209 Users Online
Echotherapy Market Segmented By Applications such as Neurological Disorders, Prostate Cancer, Uterine Fibroids
Echotherapy is a new considerate treatment for non-cancerous thyroid nodules, varicose veins, and fibroadenoma of the breast. Echotherapy works with the therapeutic ultrasound, also known as high-intensity focused ultrasound (HIFU). Echotherapy is completely non-invasive and doesn’t leave any scars, compared to other treatment methods such as radiofrequency ablation or laser treatment or surgery.
Echotherapy for varicose veins is the most recent medical advancement in expert options. It is the only method which is 100% non-invasive and not performed in an operation theatre. It is the only technique which treats from outside the body and therefore leaves no scar and allows the patient to resume normal activity immediately. Therapeutic ultrasound waves is used in echotherapy like the ones used during an ultrasound exam.
Nowadays, prostate cancer are mostly treated by echotherapy using high frequency ultrasound energy. Echotherapy is widely used in the field of interventional oncology owing to its favorable treatment margins, non-invasiveness, and low complication rates. Echotherapy offers several benefits over traditional ultrasound systems such as less bleeding and low procedural time.
Furthermore, the surgical procedures using these devices are typically minimally invasive, cost effective, and less painful. The demand for echotherapy is likely to grow with the increasing demand for minimally invasive therapy and rising technological advancements.
The global echotherapy market is primarily driven by the rising prevalence of cancer across the globe, increasing public-private investments, and growing demand for minimally invasive treatment procedures. Furthermore, the growing advancements in medical technology and its wide-range applications used in the treatment of neurological disorders, and uterine fibroids have propelled the growth of the global echotherapy market.
Emerging applications such as neurosurgery, urinary disease imaging, gynecology & obstetrics, and removal or reduction of excess subcutaneous fatty tissue from the body using high-frequency sound waves would further propel the growth of the global echotherapy market during the forecast period.
However, unfavorable reimbursement scenario, stringent regulations for the approval of new technologies, and rising price pressure are the key factors restraining the growth of echotherapy market. Furthermore, lack of professionals to handle advanced technologies in some regions especially, in developing countries are also likely to hamper the growth of the global echotherapy market.
Based on application, the global echotherapy market has been segmented as
Based on end user, the global echotherapy market has been segmented as
Based on region, the global echotherapy market has been segmented as
Key manufacturers such as
are actively involved in offering echotherapy.
The global echotherapy market is highly competitive, and appears too fragmented featured by the presence of several small and large-scale players worldwide. The matured players in the market are adopting various business strategies such as acquisition, collaboration, partnership, expansion, product launch and FDA approval to gain an edge over their competitors and thus to sustain their position in the market.
For instance, in February 2019, HIFU Prostate Services, LLC (the US), a key provider of echotherapy technology to physicians across the U.S. announced that it has entered into a partnership with Urology Associates, P.C. (the US), one of the dominant private urology centers in the US.
Through the partnership, the company will be able to promote their current echotherapy program and provide support for patients seeking echotherapy as a treatment for prostate cancer.
In, June 2017, THERACLION, a leading medical equipment provider for echotherapy, announced that its long-term partner, University of Virginia (UVA), received authorization from the U.S. Food and Drug Administration (FDA) to proceed with a new clinical study to evaluate the potential of treatment combining pembrolizumab, a modern immunotherapy drug targeting PD-1 checkpoint Inhibitor with echotherapy.
The global chotherapy market structure is changing due to the increasing partnership and collaboration between technology providers and private practice centers. Due to the increasing competition in the echotherapy market, multinational companies are acquiring small organizations to expand their market and gain the major share in the market.
The healthcare system of the U.S. is well known for its advanced infrastructure and expenditure. Various regulatory rules and insurance policies are adopted to control the care regime of the country. In addition, regulatory bodies of the United States are adopting several cost-effective measures to reduce their burden on healthcare.
The volume to a value-based system shift is majorly driven by the various policies undertaken by governments, providers, biotechnology companies, and insurance payers.
The rising prevalence of various types of cancers like pancreatic cancer, primary and secondary liver cancer, prostate cancer, bladder cancer, and kidney cancer are driving the echotherapy market growth. The rising innovation in advanced technology and other therapeutic such as robotic surgery, drug/gene delivery, and molecular imaging will further boost the echotherapy market during the forecast period.
According to the American Cancer Society, United States had around 161,360 new cases of prostate cancer were recorded in 2016. The growing medical technology and its applications used in the treatment of the neurological disorder, uterine fibroids and others, has fueled the echotherapy market growth.
The increase in awareness for early disease diagnosis and treatment and favorable regulatory scenario towards echotherapy is boosting the market growth.
Germany is well known for its healthcare system that is largely funded by the government. It is one of the most successful healthcare systems in the world. It is not surprising that Germany has the highest level of spending in Europe.
The country is the highest revenue generating country in the Europe echotherapy market, owing to the improved healthcare infrastructure and increasing healthcare expenditure. Furthermore, the rising geriatric population and prevalence of various chronic disorders, and growing adoption of echotherapy for the treatment of cancers are expected to further drive the growth of the echotherapy market of the country.
The Asia-Pacific echotherapy market is anticipated to grow significantly in the near future, due to the various factors such as growing prevalence of chronic diseases such as cancer among the population, favorable regulatory scenario associated to echotherapy, and rising geriatric population.
Furthermore, the rising focus of vendors on the arising markets, such as China and India, is expected to boost the echotherapy market growth in the region. China and India are anticipated to provide lucrative growth opportunities to the market players during the forecast period.
In addition, increase in R&D investment and surge in disease diagnosis awareness, and rising presence of major players in the region is likely to boost the echotherapy growth.
For instance, in April 2018, THERACLION, a leading provider of cutting-edge equipment for echotherapy, announced the acceleration of its development in Asia. The Queen Mary Hospital, University of Hong Kong, with over 160 treatments performed in 2017, has strengthened its position as Theraclion’s reference center in Asia.
The high cost of developing innovative technologies and stringent regulatory approval process are expected to hinder the market growth. Furthermore, lack of medical professionals to handle the advanced technology and awareness about the disease diagnosis and treatment are also likely to hamper the growth of echotherapy market in the Middle East and Africa region. Middle East and Africa is likely to show a slowest growth in the global echotherapy market.
The COVID-19 pandemic has caused a havoc in the entire world. The healthcare crisis has brought an exceptional impact on businesses across all the industries. During the outbreak, healthcare industries are hugely impacted due to the global restrictions. The industries and economies were distressed with the mass spread of the infection, resulting in recession due to the closing down of the offices, factories and market.
s a result, the demand and supplies of echotherapy products were halted, leading to a great loss to the growth of the echotherapy. Furthermore, the flow of patients in the hospitals and clinics has also declined, causing a decrease in the rate of treatments.
The global focus of R&D was shifted onto the development of the COVID-19 vaccine, as a result, the majority of the research investments and funds were utilized for the COVID-19 vaccine development only. However, the echotherapy demand is likely to recover from the current steep in the growth trend, with the reopening of the economies and market.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.