Lucrative Growth of Ultrasound Market Due to High Prevalence of Chronic Diseases

Leading market players are GE Healthcare, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Healthineers, Analogic Corporation, Canon Inc., Esaote SpA, Hitachi Ltd., Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Carestream Health, and Hologic, Inc.

Meticulous Research® – a leading global market research company published a research report titled “Ultrasound Market by Product (Devices, Probes), Technology (FUS, SWL), Display (Color, B/W), Portability (Trolley, Compact, Handheld, Point of Care), Application (Diagnostic, Therapeutic, Orthopedic), End User (Hospitals, ACC)- Global Forecast to 2024”.

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Rising Number of Hospitals in the Developing Countries is Propelling the Growth of Ultrasound Market

In recent years, various government initiatives towards the development of healthcare facilities have led to increase in number of hospitals. For instance, in India, in Union Budget 2017-2018, the government decided to setup 2 new AIIMS hospitals in Jharkhand and Gujarat. Further, in April 2014, the country developed AYUSH infrastructure comprised of over 8 lacs registered practitioners, 25,492 dispensaries, and 3,601 hospitals. Similarly, the Chinese government is taking initiatives to shift the burden of care from public hospitals to private hospitals and owing to this, the number of private hospitals in China doubled to a total of 16,900 hospitals in just six years, from 2011-2017. Owing to these factors, the demand for diagnostic equipment such as ultrasound systems is rising.

Colored Ultrasound Dominated the Ultrasound Market in 2017

Colored ultrasound commanded the largest share of ultrasound market in 2017 due to accurate visualization, high resolution images, and ease of differentiation between the tissues based on colors. This enable the cardiac sonographers to effectively monitor the blood flow inside the heart, brain, arteries, and veins. Further, the color patterns help in identification of healthy and constrained blood flow.

Trolley-based Ultrasound Devices to Witness the Largest Demand Through 2024

Trolley-based Ultrasound devices commanded the largest share of ultrasound market in 2017. This is mainly attributed to their greater demand in major markets with increasing use in acute emergency care settings in hospitals and healthcare institutions.

Asia-Pacific: Fastest Growing Regional Market

North America commanded the largest share of the global ultrasound market in 2017, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region, and growing government focus on healthcare sector. In addition, government initiatives for the development of healthcare facilities and increasing health insurance penetration are the key factors propelling the growth of the Asia-Pacific ultrasound market.

Key Players in the Ultrasound Market

In the ultrasound market, the key players are diligently working towards the improvement of technology to enable confident diagnosis with appropriate workflow. In March 2018, GE healthcare (U.S.) launched advanced radiology ultrasound system LOGIQ™ E10 that integrates artificial intelligence technology to acquire and reconstruct data faster than ever before. This technology provided high resolution images, enabled the radiologists to manipulate the ultrasound’s settings with a remote control on their tablet or smart phone, and facilitated the exchange of ultrasound images among the radiologists for accurate diagnosis. Similarly, in March 2018, Koninklijke Philips N.V. in partnership with Innovative Imaging Technologies (IIT) launched integrated tele-ultrasound solution with two-way audio-visual calls. This enabled remote collaboration and virtual training among patients, clinicians, and medical students along with simultaneous viewing of the ultrasound images and guided probe positioning.

The key players operating in the global ultrasound market are GE Healthcare, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Healthineers, Analogic Corporation, Canon Inc., Esaote SpA, Hitachi Ltd., Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Carestream Health, and Hologic, Inc.

Browse in depth report:

Key Topics Covered in This Report:
1. Introduction
1.1. Market Ecosystem
1.2. Currency & Limitation
1.2.1. Currency
1.2.2. Limitation
1.3. Key Stakeholders

2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation

3. Executive Summary

4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers Growing Incidences of Orthopedic and other Injuries Increasing Geriatric Population Coupled with Chronic Illnesses Rising Number of Hospitals Technological Advancements in Ultrasound devices Growing public and private investments, funding, and grants for the development of ultrasound devices
4.2.2. Restraints Paucity of skilled healthcare professionals Stringent Government Regulations for import, manufacture, distribution, and sales of Ultrasound
Imaging Products
4.2.3. Challenge Difficulty in Deep Tissue Penetration
4.2.4. Opportunities Significant Opportunities from Developing Economies Emergence of POC Ultrasound devices
4.2.5. Trend Development of Application specific Ultrasound Devices
4.3. Market Share Analysis

5. Ultrasound Market, by Components
5.1. Ultrasound device
5.2. Probes
5.3. Gel
5.4. Others

6. Ultrasound market, By Technology
6.1. Introduction
6.2. Diagnostic Ultrasound
6.2.1. 2D Ultrasound
6.2.2. 3D and 4D Ultrasound
6.2.3. Doppler Ultrasound Color Doppler Imaging Continuous Doppler Imaging Pulse Wave Doppler Imaging
6.3. Therapeutic Ultrasound
6.3.1. High-Intensity Focused Ultrasound (HIFU)
6.3.2. Lithotripsy Extracorporeal Shock Wave Lithotripsy (ESWL) Shock Wave Lithotripsy (SWL)

7. Ultrasound market, By Display
7.1. Introduction
7.2. Colored Ultrasound
7.3. Black and White (B/W) Ultrasound

8. Ultrasound market, By Portability
8.1. Introduction
8.2. Trolley-based Ultrasound Systems
8.3. Handheld/Compact Ultrasound Systems
8.4. Point of Care Ultrasound Systems

9. Ultrasound market, By Application
9.1. Introduction
9.2. Diagnostic Applications
9.2.1. General Imaging
9.2.2. Cardiology
9.2.3. Obstetrics/Gynecology
9.2.4. Vascular
9.2.5. Urology
9.2.6. Others
9.3. Therapeutic applications
9.3.1. Drug Delivery
9.3.2. Physical Therapy
9.3.3. Pain Management
9.3.4. Others

10. Ultrasound market, By End User
10.1. Introduction
10.2. Hospitals
10.3. Diagnostic Imaging Centers
10.4. Ambulatory Care Centers
10.5. Others

11. Ultrasound Market, by Geography
11.1. North America
11.1.1. U.S.
11.1.2. Canada
11.2. Europe
11.2.1. Germany
11.2.2. France
11.2.3. U.K.
11.2.4. Italy
11.2.5. Spain
11.2.6. Rest of Europe
11.3. Asia-Pacific
11.3.1. Japan
11.3.2. China
11.3.3. India
11.3.4. Rest of Asia-Pacific
11.4. Rest of the World
11.4.1. Latin America
11.4.2. Middle East & Africa

12. Competitive Landscape
12.1. New Product Launches
12.2. Agreements, Partnerships & Collaboration
12.3. Expansions
12.4. Mergers & Acquisitions

13. Company Profiles
13.1. GE Healthcare
13.2. Konica Minolta, Inc.
13.3. Koninklijke Philips N.V.
13.4. Siemens Healthineers (a subisdiary of Siemens AG)
13.5. Analogic Corporation
13.6. Canon Inc.
13.7. Esaote SpA
13.8. Hitachi Ltd.
13.9. Mindray Medical International Limited
13.10. Samsung Medison Co., Ltd.
13.11. FUJIFILM SonoSite, Inc.(a subisdiary of FUJIFILM Holdings Corporation)
13.12. Carestream Health, Inc
13.13. Hologic, Inc.

14. Appendix
14.1. Questionnaire

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