Diagnostic Ultrasound Market to Exceed $7 bn by 2024
Published Date: November 28, 2017 Author: Global Market Insights, Inc.
Diagnostic Ultrasound Market size is set to exceed USD 7 billion by 2024; according to a new research study published by Global Market Insights, Inc.
Growing geriatric population base along with increasing chronic disease incidence rates will drive diagnostic ultrasound market growth over the forecast period. Higher susceptibility of the elderly towards certain orthopedic ailments and chronic diseases will boost ultrasound demand as the technology facilitates management of these disease conditions on an ongoing basis. For instance, a patient with prostatic hypertrophy started on certain medications which could possibly worsen bladder emptying can be monitored with ultrasound after initiation of medication.
Ultrasound devices are witnessing a transition from trolley based, single use systems to highly portable, versatile and multiuse systems. Rapid technological advancements in microelectronics and sensors coupled with improvement in image quality and expansion of applications will propel ultrasound system adoption rates.
Dearth of skilled ultrasound technicians and sonographers especially in countries such as UK and Canada hinder industry expansion. Lack of availability of these skilled professionals is resulting in increased patient waiting time for ultrasound examinations and underuse of the equipment.
Existence of barriers such as lack of training, high machine maintenance cost, absence of support personnel, lack of gel, irregular electrical supply, discomfort in image interpretation and liability concerns hamper technology adoption in developing countries.
Browse key industry insights spread across 120 pages with 106 market data tables & 14 figures & charts from the report, “Diagnostic Ultrasound Market Size By Technology (2D, 3D and 4D, Doppler), By Portability (Trolley, Compact/Handheld), By Application (General Imaging, Cardiology, Obstetrics/Gynecology, Others), By End User (Hospitals, Maternity Centers, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
2D technology held significant industry share in 2016 being the most common and traditional method used for scanning. The technology produces a series of flat, two-dimensional image of the scanned tissue. Increasing usage of newer technologies such as 3D, 4D and 5D which provide a more detailed and realistic image as compared to 2D will impede segment growth.
Compact or handheld ultrasound devices segment will grow at the fastest pace during the forecast period as they offer greater convenience due to their small size and light weight. Furthermore, they are highly beneficial for medical professionals practicing in acute care settings where transportation of the patient may be difficult owing to the constantly changing health condition.
Application of the technology in cardiology held significant industry share. Increasing number of people suffering from cardiovascular diseases such as stroke will drive segment growth over the forecast timeframe.
Hospitals end user segment is slated to grow at a robust rate owing to increasing influx of patients undergoing ultrasound scans in these settings. Expansion of hospitals and development of new ones will further spur growth.
China diagnostic ultrasound market held significant industry share. Increasing healthcare expenditure, growing disease burden along with increasing desire for and utilization of more advanced technologies in healthcare facilities will drive industry growth.
Prominent industry players include GE Healthcare, Samsung, Hitachi, Siemens, Koninklijke Philips N.V., Toshiba, SIUI, Promed Group, TELEMED Medical, Mindray and Esaote. The industry participants adopt various strategies such as acquisitions, new product development and launch for expanding their industry foothold. For instance, in March 2016, Mindray launched Resona 7 in Europe.
Diagnostic ultrasound market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Diagnostic Ultrasound Market by Technology
- 3D and 4D
Diagnostic Ultrasound Market by Portability
- Compact / Handheld
Diagnostic Ultrasound Market by Application
- General Imaging
- Obstetrics / Gynecology
Diagnostic Ultrasound Market by End Use
- Maternity Centers
The above information is provided for the following regions/countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia