Growing Demand for Advancements in Medical Technology to Drive Ultrasound Devices Market
Ultrasound devices work by sending out high-frequency sound waves that provide a picture of the targeted area based on the response of various bodily tissues to the sound waves. Since different tissues react differently to the same sound waves, the technique has become popular in the healthcare sector.
The global ultrasound devices market is expected to exhibit a strong 8.1% CAGR over the forecast period, rising to a valuation of USD 10.37 billion by 2023, according to a new report from Market Research Future (MRFR).
The report elaborates on the major drivers and restraints for the global ultrasound devices market in detail by analyzing their impact on the market’s trajectory over the forecast period.
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Competitive Analysis:
Leading players in the global ultrasound devices market include Siemens AG, GE, Hitachi Ltd., Shimadzu Corporation, Analogic Corporation, Mindray Medical International Ltd., Toshiba Corporation, Samsung Electronics Co. Ltd., and Koninklijke Philips NV.
In March 2019, security specialist Check Point Software Technologies said in a report that ultrasound devices running on older operating systems such as Windows 2000 were virtually defenseless against modern hackers, which could result in the hackers gaining access to confidential hospital information and making exorbitant ransom demands on the hospital. Eliminating this threat is likely to be top of the agenda for the leading players in the global ultrasound devices market over the forecast period.
Segmentation:
On the Basis of application, segmented into diagnostic and therapeutic. The diagnostic application segment holds a dominant share of 68% in the global ultrasound devices market and is likely to remain the leading contributor over the forecast period.
On the basis of branch of medicine, the ultrasound devices market is segmented into radiology, OB/GYN, cardiac, and others.
By product type, the global ultrasound devices market is segmented into cart-based and portable.
By end user, the global ultrasound devices market is segmented into hospitals/clinics and ambulatory care centers.
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The lack of invasion in the use of ultrasound devices has also become a key plus point for the market due to the growing obsession with minimally invasive and noninvasive medical procedures.
Therapeutic applications of ultrasound include targeting a specific patch of tissue for stimulation or removal by bombarding it with high-frequency sound waves. This application is also likely to remain a key factor for the global ultrasound devices market’s growth over the forecast period.
Regional Analysis:
The Americas is likely to be the major regional market for ultrasound devices over the forecast period due to the widespread adoption of advanced ultrasound technology in the region and the growing demand for advanced diagnostic modalities and devices.
Europe is also likely to remain a major regional market for ultrasound devices over the forecast period due to the growing healthcare expenditure in the region.
Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the growing demand for advanced medical facilities and devices and the increasing investment in hospitals and medical technology.
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The development of 3D and 4D ultrasound imaging has allowed for the diagnosis of congenital defects clearly and earlier in the pregnancy, which has made the procedures widely popular in the healthcare sector around the world. 4D imaging also allows live action viewing of the fetus, which allows physicians to detect more abnormalities. This is likely to be a major driver for the global ultrasound devices market over the forecast period.
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