Ultrasound Device Market Overview
The global ultrasound device market is projected to reach $8.7 billion by 2022, growing at a CAGR of 5.5% during the forecast period. 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 device industry.
Based on type, the global ultrasound device market is segmented into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment accounted for the major market share in the global ultrasound device market during the historical period and is projected to account for more than 90% of the market by 2022. The therapeutic ultrasound segment is expected to witness the fastest growth during the forecast period.
Based on application, the global ultrasound device market is segmented into general/ radiology imaging, obstetrics and gynecology, cardiology, vascular, urology, and others. The general/ radiology imaging segment accounted for the major market share in the global ultrasound device market during the historical period and is projected to account for 30% of the market by 2022. The cardiology ultrasound segment is expected to witness the fastest growth during the forecast period.
Geographically, Europe is the largest ultrasound device market and is expected to be the largest market during the forecast period. The growth of the European market is attributed to the growing demand for minimally invasive procedures, growing number of products being commercialized, and increasing clinical application of HIFU. In addition, the increasing prevalence of chronic and lifestyle associated disease and increasing healthcare cost are also driving the growth of the market. Among the European countries, Germany is expected to be the largest market for ultrasound devices in 2022, growing at a CAGR of 5.8% during the forecast period.
Ultrasound Device Market Dynamics
Miniaturization of the devices for point of care is a major trend witnessed in the global ultrasound device market. With the emerging innovation in healthcare, the point of care diagnosis is transforming healthcare. Demand for point of care testing is increasing, due to increasing requirement of portable and integrated devices. It helps to perform tests close to the patient and 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. The hand-held device enables routine bedside scanning, which reduces the time and cost associated with diagnosis. In addition, the miniaturizing wearable ultrasonic diathermy device is also used for applying deep therapeutic treatment. The device uses high-frequency ultrasonic excitations to increase circulation, produce deep mechanical stimulation within the body, increase circulation, and reduce inflammation.
The increasing demand for minimally invasive diagnostic and therapeutic techniques is driving the growth of the ultrasound device 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.
Ultrasound Device Market Competitive Landscape
Some of the key companies operating in the ultrasound device market include Koninklijke Philips N.V., Siemens AG, Hitachi Ltd., General Electric Company, Analogic Corporation, Toshiba Corporation, Mindray Medical International Ltd., Esaote SpA and FUJIFILM Holdings Corporation.