Ultrasound Device Market Overview
The global ultrasound device market is expected to attain a value of $8.7 billion by 2022, progressing at a CAGR of 5.5% during the forecast period (2016–2022). Surging geriatric population, increasing preference for minimally invasive medical procedures, rising healthcare expenditure, and growing prevalence of chronic diseases are among the key factors driving the market. Besides, advancements with respect to the ultrasound technology are expected to support the market growth in the near future.
Based on application, the ultrasound device market is classified into cardiology, general radiology/imaging, vascular, urology, and obstetrics and gynecology. Among these, the general radiology/imaging category accounts for the major share in the market and is projected to hold 30% market share in 2022. However, cardiology is projected to be the fastest-growing application area for ultrasound devices during the forecast period.
When segmented by type, the ultrasound device market is classified into diagnostic and therapeutic devices. Diagnostic ultrasound devices dominated the market during the historical period, and the category of these devices is expected to hold more than 90% share in the market in 2022. The market, however, is expected to witness faster growth in the therapeutic category during the forecast period.
Globally, Europe is expected to continue leading the ultrasound device market in the coming years. Increasing preference for minimally invasive procedures and rising number of product approvals are driving the growth of the European market. Besides, the growing prevalence of chronic diseases is supporting the market growth in the region. Germany is projected to be the largest market for ultrasound devices in the region, registering a CAGR of 5.8% during the forecast period.
Ultrasound Device Market Dynamics
The ultrasound device market is witnessing various trends, among which miniaturization of point-of-care devices is a major trend. The medical device technology is transitioning toward miniaturization, with portable, lighter devices replacing their bulky counterparts. To provide point-of-care treatment to patients, healthcare settings are focusing on the use of compact and lightweight devices. In view of this, manufacturers in the market are introducing portable devices to facilitate improved healthcare.
Moreover, miniaturization of ultrasound devices has led to their increased application in emergency and intensive care units (ICUs). Handheld ultrasound devices help physicians in routine bedside scanning, which further reduces the overall time and cost associated with the diagnosis. Besides, miniaturized wearable ultrasonic diathermy devices are widely being utilized in deep therapy.
Growing preference for minimally invasive medical procedures is a major factor driving the growth of the ultrasound device market. Ultrasound devices are widely being used as a tool for minimally invasive diagnosis for visualizing tissues and organs of the body. These devices are also used in interventional radiology for fluid management. Some of the ultrasound guided procedures are fluid collection by needle aspiration and tissue sampling. Since minimally invasive procedures cause less pain and do not require longer stay in a hospital, the preference for these procedures is increasing, which, in turn, is leading to the growth of the ultrasound device industry.
Ultrasound Device Market Competitive Landscape
Some of the key companies in the global ultrasound device market are 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.
Key Questions Answered in the Report
What is the current scenario of the global ultrasound device market?
What are the emerging technologies for the development of ultrasound devices?
What are the key market segments and their market size and future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
What are the key regions from the investment perspective?
What are the key strategies adopted by the major players to expand their market share?