Globally, ultrasound technology has evolved as a cost-effective tool for providing diagnostic imaging and therapeutic treatments to patients suffering from various alignments. Technology advancements have improved the efficiency of ultrasound in terms of image quality and portability. The development of compact hand-held devices has expanded the use of ultrasound devices to point-of-care settings.
Increased healthcare expenditure by both government and private insurers for the expansion of medical imaging services are believed to account for the stable medical ultrasound device market growth during the forecast period. In addition, an increase in the world’s population aged 60 years and above, increase in import volumes of medical equipment by the world’s emerging economies, and increased spending on medical technology are expected to drive the medical ultrasound device market during the forecast period (2018-2023).
The global market for medical ultrasound devices was valued at nearly $REDACTED billion in 2017, and by the end of the forecast period (2023), it is predicted that the global market will surpass $REDACTED billion. Themedical ultrasound device market is expected to grow with a compound annual growth rate of about 3.0% during the forecast period.
In terms of value, the diagnostic 3D and 4D ultrasound market segment is expected to have the highest CAGR about REDACTED% during the forecast period. This growth rate can be attributed to the high equipment price (app. average price: $REDACTED) compared to other modalities and increasing preference for advanced devices with improved image capabilities and user interphase for cardiology and gynecologicalapplications.
The global revenue for 2D ultrasound is expected to decline gradually, mainly due to pricing pressure experienced by device manufacturers. In 2017, the 2D ultrasound device market generated almost $REDACTED billion in revenue. The major revenue contributors include the widespread use of affordable 2D systems in developing nations for prenatal screening and general imaging. The global 2D ultrasound device market is estimated to decline by -REDACTED% between 2018 and 2023, mainly due to replacement of 2D systems with more advanced 3D and 4D systems. In the last five years, the demand for 3D ultrasound evaluation has increased for gynecological applications. This surge in the demand for
3D and 4D forgynecological applications is expected to impact the 2D ultrasound device market segment.
The Summary Table, below, provides a summary review of the analysis of the global revenue forecasts for the medical ultrasound device market by application. Radiology and general imaging were the major application segments of the medical ultrasound device market, representing REDACTED% of the overall market in 2017. The urogenital ultrasound device market (which includes the therapeutic ultrasound device segment) is expected to grow with the fastest CAGR of about REDACTED% during the forecast period.
The current report provides detailed exposure to the medical ultrasound device market. The focus of the current report is to provide an in-depth analysis of the clinical application of ultrasound equipment, and also the current and future market potentials for ultrasound devices. The report provides a detailed analysis of the market trends, drivers and restraints by region for medical ultrasound devices. Since this report is on medical ultrasound, only medical/clinical applications are considered here. Non-clinical applications are not part of this report.
The report also covers competition analysis, regulatory environment, latest technology developments and market share by application, as well as market projections to 2023. The report details market shares of medical ultrasound devices by diagnostics (2D, 3D and 4D ultrasound, Doppler ultrasound), and therapeutics (High-intensity focused ultrasound [HIFU] and extracorporeal shockwave therapy) segments. By application, the market is segmented into radiology/general imaging, cardiology, obstetrics/gynecology, urogenital, breast imaging, anesthesia and other emerging applications.
Also covered in the current report is an in-depth analysis of market drivers, restraints and microeconomic factors affecting the growth of medical ultrasound devices by region (regions include North America, Europe, Asia-pacific, Latin America, and Middle East and Africa). Global market shares, with special emphasis on the latest technology developed is included in this report. For market estimates, data has been provided for the year 2017, as the base year, 2018 and forecast for 2023.
- 42 data tables and 19 additional tables
- An overview of the global medical ultrasound device market
- Analyses of global market trends, with data from 2016, 2017, estimates for 2018 and projections of CAGRs through 2023
- Description of two-dimensional (2D), 3D and 4D ultrasound and discussion of their significant impact in the clinical arena
- Information on doppler ultrasound, and high-intensity focused ultrasound (HIFU)
- Detailed analysis of the key competitor engaged in the market, including Alpinion Medical Systems, Echo Medical Control (ECM), Philips Healthcare Company, Siemens Healthcare Private Limited, Telemed Ltd.