Zion Research has published a new report titled “Ultrasound Devices Market by Technology (Doppler Ultrasound Imaging, High Intensity Focused Ultrasound (HIFU), 2-D Ultrasound Imaging, 3-D and 4-D Ultrasound Imaging, and Lithotripsy Ultrasound Imaging) Market for Cardiovascular, Obstetrics and Gynecology, Gastroenterology, Radiology, and Other Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, global demand for ultrasound devices market was valued at around USD 6.80 billion in 2015 and is expected to generate revenue of approximately USD 9.50 billion by end of 2021, growing at a CAGR of around 6.0% between 2016 and 2021.
Global Ultrasound Devices Market: Overview
Ultrasound devices are typically used for imaging in the healthcare industry; it helps to picture the internal organs of the body. In particular, it is used to assist or guide interventional procedures in growing. It is free of radiation risk, portable, and relatively inexpensive when compared with other imaging modalities, such as magnetic resonance and computed tomography.
Global ultrasound devices market is primarily driven by increasing demand for minimally invasive surgeries coupled along with increasing prevalence of chronic disorders such as cancer, heart disease, etc. Other major driving factors for increasing demand are a large number of technological advancements (such as 3D & 4D imaging) in ultrasound systems and favorable rules and regulations. However, lack of experienced and trained sonographers is major restraint that may limit the growth of the market. Nonetheless, growth in emerging economies is likely to disclose the new avenues for ultrasound devices market in the near future.
Global Ultrasound Devices Market
The ultrasound devices market is segmented on the basis of different technologies including doppler ultrasound imaging, High-Intensity Focused Ultrasound (HIFU), 2-d ultrasound imaging, 3-D and 4-D ultrasound imaging, and lithotripsy ultrasound imaging. In 2015, 3-D and 4-D ultrasound imaging was the largest segment in ultrasound devices market and accounted for the largest revenue share of the total market. Additionally, it is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period. 3-D and 4-D ultrasound imaging segment is expected to witness the fastest growth as they are technologically superior.
Cardiovascular, obstetrics and gynecology, gastroenterology, radiology, and others are the key application segment of the global ultrasound devices market. The radiology application segment dominated the market in terms of revenue while obstetrics and gynecology segment is another major segment of global ultrasound devices market.
Global Ultrasound Devices Market: Regional Analysis
Europe represents developed regional markets for ultrasound devices and is expected to see the stable growth through the next few years. Europe held more than 30% share of global ultrasound devices market in 2015 shift towards other imaging technologies such as PET/MRI, PET/CT, and upright MRI machines are expected to hamper ultrasound devices market in this region.
Asia Pacific was the second largest market for ultrasound devices in 2015. The increase in a number of elderly population in this region is expected to drive ultrasound devices market. Asia Pacific is another leading regional market and is expected to be the fastest regional segment for the ultrasound devices market within the forecast period. In Asia, China and India will continue to be the fastest growing markets in ultrasound devices market. This is due to the presence of high unmet medical needs and constantly improving healthcare infrastructure to cure chronic disorders in these nations. China will continue to be the world’s fastest growing market for ultrasound devices. This has resulted in several market players to invest in Asia Pacific countries, which could contribute to the growth.
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Growth in North America is expected to be hampered due to advancement in imaging technology and increasing preference towards PET/MRI, PET/CT, and upright MRI machines
Global Ultrasound Devices Market: Major Companies Involved
Some of the key players in ultrasound devices market include Philips Healthcare, Siemens Healthcare, Analogic Corporation, Esaote S.p.A., Samsung Medison Co. Ltd., Hitachi Medical Corporation, Toshiba Corporation, Mindray Medical International Limited, GE Healthcare, and Fujifilm Holdings Corporation among others.