Diagnostic Ultrasound Market size was valued over USD 5 billion in 2016, with growth forecast to witness more than 3% CAGR from 2017 to 2024.
Sellbyville, DE -- (SBWIRE) -- 12/07/2018 -- Diagnostic Ultrasound Market size is set to exceed USD 7 billion by 2024; according to a new research study published by Global Market Insights, Inc.
Growing geriatric population base along with increasing chronic disease incidence rates will drive diagnostic ultrasound market growth over the forecast period. Higher susceptibility of the elderly towards certain orthopedic ailments and chronic diseases will boost ultrasound demand as the technology facilitates management of these disease conditions on an ongoing basis. For instance, a patient with prostatic hypertrophy started on certain medications which could possibly worsen bladder emptying can be monitored with ultrasound after initiation of medication.
Ultrasound devices are witnessing a transition from trolley based, single use systems to highly portable, versatile and multiuse systems. Rapid technological advancements in microelectronics and sensors coupled with improvement in image quality and expansion of applications will propel ultrasound system adoption rates.
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Dearth of skilled ultrasound technicians and sonographers especially in countries such as UK and Canada hinder industry expansion. Lack of availability of these skilled professionals is resulting in increased patient waiting time for ultrasound examinations and underuse of the equipment.
Existence of barriers such as lack of training, high machine maintenance cost, absence of support personnel, lack of gel, irregular electrical supply, discomfort in image interpretation and liability concerns hamper technology adoption in developing countries.
2D technology held significant industry share in 2016 being the most common and traditional method used for scanning. The technology produces a series of flat, two-dimensional image of the scanned tissue. Increasing usage of newer technologies such as 3D, 4D and 5D which provide a more detailed and realistic image as compared to 2D will impede segment growth.
Compact or handheld ultrasound devices segment will grow at the fastest pace during the forecast period as they offer greater convenience due to their small size and light weight. Furthermore, they are highly beneficial for medical professionals practicing in acute care settings where transportation of the patient may be difficult owing to the constantly changing health condition.
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Application of the technology in cardiology held significant industry share. Increasing number of people suffering from cardiovascular diseases such as stroke will drive segment growth over the forecast timeframe.
Hospitals end user segment is slated to grow at a robust rate owing to increasing influx of patients undergoing ultrasound scans in these settings. Expansion of hospitals and development of new ones will further spur growth.
China diagnostic ultrasound market held significant industry share. Increasing healthcare expenditure, growing disease burden along with increasing desire for and utilization of more advanced technologies in healthcare facilities will drive industry growth.
Prominent industry players include GE Healthcare, Samsung, Hitachi, Siemens, Koninklijke Philips N.V., Toshiba, SIUI, Promed Group, TELEMED Medical, Mindray and Esaote. The industry participants adopt various strategies such as acquisitions, new product development and launch for expanding their industry foothold. For instance, in March 2016, Mindray launched Resona 7 in Europe.
Chapter 1 Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Market definition and forecast parameters
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Ultrasound industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Portability trends
2.1.4 Application trends
2.1.5 End use trends
2.1.6 Regional trends
Chapter 3 Ultrasound Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry impact forces
3.3.1 Growth drivers
126.96.36.199 Growing geriatric population base
188.8.131.52 Increasing chronic disease incidence in Asia Pacific
184.108.40.206 Increasing birth rates in developing countries
220.127.116.11 Technological innovations and advancements
3.3.2 Industry pitfalls & challenges
18.104.22.168 Dearth of skilled professionals especially in UK, Canada and Australia
22.214.171.124 Barriers impeding use of ultrasound in developing economies
3.4 Growth potential analysis
3.4.1 By technology
3.4.2 By portability
3.4.3 By application
3.5 Technology landscape
3.6 Porter's analysis
3.7 Competitive landscape, 2016
3.7.1 Strategy dashboard
3.8 PESTEL analysis