Europe Ultrasound Devices Market at Significant CAGR 6.2% by 2023 | Major Players: ANALOGIC CORPORATION, ESAOTE SPA, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, PHILIPS 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 Europe ultrasound devices market is expected to register a CAGR of 6.2% during the forecast period of 2018-2023.

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Increasing Funding for R&D in Ultrasound Imaging
The European economy is on track to grow at a good pace in coming years. Coupled with several large regional tenders that are expected this year, the ultrasound market is forecast to see a slight uptick in demand. The governments across the world are focusing on the promotion and support of industrial research. Several tax incentives have been provided for the industries to establish R&D units, with highly improved imaging facilities, such as ultrasound. The long-term goal of these initiatives is to develop innovative, disruptive, safe, non-invasive ultrasound technologies that enable or enhance interventional therapies for the treatment of diseases, injuries, abnormalities, and other conditions. The types of ultrasound interventional therapies to be considered include ultrasound thrombolysis, high-intensity focused ultrasound, and sonophoresis.
Additionally, increasing demand for the minimally invasive device, rise in the number of elderly population, curtailment in the size of ultrasound devices, and increasing incidences of chronic diseases (like cancer), are some of the other factors contributing to the growth of the market.

Key Developments in the Market
February 2018: Artificial intelligence technology behind advanced gaming and driverless cars now powers the new GE Healthcare ultrasound system.

Major Players:
ANALOGIC CORPORATION, ESAOTE SPA, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, PHILIPS HEALTHCARE, SAMSUNG, SIEMENS HEALTHCARE, and TOSHIBA MEDICAL SYSTEMS, among others..

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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, lack of skilled labor to handle the equipment is also restraining the ultrasound devices market.

Germany to Dominate the Market
Germany dominates the market due to improvements in the ultrasound technology, increasing need for accurate and early diagnosis, and improving healthcare infrastructure. Also, the shifting trend toward home healthcare and remote patient monitoring, to reduce hospitalization cost, is augmenting the demand for handheld ultrasound devices.

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