The global ultrasound devices market trends is expected to exhibit a strong 8.1% CAGR over the forecast period, rising to a valuation of USD 10.37 billion by 2023, according to a new report from Market Research Future (MRFR). The report elaborates on the major drivers and restraints for the global ultrasound devices market in detail by analyzing their impact on the market’s trajectory over the forecast period.
The growing demand for ultrasound devices for diagnostic purposes is likely to be the major driver for the global ultrasound devices market over the forecast period. Ultrasound devices work by sending out high-frequency sound waves that provide a picture of the targeted area based on the response of various bodily tissues to the sound waves. Since different tissues react differently to the same sound waves, the technique has become popular in the healthcare sector. The lack of invasion in the use of ultrasound equipment manufacturers has also become a key plus point for the market due to the growing obsession with minimally invasive and noninvasive medical procedures. Therapeutic applications of ultrasound include targeting a specific patch of tissue for stimulation or removal by bombarding it with high-frequency sound waves. This application is also likely to remain a key factor for the global ultrasound devices market’s growth over the forecast period.
The growing demand for more advanced ultrasound devices in the gynecology sector is likely to be a major driver for the global ultrasound devices market over the forecast period. The development of 3D and 4D ultrasound imaging has allowed for the diagnosis of congenital defects clearly and earlier in the pregnancy, which has made the procedures widely popular in the healthcare sector around the world. 4D imaging also allows live action viewing of the fetus, which allows physicians to detect more abnormalities. This is likely to be a major driver for the global ultrasound devices market over the forecast period.
Leading players in the global ultrasound devices market include Siemens AG, GE, Hitachi Ltd., Shimadzu Corporation, Analogic Corporation, Mindray Medical International Ltd., Toshiba Corporation, Samsung Electronics Co. Ltd., and Koninklijke Philips NV.
Leading players in the global ultrasound devices market are likely to focus on bringing about steady technological innovation and updation in their products in the coming years, as developing more modern products has become a key selling point in the industry. The rising threat of web-based intrusions is also likely to make companies focus more on technological updation. In March 2019, security specialist Check Point Software Technologies said in a report that ultrasound devices running on older operating systems such as Windows 2000 were virtually defenseless against modern hackers, which could result in the hackers gaining access to confidential hospital information and making exorbitant ransom demands on the hospital. Eliminating this threat is likely to be top of the agenda for the leading players in the global ultrasound devices market over the forecast period.
The Americas is likely to be the major regional for ultrasound devices market report over the forecast period due to the widespread adoption of advanced ultrasound technology in the region and the growing demand for advanced diagnostic modalities and devices. Europe is also likely to remain a major regional market for ultrasound devices over the forecast period due to the growing healthcare expenditure in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the growing demand for advanced medical facilities and devices and the increasing investment in hospitals and medical technology.
By portability, cart/trolley-based devices accounted for the largest market share in 2017 due to its utilization in acute and emergency care settings. The segment is likely to register strong CAGR during the forecast period expected to hold significant market share during the forecast period. Handheld/compact ultrasound devices accounted for the second largest share due to the rising adoption of these by healthcare professionals.
By display, color devices accounted for a largest market share in 2017 compared to its counterpart, black/white ultrasound devices. The former can touch a size of USD 7,509.12 million by 2026, while the latter is likely to show prominent growth by the end of the forecast period.
By application, radiology/general imaging is likely to register highest CAGR during the assessment and likely to dominate the market by 2026. It accounted for the largest market share in 2017 due to its vast medical applications. The rising geriatric populace and incidence of various cancers can spur the segment growth. On the other hand, cardiology is also showing significant growth by 2026.
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