According to a new report published by Allied Market Research, titled, Ultrasound Devices Market for Pediatric Radiology by Age Group, Portability, and Price: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global ultrasound devices market for pediatric radiology was valued at $662 million in 2015, and is projected to reach $1,112 million by 2022, registering a CAGR of 7.6% from 2016 to 2022. The newborn segment held nearly one-third share of the global market in 2015.
Pediatric radiology is a subspecialty of radiology, which deals in imaging of fetuses, infants, children, and adolescents. A special focus is given towards the training and development of pediatric radiologists by government and private organizations to cater to the specific requirements of children. Ultrasound is used for non-invasive examination of organs of children without being exposed to ionizing radiation.
The global ultrasound market for pediatric radiology is driven by increase in incidence of various diseases among the pediatric population, worldwide, which require the use of ultrasound devices for diagnostic and therapeutic purposes. In addition, factors such as growing demand for pediatric radiology procedures in the emerging markets and rapid IT integration in radiology for accurate diagnosis are expected to boost the ultrasound devices market for pediatric radiology. However, plummeting reimbursement rates for ultrasound procedures and dearth of skilled and experienced radiologists are expected to hamper the market growth.
The newborns segment held the major share in the market, and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at the fastest CAGR of 8.0% during 2016-2022, owing to increase in congenital defects in newborns, worldwide. Thus, the number of ultrasound procedures for radiology investigations in the newborn population remains to be higher than that in other age groups.
Key Findings of the Ultrasound Devices Market:
- In terms of both value and volume, the newborn is projected to be the fastest growing segment during the forecast period.
- China ultrasound devices market for pediatric radiology is estimated to grow at a CAGR of 8.9%.
- In 2015, the trolley/cart-based devices segment accounted for more than half of the total market in terms of both value and volume.
- The midrange ultrasound devices segment accounted for nearly half of the total ultrasound devices market for pediatric radiology, in terms of both value and volume, in 2015.
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In 2015, North America occupied more than one-fourth of the total market (in terms of value and volume), owing to the high prevalence of various pediatric diseases. Europe exhibits significant adoption of technologically advanced ultrasound devices for pediatric application.
The major companies profiled in the report include Analogic Corporation, Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Medison Co. Ltd, Siemens AG, and Toshiba Corporation.