Ultrasound Devices Market Overview Analysis By Portability, By Display, By
Application, By Technology, By End-user Forecast till 2030. Ultrasound Devices Market Size was valued at USD 10.8 billion in
2022. The ultrasound devices market industry is projected to grow from USD 11.2
Billion in 2023 to USD 14.2 billion by 2030, exhibiting a compound annual
growth rate (CAGR) of 4.10% during the forecast period (2023 - 2030).The report
elaborates on the major drivers and restraints for the global ultrasound
devices market in detail by analyzing their impact on the market’s trajectory
over the forecast period.
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. Since different tissues react differently to the same sound
waves, the technique has become popular in the healthcare sector. The lack of
invasion in the use of ultrasound equipment manufacturers has also become a key
plus point for the market due to the growing obsession with minimally invasive
and noninvasive medical procedures. 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.
Regional Analysis:
The Americas is
likely to be the major regional for ultrasound
devices market research report 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.
Segmentation
Analysis:
By display, color devices accounted for a
largest market share in 2017 compared to its counterpart, black/white
ultrasound devices. The former can touch a size of USD 7,509.12 million by
2026, while the latter is likely to show prominent growth by the end of the
forecast period.
By application, radiology/general imaging is
likely to register highest CAGR during the assessment and likely to dominate
the market by 2026. It accounted for the largest market share in 2017 due to
its vast medical applications. The rising geriatric populace and incidence of
various cancers can spur the segment growth. On the other hand, cardiology is also showing significant growth by 2026.
By technology, diagnostic accounted for the
largest market share in 2017 due to the use of 2D ultrasound in women’s health.
It is likely to show CAGR over the assessment period and hold significant
market share by 2026 due to the continuous advances in imaging and
reimbursement schemes for these procedures. On the flip side, therapeutic
ultrasound is expected to hold second position by 2026.
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