Ultrasound Device Market Growth and Forecasts, 2016 to 2024

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Ultrasound Device Market - Industry Analysis, Size, Share,
Growth and Forecasts, 2016 to 2024 - Hexa Research
The global ultrasound device market was worth USD 6.9 billion in 2015. It is projected to grow
at a CAGR of 7% from 2016 to 2024 (forecast period). Chief market drivers are increasing
incidences of chronic and hypertension related disorders.
Ultrasound technology is used to treat prostate cancer and kidney stones. It is the most
preferred mode of fetal screening across the globe. Trials are underway to find novel
applications like detecting breast fibroadenoma and uterine fibroids. This coupled with
escalating public-private investments would create opportunities for ultrasound devices.
The market is segmented as per products, portability, and regions. Products are split into
diagnostic ultrasound devices and therapeutic ultrasound devices. Diagnostic ultrasound
devices are further segmented into 2D devices and 3D/4D devices. They accounted for the
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largest market share in 2015 due to a variety of applications in radiology, obstetrics, and
oncology. Therapeutic ultrasound devices include HIFU (High Intensity Focused Ultrasound) and
ESWL Extracorporeal Shockwave Lithotripsy).
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Based on portability, the market is divided into handheld devices and cart/trolley based
devices. Handheld devices are expected to grow as a result of increasing preference for home
healthcare and remote patient monitoring. They are likely to grow at a CAGR of 6.5% over the
forecast period.
Regional segmentation encompasses Europe, North America, Asia Pacific, MEA (Middle East &
Africa) and Latin America. North America was the leading region (26% revenue share) in 2014.
Key regional drivers include a well-established healthcare system, and rising preference for
remote healthcare. Advanced technology in this region is also creating demand for miniature
user-friendly devices.
Asia Pacific should also grow lucratively during the forecast period. Presence of large industry
players in Japan and China contributes to the same. Moreover, this region is home to highly
populous countries like China and India. These and other developing nations are creating a
large customer of pool for various ailments requiring ultrasound screening. These factors will
result in the Asia Pacific market growing at a CAGR of 9.7% in the eight years ahead.
Prominent participants in the global ultrasound devices market include Hitachi Medical
Corporation, Siemens Healthcare GmbH, Samsung Medison, and Toshiba Medical Systems
Corporation.
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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.