This market research report identifies GE Healthcare, Philips Healthcare, Siemens Healthcare, Fujifilm Holdings Corp., and Canon Medical Systems as the major vendors operating in the global ultrasound devices market. This report also provides a detailed analysis of the market by product type (Stationary ultrasound devices and Portable ultrasound devices), imaging type (2D, 3D, and 4D Imaging), application type (Radiology, Cardiovascular, Gynecology/Obstetrics, Musculoskeletal, POC, and Others), end-users (Hospitals, ASC, Diagnostic centers, and Others), and region (North America, Europe, Asia Pacific, and Rest of the World).
Overview of the Global Ultrasound Devices Market
Infoholic’s market research report predicts that the global ultrasound devices market will grow at a CAGR of 8.4% during the forecast period 2019–2025. The major drivers of the market are aging, progressive health condition, hypertension, alcohol consumption, secondary medical conditions such as depression, cardiovascular, and other serious medical conditions, the sales of ultrasound devices are expected to increase during the forecast period due to technological adoption of ultrasound devices in hospitals.
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 owing to the highest number of diagnostic cases in 2018. Increasing aging population is one among the primary risk factors for various chronic diseases. With growing technological advancement and innovation in many healthcare services it has led to an increase in their target segments to provide a complete diagnostic setup. It is attributed with numerous technologies in healthcare industry and the medical devices sector especially the general surgery devices which is one of the vital segments of the medical field. This region dominates the overall presence of ultrasound devices and has the most diversified ultrasound systems available in the market. It has the highest percentage of elderly population with many individuals with chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other urology related factors. This has attracted most of the vendors to sustain and grow over the period and maintain their product presence in the market.
According to the ultrasound devices market analysis in 2018, Europe is set to be the second leading region and held more than 25% of the market share. The market in Europe was largely driven by advances in ultrasound 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 the fastest growing region in the global ultrasound devices market in 2018.
Competitive Analysis and Key Vendors
The global ultrasound devices market has massive growth opportunities in both developed and developing regions. The advances in technology and product upgradation will increase the competition among vendors. Many vendors are focusing on developing advanced technological ultrasound devices to upgrade their product portfolio that intensifies the market competition. Manufacturers have formulated various strategies for developing innovative ultrasound devices that are able to compete in the market.
The market has witnessed steady growth in the past few years and development in technology with the introduction of light weight, compact, and easy to use portable ultrasound devices have increased the acceptance of ultrasound devices in the market. The market is fueled by innovation and new technological techniques & procedures. The increase in demand for more advanced & customized diagnosis and treatment with availability of vast healthcare services globally have pushed the market to produce safe, efficient, and cost-effective products in the market. The last couple of decades have witnessed an unparalleled growth in advanced and innovative technologies, which has resulted in the development of state-of-the-art medical device industry. Diagnostic imaging is one of the major industries in healthcare, which has adopted to constant changes and continues to grow consistently. Most of the leading medical device companies focus in developing high-quality imaging data by delivering real-time images that provide assessment of various tissue pathophysiology based on different spectral characteristic of the tissue.
Siemens Healthcare, GE Healthcare, Philips Healthcare, Canon Medical Systems, and Fujifilm Holdings Corp dominated the market in 2018. Other companies like Hologic, Hitachi Medical, Carestream Health, and Esaote SpA have negligible share and will compete strongly with the leading vendors in the market. The benefits such as safety, high quality images, easy monitoring and analysis of 3D images, obtaining high resolution images to show small breast cancers, and combination with multi-imaging systems have increased the demand of ultrasound devices in the market.
Some of the key vendors in the market are:
- GE Healthcare
- Philips Healthcare
- Siemens Healthcare
- Fujifilm Holdings Corp.
- Canon Medical Systems
Other vendors in the global ultrasound devices market are Hitachi Medical, Hologic, and Carestream which contribute the maximum revenue generation in the global ultrasound devices market.
Segmentation of product type
- Stationary ultrasound devices
- Portable ultrasound devices
In 2018, the stationary ultrasound devices constituted the largest segment in the global ultrasound devices market and is expected to continue the same during the forecast period.
Segmentation of application type
In 2018, the radiology segment constituted the largest segment.
Segmentation of end-users
- Ambulatory Surgical Centers (ASCs)
- Diagnostic Centers
In 2018, the hospitals constituted the largest segment among end-users and is expected to lead during the forecast period.
The report provides detailed information about the usage and adoption of ultrasound devices in various applications and regions. With that, key stakeholders can find out the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the medical devices market. Moreover, the report provides details about the major challenges that are going to have an impact on market growth. Additionally, the report gives complete details about the business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals. The report will help companies interested or established in this market to analyze the various aspects of this domain before investing or expanding their business in the global ultrasound devices market.