Growth Strategies Adopted by Key Players in the Global Lymphedema Diagnostics Market

[gajanan s]

The growing global prevalence of lymphedema and cancer; technological advancements in diagnostic imaging modalities; and increasing investments, funds, and grants by public-private organizations are the major factors driving the growth of this market. However, the high cost of diagnostic imaging systems, the short half-life of radio-pharmaceuticals, the limited supply of helium, and the increasing adoption of refurbished diagnostic imaging systems are expected to restrain the growth of this market.

According to the new market research report “Lymphedema Diagnostics Market by Technology (Lymphoscintigraphy, MRI, Near IR Fluorescence Imaging, Ultrasound), Disease Type (Cancer, Inflammatory Diseases, Cardiovascular, Filariasis), End User (Hospitals, Diagnostic Centers) – Global Forecasts to 2024″ published by MarketsandMarkets™, is projected to reach USD 35 million by 2024 from USD 24 million in 2019, at a CAGR of 7.4%.

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Geographically; the lymphedema diagnostics therapy market is segmented into four regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. The large share of North America can be attributed to factors such as the easy availability and rapid adoption of technologically advanced imaging systems; high incidence/prevalence of lymphedema; and the strong, well-established healthcare systems. The market in the Asia Pacific is expected to grow at the highest rate, followed by Europe.

The major players operating in the lymphedema diagnostics market are GE Healthcare (US), Philips (Netherlands), and Siemens Healthineers (Germany). Other prominent players in this market include Canon, Inc. (Japan), Shimadzu Corporation (Japan), Stryker Corporation (US), Fluoptics (France), United Imaging Healthcare Co., Ltd. (China), Hitachi, Ltd. (Japan), Esaote, SpA (Italy), Neusoft Corporation (China), Mindray Medical International, Ltd. (China), Mitaka USA, Inc. (US), Curadel, LLC (US), and ImpediMed Ltd. (Australia).

GE Healthcare (US) is one of the leading players in the global market. To sustain its leadership position and ensure future growth, the company focuses on product launches and agreements, partnerships, and collaborations as its key business growth strategies. The company also focuses on geographic expansions and the development of low-cost equipment, specifically for developing nations. With a wide product portfolio and strong geographic presence, the company is expected to witness significant growth in the market in the coming years.

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Market Segmentation in Detailed:

The lymphoscintigraphy segment accounted for the largest share of the lymphedema diagnostics market in 2018.

Based on technology, segmented into lymphoscintigraphy, magnetic resonance imaging (MRI), ultrasound imaging, computed tomography (CT), X-ray lymphography, bioimpedance analysis, and near-infrared fluorescence imaging. In 2018, the lymphoscintigraphy segment accounted for the largest share of the lymphedema diagnostics market. The noninvasive nature and easy reproducibility of this technology, and the fact that lymphoscintigraphy does not adversely affect the lymphatic vascular endothelium are some of the key advantages supporting the adoption of this technology.

The cancer segment accounted for the largest share of the lymphedema diagnostics market in 2018.

On the basis of disease type, segmented into cancer, inflammatory diseases, cardiovascular disease, and other diseases (congenital abnormalities, trauma-related conditions, infections, and filariasis). The cancer segment accounted for the largest share of the lymphedema diagnostics therapy market in 2018. The large share of this segment can be attributed to the rising prevalence of cancer-associated lymphedema and increasing awareness about early disease diagnosis.