Global 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). 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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The growing demand for ultrasound devices for diagnostic purposes is likely to be the major driver for the global ultrasound devices market over the forecast period. 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 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.
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.
Detailed Regional Analysis
The region-wise analysis of the market for ultrasound devices consists of regions such as Europe, Americas, Asia Pacific, Middle East & Africa. The Americas region is the major market for ultrasound devices. The speedy acceptance of technology and excellent reimbursements scenario in the U.S. are the among the two most significant factors for the lead established by the Americas region. The European region is the next chief market for ultrasound devices. However, the Asia Pacific region is anticipated to be the most rapidly rising region in ultrasound devices market.
Competitive Analysis
The critical success factors in the market are easily achieved in the market leading to an elevated pace of development in the forecast period. The market attractiveness and competitors’ dynamics are noticeably improved by the strategies that are being utilized by market players. The market is considerably buoyed by the developments that are occuring in the market. The increased level of emphasis on the variety of products is increasing the number of customers in the market substantially. The successful integration of supply chain management is steadily increasing the development of the market. The innovation in products and services of the markets will alter the course of development of the market substantially. The long run viability of the market is highly dependent on the techniques and the strategic roadmaps that are engaged by market players.
Koninklijke Philips N.V., General Electric Company, Siemens AG, Samsung Electronics Co., Ltd., Toshiba Corporation, Hitachi Ltd., Mindray Medical International Ltd., Shimadzu Corporation, and Analogic Corporation and others the major players operating in the ultrasound devices market globally.
Segmental Analysis
The market for ultrasound devices globally has been segmented on the basis of application, product, clinical application, end user, and region. On the basis of applications, the market is segmented into therapeutic and diagnostic. The segmentation of the market on the basis of clinical application segments the market into radiology, cardiac, obstetrics and gynecology among others. The product basis of segmentation of the market comprises of portable and cart based. The end user segment of the market comprises of ambulatory and hospitals/clinics. The regions that are a part of the ultrasound devices market globally are Europe, Americas, Asia Pacific, Middle East & Africa.
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