According to the report Ultrasound Devices Market, published by Market Data Forecast, the global market is projected to reach USD 7.59 billion by 2021, at a CAGR of 5.7% from 2016 to 2021.
Medical ultrasound is a diagnostic imaging technique based on the application of ultrasound. It is used to see internal body structures such as tendons, muscles, joints, vessels and internal organs. It is also known as ultrasonography or diagnostic sonography. Ultrasound devices help in diagnosis of various diseases like cardiology, obstetrics and gynaecology, gastroenterology and others. Ultrasound is looking into relatively novel applications across several clinical specialties and points of care, from image-guiding interventions, biopsies and non-invasive diagnosis.
Ultrasonography is widely used in medicine. Using ultrasound, it becomes possible to provide diagnosis as well as therapeutic ailments for instance biopsies or drainage of fluid collections. Also 3D/4D ultrasound imaging is being extensively used for diagnosis of breast cancer.
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Ultrasound Devices Market: Drivers & Restraints
Multiple factors such as increasing population base for chronic diseases and life-style related disorders, technological advancements, and rising market demand for minimally invasive diagnostic and therapeutic techniques are driving growth of the market. Additionally, rise in adoption of ultrasound technique for the treatment of prostate cancer and kidney stones are factors augmenting market growth. Also with rise in public & private investments and grants & funds for the development of more advanced ultrasound devices as well as to create awareness about the advantages offered by these devices also drive the market growth. However, Lack of experienced healthcare professionals, sonographers and technological limitation for sonography are factors that restrain growth of the market.
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Ultrasound Device Market: Segmentation
- Diagnostic ultrasound
- 2D ultrasound
- 3D & 4D ultrasound
- Doppler ultrasound
- Therapeutic ultrasound
- High-intensity focused ultrasound
- Extracorporeal Shockwave Lithotripsy.
By Device Display
- Colour Ultrasound Devices
- Black and White Ultrasound Devices.
- Trolley/Cart-based Ultrasound Devices
- Compact/Handheld Ultrasound Devices.
- Radiology/General Imaging
- Other Applications.
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Ultrasound Devices Market: Overview
Ultrasound screening is considered as a gold standard for foetal screening globally. Thus, the rising birth rates and in-vitro fertilization treatment rates are fuelling the demand for sonography devices. The increasing usage of the ultrasound techniques for various therapeutic procedures using High Intensity Focused Ultrasound (HIFU) technology and Extracorporeal Shockwave Lithotripsy (ESWL) is expected to propel the market for therapeutic ultrasound devices.
The introduction of technically advanced products with compact and user-friendly designs that provide convenient portability is the prime factor resulting in the rapid adoption of handheld devices. Moreover, the shifting trend towards home healthcare and remote patient monitoring to reduce hospitalization cost is augmenting the demand for handheld ultrasound devices.
Ultrasound Devices Market: Region-wise Outlook
North America led the global Ultrasound Device Market in 2014 with a market share of 25%. Well-established healthcare infrastructure and rising adoption of remote patient monitoring are the prime factors advancing the growth of the market in North America. The high adoption rate of advanced technology in the region is enhancing demand for miniaturized user-friendly devices.
The Asia Pacific region is expected to witness a lucrative growth in the global market due to rise in increasing birthrates, and the presence of major market players in countries such as Japan and China and India. On the other hand, the government regulation to control fetal screening for sex determination in countries, such as India and China, is impeding market growth. 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.
Key Questions Answered
- What is the competitive landscape and market share of major players in the Asia-Pacific region?
- What are the drivers, key factors leading the market? Which market segments are growing the fastest?
- What are the unmet technological needs currently on the market? How will emerging technologies fulfil these unmet needs?
- What are the challenges and barriers that have hindered widespread adoption of Ultrasound Devices?
- What measures are taken by leading companies to increase market growth?
Ultrasound Devices Market: Key Players
General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), and Analogic Corporation (U.S.) are some of the key players in the global ultrasound market.
Reasons to buy Ultrasound Devices Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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