Ultrasound Devices Market Share Reach of USD 10.37 billion by 2023 | Noninvasive Medical Imaging and Diagnosis

Global Ultrasound Devices Market is expected to exhibit a strong 8.1% CAGR over the forecast period, rising to a valuation of USD 10.37 billion by 2023

Pune, India - April 1, 2019 /MarketersMedia/ —

Ultrasound Devices Market Driven by Growing Demand for Noninvasive Medical Imaging and Diagnosis

Ultrasound device is an imaging machine that uses ultrasound and creates an image of the tendons, muscles, joints, blood vessels, and internal organs. It can do a great job in finding the source of certain diseases.

The global ultrasound devices market is expected to exhibit a strong 8.1% CAGR over the forecast period, rising to a valuation of USD 10.37 billion by 2023, according to a new report from Market Research Future (MRFR).

The growing demand for ultrasound devices for diagnostic purposes is likely to be the major driver for the global ultrasound devices market over the forecast period. Ultrasound devices work by sending out high-frequency sound waves that provide a picture of the targeted area based on the response of various bodily tissues to the sound waves.

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Therapeutic applications of ultrasound include targeting a specific patch of tissue for stimulation or removal by bombarding it with high-frequency sound waves. This application is also likely to remain a key factor for the global ultrasound devices market’s growth over the forecast period.

Competitive Analysis:

Leading players in the global ultrasound devices market include Siemens AG, GE, Hitachi Ltd., Shimadzu Corporation, Analogic Corporation, Mindray Medical International Ltd., Toshiba Corporation, Samsung Electronics Co. Ltd., and Koninklijke Philips NV.

The rising threat of web-based intrusions is also likely to make companies focus more on technological updation.

In March 2019, security specialist Check Point Software Technologies said in a report that ultrasound devices running on older operating systems such as Windows 2000 were virtually defenseless against modern hackers, which could result in the hackers gaining access to confidential hospital information and making exorbitant ransom demands on the hospital. Eliminating this threat is likely to be top of the agenda for the leading players in the global ultrasound devices market over the forecast period.

Segmentation:

The global ultrasound devices market is segmented by application into diagnostic and therapeutic. The diagnostic application segment holds a dominant share of 68% in the global ultrasound devices market and is likely to remain the leading contributor over the forecast period.

Based on the applications, the ultrasound devices market can be segmented into diagnostic and therapeutic. Diagnostic segment commands almost 68% of the entire market.

Based on the clinical application, the ultrasound devices market includes radiology, obstetrics and gynecology, cardiac and others.

Based on the product, the ultrasound devices market comprises cart-based and portable. Portable ultrasounds are gaining prominence for their ease of application.

Based on the end-user, the ultrasound devices market can be segmented into hospitals/clinics and ambulatory. Hospitals/clinics segment is leading the market. However, ambulatory service is also gaining grounds.

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Key drivers

Leading players in the global ultrasound devices market are likely to focus on bringing about steady technological innovation and updation in their products in the coming years, as developing more modern products has become a key selling point in the industry.

The growing demand for more advanced ultrasound devices in the gynecology sector is likely to be a major driver for the global ultrasound devices market over the forecast period. The development of 3D and 4D ultrasound imaging has allowed for the diagnosis of congenital defects clearly and earlier in the pregnancy, which has made the procedures widely popular in the healthcare sector around the world. 4D imaging also allows live action viewing of the fetus, which allows physicians to detect more abnormalities. This is likely to be a major driver for the global ultrasound devices market over the forecast period.

Study Objectives Global Ultrasound Devices Market:

To provide detail analysis of the market structure along with forecast for the next 6 years of the various segments and sub-segments of the global ultrasound devices market

To provide insights about factors affecting the market growth
To analyze the market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.

To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- Americas, Europe, Asia-Pacific, and Middle East & Africa.

To provide country level analysis of the market with respect to the current market size and future prospective

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Regional Analysis:

The Americas is likely to be the major regional market for ultrasound devices over the forecast period due to the widespread adoption of advanced ultrasound technology in the region and the growing demand for advanced diagnostic modalities and devices. Europe is also likely to remain a major regional market for ultrasound devices over the forecast period due to the growing healthcare expenditure in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the growing demand for advanced medical facilities and devices and the increasing investment in hospitals and medical technology.

About Market Research Future: MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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