According to latest 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”, the 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.
Ultrasound is one of the most broadly used imaging technologies in medicine. It uses high-frequency sound waves to picture the internal organs of the body. Ultrasound has a probe which through which the high-frequency ultrasonic sound waves are transmitted into the body of the patient. An image is generated with the help of echoes of sound waves reflected back by the body organs. An ultrasound system is used to have a look at the heart, human fetus, liver, kidneys, blood vessels, and other organs. It is free of radiation risk, portable, and relatively inexpensive when compared with other imaging modalities, such as magnetic resonance and computed tomography. These characteristics and continued improvements in image quality and resolution have expanded the use of ultrasound in too many areas in medicine beyond traditional diagnostic imaging applications. In particular, its use to assist or guide interventional procedures is growing.
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Increasing demand for minimally invasive surgeries coupled along with increasing prevalence of chronic disorders such as cancer, heart disease, etc. are expected to be the major drivers for the global ultrasound devices market. In addition, a large number of technological advancements (such as 3D & 4D imaging) in ultrasound systems and favorable rules and regulations are expected to trigger the growth of ultrasound devices industry in the coming years. However, lack of experienced and trained sonographers in this industry may pose the challenge to ultrasound devices market. Growth in emerging economies is expected to act an opportunity for ultrasound devices in near future.
Based on technology, ultrasound devices market has been segmented into doppler ultrasound imaging, High-Intensity Focused Ultrasound (HIFU), 2-d ultrasound imaging, 3-D and 4-D ultrasound imaging, and lithotripsy ultrasound imaging. Ultrasound devices market was dominated by 3-D and 4-D ultrasound imaging segment which accounted for largest revenue share across the globe. Further, it is expected to continue its dominance over the forecast period. 3-D and 4-D ultrasound imaging segment are also expected to be the fastest growing segment during the forecast period, as they are technologically superior.
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The ultrasound devices market is segmented based on application into cardiovascular, obstetrics and gynecology, gastroenterology, radiology, and others. In terms of demand, the radiology application segment dominated the market in 2015. Obstetrics and gynecology were another major application segment of ultrasound devices market. Gynecology application segment is another major segment of ultrasound devices and is expected to grow at a noticeable growth rate during the forecast period.
Europe is projected to be the largest revenue contributing region. Europe is expected to remain the dominant region over the forecast period. Europe held more than 30% share of global ultrasound devices market in 2015. Asia Pacific was the second largest market for ultrasound devices in 2015. Asia-Pacific is projected to be the fastest-growing region in the ultrasound devices market during the forecast period as a result of demand from developing economies such as China and India. Demand in Asia Pacific was followed by North America. As a result of increasing aging population and increasing health awareness in Brazil, Latin America is also expected to experience significant growth in the years to come.
Some of the key players operating 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.
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