Global Ultrasound Devices Market: Analyst’s Estimations
Ultrasound devices have been around for several decades and have evolved consistently to still be considered among the most important and common medical diagnostic equipment. The market for ultrasound devices has been progressively profitable all this while too, and on the back of rising percentage of geriatrics in the world’s population and prevalence of several chronic diseases, the near future is foreseen to be healthy. According to this business report, the demand in the global ultrasound devices market will surge at a CAGR of 5.9% during the forecast period of 2017 to 2023. Revenue-wise, the global ultrasound devices market is estimated to reach a valuation of US$11.0 bn, growing from its evaluated worth of US$7.8 bn in 2017.
In the recent past, introduction of 4D ultrasound imaging has revolutionized the imaging industry and has proven to be efficient in diagnosing cancer and other complex diseases. Additionally, this technology is proving its efficiency in imaging while performing complex surgeries. Apart from that, the global ultrasound devices market is expected to gain traction from growing public and private investments, improve healthcare infrastructure in the BRICS nations as well as other emerging economies, and expanding horizon of ultrasound. On the other hand, strong lack of skilled professions who can operate these diagnostic and imaging equipment and strict government mandates are a few restraints curtailing the prosperity of the ultrasound devices market.
Compact and Portable Products Gaining Demand
On the basis of product type, the market for ultrasound has been segmented into compact or portable devices and cart- or trolley-based devices. As of 2017, the latter segment provided for the maximum chunk of demand and is expected to remain dominant until 2023 too. However, compact or portable ultrasound devices are gaining popularity and their demand is projected to expand at a radically higher CAGR of 10.3% during the forecast period of 2017 to 2023. The cart- or trolley-based ultrasound devices segment is growing at a slower rate due to limited application in imaging procedures. Additionally, reduced R&D initiatives for the improvement of these devices would further slowdown the growth in this segment. On the other hand, resilient efforts to develop portable ultrasound devices to serve extending demand from mushrooming diagnostic centers is expected to push the smaller segment at a stronger growth rate.
3D & 4D Most Preferred Technology
Technology-wise, the ultrasound devices market has been bifurcated into Lithotripsy, high intensity focused ultrasound (HIFU), Doppler, 3D and 4D, and 2D. As of 2017, the 3D and 4D segment provided for a demand that translated into a revenue of US$3.5 bn. The demand for 3D and 3D ultrasound devices is also projected for the most prominent CAGR of 7.1% during the forecast period of 2017 to 2023. Women across the globe are conceiving at an older age. This increases the risk of abnormalities in the fetus such as chromosomal abnormalities and improper nervous system development. These abnormalities are easily detected by 3D and 4D imaging devices. Therefore, these devices are extensively used in various medical institutes and hospitals. Governments of various countries such as the U.S., the U.K., France, and Japan are focusing on providing less expensive or free check-ups for pregnant women.
Radiology Key Application-segment
Application-wise, the market for ultrasound devices has been classified into cardiology, radiology, gastroenterology, and obstetrics or gynecology, and others such as mammography, neurology, hepatic and renal imaging, and emergence medical imaging. Among these, radiology applications provided for a demand worth of US$2.6 bn in 2017 and the segment is poised to expand at an above-average CAGR of 6.9% during the forecast period of 2017 to 2023. Growing incidences of targeted diseases across various regions, increasing prevalence of orthopedic diseases, and ongoing technological advancements are some of the factors augmenting the demand for radiological ultrasound.
Asia Pacific Primed to Provide Maximum Demand for Ultrasound Devices by 2023
Geographically, Europe and Asia Pacific have been identified as two regions with maximum potential, whereas the North America ultrasound devices market is struggling as a result of growing adoption of advanced imaging modalities such as PET/MRI, PET/CT, and upright MRI. By the end of 2023, the Asia Pacific ultrasound market is estimated to be worth US$4.4 bn, with the demand expanding at CAGR of 8.5% during 2017–2023. Healthcare reforms in China, wherein the government is planning to construct new network of Tier-2 county-based hospitals, is driving this regional market. The Europe ultrasound devices market is calculated to be worth US$3.5 bn by 2023, gaining traction from countries such as the U.K., and Germany.
GE Healthcare, Fujifilm Holdings Corporation, Koninklijke Philips N.V., and Mindray Medical Corporation are some of the key players in the global ultrasound devices market.
Global Ultrasound Devices Market: Overview
Ultrasound devices are used as both diagnostic imaging and therapeutic modality, and has wide range of applications in the medical field. This report on the global ultrasound device market analyses the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. This section also provides the overall information and data analysis of the global ultrasound device market with respect to the leading market segments based on type of product, technology, and geography.
Global Ultrasound Devices Market: Key Research Aspects
The market overview section of the report includes qualitative analysis of the overall ultrasound device market, including the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s Five Forces Analysis. Additionally, various analyses such as market attractiveness analysis by geography and competitive landscape by key players has been provided. The market attractiveness analysis explains the intensity of competition in the market in different geographies. The competitive scenario between different market players is evaluated through market share analysis. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
Global Ultrasound Devices Market: Segmentations
The global ultrasound device market has been segmented based on product type, technology, and geography. Based on product type, the ultrasound devices market has been categorized into two major segments: cart/trolley based and compact ultrasound devices. Based on technology, the global ultrasound device market has been segmented into five types: 2-D ultrasound imaging, 3-D and 4-D ultrasound imaging, Doppler ultrasound imaging, high intensity focused ultrasound (HIFU), and lithotripsy ultrasound imaging. Based on application, the market has been segmented into radiology, obstetrics and gynecology, cardiovascular, gastroenterology, and other applications. Market revenue in terms of US$ Mn and installed base in terms of Units for the period between 2013 and 2023 along with the compound annual growth rate (CAGR %) from 2015 to 2023 are provided for all the segments, considering 2014 as the base year.
Global Ultrasound Devices Market: Regional Analysis
Geographically, the ultrasound devices market has been categorized into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). North America comprises the U.S. and Canada. Europe constitutes Germany, the U.K., and Rest of Europe. Asia Pacific comprises China, Japan, and Rest of Asia Pacific. Rest of the World constitutes Latin America and Middle East & Africa. The recommendations section included in the report would assist existing players to expand their market share and new companies to establish their presence in the ultrasound devices market.
Global Ultrasound Devices Market: Competitive Landscape
The report also profiles major players in the ultrasound devices market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Mindray Medical Corporation, Esaote SpA, and Analogic Corporation.
The global ultrasound device market is segmented as follows:
Global Ultrasound Devices Market, by Product Type
- Cart/Trolley based Ultrasound devices
- Compact Ultrasound devices
Global Ultrasound Devices Market, by Technology
- 2-D Ultrasound Imaging
- 3-D and 4-D Ultrasound Imaging
- Doppler Ultrasound Imaging
- High Intensity Focused Ultrasound (HIFU)
- Lithotripsy Ultrasound Imaging)
Global Ultrasound Devices Market, by Application
- Obstetrics and Gynecology
- Other Applications
Global Ultrasound Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East & Africa