Ultrasound Market Is Expected To Grow At CAGR Of 4.2% From 2019 To Reach $7.941 Billion By 2024: Meticulous Research
Meticulous Research® – leading global market research company is researching on ultrasound market titled “Ultrasound Market by Product (Devices, Probes), Technology (FUS, SWL), Display (Color, B/W), Portability (Trolley, Compact, Handheld, Point of Care), Application (Diagnostic, Therapeutic, Orthopedic), End User (Hospitals, ACC)- Global Forecast to 2024”. According to this latest publication from Meticulous Research®, the global ultrasound market is expected to grow at a CAGR of 4.2% from 2019 to reach $7.94 billion by 2024.
Rising Number of Hospitals in the Developing Countries is Propelling the Growth of Ultrasound Market
In recent years, various government initiatives towards the development of healthcare facilities have led to increase in number of hospitals. For instance, in India, in Union Budget 2017-2018, the government decided to setup 2 new AIIMS hospitals in Jharkhand and Gujarat. Further, in April 2014, the country developed AYUSH infrastructure comprised of over 8 lacs registered practitioners, 25,492 dispensaries, and 3,601 hospitals. Similarly, the Chinese government is taking initiatives to shift the burden of care from public hospitals to private hospitals and owing to this, the number of private hospitals in China doubled to a total of 16,900 hospitals in just six years, from 2011-2017. Owing to these factors, the demand for diagnostic equipment such as ultrasound systems is rising.
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Colored Ultrasound Dominated the Ultrasound Market in 2017
Colored ultrasound commanded the largest share of ultrasound market in 2017 due to accurate visualization, high resolution images, and ease of differentiation between the tissues based on colors. This enable the cardiac sonographers to effectively monitor the blood flow inside the heart, brain, arteries, and veins. Further, the color patterns help in identification of healthy and constrained blood flow.
Trolley-based Ultrasound Devices to Witness the Largest Demand Through 2024
Trolley-based Ultrasound devices commanded the largest share of ultrasound market in 2017. This is mainly attributed to their greater demand in major markets with increasing use in acute emergency care settings in hospitals and healthcare institutions.
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Asia-Pacific: Fastest Growing Regional Market
North America commanded the largest share of the global ultrasound market in 2017, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region, and growing government focus on healthcare sector. In addition, government initiatives for the development of healthcare facilities and increasing health insurance penetration are the key factors propelling the growth of the Asia-Pacific ultrasound market.
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Key Players in the Ultrasound Market
In the ultrasound market, the key players are diligently working towards the improvement of technology to enable confident diagnosis with appropriate workflow. In March 2018, GE healthcare (U.S.) launched advanced radiology ultrasound system LOGIQ™ E10 that integrates artificial intelligence technology to acquire and reconstruct data faster than ever before. This technology provided high resolution images, enabled the radiologists to manipulate the ultrasound’s settings with a remote control on their tablet or smart phone, and facilitated the exchange of ultrasound images among the radiologists for accurate diagnosis. Similarly, in March 2018, Koninklijke Philips N.V. in partnership with Innovative Imaging Technologies (IIT) launched integrated tele-ultrasound solution with two-way audio-visual calls. This enabled remote collaboration and virtual training among patients, clinicians, and medical students along with simultaneous viewing of the ultrasound images and guided probe positioning.
The key players operating in the global ultrasound market are GE Healthcare, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Healthineers, Analogic Corporation, Canon Inc., Esaote SpA, Hitachi Ltd., Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Carestream Health, and Hologic, Inc.
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