Ultrasound Market Worth 6.86 Billion USD by 2021
02 Mar, 2017, 11:30 GMT
PUNE, India, March 2, 2017 /PRNewswire/ --
According to a new market research report "Ultrasound Market by Technology (Diagnostic, Therapeutic, 2D, 3D/4D, HIFU), Display (B/W, Color), Portability (Cart, Compact, PoC), Application (Radiology, OB/GYN, Cardiac), End User (Hospitals, Academia, Ambulatory, Diagnostic Center) - Forecast to 2021" published by MarketsandMarkets, this report studies the global market for the forecast period of 2016 to 2021. The market is estimated to reach USD 6.86 Billion by 2021 at a CAGR of 5.2% during the forecast period.
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Browse 75 market data Tables and 61 Figures spread through 196 Pages and in-depth TOC on "Ultrasound Market"
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This Report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
Based on technology, the Ultrasound Market is segmented into diagnostics (2D, 3D & 4D, and Doppler) and therapeutics ultrasound (high-intensity focused ultrasound and extracorporeal shockwave lithotripsy)]. Diagnostic ultrasound accounted for the largest share of the market in 2016. The large share of this segment can be attributed to factors such as the large-scale use of 2D ultrasound in disease diagnosis, the availability of significant medical reimbursements, and the ongoing technological advancements in the field of 3D/4D ultrasound.
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On the basis of device portability, ultrasound products are categorized into trolley/cart-based and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices segment accounted for the largest share in the market in 2016. The compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period of 2016-2021 owing to ease of operability and expansion in application horizons (such as radiology imaging, emergency medicine, and wound healing).
On the basis of application, the market is classified into radiology/general imaging, obstetrics/gynecological, cardiology, urological, vascular, and other applications (such as neurological, mammography, emergency medical imaging, hepatic imaging and renal imaging, and point-of-care). In 2016, the radiology/general imaging application segment commanded the largest share of the market. The large share of this segment is primarily due to rising incidence of target diseases across major markets, ongoing technological advancements, and increasing cases of orthopedic diseases as well as accidents & injuries.
Based on end user, the market is segmented into hospitals, diagnostic centers, and surgical centers; maternity centers; ambulatory care centers; research and academic institutes; and other end users. The hospitals, diagnostic centers, and surgical centers segment is expected to be the largest share end user segment owing to the rising number of diagnostic imaging procedures performed in hospitals, increasing adoption of minimally invasive procedures (such as ultrasound) in hospitals by healthcare professionals, and the growing focus of product manufacturers to establish new diagnostic centers in hospitals. However, ambulatory care centers are expected to be the fastest-growing end-user segment in the forecast period growing at the highest CAGR due to factors such as increasing number of image-guided surgeries being performed at ambulatory care centers and rising market demand for portable & compact ultrasound devices.
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Europe dominated the market in 2016, followed by North America. However, the Asia-Pacific region is expected to be the fastest growing market during 2016-2021. A number of factors such as increasing public awareness related to procedural benefits of ultrasound and continuously rising healthcare expenditure in the Asia-Pacific region are driving the growth of the market.
As of 2015, the global market was dominated by General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Shimadzu Corporation (Japan), and Analogic Corporation (U.S.).
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