The global market for Medical Ultrasound Equipment is projected to reach US$8.8 billion by 2024, driven by expanding clinical utility in a broad range of medical fields such as obstetrics and gynecology, cardiology, endocrinology, prostrate, nephrology etc.; growing number of image-guided therapy procedures; continuous technology advancements and the resulting rise of portable ultrasound equipment built to revolutionize point of care (POC). Few of the benefits of portable ultrasound equipment driving their adoption in the healthcare industry include time saving, quicker and more accurate diagnosis as compared to traditional ultrasound machines; reduced cost of diagnosis; lower capital investment burden; better quality of care; higher patient understanding of diseases and a more transparent diagnosis in collaboration with the patient; and prompt beside assistance and convenience. Technology maturity in electronics miniaturization is additionally increasing affordability of handheld, POC ultrasound systems. The growth in the market will also be spearheaded by the growing popularity of 4D ultrasound imaging given its clinical benefits such as superior visualization of complex anatomical views; reproducible images; easier understanding of organ abnormalities, morphology, malformation and agenesis; and accurate tumor volume evaluation; among others. Asia-Pacific represents the largest and the fastest growing market worldwide supported by factors such as growing population and a parallel increase in healthcare burden; developing healthcare infrastructure; increased emphasis on preventative care and ensuing rise in sonography imaging procedures and increased use of the imaging technology as a low radiation standard in obstetrics; gynecology; urology, ophthalmology and orthopedics/musculoskeletal; and continual shift towards high-end cart-based and compact ultrasound equipment.
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Company and Industry News & Stories
- GE Healthcare and Vitrolife Enter into Partnership to Improve Assisted Reproductive Technology Offerings
- Altaris Capital Partners Acquires Analogic Corporation in a Move to Address the Evolving Needs of the Market
- Consortium of Leading Chinese Investors Acquire Esaote SpA, the Leader in the Biomedical Equipment Sector
- Royal Philips Enters into Partnership with Hologic in a Move to Offer Integrated Solutions for Care Professionals Worldwide
- Esaote Partners with BARCO to Improve Ultrasound Diagnostic Capabilities in Radiology
Outlook in Key Market Segments
- Through 2024, Radiology sector will remain the largest end-use market for Medical Ultrasound Equipment, followed by Obstetrics/Gynecology sector.
- Obstetrics/Gynecology is projected to witness the fastest growth driven by increased use in diagnosis and treatment of infertility and fetal development monitoring.
Product Definition & Scope
- Ultrasonic imaging was first used in clinical practice of obstetrics in 1958 to record fetal heart rate during labor. However, the technology has eventually developed to the several levels of numerous clinical applications. Ultrasound is commonly used in cardiac, abdominal (such as liver, kidney, spleen, and gallbladder), gynecological, obstetrical, urological (e.g., prostate), and peripheral vascular applications. Ultrasound equipment is used for the detection of abdominal cancer, inflammation obstructions, fetal abnormalities, and diagnosis of the heart.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America
Market Segmentation & Classification
- End-Use Segments:
- Radiology, Cardiology, Obstetrics/Gynecology, Vascular, and Others.
- GE Healthcare
- Philips Healthcare
- Canon Medical Systems Corp.
- Hitachi Healthcare
- Manufacturing, Ltd.
- Siemens Healthineers
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- FUJIFILM Sonosite, Inc.
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