Ultrasound Device Market to be Worth $11.1 Billion by 2024: Grand View Research, Inc.

SAN FRANCISCO, May 2, 2016 /PRNewswire/ --

The global ultrasound device market is expected to reach USD 11.1 billion by 2024, according to a new report published by Grand View Research, Inc. Major drivers of the sonography market include expanding applications of the technique in therapeutic areas and government recommendations for periodic ultrasound screenings of the breast for breast cancer. 

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High Intensity Focused Ultrasound (HIFU) is widely used for the treatment of prostate cancer. HIFU has lesser side effects for prostate cancer than the other available treatments. The other use of ultrasound technique for therapeutic purpose includes treatment of kidney stones and gallstones using extracorporeal shockwave lithotripsy (ESWL). 

2D, 3D/4D and Doppler ultrasound techniques are widely used in diagnostic imaging. 2D ultrasound segment captured the largest market share owing to the wide use of this technique in brain tumor and fetal screening. Most of the hospitals and healthcare facilities in developing countries offer 2D ultrasound as the device cost is relatively lesser and results in increasing the affordability of ultrasound imaging to patients. Along with 3D, 4D sonography has also become popular in obstetrics areas as it provides real-time movements of the fetus. 

Intensifying competition in the private sector has triggered advancements of the latest medical devices in private hospitals. As a result, demand for handheld imaging devices is swiftly increasing. In addition, the shifting trend to home healthcare and remote patient monitoring is augmenting the adoption of handheld devices. However, the demand for relatively bigger cart/trolley-based devices is escalating with the rising adoption of therapeutic ultrasound, where heavy hardware and large display screens are necessary.

Browse full research report with TOC on "Ultrasound Device Market Analysis By Product Type (Diagnostic Ultrasound Devices (2D, 3D/4D, Doppler), Therapeutic Ultrasound Devices (High-intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy)), By Portability (Handheld, Cart/Trolley-based) And Segment Forecasts to 2024" at: http://www.grandviewresearch.com/industry-analysis/ultrasound-device-market

Further key findings from the study suggest: 

• The diagnostic ultrasound devices segment captured a market share of 35.80% in 2015. The share of the segment was mainly attributed to government recommendations for routine checkups using ultrasound devices.
• The rising birth rates and in-vitro fertilization treatments are supporting the growth of the diagnostic ultrasound imaging segment as the imaging technique is widely accepted for fetal monitoring during pregnancy
• The handheld device segment is expected to exhibit the fastest growth during the forecast period owing to the convenience of portability, affordable price, and user-friendly technologies embedded in these devices
• North America captured the largest market share of 24.85% in 2015 and is expected to maintain its dominance throughout the forecast period. The presence of a well-defined regulatory framework, recommendations of government and healthcare agencies, and high adoption of remote patient monitoring and home healthcare services are the major factors supporting the market growth.
• Asia Pacific is anticipated to witness the fastest growth of 9.6% during the forecast period. Rising disposable income, growing awareness, and booming medical tourism industry are some of the factors expected to drive the Asia Pacific market towards swift growth during the forecast period.
• The ultrasound market is fragmented with the presence of many local players. Thus, market players are adopting strategies such as mergers and acquisitions and distribution partnerships to expand their market share and sustain the competition.
• Some key players contributing to this market include Toshiba Medical Systems Corporation, SonaCare Medical, Analogic Corporation, GE Healthcare, Philips Healthcare, Siemens Healthcare, Hitachi Medical Corporation, Samsung Medison, and Mindray Medical International Limited 

Grand View Research has segmented the ultrasound device market on the basis of product type and geography. 

• Ultrasound device market by product, 2012 - 2022 (USD Million) 
  • Diagnostic Ultrasound Devices
    • 2D
    • 3D/4D
    • Doppler
  • Therapeutic Ultrasound Devices
    • High Intensity Focused Ultrasound (HIFU)
    • Extracorporeal Shockwave Lithotripsy (ESWL)
• Ultrasound device market by Portability type, 2012 - 2022 (USD Million) 
  • Handheld Ultrasound Devices
  • Cart/Trolley Based Ultrasound Devices
• Ultrasound device market by region, 2012 - 2022 (USD Million) 
  • North America
    • U.S. Ultrasound Device Market, by Product
    • U.S. Ultrasound Device Market, by Portability
    • Canada Ultrasound Device Market, by Product
    • Canada Ultrasound Device Market, by Portability
  • Europe
    • UK Ultrasound Device Market, by Product
    • UK Ultrasound Device Market, by Portability
    • Germany Ultrasound Device Market, by Product
    • Germany Ultrasound Device Market, by Portability
  • Asia Pacific
    • China Ultrasound Device Market, by Product
    • China Ultrasound Device Market, by Portability
    • Japan Ultrasound Device Market, by Product
    • Japan Ultrasound Device Market, by Portability
  • Latin America
    • Brazil Ultrasound Device Market, by Product
    • Brazil Ultrasound Device Market, by Portability
    • Mexico Ultrasound Device Market, by Product
    • Mexico Ultrasound Device Market, by Portability
  • MEA
    • South Africa Ultrasound Device Market,by Product
    • South Africa Device Market,by Portability 

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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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