Global Ultrasound Devices Market is envisaged to accrue over US $12,556 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the worldwide ultrasound devices market is expanding significantly on account of the growing geriatric population with chronic diseases, and the low cost and relative safety of the ultrasound devices. Surging awareness among patients about early diagnosis, along with several government initiatives for spreading awareness regarding regular check-ups during pregnancy, breast cancer, and other critical health issues, has added significant push to market growth. Various technological enhancements such as increased portability and improved image quality, have made the ultrasound devices available to a larger user base. Also, numerous private and public institutions are investing heavily in research & development associated with ultrasound imaging.
Improving healthcare facilities, coupled with burgeoning disposable incomes in the developing nations, is also driving the global market growth. However, the stringent regulations enforced by the FDA, and shortage of trained professionals have restricted the penetration of this technology. Several countries have banned the use of the ultrasound technology for gender determination which further impedes market growth. Furthermore, the discovery of newer application fields as well as untapped markets in several emerging nations would bestow the global market with multiple growth prospects in the coming years, cites the report.
The ultrasound devices can be bifurcated into diagnostic devices and interventional devices. The sub-types of diagnostic devices include 2D imaging systems, doppler imaging, and 3D & 4D imaging systems, while, the sub-segments of interventional devices include low-intensity pulsed ultrasound, high-intensity focused ultrasound, and extracorporeal shockwave lithotripsy.
As reported, the diagnostic devices segment held the largest market share in the global market in the year 2017, due to government initiatives for routine check-ups, and rising adoption of fetal health monitoring. Improving medical facilities and growing demand owing to the ascending number of patients, mostly in developing nations, supplement segmental growth.
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In terms of portability, the global ultrasound devices market can be bifurcated into cart/trolley devices and compact/handheld devices. The application landscape of the global market comprises radiology/general imaging, urology, obstetrics & gynecology, vascular, cardiology, and others. The end-user spectrum of the ultrasound devices market includes diagnostic centers, hospitals, and others.
Based on the findings of the report, North America generated the highest market revenue in 2017, and is anticipated to dominate the market over the forecast period. Market growth in the region can be credited to the large patient pool, favorable government and healthcare policies, supportive reimbursement policies, and extensive adoption of remote patient monitoring and healthcare services. The report also cites that the Asia Pacific market is projected to exhibit fastest growth during the forecast timeline, due to better medical facilities and rising disposable income in the region, along with rapidly growing patient pool in the emerging nations including India, China and Japan.
The renowned industry participants profiled in the report include Analogic Corporation, Siemens AG, Toshiba Medical Systems Corporation, GE Healthcare, SonaCare Medical, FUJIFILM Holdings Corporation, Esaote S.p.A., Koninklijke Philips N.V., Hitachi Medical Corporation, Philips Healthcare, Mindray Medical International Limited, Shimadzu Corporation, and Samsung Medison. In a bid to gain a competitive edge in the global ultrasound devices market, these companies have been engaged in new product launches.