- Radiology/general imaging is the leading application segment in ultrasound devices market, prevalence of orthopedic diseases is the key driver for demand
- North America and Europe are topmost lucrative regional markets, uptake in cutting-edge diagnostic and therapeutic ultrasound in the health care sector boosting revenue growth in these regional markets
ALBANY, N.Y., Sept. 14, 2020 /PRNewswire/ -- Ultrasound devices have established themselves as a prominent imaging modality used for diagnostic and therapeutic applications in the healthcare sector. Rise in demand for these in the management of cardiovascular diseases, respiratory, abdominal, and kidney diseases, among others, is fueling the expansion of the ultrasound devices market.
Among the wide range of technologies, diagnostic ultrasound held the major share in 2017. Compact and handheld ultrasound technologies are becoming cost-effective for healthcare providers and patients to diagnose diseases, especially chronic ones. Rise in uptake in diagnostics and therapeutics of cancer and cardiovascular diseases is boosting the market.
The market stood at US$ 6.5 Bn in 2017 and is expected to reach worth of US$ 10.6 Bn by 2026-end.
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Key Findings of Ultrasound Devices Market Report
- The ultrasound devices market is projected to clock CAGR 5.6% during 2018 – 2026
- Europe was the leading regional market in 2017
- North America is highly lucrative and accounts for a promising revenue share
- Among all the key applications, radiology and general imaging held the leading share in 2017
- The demand for aforementioned segment is expected to remain attractive in next few years
- Of all the end uses, diagnostic centers are one of the promising segments during the assessment period
- Asia Pacific market projected to garner CAGR of 6.2% from 2018 to 2026
Explore 243 pages of top-notch research, incisive insights, and detailed country-level projections on Ultrasound Devices Market (Technology - Diagnostic Ultrasound (2D Ultrasound, 3D and 4D Ultrasound, Doppler Ultrasound), Therapeutic Ultrasound (High-intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy); Portability - Trolley and Cart Based Ultrasound Devices, Compact and Handheld Ultrasound Devices; Application - Radiology and General Imaging, Cardiology, Obstetrics and Gynecology, Vascular, Urology; End user - Hospitals and Surgical Centers, Diagnostic Centers, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/report-toc/2483
Ultrasound Devices Market: Key Driving Factors and Promising Avenues
- Rise in use of ultrasound devices in managing urological disorder of human health is a key trend for rise in market opportunities.
- According to a report in NCBI, kidney stone disease has high prevalence and recurrence rates. Advancements in extracorporeal shockwave lithotripsy have boosted the demand for ultrasound devices.
- Two of the most lucrative countries in terms of application in kidney disorders are Germany and the U.S.
- 4D ultrasound imaging is being considered as a technological novelty.
- Rise in prevalence of chronic diseases has spurred the use of newer ultrasound modalities, thus spurring the demand for ultrasound devices.
- Per a recent finding by the WHO, chronic diseases account for 79% of all deaths worldwide, especially in the developed nations.
- Growing mortality of cardiovascular diseases (CVD) is one of the key demand drivers in the ultrasound devices market. Per the WHO, 79% of all deaths worldwide are due to CVD, making their management a key concern for healthcare systems world over.
- Rise in use of portable ultrasound devices for point-of-care settings has spurred opportunity for medical device manufacturers. These need to be compact as well as reliable.
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Ultrasound Devices Market: Regional Landscape
Europe was the leading regional market in 2017, and the revenue was pegged at US$ 2.1 Bn in 2017. Presence of robust healthcare systems is key to the widespread uptake of ultrasound devices in the region. Growing awareness of the competency of cutting-edge imaging modalities in the management of complex diseases has led to rapid expansion of opportunities in North America.
On the other hand, the healthcare systems in countries such as China, India, and Japan are seeing sizable application of therapeutic and diagnostic imaging modalities consisting of ultrasound devices.
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Ultrasound Devices Market: Competitive Landscape
Top players are getting into mergers and acquisitions to expand their portfolio and consolidate their shares in the ultrasound devices market.
Some of the key ultrasound device makers are GE Healthcare, Canon Medical Systems Corporation, Siemens Healthineers, Samsung Medison Co., Ltd., and Analogic Corporation.
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The Ultrasound Devices market is segmented based on:
- Diagnostic Ultrasound
- 2D Ultrasound
- 3D & 4D Ultrasound
- Doppler Ultrasound
- Therapeutic Ultrasound
- High-intensity Focused Ultrasound
- Extracorporeal Shockwave Lithotripsy
- Trolley/Cart-Based Ultrasound Devices
- Compact/Handheld Ultrasound Devices
- Radiology/General Imaging
- Hospital & Surgical Centers
- Diagnostic Centers
- Ambulatory Surgical Centers
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
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