The global ultrasound market is projected to reach USD 8.4 billion by 2023 from USD 6.3 billion in 2018, at a CAGR of 5.9%
LONDON, Nov. 27, 2018 /PRNewswire/ --
The ultrasound market is projected to grow at a CAGR of 5.9%
The global ultrasound market is projected to reach USD 8.4 billion by 2023 from USD 6.3 billion in 2018, at a CAGR of 5.9%. Factors such as the increasing prevalence of target diseases; rising patient preference for minimally invasive procedures; technological advancements; increasing number of diagnostic centers & hospitals; and growing public and private investments, funding, and grants are driving the growth of the global ultrasound market. However, stringent government regulations may restrict the growth of this market to a certain extent in the coming years.
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Color ultrasound devices segment is expected to witness the highest growth in the ultrasound market, by device display, during the forecast period
On the basis of device display, the ultrasound market is segmented into black & white ultrasound and color ultrasound devices.The color ultrasound devices segment is expected to grow at the highest CAGR during the forecast period owing to the benefits offered by these devices, such as better image quality and higher image resolution.
Also, the growing availability of advanced color ultrasound devices, coupled with the continuous decline in product cost across major countries and expanding distribution networks of major manufacturers across emerging countries, are expected to support the growth of this market segment during the forecast period.
Trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market, by system portability
Based on system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care (PoC) ultrasound systems. In 2018, the trolley/cart-based ultrasound systems segment is expected to account for the largest market share due to the growing adoption of these systems across major markets (as a result of their increasing use in emergency care and acute care settings in hospitals and healthcare institutions).
Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the increasing healthcare expenditure across the region's major countries (especially India and China), growing public awareness about the therapeutic potential of ultrasound technologies, continuous decrease in device costs (due to growing localized manufacturing and the presence of global market players), rising prevalence of target diseases, and the ongoing trend of device miniaturization.
Breakdown of supply-side primary interviews:
• By Company Type: Tier 1 – 45%, Tier 2 – 34%, and Tier 3 – 21%
• By Designation: C-level – 14%, Director-level – 10%, Others – 76%
• By Region: Europe - 35%, North America – 32%, APAC – 25%, RoW – 8%
The major players operating in the global ultrasound market are General Electric Company (US), Philips (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Shimadzu Corporation (Japan), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisnate (US), and Chison Medical Imaging (China).
Research Coverage
This report studies the ultrasound market based on technology, device display, system portability, application, end user, and region.It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders.
Furthermore, the study analyzes micromarkets with respect to their individual growth trends and forecasts the size of market segments with respect to four key regions—North America, Europe, the Asia Pacific, and the Rest of the World (and the respective countries in these regions).
Reasons to Buy the Report:
From an insights perspective, this research report focuses on various levels of analysis— market ranking analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging segments of the ultrasound market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help firms garner greater market shares.
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