Ultrasound Devices Market Product Status, Current Trends, Emerging Services and Competitive Share Analysis
The Global Ultrasound Devices Market size can balloon
to USD 9,208.76 million by 2026, as per the latest findings of Market Research
Future (MRFR).
Market Overview
Ultrasound devices are non-invasive diagnostic
imaging devices capable of acquiring images of internal organs of the body. Ultrasound devices work by sending out high-frequency sound waves
that provide a picture of the targeted area based on the response of various
bodily tissues to the sound waves. The growing demand for ultrasound devices
for diagnostic purposes is likely to be the major driver for the global
ultrasound devices market over the forecast period. The lack of invasion in the
use of ultrasound devices has also become a key plus point for the market due
to the growing obsession with minimally invasive and noninvasive medical
procedures.
Therapeutic
applications of ultrasound include targeting a specific patch of tissue for
stimulation or removal by bombarding it with high-frequency sound waves. This
application is also likely to remain a key factor for the global ultrasound
devices market’s growth over the forecast period.
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The development
of 3D and 4D ultrasound imaging has allowed for the diagnosis of congenital
defects clearly and earlier in the pregnancy, which has made the procedures
widely popular in the healthcare sector around the world. 4D imaging also
allows live action viewing of the fetus, which allows physicians to detect more
abnormalities. This is likely to be a major driver for the global ultrasound
devices market over the forecast period.
Competitive Analysis:
Leading players
in the global ultrasound devices market are likely to focus on bringing about
steady technological innovation and updation in their products in the coming
years, as developing more modern products has become a key selling point in the
industry.
Leading players
in the global ultrasound devices market include Fukuda Denshi (Japan),
Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.),
Hitachi Ltd. (Japan), Koniklijke Philips N.V. (The Netherlands), Fujifilm
Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan),
Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Esaote Spa
(Italy), Siemens Healthineers (Germany), Trivitron Healthcare (India), Shenzhen
Mindray Bio-Medical Electronics Co. Ltd. (China), and General Electric Company
(U.S.).
Segmentation:
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.
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Regional Analysis:
The Americas is
likely to be the major regional market for ultrasound devices over the forecast
period due to the widespread adoption of advanced ultrasound technology in the
region and the growing demand for advanced diagnostic modalities and devices. Europe
is also likely to remain a major regional market for ultrasound devices over
the forecast period due to the growing healthcare expenditure in the region.
Asia Pacific is expected to exhibit the fastest growth over the forecast period
due to the growing demand for advanced medical facilities and devices and the
increasing investment in hospitals and medical technology.
In 2019,
security specialist Check Point Software Technologies said in a report that
ultrasound devices running on older operating systems such as Windows 2000 were
virtually defenseless against modern hackers, which could result in the hackers
gaining access to confidential hospital information and making exorbitant
ransom demands on the hospital. Eliminating this threat is likely to be top of
the agenda for the leading players in the global ultrasound devices market over
the forecast period.
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LIST OF TABLES
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL ULTRASOUND
DEVICES MARKET, BY PORTABILITY 2015-2026 (USD MILLION)
TABLE 3 GLOBAL ULTRASOUND
DEVICES MARKET FOR CART/TROLLEY BASED ULTRASOUND DEVICES, BY REGION, 2015–2026
(USD MILLION)
TABLE 4 GLOBAL ULTRASOUND
DEVICES MARKET FOR HANDHELD/COMPACT ULTRASOUND DEVICES, BY REGION, 2015–2026
(USD MILLION)
TABLE 5 GLOBAL ULTRASOUND
DEVICES MARKET FOR POINT-OF-CARE (POC) ULTRASOUND DEVICES, BY REGION, 2015–2026
(USD MILLION)
TABLE 6 GLOBAL ULTRASOUND
DEVICES MARKET, BY DISPLAY 2015-2026 (USD MILLION)
TABLE 7 GLOBAL ULTRASOUND
DEVICES MARKET FOR COLOR ULTRASOUND DEVICES, BY REGION, 2015–2026 (USD MILLION)
…To be Continued.
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Market Research Future:
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