Transparency Market Research, a U.S.-based market intelligence firm, has stated in its latest report that the global ultrasound devices market was valued at $5.40 billion in 2012 and is expected to reach $8.71 billion by 2019, registering a 6.4% CAGR in terms of value and a CAGR of 8.8% in terms of volume. The report is titled ‘Ultrasound Devices Market (By Product Type - Cart/Trolley Based Ultrasound Devices and Compact Ultrasound Devices, By Technology - 2-D, 3-D & 4-D, Doppler, HIFU and Lithotripsy and By Application - Obstetrics and Gynecology, Cardiovascular, Abdominal and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019’.
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The report segments the market on the basis of various parameters in order to provide a better understanding of the structure of the industry and evaluate each segment individually.
- Product: The two main product types analyzed are compact ultrasound devices and cart or trolley-based ultrasound devices.
- Technology: On the basis of technology, the main sub-segments are Doppler ultrasound imaging, 2D ultrasound imaging, 3D and 4D ultrasound imaging, lithotripsy ultrasound imaging, and high-intensity frequency ultrasound (HIFU) imaging.
- Application: Ultrasound devices are used in a number of medical fields such as cardiovascular, obstetrics and gynecology, abdominal, and others.
- Geography: The four main regions studied in the global ultrasound devices market report are North America, Europe, Asia-Pacific, and Rest of the World.
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Due to their reduced size that allows for easy portability, compact ultrasound devices have gained popularity over cart or trolley-based machines. With increase in government funding, compact ultrasound machines are expected to grow at an 11.5% CAGR during the forecast period. 2D ultrasound imaging has been in use for a long period of time and radiologists prefer it over other technologies, making it the largest market in terms of value. With widening prevalence of cardiovascular diseases across the globe, ultrasound devices have maximum applications in cardiovascular surgeries. North America led the global ultrasound devices market in 2012 in terms of value due to the strong competitive landscape and favorable reimbursement policies. In emerging economies such as India and China, there has been a rise in women of reproductive age, owing to which, the Asia-Pacific region is projected to grow at a CAGR of 7.5% from 2013 to 2019.
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The TMR research report highlights factors that influence the global ultrasound devices market. The major growth drivers include rise in geriatric population, increasing incidences of cancer and cardiovascular diseases, technological advancements, high precision of ultrasound devices, reduced time and improved efficiency of the machines, and increased efforts and initiatives on the part of governments and private bodies. However, excise duty levied on ultrasound device manufacturers and introduction of highly-advanced equipment such as SPECT/CT scanners and PET/CT scanners are known to restrict the market growth.
The key players mentioned in the global ultrasound devices market report are Esaote S.p.A., Analogic Corporation, GE Healthcare, Fujifilm Holdings Corporation, Mindray Medical International Limited, Hitachi Medical Corporation, Samsung Medison Co. Ltd, Philips Healthcare, Toshiba Medical Systems Corporation, and Siemens Healthcare.