Global Ultrasound Devices Market - Overview
The necessity associated with using less invasive tools for detection of diseases has spurred the speedy growth and adoption of ultrasound devices. The real time imaging provided by these devices is encouraging the market’s growth. Market reports associated with the healthcare sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The market is projected to make revenues worth USD 10.37 while earning at a CAGR of 8.1 percent through the forecast period.
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As ultra sound imaging devices do not emit harmful ionizing radiation, they are increasingly preferred. The development of better imaging technologies is improving the market share of ultrasound devices to a great extent. The advances in 3D & 4D imaging which give a detailed evaluation of fetal anatomy and morphology are also found to be contributing to the overall market expansion. Progress in the innovation of portable ultrasound devices is expected to significantly bolster market growth in the duration of the forecast period.
Segmental Analysis
The global ultrasound devices market is segmented by portability, display, application, technology, and end-user.
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.
By technology, diagnostic accounted for the largest market share in 2017 due to the use of 2D ultrasound in women’s health. It is likely to show CAGR over the assessment period and hold significant market share by 2026 due to the continuous advances in imaging and reimbursement schemes for these procedures. On the flip side, therapeutic ultrasound is expected to hold second position by 2026.
By end-user, hospitals and diagnostic & surgical centers dominated the ultrasound devices market in 2017 due to emergence of various hospital chains and rising number of minimally invasive diagnostic procedures by doctors. The segment can grow with strong CAGR and expected to hold first position in the market. Ambulatory care centers can exhibit the highest CAGR of 3.61% during the forecast period thanks to the facilities providing same-day care diagnostic and surgical procedures.
Detailed Regional Analysis
The region-wise analysis of the market for ultrasound devices consists of regions such as Europe, Americas, Asia Pacific, Middle East & Africa. The Americas region is the major market for ultrasound devices. The speedy acceptance of technology and excellent reimbursements scenario in the U.S. are the among the two most significant factors for the lead established by the Americas region. The European region is the next chief market for ultrasound devices. However, the Asia Pacific region is anticipated to be the most rapidly rising region in ultrasound devices market.
Competitive Analysis
The critical success factors in the market are easily achieved in the market leading to an elevated pace of development in the forecast period. The market attractiveness and competitors’ dynamics are noticeably improved by the strategies that are being utilized by market players. The market is considerably buoyed by the developments that are occuring in the market. The increased level of emphasis on the variety of products is increasing the number of customers in the market substantially. The successful integration of supply chain management is steadily increasing the development of the market. The innovation in products and services of the markets will alter the course of development of the market substantially. The long run viability of the market is highly dependent on the techniques and the strategic roadmaps that are engaged by market players.
Koninklijke Philips N.V., General Electric Company, Siemens AG, Samsung Electronics Co., Ltd., Toshiba Corporation, Hitachi Ltd., Mindray Medical International Ltd., Shimadzu Corporation, and Analogic Corporation and others the major players operating in the ultrasound devices market globally.
Industry Updates:
July 2018 Healcerion has recently launched the SONON 300L handheld ultrasound device to the US market following FDA approval of this innovative wireless device for primary care providers. It makes available flexible ultrasound technology at less than 1/10 the cost of a traditional ultrasound machine, with a user interface anyone can learn quickly. The SONON 300L also supports medical imaging protocols including the DICOM (Digital Imaging and Communications in Medicine) and the PACS (Picture Archiving and Communication System). The SONON 300L also significantly advances patient care via the PCP.
1 Report Prologue
2 Introduction
2.1 Definition 21
2.2 Scope Of The Study 21
2.3 List Of Assumptions 22
2.4 Market Structure 23
3 Research Methodology
3.1 Research Process 25
3.2 Primary Research 26
3.3 Secondary Research 27
3.4 Market Size Estimation 28
3.5 Forecast Model 28
4 Market Dynamics
4.1 Introduction 30
4.2 Drivers 31
4.2.1 Rising Prevalence Of Chronic Diseases 31
4.2.2 Increasing Investments And Funding By Public And Private Organizations 31
4.2.3 Technological Advancements 31
4.2.4 Growing Number Of Hospitals And Diagnostic Centers 32
4.3 Restraints 32
4.3.1 Stringent Regulations 32
4.4 Opportunity 32
4.4.1 Emerging Markets Of Ultrasound Devices 32
4.5 Macroeconomics 33
5 Market Factor Analysis
5.1 Porter’s Five Forces Model 35
5.1.1 Bargaining Power Of Suppliers 35
5.1.2 Bargaining Power Of Buyers 36
5.1.3 Threat Of New Entrants 36
5.1.4 Threat Of Substitutes 36
5.1.5 Intensity Of Rivalry 36
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