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Ultrasound Device Market

Ultrasound Device Market Size, Share, Development, Growth and Demand Forecast to 2022 – Industry Insights by Type (Diagnostic Ultrasound, and Therapeutic Ultrasound), by Portability (Trolley/Cart Based Ultrasound, and Portable/Compact/Hand-Held Ultrasound), by Display (Black and White Ultrasound and Color Ultrasound), by Technology (2D, Doppler, 3D and D, HIFU and ESWL), by Application (Obstetrics and Gynecology, Cardiology, General Imaging/Radiology, Vascular, Urology and Others)

Published: May 2016
Report Code: LS10042
Available Format:
Pages: 168

Ultrasound Devices Market Overview

The global ultrasound devices market was valued at $6,014.4 million in 2015, and it is expected to grow at a CAGR of 5.5% during 2016 – 2022. The market will be growing at a significant rate due to the growing geriatric population, increasing prevalence of chronic and lifestyle diseases such as cardiovascular disease and cancer, and increasing healthcare expenditure. In addition, the technological advancement in ultrasound device, and the increasing demand for minimally invasive diagnosis and therapeutics will also be driving the growth of the ultrasound devices market.

Ultrasound Device Market

 

In terms of type, the diagnostic ultrasound accounted for the largest market share in the ultrasound devices market in 2015, while the therapeutic ultrasound is expected to witness a higher growth during 2016-2022. Also in terms of portability, the trolley/ cart accounted for the largest share in the ultrasound device industry in 2015, and the portable/compact/hand-held is expected to witness a faster growth during 2016-2022.

Taking into account the geographical landscape, the European region accounted for the largest share of 32.8%, in the ultrasound devices market, in 2015. Europe dominated the market due to the growing demand for minimally invasive procedures, growing number of products being commercialized, and the increasing clinical applications of high intensity focused ultrasound (HIFU). In addition, during the forecast period, Asia-Pacific is expected to be the fastest growing region in the worldwide market. The growth in the Asia-Pacific region can be attributed to the improving healthcare infrastructure, increasing prevalence of chronic and lifestyle diseases, and growing geriatric population.

Ultrasound Devices Market Dynamics

Trends

The ultrasound device companies are actively involved in the launch of new products, to develop more innovative and advanced devices. The ultrasound devices market is focusing on the development of technologically advanced and affordable ultrasound products, to meet the demands of the customer. Also, with the emerging innovation in healthcare, the point of care diagnosis is transforming healthcare. The demand for point of care testing is increasing due to the increasing requirement of portable and integrated devices. It helps to perform tests close to the patient and also provide immediate result. The design of ultrasound has changed with variation in technologies and capabilities. The miniaturization of ultrasound device has increased its application in emergency care, for speed and accurate diagnosis. Thus, the growing number of product launches and miniaturization of the f devices for point of care are the major trends witnessed in the ultrasound devices market.

Growth Drivers

The increasing demand for minimally invasive diagnostic and therapeutic techniques is driving the growth of the ultrasound devices market. Minimally invasive diagnosis is performed when the body is minimally cut or a device is invaded during the surgical investigation. In minimally invasive diagnosis, a procedure is performed under the guidance of ultrasound to visualize tissues or organs by ultrasound. It is used in interventional radiology for the guidance of biopsy to aid in fluid management. The ultrasound guided procedure includes fluid collection by needle aspiration and cystiological or tissue sampling. Endoscopic ultrasound is also used for the diagnosis of conditions. For instance, in endobronchial ultrasound, ultrasound is added to fiber optic bronchoscopes to detect the staging of lung cancer and determine the appropriate treatment.

The growing geriatric population is also acting as a growth driver for the ultrasound devices market. The elderly population requires extensive care as they are prone to illness due to low immunity levels and high recovery time. The elderly people are also more susceptible to diseases such as diabetes, vascular diseases, and cardiovascular disorders due to less regenerative abilities, thus leading to increase in the demand for better diagnosis and therapies. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the worldwide aging population, the population of people aged 60 years or above is growing at a high rate. The number increased from a worldwide share of 9.2% in 1990 to 11.7% in 2013, and is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil, by 2050.

Ultrasound Devices Market Competitive Landscape

The companies in the ultrasound devices market are launching new products to improve their position in the market. For instance, in April 2016, Samsung Medison announced that it is applying deep learning technology to ultrasound imaging for the first time in breast lesion analysis. The premium ultrasound system RS80A with Prestige’s upgrade includes ‘S-Detect for Breast’, which employs a deep learning algorithm as well as other imaging enhancements and diagnostic functions, such as fusion and CEUS (Contrast-enhanced ultrasound) imaging for radiologists.

Some of the key companies operating in the ultrasound devices market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Toshiba Corporation, Analogic Corporation, FUJIFILM Holdings Corporation, Mindray Medical International Ltd., and Esaote SpA.

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