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Ultrasound Devices Market to Reach $11B by 2023

According to a new market report published by Transparency Market Research “Ultrasound Devices Market – Global Industry Analysis, Size, Volume, Share, Growth, Trends, and Forecast 2015 – 2023”, the global ultrasound devices market was valued at US$ 6.7 Bn in 2014 and is projected to expand at a CAGR of 5.8% from 2015 to 2023 to reach US$ 11.0 Bn in 2023.

Ultrasound devices enable physicians to image internal organs of a patient’s body in order to diagnose diseases and help surgeons by guiding movement of surgical instruments while performing surgeries. This report studies the global ultrasound devices market based on various parameters such as product type, underlined technologies, applications, and major geographic markets. Growth in the global base of geriatric population would act as a high impact driver of the market. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population and this percentage is expected to grow at an estimated 20% by 2030.

According to imaging technology reports, various key opinion leaders have opined that ultrasound technology is expected to improve in the next few years. This would increase demand for ultrasound devices globally. Scientists are in a continuous research process to explore the potential of ultrasound imaging to measure various physiological parameters that are currently measured by PET/CT scanners and SPECT/CT scanners. This breakthrough advancement in ultrasound devices would boost demand in the near future. Launch of various technologies along with breakthrough products in the ultrasound devices market has revolutionized the industry.

Cart/trolley based and compact ultrasound devices are available in the market. Of these, Cart/trolley based ultrasound devices held the majority share of the market in 2014, followed by compact ultrasound devices. Compact ultrasound devices has been identified as the fastest growing segment during the forecast period due to usage in emergency department, critical care, anesthesiology, and musculoskeletal applications. Technological improvements in compact ultrasound devices such as efficiency in manufacturing anatomical images clearly are likely to boost the compact ultrasound devices segment during the forecast period. The cart-based ultrasound devices segment is anticipated to record slow growth rate due to limited applications in imaging procedures such as abdominal imaging.

Based on technology, the 3-D and 4-D ultrasound imaging segment accounted for over 42.8% share of the global ultrasound imaging market in terms of revenue and only 10.9% in terms of installed units in 2014. Moreover, the segment is expected to gain market share and emerge as the fastest growing segment during the forecast period. The produced image is 2-D; hence, visibility of abnormalities is not clear and precise, which reduces demand in imaging various complex abnormalities such as cardiovascular diseases and fetus growth. Moreover, the market for 2-D imaging is expected to expand at the slowest CAGR due to the advent of 3-D and 4-D imaging.

The radiology segment held a major share of the market in terms of revenue in 2014. It is expected to expand at the fastest CAGR during the forecast period. Introduction of advanced technologies (Doppler ultrasound technology) would drive demand for ultrasound devices in cardiovascular imaging applications.

Europe was the largest market for ultrasound devices in 2014, accounting for around 32.8% share. The region dominated the market by steady increase in ultrasound devices due to high growth of public hospitals. On the other hand, Asia Pacific is expected to gain market share during the forecast period to emerge as the fastest growing market.

GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Mindray Medical Corporation, Esaote SpA, and Analogic Corporation are the major players operating in the global ultrasound devices market.