Transparency Market Research

Global Ultrasound Devices Market Expected to Reach US$ 11.0 Bn in 2023: Transparency Market Research

Transparency Market Research Report Added "Ultrasound Devices Market" to its database.


Albany, NY -- (SBWIRE) -- 03/29/2016 -- Transparency Market Research has published a new market report titled, "Ultrasound Devices Market: (Cart/Trolley based Ultrasound devices, Compact Ultrasound devices, 2-D Ultrasound Imaging, 3-D and 4-D Ultrasound Imaging, Doppler Ultrasound Imaging, High Intensity Focused Ultrasound, Lithotripsy Ultrasound Imaging; Radiology, Obstetrics and Gynecology, Cardiovascular, Gastroenterology) – Global Industry Analysis, Size, Volume, Share, Growth, Trends, and Forecast, 2015–2023". According to the report, the ultrasound devices market was valued at US$ 6.7 Bn in 2014 and is projected to expand at a CAGR of 5.8% from 2015 to 2023 to reach US$ 11.0 Bn in 2023.

Ultrasound is an imaging technology that uses high-frequency sound waves to produce image structures of body parts and assists in medical examination of internal organs that would help in diagnosis and treatment of various diseases. Growth in the global population over 65 years of age is likely to act as a high impact driver of the market. According to the World Health Organization (WHO), the global geriatric population was around 524 million in 2010 and is anticipated to reach 1.5 billion by 2050. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to reach 20% by 2030. Moreover, rise in incidence of cardiovascular diseases and growing number of cancer cases boost market growth. One in 600 cardiac patients older than 65 years has sick sinus syndrome (SSS). The median age of sick sinus syndrome is 74 years. Degenerative fibrosis, amyloidosis, connective tissue diseases, and ion channel dysfunction are the common causes of SSS. A study conducted by ARIC and CHS concluded that the number of cases of SSS is likely to increase from 78,000 in 2012 to 172,000 in 2060. According to World Cancer Research Fund International (WCRFI) estimates, around 12.7 million people suffered from cancer in 2008, and this number is expected to reach around 21 million by 2030.

Geographically, the ultrasound devices market has been segmented into four major regions: North America, Europe, Asia Pacific, and Rest of the World. Europe held the largest share of 32.8% of the ultrasound devices market in terms of revenue in 2014, followed by Asia Pacific. The dominance of these two regions is due to increasing usage of ultrasound devices in the market. Germany accounted for the largest share of the market in Europe. According to European Association of Urology (EAU) estimates, around 55 million adults suffered from kidney stone in 2012. The association also stated that this number has doubled since 1982 due to change in lifestyle, which resulted in obesity and metabolic syndrome, and in turn led to kidney stone. Low cost of ultrasound devices compared to other imaging modalities such as CT scanners in the region would also accelerate the growth of the market.

Asia Pacific accounted for the second largest share of the global ultrasound devices market in 2014. China held the largest share of the market in Asia Pacific in 2014. The market in the country is expected to expand at the fastest CAGR during the forecast period. Globally, Asia Pacific is anticipated to be the most lucrative market due to increasing population and rising awareness about ultrasound devices. Increasing prevalence of target diseases, rapidly growing geriatric population, and technological advancements are the other factors supporting the growth of the ultrasound devices market in Asia Pacific. Asia presents an excellent opportunity in the refurbished ultrasound devices market. The region consists of developing countries, which require low priced diagnostic technologies to progress and offer citizens basic medical facilities. Although the economy is expanding significantly in this region, it still has to adapt to the digitization of ultrasound technologies.

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GE Healthcare, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Mindray Medical Corporation, Esaote SpA, and Analogic Corporation are the major players operating in the global ultrasound devices market. GE Healthcare was identified as the leading player in the global ultrasound devices market in 2014, accounting for a share of over 33.3% in terms of revenue, followed by FUJIFILM Holdings Corporation.

The global ultrasound devices market has been segmented as follows:

Global Ultrasound Devices Market, by Product Type

Cart/Trolley Based Ultrasound Device
Compact Ultrasound Device
Global Ultrasound Devices Market, by Product Type

2-D Ultrasound Imaging
3-D and 4-D Ultrasound Imaging
Doppler Ultrasound Imaging
High Intensity Frequency Ultrasound (HIFU) Imaging
Lithotripsy Ultrasound Imaging
Global Ultrasound Devices Market, by Application

Obstetrics and Gynecology
Other Applications
Global Ultrasound Devices Market, by Geography

North America
Rest of Europe
Asia Pacific
Rest of Asia Pacific
Rest of the World (RoW)
Latin America
Middle East & Africa

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