Ultrasound Device Market Research Report - Global Industry Analysis, Size, Growth and Forecast to 2024 - Hexa Research
Global ultrasound device market was valued at approximately USD 6.8 billion and it is projected to grow at an approximate CAGR of over 6 % over the forecast period of 2016 to 2024. Increasing patient population for chronic and hypertension related disorders are expected to remain a key driving factor for market growth over the forecast period.
Global ultrasound device market was valued at approximately USD 6.8 billion and it is projected to grow at an approximate CAGR of over 6 % over the forecast period of 2016 to 2024. Increasing patient population for chronic and hypertension related disorders are expected to remain a key driving factor for market growth over the forecast period.
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<strong>Ultrasound</strong> <strong>Device</strong> <strong>Market</strong> <strong>Research</strong> <strong>Report</strong> - <strong>Global</strong> <strong>Industry</strong><br />
<strong>Analysis</strong>, <strong>Size</strong>, <strong>Growth</strong> <strong>and</strong> <strong>Forecast</strong> <strong>to</strong> <strong>2024</strong> - <strong>Hexa</strong> <strong>Research</strong><br />
The global ultrasound device market was worth USD 6.9 billion in 2015. It is projected <strong>to</strong><br />
grow at a CAGR of 7% from 2016 <strong>to</strong> <strong>2024</strong> (forecast period). Chief market drivers are<br />
increasing incidences of chronic <strong>and</strong> hypertension related disorders.<br />
<strong>Ultrasound</strong> technology is used <strong>to</strong> treat prostate cancer <strong>and</strong> kidney s<strong>to</strong>nes. It is the most<br />
preferred mode of fetal screening across the globe. Trials are underway <strong>to</strong> find novel<br />
applications like detecting breast fibroadenoma <strong>and</strong> uterine fibroids. This coupled with<br />
escalating public-private investments would create opportunities for ultrasound devices.<br />
The market is segmented as per products, portability, <strong>and</strong> regions. Products are split in<strong>to</strong><br />
diagnostic ultrasound devices <strong>and</strong> therapeutic ultrasound devices. Diagnostic ultrasound<br />
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devices are further segmented in<strong>to</strong> 2D devices <strong>and</strong> 3D/4D devices. They accounted for the<br />
largest market share in 2015 due <strong>to</strong> a variety of applications in radiology, obstetrics, <strong>and</strong><br />
oncology. Therapeutic ultrasound devices include HIFU (High Intensity Focused<br />
<strong>Ultrasound</strong>) <strong>and</strong> ESWL Extracorporeal Shockwave Lithotripsy).<br />
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Based on portability, the market is divided in<strong>to</strong> h<strong>and</strong>held devices <strong>and</strong> cart/trolley based<br />
devices. H<strong>and</strong>held devices are expected <strong>to</strong> grow as a result of increasing preference for<br />
home healthcare <strong>and</strong> remote patient moni<strong>to</strong>ring. They are likely <strong>to</strong> grow at a CAGR of 6.5%<br />
over the forecast period.<br />
Regional segmentation encompasses Europe, North America, Asia Pacific, MEA (Middle<br />
East & Africa) <strong>and</strong> Latin America. North America was the leading region (26% revenue<br />
share) in 2014. Key regional drivers include a well-established healthcare system, <strong>and</strong><br />
rising preference for remote healthcare. Advanced technology in this region is also creating<br />
dem<strong>and</strong> for miniature user-friendly devices.<br />
Asia Pacific should also grow lucratively during the forecast period. Presence of large<br />
industry players in Japan <strong>and</strong> China contributes <strong>to</strong> the same. Moreover, this region is home<br />
<strong>to</strong> highly populous countries like China <strong>and</strong> India. These <strong>and</strong> other developing nations are<br />
creating a large cus<strong>to</strong>mer of pool for various ailments requiring ultrasound screening. These<br />
fac<strong>to</strong>rs will result in the Asia Pacific market growing at a CAGR of 9.7% in the eight years<br />
ahead.<br />
Prominent participants in the global ultrasound devices market include Hitachi Medical<br />
Corporation, Siemens Healthcare GmbH, Samsung Medison, <strong>and</strong> Toshiba Medical Systems<br />
Corporation.<br />
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