The global ultrasound device market was valued at approximately USD 6.8 billion and it is projected to grow at an approximate CAGR of over 6 % over the forecast period of 2016 to 2024. Increasing patient population for chronic and hypertension related disorders are expected to remain a key driving factor for market growth over the forecast period.
The market is expected to be driven by factors such as adoption of ultrasound technique for the treatment of kidney stones and prostate cancer, increasing public-private investments, and technological advancements in the detection of breast cancer.
Increasing application scope in obstetrics, gynecology, cardiology, radiology, and urology is anticipated to boost demand significantly over the next eight years. In obstetrics and gynecology, this device is used for measuring and monitoring the size of the fetus without using any radiations.
In cardiology ultrasound is used to measure the blood flow and to identify the abnormal structures of the heart. In urology used to detect the prostate cancer.
Restraints in the ultrasound device market are due to unfavorable health care reforms and a dearth of well-trained and skilled labor to operate sonography.
Development of new technically advanced and user-friendly products, home healthcare and remote patient monitoring to reduce the hospitalization cost is anticipated to offer lucrative opportunities to industry participants. Training and education has to be given to unskilled labor to operate sonography techniques.
This market can address end-users such as diagnostic centers, manufacturing companies, healthcare service providers, medical device suppliers, and distributors.
Challenges in this market are escalating prices and no uniformity in regulatory frameworks. Escalating price is due to pressure on the ultrasound key players.
The market is expected to be driven by technologies such as diagnostic and therapeutic ultrasound. The diagnostic medical sonographer uses high frequency sound waves into the patient’s bodies and some of the advanced diagnostics techniques used are 2D, 3D, 4D and doppler imaging are expected to drive the market globally.
Prime focus is to increase the usage of therapeutic ultrasound techniques such as High Intensity Focused Ultrasound (HIFU) and Extracorporeal Shockwave Lithotripsy (ESWL) technology. HIFU market is expected to grow significantly in the European countries.
Therapeutic devices are in the frequency range of about 0.8-3.0 MHz. Ultrasound gels are used on the surface of the head to reduce friction and help to assists in the transmission of ultrasonic waves.
The ultrasound device market has been segmented on the basis of device portability such as a trolley or cart based device and compact or handheld devices. These handheld devices are creating demand due to change in trend towards remote patient monitoring and home healthcare.
The handheld device is expected to grow at an approximate CAGR of over 6% over the forecast period. Reduction in cost of hospitalization is expected to boost demand significantly over next 8 years.
Ultrasonication is used in many industrial processes, such as homogenizing, sonochemistry, cleaning, degassing and disintegration. The homogenizing process is used to reduce small particles into liquid and to improve stability and uniformity. It is used in deagglomeration and dispersing, emulsifying, grinding and wet milling.
Sonochemistry is the chemical reaction used for transesterification of oil to biodiesels. Degassing is used to identify leak detection and disintegration is used for cell extraction and hot water disinfection. Ultrasonification exhibits the superior properties such as high reliability, high energy efficiency, high intensity and low maintenance cost.
North America is expected to witness significant growth owing to increasing demand for health care infrastructure, remote patient monitoring, and escalating adoption of home healthcare. Adoption of advanced technology and user-friendly products is also pushing the growth of the market in North America. In 2014, the overall market share of ultrasound devices has contributed over 25% in this region.
Asia Pacific region is expected to grow at an approximate CAGR of over 9% over the forecast period. Government regulation to control fetal screening for sex and increasing birthrates is impending market growth in countries such as India, China, and Japan.
Europe is anticipated to witness significant growth in the global market after North America. Factors increasing the demand are expansion in healthcare applications of HIFU and increasing therapeutic ultrasound market penetration.
Some of the leading participants in the market include SonaCare Medical, Toshiba Medical Systems Corporation, GE Healthcare, Analogic Corporation, Siemens Healthcare, Philips Healthcare, Mindray Medical International Limited, Samsung Medison and Hitachi Medical Corporation.
The ultrasound device market is expected to be highly competitive because of local and global key players. Adoption of advanced technology and user-friendly products are the factors to spur the market growth.
Research Support Specialist, USA