The Global
Ultrasound Device Market was worth USD 6.9 billion in 2015. It is projected
to grow at a CAGR of 6% from 2016 to 2024 (forecast period). Chief market
drivers are increasing incidences of chronic and hypertension related
disorders.
Ultrasound technology is used to treat
prostate cancer and kidney stones. It is the most preferred mode of fetal
screening across the globe. Trials are underway to find novel applications like
detecting breast fibroadenoma and uterine fibroids. This coupled with
escalating public-private investments would create opportunities for ultrasound
devices.
The market is segmented as per products,
portability, and regions. Products are split into diagnostic ultrasound devices
and therapeutic ultrasound devices. Diagnostic ultrasound devices are further
segmented into 2D devices and 3D/4D devices. They accounted for the largest
market share in 2015 due to a variety of applications in radiology, obstetrics,
and oncology. Therapeutic ultrasound devices include HIFU (High Intensity
Focused Ultrasound) and ESWL Extracorporeal Shockwave Lithotripsy).
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Based on portability, the market is divided
into handheld devices and cart/trolley based devices. Handheld devices are
expected to grow as a result of increasing preference for home healthcare and
remote patient monitoring. They are likely to grow at a CAGR of 6.5% over the
forecast period.
Regional segmentation encompasses Europe,
North America, Asia Pacific, MEA (Middle East & Africa) and Latin America.
North America was the leading region (26% revenue share) in 2014. Key regional
drivers include a well-established healthcare system, and rising preference for
remote healthcare. Advanced technology in this region is also creating demand
for miniature user-friendly devices.
Asia Pacific should also grow lucratively
during the forecast period. Presence of large industry players in Japan and China
contributes to the same. Moreover, this region is home to highly populous
countries like China and India. These and other developing nations are creating
a large customer of pool for various ailments requiring ultrasound screening.
These factors will result in the Asia Pacific market growing at a CAGR of 9.7%
in the eight years ahead.
Prominent participants in the global
ultrasound devices market include Hitachi Medical Corporation, Siemens
Healthcare GmbH, Samsung Medison, and Toshiba Medical Systems Corporation.
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