Providers of ultrasound devices are rapidly moving towards developing compact/portable devices, as a predictive measure to secure market supply chains in the near future. For now, consumer are still showing a high preference towards the cart/trolley based ultrasound devices, making it the largest product segment till 2023. They are, however, cumbersome to carry around, which is driving consumers steadily towards compact ultrasound devices.
3D and 4D ultrasound devices have already topped the revenue charts since 2014. Their technological superiority over 2D ultrasound devices is expected to allow them to replace the latter steadily over time. The 3D and 4D ultrasound devices, showing the fastest growth rate in technologies, is showing the most promise for all ultrasound devices manufacturers to invest in.
The application type that manufacturers need to look at is radiology. It held a revenue share of over 32% in 2014 and is progressing at the fastest CAGR among all application segments. The global ultrasound devices market owes its overall growth rate to these factors, and is expected to reach US$11 bn by 2023. It was recorded at US$6.7 bn in 2014 and was strongly dominated by players such as GE Healthcare and FUJIFILM Holdings Corporation.
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The largest revenue share of ultrasound devices in 2014 was held by Europe, with Asia Pacific in second place with 33.8% and 31.5% respectively. By the end of 2023, Asia Pacific is expected to lead the ultrasound devices revenue charts owing to the major investments made by China. In 2014, nearly 51% of the total ultrasound devices consumption was done by China. This was fueled by heavy investments as well as the favorable healthcare reforms implemented by the Government of China.
Simultaneously, the ultrasound devices sales in Europe are expected to be hampered by the advent of advanced imaging equipment. Healthcare organizations in Europe as well as North America are shifting towards PET/MRI, PET/CT, and upright MRI machines. Further complications in these regions emanate from regulatory structure.
For instance, the implementation of MDET is creating an increasingly negative perspective for ultrasound devices in terms of purchasing. Additionally, Obamacare does not include refurbished equipment in the 2.3% MDET, further decelerating the ultrasound devices sales in North America.
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The high rate of technological advancements occurring currently are expected to carve the road for the future of ultrasound devices. One of the key product innovations is the Doppler ultrasound device, and it is expected to gain user favor and market revenue share at a rapid rate in the near future. Doppler ultrasound devices are extremely valuable for imaging of blood flow and blood diseases. The diagnostic sharpness that Doppler ultrasound devices can add allows medical personnel to quickly target the issue and provide effective treatment.
The demand for ultrasound devices is becoming increasingly convergent with the rate of technological development, especially in the field of portable ultrasound devices. The emergence of new players with highly innovative efforts is bridging the gap between need and provision of appropriate medical solutions for the ill. Concepts such as the Doppler ultrasound devices and pocket ultrasound devices are thus expected to guide the way for future sales. Major ultrasound devices players include Analogic Corporation, Philips Healthcare, Siemens Healthcare, GE Healthcare, and Fujifilm Holdings Corporation.
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