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The Ultrasound Market is expected to reach USD 6.86 billion by 2021 at a CAGR of 5.2% during 2016-2021. North America and Europe held the largest share of the market in 2016; however, the Asia-Pacific region is poised to be the fastest growing region during the next five years owing to factors such as rising incidence of chronic and infectious diseases, increase in awareness related to advanced diagnostic and therapeutic ultrasound, and continuously rising healthcare expenditure.
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Based on technology, the market is segmented into diagnostics and therapeutics ultrasound. Diagnostic ultrasound accounted for the largest share of the market in 2016 owing to factors such as the large-scale use of 2D ultrasound in disease diagnosis, the availability of significant medical reimbursements, and the ongoing technological advancements in the field of 3D/4D ultrasound.
On the basis of device portability, ultrasound products are categorized into trolley/cart-based and compact/handheld ultrasound devices. The compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period of 2016-2021 owing to ease of operability and expansion in application horizons (such as radiology imaging, emergency medicine, and wound healing).
On the basis of application, the market is classified into radiology/general imaging, obstetrics/gynaecology, cardiology, urology, vascular, and other applications (including neurology, mammography, emergency medical imaging, hepatic imaging and renal imaging, and point-of-care). In 2016, the radiology/general imaging application segment commanded the largest share of the market. The large share of this segment is primarily attributed to the rising incidence of various cancers, growing market availability, and physicians’ preference for HIFU in cancer treatment.
Based on end user, the market is segmented into hospitals and diagnostic & surgical centers; maternity and fertility centers; ambulatory care centers; academic and research centers; and other end users. The hospitals and diagnostic & surgical centers segment accounted for the largest share of the market in 2016. The large share of this segment is attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination of hospitals and surgical centers towards the automation & digitization of radiology patient workflow, and increasing adoption of minimally invasive procedures (such as ultrasound) in hospitals by healthcare professionals.
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On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. This is primarily due to increasing public awareness related to procedural benefits of ultrasound, continuously declining product prices, and continuously rising healthcare expenditure in the Asia-Pacific region.
Market growth in the global market is mainly driven by factors such as technological advancements in ultrasound devices; prevalence of targeted diseases; preference for minimally invasive procedures; growing public-private investments, funding, &grants; rising and birth rate/fertility rate especially among emerging countries. In addition, emerging markets (such as China and India) are offering new growth opportunities for ultrasound market players.
The ultrasound market is fairly competitive, with a large number of global and local manufacturers of ultrasound products. General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), and Toshiba Corporation (Japan) were the top three players in the market in 2015. Product launches, approvals, & product enhancements; agreements, partnerships, &collaborations; and geographic expansions were the major strategies adopted by most of the market players to achieve growth in the market during 2013-2016.
Report Objective:
This report studies the ultrasound market based on technology, device display, device portability, application, and end user.
The report also studies, the factors (such as drivers, restraints, opportunities, and challenges) which affect the market growth in a positive and negative manner. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, the ultrasound market report analyzes the micro markets with respect to their individual growth trends, prospects, and contributions to the ultrasound market.
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