Overview:
The global ultrasound devices market is gaining grounds with the increasing number of physicians recommending the device for accurate diagnosis. A device is an imaging machine that uses ultrasound and creates an image of the tendons, muscles, joints, blood vessels, and internal organs. It can do a great job in finding the source of certain diseases. The sound waves these devices use is higher than the human audible level. It can provide a picture of blood flow, the motion of the tissue, molecular presence, and the anatomy of any organ using which doctors can diagnose the problem. As an added advantage, its portability can be considered. The global ultrasound devices market is expecting a growth of 8.1% CAGR during the forecast period (2018-2023) and can surpass a market valuation of USD 10.37 billion by 2023. Market Research Future (MRFR) in a recently published report discloses detailed study on the segments, drivers that can impact the market, and companies that are stressing out to expand the market scope.
The market is expected to rise high with the expansion taking place in the healthcare sector. Countries are vying for the top medical tourism spot which provides an incentive for the market. The market can leverage more from the robust infrastructural development taking place in the developing regions. The device does not use ionizing radiation which is a plus for the product market. Its ability to provide accurate image is making it popular among the physicians owing to which the market can gain substantial heads-up. However, the device can provide variable picture due to the difference in the body structure of patients. It has some drawbacks in imaging bones which can also pull back the market growth a bit.
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Segmentation:
MRFR segments the global ultrasound devices market by applications, clinical applications, product, and end-user.
Based on the applications, the ultrasound devices market can be segmented into diagnostic and therapeutic. Diagnostic segment commands almost 68% of the entire market.
Based on the clinical application, the ultrasound devices market includes radiology, obstetrics and gynecology, cardiac and others.
Based on the product, the ultrasound devices market comprises cart-based and portable. Portable ultrasounds are gaining prominence for their ease of application.
Based on the end-user, the ultrasound devices market can be segmented into hospitals/clinics and ambulatory. Hospitals/clinics segment is leading the market. However, ambulatory service is also gaining grounds.
Regional Analysis:
MRFR’s analysis of the ultrasound devices market geographically segments the market namely by the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas is currently holding the maximum share in the market. A high percentage of uptake of such devices by the healthcare industry is providing the market the much-needed impetus during the forecast period.
Europe has a good command over the market as well with similar features like that of the Americas. Government initiatives are also providing favorable wind. At the same time, major companies are based out of this region which brings in substantial revenue from all over the world. The APAC market is expected to grow with the fastest CAGR during the forecast period. The region is developing several sectors, and healthcare is one such where it is evolving. The concept of medical tourism is providing the much-needed spark. Substantial patient pool owing to huge population is also helping the regional market.
Competitive Analysis:
Notable players of this ultrasound devices market are Toshiba Corporation, General Electric Company, Mindray Medical International Ltd., Samsung Electronics Co., Ltd., Hitachi Ltd., Siemens AG, Koninklijke Philips N.V., Shimadzu Corporation, and Analogic Corporation and others.
ETH Zurich, with support from the Swiss National Science Foundation, has developed an ultrasound device that can detect the malignant tumors benignly present in the breast. This can help the easy diagnosis of breast cancer.
In 2018, Samsung launched RS85 that is enriched with MV-Flow technology that can detect microvascular blood flow and S-Shearwave imaging that assists in the clinical diagnosis of the state of tissues.
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