Ultrasound Devices Market Overview
The lack of invasion in the use of ultrasound devices has also become a key plus point for the market due to the growing obsession with minimally invasive and noninvasive medical procedures. Therapeutic applications of ultrasound include targeting a specific patch of tissue for stimulation or removal by bombarding it with high-frequency sound waves.
The development of 3D and 4D ultrasound imaging has allowed for the diagnosis of congenital defects clearly and earlier in the pregnancy, which has made the procedures widely popular in the healthcare sector around the world. 4D imaging also allows live action viewing of the fetus, which allows physicians to detect more abnormalities. This is likely to be a major driver for the global ultrasound devices market over the forecast period.
This application is also likely to remain a key factor for the global ultrasound devices market’s growth over the forecast period. The “Global Ultrasound Devices Market Is Expected to Exhibit a Strong 3.35% CAGR Over the Forecast Period, Rising to A Valuation of USD 9,208.76 million By 2026”, according to a new report from Market Research Future (MRFR).
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The growing demand for more advanced ultrasound devices in the gynecology sector is likely to be a major driver for the global ultrasound devices market over the forecast period. Ultrasound devices work by sending out high-frequency sound waves that provide a picture of the targeted area based on the response of various bodily tissues to the sound waves. Since different tissues react differently to the same sound waves, the technique has become popular in the healthcare sector.
Leading players in the global ultrasound devices market are likely to focus on bringing about steady technological innovation and updation in their products in the coming years, as developing more modern products has become a key selling point in the industry includes,
- Siemens AG
- Hitachi Ltd.
- Shimadzu Corporation
- Analogic Corporation
- Mindray Medical International Ltd.
- Toshiba Corporation
- Samsung Electronics Co. Ltd.
- and Koninklijke Philips NV.
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.
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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.
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