Ultrasound Device Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI452
Ultrasound Device Market size was over USD 6.5 billion in 2015 and is anticipated to rise at over 5.5% CAGR to surpass USD 10.5 billion by 2023.
Growing population base afflicted with lifestyle-related disorders as well as chronic ailments such as vascular disorders and hypertension will drive growth. Increasing geriatric population, public and private investments, technological advancements, and growing popularity of minimally invasive disease diagnosis are also forecast to drive the global ultrasound device market.
Ultrasound also referred as ultrasonography is painless and safe, and creates images of inside of the body by using sound waves. This technique includes the usage of a small transducer (also called as probe) and ultrasound gel applied directly on the skin. The probe transmits high frequency sound waves into the body through the gel; it collects the sounds which bounce back and computer then uses those waves to generate an image.
These examinations do not use harmful ionizing radiation (such as used in x-rays); hence there is no exposure of unsafe radiation to the patient. As the images are taken instantly, they can display the movement and structure of the internal organs of the body, as well as the blood flowing through the blood vessels. Based on application, the market has been segmented into cardiovascular, radiology, gynecology, obstetrics, and gastroenterology.
Numerous organizations, for instance the American Cancer Society and Radiological Society of North America, Inc. recommend regular mammographic testing to women aged above 40 years breast cancer detection. 3D/4D ultrasound device market has witness high adoption in breast cancer screening as it provides better imagining of the coronal plane in breasts having dense tissues.
The technique is used in the treatment of gallstones and kidney stones by means of lithotripsy ultrasound. High Intensity Focused Ultrasound (HIFU) technique is broadly used for the cure of prostate cancer which has lesser side effects than the other existing treatments. Other techniques comprise 2D, 3D/4D and Doppler, which are extensively used for diagnostic imaging.
Color Doppler is a unique technique that assesses blood flow through a blood vessel, covering the body’s main veins and arteries in the neck, arms, abdomen and legs or inside several body organs such as the kidneys and liver. 2D ultrasound device market share led revenue generation due to wide use in fetal screening and brain tumor. Large number of healthcare clinics and hospitals in developing nations offer this technology due to comparatively lower cost, which results in greater affordability for patients.
3D and 4D imaging sector accounted for over 30% share of the global ultrasound device market in terms of revenue in 2015. Additionally, it is anticipated to gain share and emerge as the fastest growing segment during the forecast period. The resultant image is 2D; hence, visibility of abnormalities is not precise and clear, which reduces demand in imaging fetus growth and cardiovascular diseases. Furthermore, the 2D imaging market is expected to grow at the slowest CAGR due to the arrival of 3D and 4D imaging.
Competition in the private sector for updated and more efficient medical devices has led to greater demand for handheld imaging devices in private hospitals. Moreover, remote patient monitoring and home healthcare is enhancing the implementation of portable equipment. On the other hand, the demand for comparatively bigger trolley based products where large display screens and heavy hardware are required is escalating.
Europe ultrasound device market share led the global industry at approximately 30%, followed by North America. Chief drivers are growing commercialization, increasing product penetration, expansion in clinical applications, and growing emphasis on minimally invasive procedures (including therapeutic and diagnostic ultrasound).
Asia Pacific is forecast to be the most attractive regional segment in the coming years, due to substantial modernization and expansion of healthcare infrastructure, and growing number of age-related illnesses. Additional drivers include increasing public consciousness about therapeutic aids offered by the technology and growing focus of global device manufacturing companies on supporting their circulation networks in Asia Pacific.
General Electric Company, Samsung Electronics, Siemens AG, Hitachi Ltd., Toshiba Corporation, Fujifilm Holdings Corporation, Analogic Corporation, Philips, Esaote, and Mindray Medical International were some of the major players in 2015.The top five players together accounted for over 80% of the industry.
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