The global ultrasound devices market was valued at USD 7,408 million in 2017 and is anticipated to grow at a CAGR of 6.1% during the forecast period. Ultrasound technology is non-invasive technique that utilizes high-frequency sound waves for examining internal body organ; detect bodily abnormalities and treatment of certain diseases.
Several technological advancements such as increasing portability, enhancing image quality, Improvements in battery technology and improving overall performance are synergistically evolving the ultrasound technology into a high-performance and affordable imaging tool that is accessible to a wider user base. Similarly, extensive research and development is underway to incorporate miniaturization, intuitive interfaces and software driven platforms in this technology. Going forward, as ultrasound is becoming an integral aspect of healthcare, a large number of private companies and public institutions are investing in research and development of novel technologies in the field of ultrasound imaging. Now-a-days the government is taking initiatives to spread awareness among the masses regarding breast cancer, fetal health and other health related issue, thereby creating awareness among the people.
In addition, the rising tide of the so-called grey-tsunami with several chronic ailments coupled with the lower cost and relative safety are together boosting the market growth. Improving healthcare infrastructure and increasing disposable incomes in developing countries is further fuelling the ultrasound devices market growth. Ultrasound has several applications in the fields of diagnosis and treatment, and novel fields of application are being identified which in turn has led to its wider adoption across the globe. However, the dearth skilled professionals are causing under-usage of the ultrasound devices. Also, stringent FDA regulations govern the usage of this technology. Furthermore, in several developing countries gender determination is illegal and pre-natal diagnostic ultrasound is misused for child sex determination which in turn hampers the ultrasound devices market growth. Novel field of application such as use of High-Intensity Focused Ultrasound (HIFU) for treatment of prostate cancer, breast and kidney cancers, and ultrasound-medication drug delivery, and untapped markets in developing countries provide several opportunities for growth in the years to come.
The global ultrasound devices market is segmented on the basis of product type, portability, application, end-user and region. Based on product type, the market is segmented into diagnostic devices and interventional devices. The diagnostic devices are further segmented into 2D imaging systems, 3D & 4D imaging systems, Doppler imaging; and interventional devices are further bifurcated into high-intensity focused ultrasound, low intensity pulsed ultrasound, extracorporeal shockwave lithotripsy. On the basis of portability, the market is segmented into compact/handheld devices and cart/trolley devices. The application segment is divided into obstetrics and gynecology, radiology/general imaging, cardiology, urology, vascular and others. The end-user segment is categorized into hospitals, diagnostic centers and others.
This ultrasound devices market report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S. and Canada. Europe is divided into Germany, UK, France. Asia-Pacific is bifurcated into China, India, and Japan, Latin America is segmented into Brazil and Mexico. North America accounted for the largest share in the Global Ultrasound Devices market in 2017.
The leading market players have adopted expanding their product portfolio as the key market strategy. In September 2017, Siemens Healthineers introduced TrueFusion1, which is an application on the new release 5.0 of the ACUSON SC2000 cardiovascular ultrasound system that utilizes both ultrasound and angiography imaging for better monitoring and treatment of Structural Heart Disease. In May 2017, Analogic Corporation showcased bkFusion, which is the first MRI-fusion prostate biopsy application that is fully integrated onto a premium ultrasound system bk3000 and can be used by urologists in both hospital and office settings. The major market players profiled in this report include Toshiba Medical Systems Corporation, SonaCare Medical, Analogic Corporation, GE Healthcare, Koninklijke Philips N.V., Philips Healthcare, Siemens AG, FUJIFILM Holdings Corporation Hitachi Medical Corporation, Esaote S.p.A. Samsung Medison, Shimadzu Corporation and Mindray Medical International Limited among others.