The world ultrasound devices market is projected to reach $10,476 million by 2022. Ultrasound is a medical imaging modality that uses high-frequency sound waves to visualize the internal organs of the body. It is equipped with a probe that transmits the high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected back by the body organs into the probe and are transmitted to a display machine that generates the image with the help of echoes. An ultrasound system is used to visualize liver, kidneys, blood vessels, heart, human fetus, and other organs.
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This is primarily attributed to the large number of technological advancements (such as 3D & 4D imaging) in ultrasound systems, increase in prevalence & incidence rates of chronic diseases (such as heart disease, stroke, type 2 diabetes, and cancer), increase in number of ultrasound diagnostic imaging procedures, demand for minimal invasive therapies, and rise in awareness for early disease diagnosis. The factors such as rise in public & private investments and grants & funds for the development of more advanced ultrasound devices as well as to create awareness about the advantages offered by these devices also drive the market growth. Conversely, the major restraining factors of the market include dearth of skilled and experienced sonographers, globally.
The report segments the world ultrasound devices market based on product type, device display, portability, application, and geography. Based on product type, the market is categorized into diagnostic and therapeutic ultrasound systems. Diagnostic ultrasound systems generated highest revenue in 2015, owing to increase in ageing population which require frequent diagnostic examinations. The therapeutic ultrasound systems segment would reach $353 million by 2020.
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Based on the type of device display, the market is categorized into color ultrasound devices and black & white (B/W) ultrasound devices. The color ultrasound systems accounted for the highest share in 2015 and is estimated to grow at a CAGR of 5.9%. This is due to high adoption of technologically advanced ultrasound devices and increased awareness about the advantages offered by portable color ultrasound devices.
Based on device portability, the market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices accounted for the largest share in 2015, whereas, the compact/handheld ultrasound devices segment is the fastest growing segment with a CAGR of 7.4%. Although the compact/handheld ultrasound devices segment is expected to grow at a high CAGR due to increased adoption of portable ultrasound devices for point-of-care applications, it cannot outpace the trolley/cart based ultrasound devices as they offer more accurate diagnostic capabilities and high performance.
Ultrasound devices find their application in radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical areas such as emergency medicines, anesthesiology, and musculoskeletal. Radiology/general imaging was the largest segment in 2015 and generated about $2 billion in the same year. Rise in demand for high-quality diagnostic and therapeutic imaging capabilities, as well as the rising awareness related to radiation dose concerns with other imaging modalities have driven the growth of this segment.
Based on geography, the market is divided into North America, Europe, Asia-Pacific, and LAMEA regions. Europe is likely to dominate the overall world market throughout the forecast period because of the increasing incidence of chronic disorders, rising demand for technologically advanced ultrasound systems, and presence of highly sophisticated healthcare infrastructure. The Asia-Pacific region is expected to emerge as the area with maximum growth potential. It is estimated to be the fastest growing segment at the rate of 6.2% during the forecast period. This is due to the presence of high unmet medical needs and constantly improving healthcare infrastructure to cure chronic disorders in these nations. In addition, the rapidly growing elderly population in emerging nations is set to drive the market in Asia-Pacific region. This helps several market players to invest in Asia-Pacific countries, which could contribute to the growth.
The report provides comprehensive analyses of the key players operating in the ultrasound market such as Analogic Corporation, Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Medison Co. Ltd., Siemens Healthcare, and Toshiba Corporation.
- The study provides an in-depth analysis of the world ultrasound devices market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis from 2015 to 2022 that would enable the stakeholders to capitalize on prevailing market opportunities.
- The world ultrasound devices market has been analyzed, by product and application, to understand the types of devices used for diagnosis of different chronic abnormalities.
- Competitive intelligence highlights the business practices followed by leading market players across various regions.
- SWOT analysis enables to study the internal environment of the leading companies for strategy formulation.
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