Magnetic resonance image-guided focused ultrasound system (MRgFUS) is a therapy delivery system used for non-invasive thermal ablation surgery. It is a revolutionary technology that offers high intensity focused ultrasound guided by magnetic resonance imaging technology. This technology offers real-time monitoring, target definition, treatment planning and energy deposition for targeted tissue ablation without damaging surrounding normal tissue. The system is integrated with software that connects the imaging and the therapy system, through which the operator can generate the treatment plan. This surgery is often performed on an outpatient base without administering general anesthesia. In July 2016, the U.S. FDA approved first focused ultrasound devices i.e. ExAblate Neuro, which would be useful to treat essential tremor in patients who do not respond to medication.
The global magnetic resonance image-guided focused ultrasound system market is segmented on the basis of product type, indication, end users and region. On the basis of product type, the market is segmented into extracorporeal devices, intracavitary devices and interstitial devices. Extracorporeal devices are used for targeting organs that are readily accessible through an acoustic window on the skin such as uterine fibroids or breast; intracavitary devices are used for transrectal and transurethral treatment of prostate cancer or for intraesophageal treatment; and interstitial devices are used for treating the biliary duct and other difficult to access targets. On the basis of indication type, the global magnetic resonance image-guided focused ultrasound system market can be further segmented into breast cancer, leaver cancer, brain cancer, bone metastasis, glaucoma, uterine fibroids and others. Based on the end users, global magnetic resonance image-guided focused ultrasound system market can be further segmented into, hospitals, oncology research centers, medical institutes, specialty clinics and ambulatory surgical centers. Increasing prevalence of different cancer such as breast cancer, leaver cancer and brain tumor; growing glaucoma patient base in U.S. and growing gynecological indication drives the demand for MRgFUS. Moreover, growing preference of non-invasive surgical solutions for chronic diseases further boost the market growth.
Increasing cancer burden is one of the major health concern across the globe. According to the World Health Organization (WHO), in 2012, around 14.1 million new cases were diagnosed and more than half of them are from developing economies. In addition, 21.7 million cancer cases are expected to be diagnosed by 2030 and around 13 million deaths are expected. Similarly, more than 3 million American are currently living with glaucoma and the number is expected to increase to 80 million by 2020. This factor propels the need of technologically advanced devices to ensure better treatment in order to avoid risk associated with surgical procedures. Based on geography, the global magnetic resonance image-guided focused ultrasound system market is segmented into five key regions, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the magnetic resonance image-guided focused ultrasound system market in 2015 followed by Europe. MRgFUS are non-invasive devices which is effective in safe surgical and monitoring devices and this factor has increased the adoption of these devices among end users, which ultimately drives the growth of global MRgFUS market. Also, there is a growing trend of non-invasive surgery and out-patient base surgery, and a shift towards advanced surgical solutions, which is drives the magnetic resonance image-guided focused ultrasound system market in North America & Europe. Asia Pacific is expected to witness remarkable CAGR during forecast period, due to large population base, and high prevalence of target and lifestyle diseases. However, poor healthcare facilities in underdeveloped and emerging countries which lack appropriate healthcare infrastructure and trained staff is anticipated to affect the adoption in these countries. Moreover, high cost associated with the MRgFUS devices and surgical procedures might hinders the market growth.
Some of the major players in the global magnetic resonance image-guided focused ultrasound system market include, Insightec Ltd., Alpinion Medical Systems Co., Ltd, Profound Medical Corp., Shenzhen Huikang Medical Apparatus, Theraclion, Monteris Medical, Inc., Eye Tech Care, Philips, and Medtronic among others. The global magnetic resonance image-guided focused ultrasound system market is fragmented with presence of many local vendors which might impacts the growth opportunities for international players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.