Ultrasound Devices Market Trends, Size and Growth Analysis Application (Radiology/General Imaging, Obstetrics/Gynecology), By Portability (Cart/Trolley, Handheld/Compact) By Display (Color, B&W), Technology (Diagnostic Ultrasound), By End-user (Hospitals, Ambulatory Centers) – Forecast till 2027
Ultrasound Devices Market Scope
Market Research Future (MRFR) expects the ultrasound devices market to touch USD 9,208.76 Million by 2027-end. Mounting preference for minimally invasive therapeutic and diagnostic devices has acted in favour of the ultrasound devices market in recent years. The surging use of ultrasound method for treating kidney stones and prostate cancer has also rendered the market highly lucrative. Besides, ultrasound screening is deemed to be the basic necessity for accurate fatal screening worldwide, and therefore, the escalating birth rate along with the surge in in-vitro fertilization treatment rate has raised the demand for these devices.
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Ultrasound technique and devices are increasingly being used for numerous therapeutic procedures supported by Extracorporeal Shockwave Lithotripsy (ESWL) and High Intensity Focused Ultrasound (HIFU) technology. This will help facilitate the growth of therapeutic ultrasound devices market. Moreover, frequent trials and researches to explore new applications of ultrasound for treatment of disorders like uterine fibroid and breast fibroadenoma will augment the use of these devices instead of the chemical and invasive methods generally used in healthcare.
Ultrasound Devices Market Segmentation
End-user, application, technology, portability, and display are the major segments outlined in the MRFR study, in order to present a detailed understanding of the ultrasound devices market.
Ambulatory centres, diagnostics and surgical centers, hospitals and others are the top end-users highlighted in the report. Hospitals along with diagnostics & surgical centers form the leading segments in the ultrasound devices market and can capture a CAGR of 3.21% over the analysis period.
Applications of ultrasound devices are obstetrics/gynecology, radiology/general imaging and more.
Technologies covered in the MRFR ultrasound devices market study include therapeutic and diagnostic.
Portability-wise, the key segments are handheld/compact and cart/trolley.
The display types considered in the MRFR report are black and white as well as colour.
Ultrasound Devices Market Regional Analysis
The main markets for ultrasound devices are Europe, America, MEA or Middle East and Africa and Asia Pacific or APAC.
Europe is all set to stand as the ultrasound devices market leader in the next few years and would reach USD 3,308.54 million by 2027. High healthcare spending along escalating cases of chronic disorders, especially among the growing elderly population will foster the market growth in the region.
North America is on track to secure the second highest position in the ultrasound devices market, thanks to the rapidly growing cases of chronic ailments and the consistently expanding geriatric patient base. The demand for ultrasound devices is also soaring, given the extensive pool of established manufacturers, especially in the United States. These players are actively seeking ways to uplift their market rankings and as a result, are indulging in fierce competition. This could in turn, be favourable for the regional ultrasound devices market in the years to follow.
APAC should continue to soar at a fast pace in the following years, in view of the mounting focus on upgradation of healthcare infrastructure. The APAC market, as per MRFR, is likely to capture a CAGR of 3.76% by the year 2027, backed by the surging burden of chronic disorders. India, Japan and China are the leading contributors in the APAC market growth. The region is also witnessing increase in healthcare spending along with players constantly working on bolstering their consumer reach, which will further substantiate the market position in the years ahead. Government efforts and huge investments in advanced devices will also favour the regional ultrasound devices market in the ensuing period.
Ultrasound Devices Industry Firms
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China)
- Samsung Electronics Co. Ltd. (South Korea)
- Analogic Corporation (U.S.)
- Hitachi Ltd. (Japan)
- Koninklijke Philips N.V. (The Netherlands)
- Fukuda Denshi (Japan)
- Canon Medical Systems Corporation (Japan)
- Shantou Institute of Ultrasonic Instruments Co. Ltd. (China)
- Esaote Spa (Italy)
- Siemens Healthineers (Germany)
- Trivitron Healthcare (India)
- Fujifilm Holdings Corporation, (Japan)
- General Electric Company (U.S.)
Most of the players allocate large-scale budgets for research and development activities to focus on product innovation as well as new launches to foster brand awareness. A few other strategies employed by them are FDA approvals, joint ventures, acquisitions, expansions, and collaborations, to name a few.
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To cite a reference, in June 2021, Mindray, a renowned Chinese medical devices manufacturer launched Resona I9, its new imaging diagnostic ultrasound system. This latest ultrasound device has a foldable structure, customisable control panel, a “silent” design, as well as extended battery life. The device helps bring down fatigue during the scanning procedure, is supported by the company’s ZST+ platform that improves the image quality.
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