Echotherapy Market size is expected to reach USD 3 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of echotherapy was USD 1 Billion. Worldwide, the prevalence of cancer has increased, surpassing cardiovascular illnesses as the second leading cause of death. For instance, it was predicted that 18.1 million instances of cancer would occur globally in 2020. Of these cases, 9.3 million were attributed to men and 8.8 million to women. This phenomenon is caused by environmental variables such as prolonged post-reproductive lifespan, altered food habits, urbanization, and cigarette smoking. As a result, it is anticipated that the rising prevalence of cancer will lead to a global increase in oncology cancer medications. Furthermore, it is expected that in the upcoming years, the global industry would benefit from the growing public awareness of cancer.
Furthermore, expert choices for treating varicose veins have advanced with the use of echotherapy. It is the only technique that doesn't require an operating room and is completely non-invasive. Being the only method that treats from the outside of the body, it leaves no scars and enables the patient to return to their regular activities immediately. Echotherapy uses therapeutic ultrasound waves, which are the same as those used in an ultrasound examination.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 7% |
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Base Year Market Size (2023) |
~ USD 1 Billion |
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Forecast Year Market Size (2036) |
~ USD 3 Billion |
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Regional Scope |
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Application (Prostate Cancer, Neurological Disorders, Uterine Fibroids)
Prostate Cancer segment of echotherapy market is expected to hold the largest share of 48% during the forecast period. The aging population, rising incidence of prostate cancer, the rise in generic products, rising public awareness of prostate cancer treatment options, higher R&D spending by pharmaceutical companies, strong emerging pipeline drugs, and the availability of new treatments for prostate cancer are the main factors driving the sector's growth. For instance, the second most frequent cancer in men and the fourth most common cancer overall is prostate cancer. In 2020, there were about 1.4 million new instances of prostate cancer. Furthermore, the untapped potential of developing economies offers profitable prospects for the expansion of the ecotherapy market over the forecast period. The prostate cancer market will grow as a result of increased government financing and increased efforts by public and private groups to raise awareness. The development of potent pipeline therapy and the availability of novel prostate cancer medicines will lead to a faster rate of increase in prostate cancer echotherapy.
End-use (Hospitals, Diagnostic Centers, Research Institutions)
Hospitals segment for echotherapy market is expected to hold a share of 44% during the projected period. A few factors driving the expansion of this market are the rising need for advanced therapeutic modalities and the integration of therapy equipment into surgical suites. When compared to general or specialty hospitals, teaching hospitals in a number of wealthy countries have witnessed a sharp increase in demand for different therapeutic techniques. However, there is a noticeable rise in the quantity of new hospitals in Asia Pacific's developing countries. The entry of foreign healthcare service providers into the market is the cause of this. In these countries, the healthcare sector is dominated by private entities.
Our in-depth analysis of the global echotherapy market includes the following segments
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Application |
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End-use |
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North American Market Forecast
North American echotherapy market is expected to hold a share of 35% during the forecast period. The North American healthcare system is renowned for its highly developed infrastructure and expenditures. For instance, the amount spent on health care in the United States increased by 4.1% in 2022 to USD 4.5 trillion, or USD 13,493 per person. Further, a number of insurance plans and regulatory laws are implemented to manage the nation's healthcare system. Furthermore, American regulatory agencies are implementing a number of economic strategies to lessen their financial impact on the healthcare industry. A value-based system shift is primarily driven by the different policies that insurance payers, governments, providers, and biotechnology corporations have implemented.
APAC Market Statistics
The echotherapy market in Asia-Pacific is expected to expand rapidly shortly with a share of 28% by the end of 2036. The market is expanding due to a number of factors, including the growth in the elderly population, favorable regulatory environments, and the increased prevalence of chronic diseases like cancer in the region. Additionally, it is anticipated that the growing emphasis of suppliers on developing countries like China and India will accelerate the expansion of the echotherapy market in the area. During the projection period, market participants are expected to have access to profitable growth possibilities from China and India. Additionally, the expansion of echotherapy is anticipated to be aided by increased R&D spending, a rise in the knowledge of disease diagnosis, and the growing presence of key businesses in the region.
Author Credits: Radhika Gupta, Shivam Bhutani
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