Asia-Pacific Ultrasound Devices Market is Expected to Grow at 6.5% CAGR by Forecast to 2023 | Industry Competitive Analysis: ANALOGIC CORPORATION, FUJIFILM, GE HEALTHCARE, PHILLIPS HEALTHCARE, SAMSUNG

Ultrasound is a medical imaging modality that uses high-frequency sound waves to visualize the internal organs of the body. It transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the body organs into the probe and are transmitted to a display that generates the image. The Asia-Pacific ultrasound devices market is expected to register a CAGR of 6.5% during the forecast period of 2018-2023.

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Major Players:
ANALOGIC CORPORATION, FUJIFILM, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, PHILLIPS HEALTHCARE, SAMSUNG, and TOSHIBA MEDICAL SYSTEMS, among others..

Increasing Aging Population
The Asia-Pacific region is undergoing profound and rapid population changes. All countries are in the process of aging at an unprecedented pace, although the timing and pace of this transition varies across the region. In 2016, approximately 12.4% of the population in the region was 60 years or older, but this is projected to increase to more than a quarter u2014 or 1.3 billionu2014people by 2050. East and North Asia (which includes countries with significant aging populations, such as Japan and the Republic of Korea), over a third of the population, is expected to be 60 years or older by 2050, whereas in North and Central Asia one in four persons will be 60 years or older. This is resulting into a surge in the population having diseases, and it acts as a driver for the ultrasound devices market.
Additionally, increasing incidences of cancer and cardiac ailments, growing public awareness about the need of diagnosis, increased adoption of diagnostic imaging, and rapid technological advances are some of the other factors contributing to the growth of the market.

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Use of Refurbished Instruments
Manufacture of diagnostic imaging devices requires a large number of skilled personnel. Hence, it is considered better to refurbish these devices at a lower cost. Rising incidence of chronic diseases across the globe is increasing the demand for cost-effective and efficient diagnosis procedure. This, in turn, is driving the demand for refurbished medical imaging devices. Hence, there is an emerging trend of using refurbished equipment. This is posing a challenge for the market.
Additionally, expensive procedures, side effects of diagnostic imaging procedures, reimbursement issues, and regulatory framework concerns are also restraining the ultrasound devices market.

Japan to Dominate the Market
Japan dominates the market due to improvements in the ultrasound technology, increasing need for accurate and early diagnosis, and improving healthcare infrastructure. In 2013, 25.1% of Japan’s population was aged more than 65 years. This percentage is expected to increase over the forecast period, which is estimated to contribute to the growth in the demand for medical imaging.

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This release was published on openPR.