Global Ultrasound Devices Market:
Ultrasound devices are medical imaging devices used to visualize internal organs of the body by the transmission of high-frequency sound waves into the patient body with the help of probe. These high-frequency sound waves reflected by body organs into the probe and are transmitted to a display and generate the image by using echoes. Clinically, ultrasound devices are used to visualize liver, heart, kidneys, blood vessels, human fetus, and other internal body organs. Ultrasound devices also used in sonography, which helps in therapeutic and diagnostic procedures. Ultrasound devices market is projected to grow with a signficant CAGR over the forecast period.
Increase in the prevalence of chronic diseases related to cardiovascular, neurological, diabetes, and cancer, the wide range of ultrasound device applications, technological advancements such as 3D and 4D, and rise in demand for minimally invasive or non-invasive diagnostic procedures are anticipated to fuel the ultrasound devices market. Moreover, a rise in public-private partnership investments, increase in a geriatric population affected by various diseases, and growing awareness of early disease diagnosis among healthcare professionals and patients are expected to boost the ultrasound devices market over the forecast period. However, stringent regulatory policies for medical devices approvals, insufficient reimbursement policies for diagnosis, a high cost of diagnostic procedures, lack of skilled professionals to perform diagnosis, and high risk of data storage are the major factors hindering the growth of ultrasound devices market.
Ultrasound devises market is segmented based on the device type, application, technology, and end users
Based on device type, ultrasound devices market is segmented into the following:
- Therapeutics ultrasound devices
- Extracorporeal shockwave lithotripsy
- High-intensity focused ultrasound
- Diagnostics ultrasound devices
- 2D, 3D, and 4D technology
- Doppler technology
Based on technology, ultrasound devices market is segmented into the following
- Portable Ultrasound Devices
- Bedside devices
- Trolley/cart based devices
- Handheld devices
- Standalone ultrasound devices
Based on application, ultrasound devices market is segmented into the following:
- Traditional areas
- Emerging areas
- Emergency medicine
Based on end user, ultrasound devices market is segmented into the following
- Diagnostic Centers
- Ambulatory surgical Centers
Ultrasound devises market is growing at a significant CAGR owing to the development of technologically advanced devices with 3D & 4D technology and rise in prevalence of chronic diseases such as cancer. Most of the companies are focusing on acquisitions and mergers for the diversification of business segment. For instance, in August 2014, Cura Healthcare entered into the ultrasound devices business by the acquisition of DE Healthcare. The wide ranges of applications for the ultrasound devices are also boosting the revenue growth of ultrasound devices market. Product approvals and launching of new products help in strengthening product portfolio. For instance, in May 2016, Signostics received FDA approval for ultrasound device Uscan used in the urological care.
Geographically, ultrasound devices market is segmented into following regions Viz. North America, Europe, Latin America, Middle East & Africa, and Asia-Pacific. Europe holds a significant share in ultrasound devices market owing to increase in the prevalence of chronic diseases, high adoption technological advanced devices, an increase in healthcare expenditure. In North America region, due to increase in the prevalence of cancer and diabetes majorly in U.S., technological advancements of the ultrasound devices, rise in geriatric population, an increase in awareness about early disease diagnosis are expected to fuel the ultrasound devices market in the region. Moreover, Asia-Pacific expected to exhibit significant growth in the global market, which is attributed to the development of healthcare infrastructure, increase in geriatric population and development of medical tourism in Asia Pacific region.
Some of the players in ultrasound devices market are Esaote SpA (Italy), Hitachi, Ltd. (Japan), Mindray Medical International Ltd (China), Koninklijke Philips N.V. (Netherlands), Fujifilm Holdings Corporation (Japan), Analogic Corporation (U.S), Siemens Ltd. (Germany), Toshiba Corporation (Japan), InSightec Ltd. (Israel), Cura Healthcare (India), and General Electric Corporation (U.S.) to name a few.
- In July 2017, Philips acquired TomTec Imaging Systems for strengthening its ultrasound device business
- In July 2016, InSightec received FDA approval for ExAblate neuro device used to treat the essential tremor
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