The global Ultrasound Device Market was worth USD 6.9 billion in 2015. It is projected to grow at a CAGR of 6% from 2016 to 2024 (forecast period). Chief market drivers are increasing incidences of chronic and hypertension related disorders.
Ultrasound technology is used to treat prostate cancer and kidney stones. It is the most preferred mode of fetal screening across the globe. Trials are underway to find novel applications like detecting breast fibroadenoma and uterine fibroids. This coupled with escalating public-private investments would create opportunities for ultrasound devices.
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Alternate site & home services have increased due to the advantages of home infusion. The same, coupled with familiarity with such treatments, is also anticipated to drive the market till 2024. Moreover, availability of infusible drugs owing to heavy research & developments by market players provides lucrative prospects. Product initiatives & advancements also contribute market revenues.
Furthermore, home infusion helps patients avoid hospital acquired infections, thereby propelling the market. The market is split by applications, products, and geographies. Applications comprise parenteral nutrition and anti-infective. The latter occupied shares exceeding 27 percent in 2015. Its ‘IV push’ procedure has gained recognition and may grow further.
Needleless connectors and infusion pumps constitute market products. Infusion pumps captured significant shares in 2015. They are widely adopted for nutrient & medicine delivery and preferred over manual drug delivery. The former would display over 9 percent CAGR during 2016 to 2024. Work safety at hospitals & other medical institutions due to HIV & Hepatitis transmission (from blood transfusions & needle stick injuries) drive the demand for this product.
Geographies consist of Europe, Asia Pacific, North America, Middle East & Africa, and Latin America. North America led the market in 2015. It had over 45 percent shares that year. Asia Pacific should grow at the fastest CAGR in the near future. Key participants in the worldwide home infusion therapy market are Baxter, Inc.; CareFusion Corporation; ICU Medical, Inc.; and Terumo Corporation.
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