Burlingame, March 09, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Global High-Intensity Focused Ultrasound (HIFU) Market is estimated to be valued at US$ 112.7 million in 2023 and is expected to exhibit a CAGR of 7.16% during the forecast period (2023-2030).
Analysts’ Views on Global High Intensity Focused Ultrasound (HIFU) Market:
High- intensity focused ultrasound (HIFU) market's growth can be driven by the rising cases of liver cancer and colorectal cancer worldwide, as HIFU therapy is used in the treatment of cancer. For instance, according to World Cancer Research Fund International there were 1,931,590 new cases for colorectal cancer and 905,677 new cases for liver cancer respectively in the year 2020, worldwide.
Key Trends and Analysis of the Global High Intensity Focused Ultrasound (HIFU) Market:
Increasing growth strategies such as facility expansion by key players in the market is expected to drive the market growth over the forecast period. For instance, in August 2021, Sonic Concepts, Inc., a company focused on designing and development of innovative therapeutic and focused ultrasound solutions, announced that its office will relocate to new facility in Bothell, Washington. This new facility will focus on manufacturing of transducers and turnkey focused ultrasound systems.
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Global High Intensity Focused Ultrasound (HIFU) Market- Drivers
Increasing number of government initiatives for the management of prostate cancer
Increasing number of government initiatives for the management of prostate cancer is expected to drive market growth over the forecast period. For instance, in July 2022, EDAP TMS SA, a global company developing robotic energy-based therapies, announced that the U.S. Centers for Medicare and Medicaid Services (CMS) have released their proposed outpatient prospective payment system (OPPS) reimbursement rule for calendar year 2023, for EDAP TMS SA’s Focal One HIFU System. This new regulation would raise the reimbursement level for hospitals performing Focal One HIFU prostate ablations on an outpatient basis from APC (Ambulatory Payment Classifications) level 5 to APC level 6 for reimbursement purposes.
Increasing prevalence of neurological disorders
Increasing prevalence of neurological disorders is expected to drive the market growth over forecast period, as HIFU therapy is used in the management of neurological disorders. For instance, in 2021, according to Pan American Health Organization, in 2019, 533,172 people died worldwide because of neurological disorders such as multiple sclerosis, and Alzheimer’s disease, among others.
High Intensity Focused Ultrasound (HIFU) Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 112.7 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 7.16% | 2030 Value Projection: | US$ 182.9 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | 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. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global High Intensity Focused Ultrasound (HIFU) Market- Restraint
Side effects associated with HIFU therapy
The high intensity focused ultrasound (HIFU) market's growth can be hindered by the side effects associated with the use of high intensity focused ultrasound (HIFU). The most common side effects include urinary problems and erectile dysfunction. Other short term side effects associated with HIFU include:
• Blood or tissue in Urine
• Erection Problems
• Urine Infections
• Urinary Problems
• Testicle Infections
• Fatigue
Global High-Intensity Focused Ultrasound (HIFU) Market- Opportunity
Increasing number of product approvals
Increasing number of product approvals by regulatory authorities is expected to boost the market growth over forecast period. For instance, in June 2021, U.S. FDA approved Sonalleve MR-HIFU system manufactured by Profound Medical Inc., a Canada-based medical technology company, for the treatment of osteoid osteoma.
Global High Intensity Focused Ultrasound (HIFU) Market Cross Sectional Analysis:
Among imaging technology, magnetic resonance imaging- HIFU therapy segment is dominant in U.S. region due to increasing research and development activities related to magnetic resonance imaging-HIFU therapy for the treatment of various disorders. For instance, in December 2020, Children's National Research Institute, a research institute based in Washington, U.S., initiated a study determine treatment safety and efficacy of MR-HIFU ablation of painful Osteoid Osteoma (OO) in children and young adults. The study is in phase 2 of clinical trials and is expected to get completed by June 2023.
Global High Intensity Focused Ultrasound (HIFU) Market Segmentation:
The Global High Intensity Focused Ultrasound (HIFU) Market report is segmented into Product Type, Technology, Application, End User and Region
Based on Imaging Technology, the market is segmented into Ultrasound- HIFU Therapy, Magnetic Resonance Imaging- HIFU Therapy. Out of which, Magnetic Resonance Imaging- HIFU Therapy segment is expected to dominate in the high intensity focused ultrasound (HIFU) market during the forecast period and this is due to the increase in the product approvals by regulatory authorities.
Based on Indication, (Prostate cancer, Rectal tumors, Liver tumors, Renal tumors, others), skin care (Anti-aging treatment, Skin Laxity and Tightening, Others), neurological disorders, and others (Uterine Fibroids, Benign Prostatic Hyperplasia, etc.) Out of which, oncology segment is expected to dominate in the market over the forecast period and this is a due to increase in the use of HIFU and research and development activities regarding HIFU for the treatment of various cancer types
Based on End User, the high intensity focused ultrasound (HIFU) market is segmented into Hospitals, Ambulatory Surgical Centers, Dermatology Clinics and Others. Of which, Hospitals segment is expected to dominant in the market over the forecast period and this is due to the increase use of HIFU therapy for treatment of various conditions such as Anti-aging treatment in the hospitals
Among all segmentation, End User segment has the highest potential due to increasing installation of HIFU systems in the hospitals. For instance, in October 2022, TOOsonix A/S, a company in high intensity focused ultrasound (HIFU) technology for dermatology announced the installation of company’s ONE-M HIFU system in private clinic of dermatology Hautärtzte am Mark which is based in the Germany for the skin treatments such as removal of Fine-line wrinkles, Telangiectasia (spider veins), tattoo removal among others
Global High Intensity Focused Ultrasound (HIFU) Market: Key Developments
In October 2021, Sonablate Corp., a company developing high intensity focused ultrasound (HIFU) technologies, announced the completion of combined seed investment and committed sales distribution agreement totaling over US$ 70 million with SCI, a Canadian investment company to accelerate global HIFU development.
Increasing inorganic strategies such as partnerships by the key players in the market, is expected to drive the market growth over the forecast period. For instance, in September 2022, Theraclion, a France- based medical device company, announced partnership with Victor Dupouy Hospital Centre in Argenteuil for echo therapy for varicose veins. The hospital center has invested in the SONOVEIN, for the non-invasive treatment of varicose veins. SONOVEIN is based on HIFU technology which is used to treat varicose veins.
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Key Market Takeaways:
The global high intensity focused ultrasound (HIFU) market is expected to exhibit a CAGR of 7.16% during the forecast period, due to increasing government initiatives for the HIFU Procedure. For instance, in November 2022, Sonablate Corp., a company developing invasive focused ultrasound technologies, announced a significant increase in the Sonablate HIFU procedure reimbursement rate for hospital outpatient facilities for the Centers for Medicare & Medicaid Services (CMS)
Among indication, oncology segment is dominant due to increasing research and development activities by the research organizations for treatment of cancer, is expected to drive the segment growth over the forecast period. For instance, Hospices Civils de Lyon, a Hospital in France, initiated a study for efficacy evaluation of focused HIFU (High Intensity Focused Ultrasound) therapy in patients with localized intermediate risk prostate cancer. The study is in phase 2 of clinical trials and is expected to complete in September 2025.
On the basis of imaging technology, Magnetic Resonance Imaging- HIFU Therapy segment is expected to hold a dominant position over the forecast period, owing to increasing adoption of organic growth strategies such as product launches by key players in the market to expand their product portfolio. In June 2022, Promaxo, a medical imaging, robotics, and AI (Artificial Intelligence) technology company, announced sale of its in-office MRI system to the East Valley Urology Center based in Mesa, Scottsdale, and Phoenix, Arizona, metropolitan. Promaxo's MRI has AI-based imaging system and has U.S. FDA-approval for in-office use.
Competitive Landscape:
Key players operating in the Global High Intensity Focused Ultrasound (HIFU) Market include 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, Promedica Bioelectronics s.r.l.
Market Segmentation:
- Global High Intensity Focused Ultrasound (HIFU) Market, By Imaging Technology:
- Ultrasound- HIFU Therapy
- Magnetic Resonance Imaging- HIFU Therapy
- Global High Intensity Focused Ultrasound (HIFU) Market, By Indication:
- Oncology
- Prostate cancer
- Rectal tumors
- Liver tumors
- Renal tumors
- Others (Breast Cancer, Vaginal Cancer, etc.)
- Skin Care
- Anti-aging treatment
- Skin Laxity and Tightening
- Others (Jawline Enhancement, Eyelids or Eyebrows lifting, etc.)
- Neurological Disorders
- Others (Uterine Fibroids, Benign Prostatic Hyperplasia, etc.)
- Oncology
- Global High Intensity Focused Ultrasound (HIFU) Market, By End User:
- Hospitals
- Ambulatory Surgical Centers
- Dermatology Clinics
- Others (Research Institutes, specialty Centers, etc.)
- Global High Intensity Focused Ultrasound (HIFU) Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Middle East
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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