Ultrasound Devices Market is Expected To Witness a CAGR of 8.4% To Reach $15.2 Billion by 2025
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The increase in the demand of ultrasound devices across the globe is due to the rise in incidence of breast cancer which will lead to an increase in the the number of diagnosis. As most of the diagnosis are invasive, but many diagnostic companies are focusing towards the non-invasive approach of diagnosis, ultrasound devices has gained high importance and is being recognized by many service providers leading to an increased adoption in the market. Recently the diagnostic markets has witnessed a large volume of breast cancer cases and the detection nowadays is with automated breast ultrasound (ABUS). Other medical conditions such as uterine fibriods are diagnosed with hybrid imaging modality MRI along with ultrasound imaging under image guided technology.
The sales of ultrasound devices have increased due to advancement and technology of various hybrid and multi-modality imaging systems in hospitals. The healthcare facilities are currently targetting in providing the maximum focus towards diagnostic procedures and offer treatment to patients suffering from various chronic diseases. Further, the hospitals, diagnostic centers, and other healthcare facilities are targetting to improve their operational efficiency and focus on creating a smooth environment for both patients and radiologists. Majority of the vendors have established their R&D and manufacturing facilities in developing countries to target the upcoming market growth. Emerging countries such as India and China have huge potential opportunity for medical imaging industry due to presence of large pool of patients and increasing disposable income. The companies are focusing on developing innovative products, and most of them are trying to implement technology with high investment in R&D.
The global ultrasound devices market is analyzed on five segments namely product type, application type, technology type, end-users, and regions. The market by product is segmented into stationary ultrasound devices and portable ultrasound devices. The stationary ultrasound devices segment has the major market share due to increased number of hospitalizations for wide range of chronic diseases and provide better image quality at lower price, better interface, long life, reduced lifecycle costs, durability, and are simple and less susceptible to transport. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are the leading countries. Europe is the second leading region. The market in Europe was largely driven due to advances in medical imaging technologies. Factors such as increase in the prevalence of diseases, continuous adoption of advanced technologies, and increasing aging population are driving the market. The leading countries are Germany, France, UK, and Italy to the market.
The APAC region is expected to grow faster due to increase in sales of new ultrasound devices in coming years. This is due to the high demand for imaging equipment due to rapid increase in the number of hospitals and diagnostic laboratories, especially in countries such as India and China.
The major factors driving the growth of the market are the aging population, rise in the number of chronic diseases, large patient pool presence, and advances in ultrasound systems. The presence of vast patient population and urbanization rate with rising government initiatives is expected to drive the market at a rapid pace.
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“Ultrasound devices have become the most widely used medical imaging system across healthcare facilities and is used as a basic need for many chronic diseases. The non-invasive approach has gained high importance and recognized by many service providers. Advances in technology has brought imaging capabilities in various clinical applications like oncology, orthopedics, cardiology, obstetrics, and gynecology providing a technical edge over the other imaging modalities such as MRI and CT scans. Further, portability and adoption of POC – bedside ultrasound devices have high demand from physicians and radiologists due to ease of use and light weight features. It is generally considered as the safest imaging machine when appropriately used by trained healthcare providers.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research.
Key insights of the report include:
- Major Product Areas
- Stationary ultrasound devices
- Portable ultrasound devices
- Major Application Type
- Key end-users
- Ambulatory care
- Diagnostic centers
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP