Ultrasound Systems Market Forecast for Incremental CAGR Growth by 2022
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Precise medical imaging has a controlling influence over the efficacy of subsequent procedures, which is why medical professionals continue to prefer accurate imaging methods such as ultrasound.
Following are key projections on the global ultrasound systems market, excerpted from the report:
1. The report highlights the application of ultrasound systems in cardiology. Alarming rise in incidence of cardiac disorders throughout the globe is expected to drive the adoption of ultrasound systems, which are effectively used in cardiology diagnostics. Between 2017 and 2022, more than US$ 430 Mn worth of incremental opportunity will be created by application of ultrasound systems in cardiology. The report also predicts that nearly half of ultrasound systems sold in the global market during the forecast period will be developed on 2D ultrasound imaging technology.
2. Healthcare infrastructure in developed economies such as the US and Canada is expected to promote the adoption of ultrasound systems. The report projects that by the end of 2022, North America’s ultrasound systems market will have reached an estimated value of US$ 3.2 Bn. During this forecast period, North America is also anticipated to be the largest market for ultrasound systems in the world.
3. The report also observes impressive growth in the ultrasound systems market across European countries. In 2017, more than 25% of the global ultrasound systems market value is expected to be accounted by sales of ultrasound systems in Europe.
4. Demand for ultrasound systems in the Asia-Pacific excluding Japan (APEJ) region is projected to be lower than above regions, however, manufacturers will be interested in laying down their production units in this region. In such manner, the APEJ ultrasound systems market is likely to account for more than 15% of the global market revenues throughout the forecast period.
5. Based on the portability of ultrasound systems, the report expects a higher demand for standalone systems. By procuring revenues worth US$ 4.2 Bn, standalone ultrasound systems will dominate the global market with more than 70% revenue share towards the end of 2017. On the other hand, portable ultrasound systems will showcase a robust revenue growth at 6.4% CAGR, albeit, reflecting a little over 17% share on the global ultrasound systems market.
6. Hospitals will remain the largest end-users of ultrasound systems in the global market, and account for half of its value in the years to come. Meanwhile, diagnostic centers will contribute to nearly 20% of the global ultrasound systems market, procuring revenues worth US$ 1.6 Bn by 2022-end.
Ultrasound makes Headway in Cardiology
The report reveals that ultrasound systems are paramount in gynecological imaging, even so a major share of ultrasound systems sold globally are accounted by cardiology diagnostics. Rising incidence rate of myocardial infarction and angina in the world is making the use of ultrasound systems imperative in the field of cardiology. Between 2017 and 2022, the global sales of ultrasound systems in cardiology applications are expected to create an incremental opportunity of more than US$ 430 Mn.
Standalone Ultrasound Systems to Remain Indispensable
Portability of ultrasound systems is becoming a governing factor for boosting its global sales. Preference to portable ultrasound systems will be distinctly high across all medical settings. During the forecast period, global revenues accounted by sales of portable ultrasound systems are anticipated to exhibit growth at a surging CAGR of 6.4%. While portable ultrasound systems will mark a little over 17% share on global revenues through 2022, the market will continue to witness foremost demand for standalone ultrasound systems. In 2017, the global market for ultrasound systems is pegged to rake in revenues worth over US$ 4.2 Bn, exclusively from the sales of standalone ultrasound systems.
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High Demand across Radiology Departments in Hospitals
Ultrasound is staple imaging technology in independent radiology centers as well as radiology departments in hospitals. With increasing demand for radiotherapy, the adoption of ultrasound systems is slated to rise across all general hospitals. The report observes hospitals as the largest end-user of ultrasound systems in the global market, projecting that this segment will account for approximately 50% of the global market revenues through 2022. Diagnostic centers are also expected to account for greater end-use of ultrasound systems in the global market. By the end of 2022, more than US$ 1.5 Bn worth of revenues will be reaped from global sales of ultrasound systems in diagnostic centers.
The report has profiled leading manufacturers of ultrasound systems as the key players in the market. With advancements in imaging technologies, manufacturers are expected to focus more on offering ultrasound systems with more integrated features. Companies such as Koninklijke Philips N.V., General Electric Company, Toshiba Corporation, Hitachi Ltd., Siemens AG, Shimadzu Corporation, Analogic Corporation, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd., and Esaote SpA are likely to be observed as active participants in the global ultrasound systems market during the forecast period.
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