The global Ultrasound Devices Market features a highly consolidated landscape as the top three companies accounted for a combined revenue share of 67.1% in 2014, notes Transparency Market Research (TMR). These leading companies are Koninklijke Philips N.V., GE Healthcare, and Fujifilm Holdings Corporation. The market is fairly competitive with significant barriers to entry for new players characterized by high installation costs. Several big global and regional players are making long-term sales contracts to gain a competitive edge over others, observes TMR. The high cost of capital required to upgrade the ultrasound devices has led new entrants to procure substantial funds, a significant part of which is funded by governments in various regions.
The global market for ultrasound devices was valued at US$6.7 bn in 2014. Expanding at a CAGR of 5.8% from 2015 to 2023, the market is projected to reach US$11.0 bn by 2023.
Asia Pacific to Overtake Europe Market for Ultrasound Devices By 2023
Geographically, Europe led the global ultrasound devices market as it contributed the major revenue in 2014. However, in the coming years, the scales will turn in favor of the Asia Pacific market, which is expected to lead the global market by the end of 2023. The impressive growth of this regional market is fueled by the soaring demand for ultrasound devices in various countries, particularly China. Favorable government regulations have further boosted the market.
Based on product type, the market is segmented into cart/trolley based ultrasound devices and compact ultrasound devices. Among these, compact ultrasound devices segment is expected to grow at the maximum pace. The segment is expected to rise at a CAGR of 10.3% from 2015 to 2023. The substantial demand for compact devices is attributed to their increasing preference among a number of healthcare organizations.
Technology Advancements in Ultrasound Devices to Create Exciting Growth Opportunities
The global ultrasound devices is primarily driven by their growing applications of diagnostic medical imaging for various diseases. The substantial demand for ultrasonography techniques for tuberculosis and cardiovascular diseases is expected to catalyze the market growth. The growing adoption of advanced equipment such as 3D and 4D ultrasound devices across healthcare systems has boosted the market. The advent of compact devices with ergonomic design and ease of use is anticipated to create abundant opportunities for market players.
However, the increasing prominence of CT scanners, especially in developed regions, and the growing preference for advanced imaging equipment in diagnostics are likely to hinder the ultrasound devices market to an extent. Nevertheless, the growing adoption of Doppler ultrasound and constant technological advancements in ultrasonography are expected to create lucrative growth avenues for medical device manufacturers. Doppler ultrasound devices find wide applications in diagnosing blood disorders with high specificity and efficiency generating rapid results, thereby propelling their popularity among patients and clinicians. Furthermore, the launch of high-throughput portable ultrasound devices and cutting-edge system integration technologies are expected to open new revenue streams for market players. Recent clinical studies indicating the accuracy of ultrasound as compared to CT devices in evaluating renal colic is expected to bode well for the market.
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