Ultrasound Devices Market Overview
The ultrasound devices market is estimated to surpass $8,229m by 2023, growing at a CAGR of 3.7% during the forecast period 2018–2023. The ultrasound devices market is poised to witness significant growth owing to the increasing technological advances in ultrasound systems. Europe region is the largest market for ultrasound devices due to the rising demand for early disease diagnosis in this region.
Ultrasound Devices Market Outlook
Ultrasound devices make use of sound waves with frequencies higher than the human upper audible limit. Typical ultrasound devices operate with frequencies from 20 kHz up to several gigahertz. Ultrasound devices may either be diagnostic or therapeutic in nature. A diagnostic ultrasound, also known as sonography, is an imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. Similarly, a therapeutic ultrasound makes use of sound waves above the range of human hearing but does not produce image. Its purpose is to interact with tissues in the body in order to either modify or destroy them. The transducer of the ultrasound device produces ultrasound waves that reflect from the boundaries of organs and surrounding fluid, and between regions with differing tissue density and are used to visualize internal body structures such as muscles, blood vessels, tendons, joints, and internal organs to derive the pathology.
This report provides an in-depth analysis of the ultrasound devices market by type, technology, application, end user, and geography. Based on type, the market is majorly segmented into contrast ultrasonography, molecular ultrasonography, elastography, and compression ultrasonography.
The report also analyzes the market taking into consideration the various regions including North America, Europe, Asia-Pacific, and Rest of the world as well as the prominent countries for the ultrasound devices market across these regions. The diagnostic ultrasound technology segment of the ultrasound devices market in Europe was valued at $1,885m in 2017 and is estimated to reach $2,225m by 2023, growing at a CAGR of 2.7% during the forecast period.
Ultrasound Devices Market Growth Drivers
Growing technological advances in ultrasound systems provide ultrasound images with much higher resolutions. Sonoelastography is one among the technological advancements that measures tissue stiffness. These technological advancements increase the clinical and diagnostic applications of ultrasounds. Rising diagnostic ultrasound imaging procedures coupled with increasing awareness about early disease diagnosis are boosting the growth of the ultrasound devices market. Rise in demand for minimally invasive therapies is also influencing the growth of the ultrasound devices market.
Ultrasound Devices Market Challenges
Lack of experienced and skilled sonographers is hampering the growth of the ultrasound devices market. Even if sonographers are available, they are not skilled enough to work in rural conditions. This greatly affects the ultrasound devices market negatively. Limitations in ultrasound Imaging is also restraining the growth of the ultrasound devices market. In most barium exams, computed tomography and MRI are the choices of imaging as ultrasound imaging is not an ideal option while imaging air-filled bowels or organs obscured by the bowel and other situations where air might have filled up. For visualizing the internal structures of bones, other diagnostic imaging sources are used, such as MRI. These limitations in applications also greatly limit the market for ultrasound devices.
Ultrasound Devices Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the applications of ultrasound devices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types and technology of ultrasound devices, and their specific applications.
Ultrasound Devices Market Report: Industry Coverage
Types of Ultrasound Devices: Contrast Ultrasonography, Molecular Ultrasonography, Elastography, and Compression Ultrasonography
Technology of Ultrasound Devices: Diagnostic Ultrasound, and Therapeutic Ultrasound
Applications of Ultrasound Devices: Oncology, Physiotherapy, Radiology/Imaging, Gynecology, Urology and others
End User of Ultrasound Devices: Hospitals, Clinics, Diagnostic Centers and Research Institutes
The Ultrasound Devices market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., and Canada
- Europe: The U.K., Germany, Italy, France, Spain, Russia, and Rest of Europe
- APAC: China, Australia & New Zealand, South Korea, India, Japan and Rest of APAC
- Rest of World: Latin America, Middle East and Africa
Ultrasound Devices Market Key Players Perspective
- Some of the other key players mentioned in this report are GE Healthcare, Philips Healthcare, Canon Medical Systems Corporation and Hitachi, Ltd., Siemens Healthcare GmbH, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Samsung Medison, and Fujifilm Holdings Corporation.
- Ultrasound Devices Market Trends
- Increasing focus on therapeutic applications of ultrasound with advancements in technology, such as high intensity focused ultrasound (HIFU) and microbubble assisted delivery of drugs and genes, provide significant opportunities for ultrasound devices manufacturers. Use of ultrasound for breast examinations for women with higher risks of cancers, which are often missed through mammograms, is propelling the growth of the ultrasound devices market. Promotion of mobile ultrasound systems, where the portable ultrasound scanners have the ability to send data to mobile phones has opened up scope for point-of-care ultrasounds.