Ultrasound is a mature and widely used medical diagnostic technique that allows examination of different parts of a human body. Ultrasound emits high-frequency sound waves directed toward human body parts. A number of conventional ultrasonic instruments, devices, and sophisticated software are commercialized and used for medical applications.
The global ultrasound devices market is anticipated to grow at a significant rate during the forecast period due to rise in incidence of target diseases, increase in global geriatric population, technological advancements, and rise in government and private body initiatives. According to World Health Organization (WHO) estimates, cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030.
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Elderly people are susceptible to various ailments such as abdominal disorders and cardiovascular diseases. Therefore, ultrasound devices are used extensively to diagnose these disorders in elderly people. The global geriatric population is expected to grow at the fastest rate in developed countries such as the U.S. and Japan. According to the World Health Organization, the global geriatric population was around 524 million in 2010. It is anticipated to reach 1.5 billion by 2050. According to the U.S. Census Bureau, around 13% of the country’s population was 65 years and above in 2009. It is estimated to grow at a rate of 20% until 2030. Excise duty imposed on ultrasound device manufacturers, changes in laws and regulations affecting the health care industry, and failure to comply with current and future environmental regulations are likely to hamper market growth. Ultrasound devices face strong competition from other techniques such as PET, SPECT, and CT. Considering the current economic scenario, demand for refurbished ultrasound devices in the region is considerably high due to cost effectiveness. Small and mid-sized health care institutions are reluctant to replace ultrasound devices due to high cost of new devices. Currently, new players in the ultrasound devices market face high entry barriers such as significant investment and regulatory approvals to promote a particular ultrasound device.
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The global ultrasound devices market has been estimated based on product type, technology used, application, and geography. Based on product type, the global market has been segmented into cart/trolley based ultrasound devices and compact ultrasound devices. The cart/trolley based ultrasound devices segment held the largest share of the market in 2014 in terms of both revenue and installed units sold. The segment is likely to continue to dominate the market during the forecast period. Based on technology, the global ultrasound devices market has been segmented into 2-D ultrasound imaging, 3-D and 4-D ultrasound imaging, Doppler ultrasound imaging, high intensity focused ultrasound (HIFU), and lithotripsy ultrasound imaging. The 3-D and 4-D ultrasound segment held the largest share of the market in 2014 and is expected to continue to dominate the market during the forecast period. This segment is likely to expand at a high CAGR from 2015 to 2023. In terms of installed units, 2-D ultrasound accounted for the largest share of the ultrasound devices market. Based on application, the radiology segment held the largest share of the market in 2014. The segment is anticipated to continue to dominate the market during the forecast period.
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Geographically, the ultrasound devices market has been categorized into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe held the largest share of the ultrasound devices market in 2014, followed by Asia Pacific. North America was identified as the third largest market for ultrasound devices in 2014. The market in the region is expected to expand at a low CAGR during the forecast period. Low market revenue and growth in North America is due to the preference of other imaging technologies.
GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Mindray Medical Corporation, Esaote SpA, and Analogic Corporation are the major players operating in the global ultrasound devices market. GE Healthcare is the leading player in the ultrasound devices market.
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