The global ultrasound device market is expected to reach USD 11.1
billion by 2024, according to a new report published by Grand View Research,
Inc. Major drivers of the sonography market include expanding applications of
the technique in therapeutic areas and government recommendations for periodic
ultrasound screenings of the breast for breast cancer.
High Intensity Focused
Ultrasound (HIFU) is widely used for the treatment of prostate cancer. HIFU has
lesser side effects for prostate cancer than the other available treatments.
The other use of ultrasound technique for therapeutic purpose includes
treatment of kidney stones and gallstones using extracorporeal shockwave lithotripsy
(ESWL).
2D, 3D/4D and Doppler
ultrasound techniques are widely used in diagnostic imaging. 2D ultrasound
segment captured the largest market share owing to the wide use of this
technique in brain tumor and fetal screening. Most of the hospitals and healthcare
facilities in developing countries offer 2D ultrasound as the device cost is
relatively lesser and results in increasing the affordability of ultrasound
imaging to patients. Along with 3D, 4D sonography has also become popular in
obstetrics areas as it provides real-time movements of the fetus.
Intensifying competition in the
private sector has triggered advancements of the latest medical devices in
private hospitals. As a result, demand for handheld imaging devices is swiftly
increasing. In addition, the shifting trend to home healthcare and remote
patient monitoring is augmenting the adoption of handheld devices. However, the
demand for relatively bigger cart/trolley-based devices is escalating with the
rising adoption of therapeutic ultrasound, where heavy hardware and large
display screens are necessary.
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Further key findings
from the study suggest:
·
The diagnostic
ultrasound devices segment captured a market share of 35.80% in 2015. The share
of the segment was mainly attributed to government recommendations for routine
checkups using ultrasound devices.
·
The rising birth
rates and in-vitro fertilization treatments are supporting the growth of the
diagnostic ultrasound imaging segment as the imaging technique is widely
accepted for fetal monitoring during pregnancy
·
The handheld
device segment is expected to exhibit the fastest growth during the forecast
period owing to the convenience of portability, affordable price, and
user-friendly technologies embedded in these devices
·
North America
captured the largest market share of 24.85% in 2015 and is expected to maintain
its dominance throughout the forecast period. The presence of a well-defined
regulatory framework, recommendations of government and healthcare agencies,
and high adoption of remote patient monitoring and home healthcare services are
the major factors supporting the market growth.
·
Asia Pacific is
anticipated to witness the fastest growth of 9.6% during the forecast period.
Rising disposable income, growing awareness, and booming medical tourism
industry are some of the factors expected to drive the Asia Pacific market
towards swift growth during the forecast period.
·
The ultrasound
market is fragmented with the presence of many local players. Thus, market
players are adopting strategies such as mergers and acquisitions and
distribution partnerships to expand their market share and sustain the
competition.
·
Some key players
contributing to this market include Toshiba Medical Systems Corporation,
SonaCare Medical, Analogic Corporation, GE Healthcare, Philips Healthcare,
Siemens Healthcare, Hitachi Medical Corporation, Samsung Medison, and Mindray
Medical International Limited
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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