The latest market report published by Credence Research, Inc. “Global Ultrasound Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the ultrasound devices market was valued at USD 5,524.5 Mn in 2015, and is expected to reach USD 7,805.9 Mn by 2022, expanding at a CAGR of 5.02% from 2016 to 2022.
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Ultrasound diagnosis is an imaging procedure carried out using high-frequency sound waves to produce precise images of structures of human body. The produced images during an ultrasound examination provide valuable information for diagnosis and treatment of several diseases. Introduction of innovative technologies such as 3D and 4D imaging are creating opportunities for the existing as well as new market players in ultrasound devices market.
However, the major factors restraining the growth of the market are reimbursement policies in emerging nations. The ultrasound devices market is segmented on the basis of product type, technology, application and geography. The cart/trolley based ultrasound devices segment accounted for the largest share of the ultrasound market by products in 2015 due to factors such as cost-efficiency and high market penetration compared to compact/handheld devices.
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Based on technology, the 3-D and 4-D ultrasound segment held the largest share of the market in 2015 and is expected to dominate the market throughout the forecast period and is likely to expand at a high CAGR from 2015 to 2023.
The overall market growth of ultrasound technology market is attributed by the use of 2D ultrasound in diagnosis of disease, accessibility to important medical reimbursement especially in mature markets, constant technological developments in the diagnostic ultrasound imaging industry, and expansion of application perspective of 3D and 4D ultrasound applications.
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Market Competition Assessment
The key market leaders in ultrasound devices market are GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Mindray Medical Corporation, Esaote SpA, and Analogic Corporation. Other players involved in the ultrasound devices market are Hitachi Medical Corporation, Samsung Medison Co. Ltd., Toshiba Medical Systems Corporation, Thermo fisher scientific and Siemens Healthcare. Thus, the well established companies with huge capital reserves and strong research and development are expected to dominate the market throughout the forecast period.
Key Market Movements
High prevalence and increasing incidence rate of oncology, cardiovascular, and other lifestyle diseases across the world
Increasing healthcare expenditure in developed as well as developing countries
Rapidly aging global population accompanied with increased health care needs
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