Ultrasound Market by Diagnostic Ultrasound (2D, 3D, 4D, Doppler), Therapeutic Ultrasound (HIFU, ESWL), Products (Cart/Trolley-Based, Compact), Applications (OB/GYN, Cardiac Ultrasound, Vascular Ultrasound, Surgical Ultrasound) - Global Forecast to 2019
LONDON, Nov. 26, 2014 /PRNewswire/ -- The global ultrasound market is estimated to grow at a CAGR of 5.1% from 2014 to 2019. Although mature markets such as the U.S., Germany, and the U.K. held larger shares in the ultrasound market in 2014, Asia-Pacific is poised to grow at the highest CAGR of 5.5% in the next five years. Factors such as rapidly increasing aging population, growing focus of multinational companies on emerging markets, improvements and modernization of healthcare infrastructure, government initiatives to have advanced imaging systems at public healthcare facilities, and high incidences of cancer cases in this region are propelling the growth of this market.
Market growth is driven by factors such as development of technologically advanced systems; rapid growth in aging population with high risk of target diseases; rising incidences of cardiovascular diseases and cancer cases; growing demand for minimally invasive treatment procedures; and increasing public-private investments. However, factors such as technological limitations of ultrasound, dearth of skilled and experienced sonographers, and unfavorable healthcare reforms in the U.S. are restraining the growth of this market. Moreover, emerging markets (such as China, India, Brazil, and Mexico); miniaturization of ultrasound devices and growing number of hospitals and surgical centers are creating opportunities for market growth.
In this report, the global ultrasound market has been segmented on the basis of technology [diagnostic ultrasound (2D, 3D & 4D ultrasound, and Doppler imaging) and therapeutic ultrasound (high-intensity focused ultrasound (HIFU), and extracorporeal shock wave lithotripsy (ESWL))], product [by type of display (black & white, and color ultrasound), and portability (trolley/cart-based and compact/handheld ultrasound devices)], application [radiology/general imaging, urology, obstetrics/gynecology, vascular, cardiology, and others (hepatology, surgery, and breast ultrasound)].
Geographically, Europe (comprising Germany, France, the U.K., and Rest of Europe) commanded the largest share of 35.0% of the global ultrasound market in 2014, followed by North America. The European ultrasound market is primarily driven by various factors such as continuous technological advancements and product innovations, increasing number of clinical applications of HIFU, and rising focus of key players to expand their business in the European countries. However, burgeoning pricing pressure and a dearth of skilled and experienced sonographers in certain European countries restraints the growth of the ultrasound market in this region.
The global ultrasound market is highly competitive. General Electric Company (U.S.) dominated the global ultrasound market in 2013, followed by Koninklijke Philips N.V. (The Netherlands). Other players include Analogic Corporation (U.S.), Esaote S.p.A (Italy), Toshiba Corporation (Japan), Siemens AG (Germany), and Hitachi Ltd. (Japan), among others. Agreements, partnerships, and joint ventures; new product launches; geographical expansions; and strategic acquisitions are the major strategies adopted by market players to achieve growth in the ultrasound market.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis such as industry analysis (industry trends, value chain analysis, supply chain analysis, and Porter's five forces model), market share analysis of top ten players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the ultrasound market, high-growth regions and countries and their respective drivers, restraints, challenges, and opportunities.
The report will enable both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them garner a greater market share. Firms purchasing the report could use one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market share.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on ultrasound devices offered by top 10 players in the ultrasound market. The report analyzes the ultrasound market by technology, product, and application across geographies
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the ultrasound market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for ultrasound devices across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the ultrasound market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the ultrasound market
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