Valued at $6.0 billion in 2015, the global ultrasound device market is expected to reach $8.7 billion, advancing at a CAGR of 5.5% during the forecast period. Increasing preference for minimally invasive medical procedures, rising healthcare expenditure, and growing prevalence of chronic diseases are driving the growth of the market.
Ultrasound refers to a sound wave with frequency greater than 20 kHz. Imaging through an ultrasound device exposes the body to sound waves of higher frequency, which helps in creating images of the internal organs. Ultrasound imaging is widely used in healthcare settings across the globe for the evaluation of swelling, pain, and hematuria in patients. Additionally, these devices are used for various image-guided procedures.
On the basis of portability, the ultrasound device market is classified into cart/trolley-based and portable/handheld/compact ultrasound devices. Of the two types, portable/compact/handheld devices are expected to witness higher demand in the market, with 8.8% CAGR, during he forecast period.
Although the market is expected to witness a steady demand for these devices, stringent regulations for product approvals may affect the growth of the market to some extent in the near future. Globally, the ultrasound device market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, with 6.3% CAGR, during the forecast period.
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Some of the key players operating in the global ultrasound device market are 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.
GLOBAL ULTRASOUND DEVICE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Portability
Market Segmentation by Display
Market Segmentation by Application
Market Segmentation by Technology
Market Segmentation by Geography