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Global Ultrasound Device Market to Project a CAGR of 6% from 2016 to 2024 | Hexa Research
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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).
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.
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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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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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