Global ultrasound devices market growth is driven by the rising number of target diseases, chronic disorders, and musculoskeletal diseases, which demand effective treatment practices. The patient awareness about the use of these devices has risen, and they prefer minimally invasive or non-invasive procedures for the treatment, as they are safer.
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The technological advancements in this field are also driving the ultrasound industry towards growth. Many governmental organizations are significantly increasing their healthcare budget, and issuing funds and grants for research and development. Private sector companies are also investing in this market. Several government bodies have provided tax incentives to private companies to establish and improve their research and development units.
The number of diagnostic centers, hospitals, and clinics has increased significantly over the years. The demand for ultrasound devices has increased in these institutions. It helps in better diagnosis, improved imaging, and provides more efficiency during complex surgeries. Manufacturers are constantly working towards making new innovations in these ultrasound devices to develop safe, non-invasive ultrasound systems. However, the quality regulations and approval procedures for these devices before they can be launched in the market are very strict, which can restrict the growth of the ultrasound market size. The medical procedures performed using ultrasound systems are expensive, which can be another restraint in this market.
On the basis of system portability, the ultrasound devices market can be divided into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. Among these, the trolley/cart based portable ultrasound device market size is the largest due to its increased use in acute care and emergency services. Based on applications, this market is divided into eight segments, among which the vascular applications holds the largest market share. The rise in cases of vascular disease has resulted in the increased usage of vascular ultrasound systems for the diagnosis. This type of ultrasound system is more technologically advanced in terms of 3D and 4D imaging.
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The geographical ultrasound market analysis states that Europe has thus far dominated the global ultrasound market due to numerous ongoing research projects in this sector. There’s a significant increase in healthcare expenditure by both the government and private organizations, which are focused in the expansion of clinical applications of ultrasound systems. West European countries have been growing at the fastest rate for the past several years, and the demand for ultrasound devices is expected to experience a slight uptick in the coming years as well. The consistent economic growth, increased urbanization, and population growth in Africa has driven the ultrasound market towards growth in this region. India is currently the fastest growing ultrasound market in the world, and is expected to grow at a double digit CAGR during the forecast period.
The government budget to expand healthcare coverage increased by almost 22% in 2017 in India, which is a huge driving factor for the growth of this market. The US ultrasound market, however, was suppressed in 2017 due to reduced government spending and a delay by private sectors in purchasing decisions. There was an uncertainty in the market due to government plans of repealing the Affordable Care Act. But its failure resulted in the market picking up pace in the later part of the year. The radiology enabled ultrasound systems are expected to grow rapidly in this region, along with ultra-portable handheld ultrasound systems, which are in demand now. The forecast period of the global ultrasound market is strong, however, the annual growth rate might cool down in the next three years.
Segmentation of the market based on system portability:
- Trolley/Cart based
Segmentation of the market based on application:
- Radiology/General Imaging
- Orthopedic and Musculoskeletal
- Pain Management
Segmentation of the market based on technology:
- Diagnostic: 3D ultrasound, 4D ultrasound, Doppler ultrasound
- Therapeutic: High Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy
Segmentation of the market based on region:
- North America
- Europe (East and West)
- Latin America
- Asia Pacific
Segmentation of the market based on end user:
- Diagnostic centers
- Nursing homes
- Private clinics
Key players in the Global Ultrasound Market:
- General Electric Company
- Canon Medical Systems
- Siemens AG
- Samsung Electronics
- FUJIFILM Holdings Corporation.
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What to expect from the Global Ultrasound Market report?
- An in-depth ultrasound market analysis containing information about the current status of the market and future predictions.
- The current trends, opportunities, challenges, and restraints that are likely to affect the market.
- Latest technological advancements being made in this sector.
- Government regulations, and initiatives taken by both the public and private sector towards the development of this market.
- A detailed analysis of the market by product, type, application, devices, procedures, and end users.
- The regional demographics of the global ultrasound market.
- An insight into the leading manufacturers.
Who should buy this report?
- Venture capitalists and investors
- Financial Institutions
- Government organizations and regulatory authorities
- Strategy managers
- Academic institutions
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