The global ultrasound market is expected to reach USD 6.86 Billion by 2020 from USD 5.25 Billion in 2015, at a CAGR of 5.5% from 2015 to 2020.
Key players in the global Ultrasound Market are General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), and Analogic Corporation (U.S.).
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Europe is expected to account for the largest shareof the global ultrasound market in 2015, followed by North America (comprising the U.S. and Canada). Factors such as growing number of products being commercialized, expansion in clinical applications of HIFU, increasing market penetration of therapeutic ultrasound, and growing emphasis on minimally invasive procedures (including diagnostic and therapeutic ultrasound) are driving the ultrasound market in the European region. However, Asia-Pacific (comprising China, India, Japan, and the Rest of Asia-Pacific) is poised to be the fastest-growing region in the ultrasound market during the forecast period, owing to significant expansion and modernization of the healthcare infrastructure, increasing number of age-related illnesses, growing public awareness about therapeutic benefits offered by ultrasound, and increasing focus of international device manufacturers on strengthening their distribution networks in APAC.
On the basis of device portability, ultrasound products are categorized into trolley/cart-based and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices segment is expected to account for the largest shareof the global ultrasound market in 2015; whereas, the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period. Factors such as procedural benefits offered by compact ultrasound devices (such as ease of operability, lower device cost, and less electricity consumed as compared to trolley-based devices), growing market demand for portable ultrasound devices for point-of-care applications, and increasing product commercialization of innovative compact & portable devices across major markets (such as the U.S., Germany, Japan, China, and India) are contributing to the high growth of this market segment.
On the basis of clinical application, ultrasound market is categorized into radiology/general imaging, cardiology, OB/GYN, vascular, urology, and other applications (such as anesthesiology, emergency medicine, and breast imaging). Cardiology application is expected to be the fastest growing segment during forecast period owing to rising incidence of cardiac diseases, technological advancements in cardiac ultrasound, and rapid growth in geriatric population across the globe.
Factors such as rising patient population base for chronic and lifestyle-related disorders (coupled with growing geriatric population that is at greater risk of target diseases as compared to adults); technological advancements; increasing public-private investments, funds, and grants; and growing market demand for minimally invasive diagnostic and therapeutic techniques (including ultrasound) are driving growth of the ultrasound market.
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