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Ultrasound Market – Segmentation, Growth Drivers, Geographical Analysis and Major Key Players

In 2018, Europe is expected to account for the largest share of the global ultrasound market.

 

Northrook, IL -- (SBWIRE) -- 12/06/2019 -- Increasing prevalence of target diseases; rising patient preference for minimally invasive procedures; technological advancements; an increasing number of diagnostic centers & hospitals; and growing public and private investments, funding, and grants are the major factors driving the growth of the global market.

What the Market Looks Like?

Predicted to grow at a CAGR of 5.9% during the forecast period, the Global Ultrasound Market is estimated to reach $8.4 Billion by the end of 2023

Based on technology, the market is segmented into diagnostic ultrasound (2D, 3D & 4D, and Doppler ultrasound) and therapeutic ultrasound (focused ultrasound and shockwave lithotripsy). The diagnostic ultrasound segment is expected to account for the larger share of the market in 2018. The large share of this segment can be attributed to the significant usage of 2D ultrasound in women's health, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, ongoing technological advancements in the field of diagnostic ultrasound imaging, and the growing applications of emerging ultrasound techniques.

On the basis of system portability, the market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the market in 2018. The large share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions.

On the basis of application, the global ultrasound industry is segmented into radiology/general imaging, obstetrics/gynecology, cardiologic applications, vascular applications, urological applications, orthopedic & musculoskeletal applications, pain management, and other applications. The radiology/general imaging applications segment is expected to command the largest share of the market in 2018. Factors such as the rising incidence of various cancers across major countries, technological advancements in the field of ultrasound-based diagnosis and treatment, growing market availability and physician preference for HIFU in cancer treatment, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and the rising adoption of focused ultrasound in disease therapies are driving the growth of the radiology/general imaging segment.

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What Drives the Market?

The growth of the global market for Ultrasound is primarily influenced by the following factors:

- Increasing Prevalence of Target Diseases
- Rising Patient Preference for Minimally Invasive Procedures
- Technological Advancements
- Growing Public and Private Investments, Funding, and Grants
- Increasing Number of Diagnostic Centers & Hospitals

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Geographical growth scenario of Ultrasound Market:

Geographically, Europe is expected to account for the largest share of the global ultrasound market in 2018. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).

Leading market players and strategies adopted:

The prominent players in the Ultrasound Market include General Electric Company (US), Philips (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical (China), Shimadzu Corporation (Japan), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisante (US), and Chison Medical Imaging (China).

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