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.
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.
The “Global Ultrasound Devices Market size can balloon to USD 9,208.76 million by 2026”. 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.
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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.
Major key Players Competitive Analysis:
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.
Porter’s Five Forces Model
- Bargaining Power Of Suppliers
- Bargaining Power Of Buyers
- Threat Of New Entrants
- Threat Of Substitutes
- Intensity Of Rivalry
Value Chain Analysis
- R&D And Designing
- Manufacturing
- Distribution & Sales
- Post-Sales Services
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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.
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