Compact Devices Emerge As Segment of Ultrasound Market
By Medimaging International staff writers
09 Oct 2018
The global ultrasound devices market was valued at USD 6.5 billion in 2017 and is projected to grow at a CAGR of 5.6% from 2018 to 2026 to reach USD 10.6 billion by 2026, as a surge in the incidence of disorders such as cardiovascular diseases, respiratory and abdominal disorders is likely to boost the demand for ultrasound devices.
These are the latest findings of Transparency Market Research, (Albany, NY, USA), a global market intelligence company providing business information reports and services.
Compact and/or handheld ultrasound devices are an emerging segment of the ultrasound devices market and are expected to register a significant growth during the forecast period. The segment is likely to hold a major market share due to technologically advanced products being adopted by diagnostic centers. In spite of the growing adoption of portable ultrasound devices for point-of-care applications, the trolley/cart based ultrasound devices segment will continue to grow at a comparatively faster pace, as these devices offer more accurate diagnostic capabilities and high performance.
Based on application, the radiology/general imaging segment is expected to be the most attractive due to increasing sophistication in diagnostic imaging platforms, allowing the emerging countries to provide 24x7 diagnostic services to the patient population. Based on end-user, the diagnostic centers segment held the largest share of the global ultrasound devices market in 2017, due to the availability of multiple service options and devices and tie-ups with health care companies with the aim of enhancing their health care products and service offerings. Additionally, diagnostic centers are highly preferred by the patient population owing to the availability of advanced technology and better health care services. The hospital & surgical centers segment is also growing at a fast pace, particularly in the developed economies, driven by an increase in geriatric population and growing health care infrastructure and support. Also, the increasing demand for ultrasound devices in ambulatory surgical centers during medical emergencies is expected to further aid the segment’s growth.
Geographically, Europe dominated the global ultrasound devices market in 2017 in terms of revenue with a value of USD 2.1 billion, due to the region’s highly developed health care sector, growing awareness about ultrasound devices among health care providers, and continuous evolution of ultrasound devices. The Asia Pacific ultrasound devices market is expected to grow at a CAGR of 6.2% during the forecast period, driven by increased awareness about ultrasound devices for diagnostic and therapeutic applications in the region. Additionally, the expansion of the health care sector in countries such as China, Japan, and India offers immense potential for the growth of the ultrasound devices market in this region. Moreover, technological advancements and increased adoption of ultrasound devices are expected to further drive the market growth in Asia Pacific during the forecast period.
Transparency Market Research