Ultrasound Devices Market Overview:
The global ultrasound devices market size is set to reach the valuation of USD 9,208.73 million by 2026, as per the latest report by Market Research Future (MRFR). The market can display 3.35% CAGR over the forecast period (2018-2026).
Rising prevalence of chronic diseases and the need to catch them at an early stage is the primary driver of the market. This is supported by statistics by the World Health Organization (WHO) and Center for Disease Control and Prevention (CDC) which registered 17.7 million deaths by cardiovascular diseases. Increased funding and incentives by public and private bodies to encourage development of ultrasound devices can bolster market demand.
Technological breakthroughs in imaging devices in areas of cancer diagnosis, gynecology, obstetrics, and cardiology can fuel the ultrasound devices market growth. A prime instance includes improvements in volumetric ultrasound which lets clinicians attain a closer look at tissue pre- and post-surgery to avoid complications.
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The global ultrasound devices market is segmented by portability, display, application, technology, and end-user.
By portability, cart/trolley-based devices accounted for the largest market share in 2017 due to its utilization in acute and emergency care settings. The segment is likely to register strong CAGR during the forecast period expected to hold significant market share during the forecast period. Handheld/compact ultrasound devices accounted for the second largest share due to the rising adoption of these by healthcare professionals.
By display, color devices accounted for a largest market share in 2017 compared to its counterpart, black/white ultrasound devices. The former can touch a size of USD 7,509.12 million by 2026, while the latter is likely to show prominent growth by the end of the forecast period.
By application, radiology/general imaging is likely to register highest CAGR during the assessment and likely to dominate the market by 2026. It accounted for the largest market share in 2017 due to its vast medical applications. The rising geriatric populace and incidence of various cancers can spur the segment growth. On the other hand, cardiology is also showing significant growth by 2026.
By technology, diagnostic accounted for the largest market share in 2017 due to the use of 2D ultrasound in women’s health. It is likely to show CAGR over the assessment period and hold significant market share by 2026 due to the continuous advances in imaging and reimbursement schemes for these procedures. On the flip side, therapeutic ultrasound is expected to hold second position by 2026.
By end-user, hospitals and diagnostic & surgical centers dominated the ultrasound devices market in 2017 due to emergence of various hospital chains and rising number of minimally invasive diagnostic procedures by doctors. The segment can grow with strong CAGR and expected to hold first position in the market. Ambulatory care centers can exhibit the highest CAGR of 3.61% during the forecast period thanks to the facilities providing same-day care diagnostic and surgical procedures.
Geographically, the ultrasound devices market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA).
Europe dominated the market in 2017 with the highest market share. It can show prominent CAGR over the forecast period due to rising incidence of strokes, increased healthcare expenditure, and availability of advanced treatment facilities. The region can accrue USD 3,308.54 million by 2026.
The Americas is expected to hold second position in the ultrasound devices market in 2017 with noticeable market share. The region can show prominent growth owing to the susceptible geriatric population and high expendable incomes of patients.
Asia Pacific, on the other hand, can grow at a rapid pace due to rising government initiatives to improve quality health of patients and prevalence of chronic disorders. It is projected to exhibit 3.76% CAGR over the forecast period to reach third place in the market by 2026.
Major players in the ultrasound devices market include General Electric Company (U.S.),0020Trivitron Healthcare (India), Siemens Healthineers (Germany), Koniklijke Philips N.V. (The Netherlands), Fujifilm Holdings Corporation (Japan), Hitachi Ltd. (Japan), Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China), Esaote Spa (Italy), Fukuda Denshi (Japan), Canon Medical Systems Corporation (Japan), and Shantou Institute of Ultrasonic Instruments Co. Ltd. (China).
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