Ultrasound Devices Market - GE Healthcare and Koninklijke Philips N.V. Anticipated to lead Global Market

Ultrasound devices are utilized as both diagnostic imaging and therapeutic modality, and have wide range of applications in the medical field. The introduction of 4D ultrasound imaging has revolutionized the imaging industry in the last few years and has proven to be efficient in diagnosing cancer and other complex diseases. Additionally, this technology is proving its efficiency in imaging, while performing complex surgeries. The global ultrasound devices market was valued at US$ 6.5 Bn in 2017. It is anticipated to expand at a CAGR of 5.6% from 2018 to 2026. The diagnostic ultrasound segment dominates the global market.

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Rising prevalence of chronic diseases, technological advancements, increasing patient awareness and health care expenditure, and rising need for treatment of complex diseases are major factors driving the market. Considerable expansion of the therapeutic ultrasound segment is driven by significant expansion of the extracorporeal shockwave lithotripsy sub-segment, which is due to the increasing need for effective treatment for kidney stone. The highly fragmented nature of the ultrasound devices market has prompted market players to shift focus toward relatively niche segments such as portable ultrasound devices.

The global ultrasound devices market has been segmented based on technology, portability, application, end-user, and region. In terms of technology, the global market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been further sub-segmented into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been further segregated into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. According to a research paper published on NCBI (National Center for Biotechnology Information), in May 2017, kidney stones are highly common in Germany, 1% to 2% of the population suffers from kidney stones each year. Estimates for the U.S. indicate that 7% of women and 13% of men are diagnosed with kidney stones at least once during their lives. Based on portability, the global ultrasound devices market has been classified into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices.

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Compact/handheld ultrasound devices are gaining popularity, and the segment is projected to rise at a radically higher CAGR during the forecast period. Based on application, the global ultrasound devices market has been split into radiology/general imaging, cardiology, gynecology, vascular, urology, and others. The radiology/general segment is likely to hold a major share of the global market due to rising incidences of targeted diseases across various regions, increasing prevalence of orthopedic diseases, and ongoing technological advancements. In terms of end-user, the global ultrasound devices market has been divided into hospital & surgical centers, diagnostic centers, ambulatory surgical centers, and others. Expansion of the diagnostic centers segment can be attributed to the increase in prevalence of various chronic diseases.

In terms of region, Europe dominated the global ultrasound devices market in 2017, owing to a highly developed health care sector, increase in awareness among health care providers about ultrasound devices, and continuous evolution of advanced ultrasound products. North America is also an attractive market, in term of revenue. Rise in government initiatives and laws and increase in population drive the ultrasound devices market in the region. Increase in awareness about diagnostic and therapeutic ultrasound in the health care sector in developing countries augments the market in North America. Technological advancements and increase in adoption of advanced ultrasound devices are expected to propel the ultrasound devices market in Asia Pacific, Latin America, and Middle East & Africa during the forecast period.

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Key players operating in the global ultrasound devices market include GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA, and Analogic Corporation.

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