Ultrasound Devices Market Overview
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).
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.
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Leading players in the global ultrasound devices market are likely to focus on bringing about steady technological innovation and updation in their products in the coming years, as developing more modern products has become a key selling point in the industry. The rising threat of web-based intrusions is also likely to make companies focus more on technological updation.
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.
Ultrasound Devices Market Segmentation:
The global ultrasound devices market is segmented by application 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.
The growing demand for more advanced ultrasound devices in the gynecology sector is likely to be a major driver for the global ultrasound devices market over the forecast period. 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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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.
Ultrasound Devices Market Regional Analysis:
Geographically, the ultrasound devices market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA).
Europe dominated the market in 2017 with the highest market share. It can show prominent CAGR over the forecast period due to rising incidence of strokes, increased healthcare expenditure, and availability of advanced treatment facilities. The region can accrue USD 3,308.54 million by 2026.
The Americas is expected to hold second position in the ultrasound devices market in 2017 with noticeable market share. The region can show prominent growth owing to the susceptible geriatric population and high expendable incomes of patients.
Asia Pacific, on the other hand, can grow at a rapid pace due to rising government initiatives to improve quality health of patients and prevalence of chronic disorders. It is projected to exhibit 3.76% CAGR over the forecast period to reach third place in the market by 2026.
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