Ultrasound devices are mainly used for detecting objects and measuring distances. Ultrasound sonography and imaging is also used in healthcare sector. The major factors which drive this market is the high mortality rate due to CVD and other heart related diseases. The ultrasound market had contributed $6676.7 million in 2014 and it is forecasted to grow around $9450 million growing at a CAGR of 6.5% between 2016 and 2022. The report focuses on various technologies and applications of the ultrasound market and the factors leading to growth and development of the industry. Asia Pacific region is dominating the ultrasound market due to increasing demand for ultrasound devices for diagnosis and treatment purpose.
Increasing adoption of technological advancements in APAC is the major factor which drives the ultrasound market. The main reason behind this growth is the increasing adoption of robotic surgeries in various countries of this region, such as China, Japan, Korea and Taiwan. Rising support from various end user industries such as medical, government etc. also helps in boosting the ultrasound market. The ultrasound market is forecasted to grow rapidly due to huge investments in various technologies which help in providing better healthcare for the patients. Rising demand for invasive surgeries is also accelerating the market growth. Although there are many factors which drive the market, still there are certain challenges present in the market such as stringent government rules and regulations, and lack of awareness among the potential and target customers in emerging economies is a major challenge and it adversely affecting the market.
The global ultrasound market is segmented on the basis of products, technologies, geography and by applications. On the basis of product, the market is segmented into cart/trolley based ultrasound devices and compact ultrasound devices. Among all the products, cart/trolley based ultrasound devices holds the largest market share in the forecast period. The main reason behind this market dominance is the growing use of these devices by doctors and physicians for diagnostic purpose. On the basis of technology, the market is further segmented into 2D ultrasound imaging, 3D/4D ultrasound imaging, high intensive focused ultrasound imaging, Doppler ultrasound imaging and lithotripsy ultrasound imaging etc. On the basis of application, the market is segmented into radiology & general imaging applications, obstetrics & gynecological applications, cardiological applications, urological applications, vascular applications and others. Among all the applications, ultrasound devices are extensively used in obstetrics & gynecology imaging, cardiovascular imaging etc. The cardiovascular imaging is expected to grow in near future due to introductions of 3D & 4D ultrasound technologies which produces high end images of the heart.
Some of the major players of the market include GE Healthcare, Fujifilm SonoSite, Inc and Philips Healthcare, Siemens Healthcare, Hitachi Aloka, Esaote, Zonare Analogic, Toshiba, U-Systems and Terason, Mindray and so on. Mergers, product launches, innovation and expansion are some of the key strategies adopted by the market players. In December 2015, OHSU and GE Healthcare had launched several pilots programs for cardiovascular medicines and imaging devices. On the basis of geography, North America, Europe, Asia Pacific and ROW are the major segments, amongst which Asia Pacific dominates the ultrasound market.