Ultrasound Devices Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends, and Forecast 2015 - 2023
Ultrasound devices allow physicians to image internal organs such as the liver, the stomach, the heart, tendons, muscles, joints, and blood vessels of a patient’s body for the diagnosis of diseases. Ultrasonic devices also help surgeons in performing operations by guiding the movement of surgical instruments.
Therefore, unsurprisingly, the global ultrasound devices market is expected to exhibit a healthy CAGR of 5.8% during the period from 2015 to 2023 and reach a figure of US$11.0 bn in 2023, owing to a growth in the geriatric population.
Susceptibility of Elderly People to Various Abdominal Disorders Boosts Ultrasound Devices Market
According to the World Health Organization, the global geriatric population will reach 1.5 bn by 2050.
Moreover, there is an increased susceptibility among the geriatric population to cardiovascular diseases and abdominal disorders. Thus, ultrasound devices are used extensively to diagnose disorders in elderly people, boosting the market.
The geriatric population is expected to grow all across the world, but the fastest growth of the elderly demographic is expected in developed nations such as Japan and the U.S.
As per recent imaging technology reports, there will be several improvements in ultrasound technology in the coming years, which is likely to increase the demand for ultrasound devices across the globe. For instance, continuous research is in progress to investigate the capability of ultrasound imaging to evaluate parameters that are currently measured by SPECT/ CT scanners and PET/ CT scanners.
This quantum leap in the ultrasound devices industry will propel their demand in the future.
Multiple Applications of Compact Ultrasound Devices Anticipated to Boost the Segment
The ultrasound devices market is segmented on the basis of type into compact ultrasound devices and cart/trolley-based ultrasonic devices. Cart/trolley-based ultrasound devices held a major share in 2014, whereas compact ultrasound devices are expected to be the fastest growing segment in the coming years.
The growth of the compact ultrasound devices segment is likely due to the usage of these devices in emergency departments, anesthesiology, for critical care, and for musculoskeletal applications. Additionally, the technological improvements in the compact ultrasound devices that make them more efficient in providing clear anatomical images would boost the market for these devices in the coming years.
Since cart/trolley-based ultrasound devices have limited applications, the growth of the segment will be slow.
On the basis of technology, the global ultrasound devices market is segmented into 2-D ultrasound imaging, 3-D and 4-D ultrasound imaging, Doppler ultrasound imaging, high-intensity ultrasound imaging, and lithotripsy ultrasound imaging. In terms of revenue, the 3-D and 4-D ultrasound imaging segment accounted for 42.8% of the global market in 2014.
However, in terms of installed units, the segment accounts for only 10.9%. The 3-D and 4-D ultrasound imaging segment is expected to be the fastest growing segment during the period from 2015 to 2023.
2-D ultrasound imaging produces images that are not sufficiently clear or precise, and hence there is a reduction in the demand for the segment for imaging complicated deformities such as fetus growth or diagnosis of cardiovascular diseases. Hence, the 2-D ultrasound imaging segment is expected to exhibit the slowest CAGR in the forecast period due to the emergence of 3-D and 4-D ultrasound imaging.
Some of the major companies manufacturing ultrasound devices are: Mindray Medical Corporation, FUJIFILM Holdings Corporation, Analogic Corporation, Koninklijke Philips N.V., Esaote SpA, and GE Healthcare.
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