the patient's anatomy for precise targeting and real-time temperature monitoring.
A few of the players in the echotherapy market include Image-Guided Therapy, EDAP TMS, Theraclion, SonaCare Medical, LLC, Chongqing Haifu Medical Technology Co. Ltd, Shanghai A&S Co. LTD, Koninklijke Philips N.V., FUS Instruments, Insightec, and Alpinion Medical Systems.
Global Echotherapy Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Echotherapy Market
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