Ultrasound Devices Market Overview
Ultrasound Devices Market is expected to acquire a market value of USD 9,208.76 Million while expanding at a significant CAGR, predicts Market Research Future (MRFR). The ultrasound device market is expected to be significantly impacted by the increasing demand for minimally invasive diagnostics. Another significant factor projected to boost the ultrasound market size in the future years is the growing need for therapeutic gadgets. The development of technologically advanced, user-friendly equipment is expected to increase demand for products capable of growing the industry throughout the review period.
Additionally, the growing tendency toward home healthcare and remote patient monitoring is acknowledged as a significant factor that could help the business thrive during the analysis period. Current advances in new uses of ultrasound techniques in the treatment of disorders such as uterine fibroid are projected to supplant existing approaches, which will drive market growth significantly throughout the evaluation period. The shortage of skilled technicians is anticipated to be a significant factor impeding the ultrasound market’s progress throughout the analysis period.
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Ultrasound Devices Market Segmental Analysis
The hospitals and diagnostics & surgical centres end-user sector of the global ultrasound devices market is expected to grow at a CAGR of 3.21 percent during the study period.
The radiology/general imaging segment of the global ultrasound devices market is expected to gain substantial traction during the forecast period.
The diagnostic ultrasound segment of the global ultrasound devices market is expected to grow at a CAGR of 3.71 percent over the study period.
In the global ultrasound devices market category based on portability, cart/trolley-based ultrasound equipment accounted for a sizable market share in 2017. The segment’s growth can be attributable to its greater use throughout the key time period.
The colour ultrasound segment of the global ultrasound devices market is expected to grow at a faster rate than the other categories. The segment’s growth can be attributed to its higher image quality, which aids in quickly detecting the condition.
Ultrasound Devices Market Regional Insights
Throughout the projection period, Europe is expected to lead the global market. By 2026, the region is expected to reach a market value of USD 3,308.54 million. The rising costs of healthcare and the increasing incidences of chronic sickness among the growing senior population are anticipated to be significant factors boosting the market in the coming years.
North America is predicted to overtake Europe as the market’s second largest region over the projection period. The increasing prevalence of chronic diseases among the ageing population is predicted to increase demand for the product, consequently expanding the ultrasound device market. The presence of established businesses in the region is expected to be another significant factor that contributes to the region’s market strength. Among all, the United States is expected to play a critical role in developing the market during the forecast period.
APAC is expected to expand rapidly over the forecast period, owing to increased efforts to improve healthcare facilities. By 2026, the region is expected to grow at a CAGR of 3.76 percent. Another significant factor expected to boost the market during the assessment period is the incidence of chronic diseases. Additionally, the presence of emerging economies such as India, China, and Japan is predicted to significantly strengthen the market during the assessment period.
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Ultrasound Devices Market Competitive Dynamics
The notable players are Fukuda Denshi (Japan), Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (The Netherlands), Fujifilm Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan), Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Esaote Spa (Italy), Siemens Healthineers (Germany), Trivitron Healthcare (India), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China), General Electric Company (U.S.)
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