Global Medical Ultrasound Devices Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024

Global Medical Ultrasound Devices Market

Market Overview

Global medical ultrasound devices market is facing high competition owing to presence of huge players such as Philips Healthcare, Siemens, GE Healthcare and others. Global presence of these healthcare equipment manufacturers is one of the major factors which are creating huge challenge for the new players to enter into the market. High quality of images and affordability of devices are expected to help the players to explore the untapped countries across the globe.

There are several devices which are used for ultrasound imaging such as 2D screening technology, 3D screening technology, diagnostic device, and therapeutic devices. Various opportunities that can drive the market of ultrasound devices faster are growing number of manufacturers for ultrasonic devices, increased use of devices in oncology, cardiology and others. Recently Clarius Mobile Health, a company in British Columbia has launched wireless handheld ultrasound scanners. This device will work as a stethoscope for doctors and help the professional to diagnose accurately. India-based company named Cura healthcare, has entered into the business of ultrasound equipment device after acquisition of DE healthcare, leading dealer of medical equipment in India.

The market is mainly driven by the factors such as growing awareness towards diagnostics along with favorable reimbursement policies. For such type of cases 3D/4D ultrasound technology is used in screening of cancers and provides better conclusion of breast cancers. However, high cost of medical ultrasound devices and cost associated with the recalibration of these devices are the two major aspects which are hampering the growth of global medical ultrasound devices market.

Market Segmentation

By Portability

• Cart/trolley based Ultrasound Devices
• Compact/handheld Ultrasound Devices

By Device Display

• Colored Display Devices
• Black & white Display Devices

By  Technology

• 2-D Ultrasound Imaging
• 3-D and 4-D Ultrasound Imaging
• Doppler Ultrasound Imaging

By End-User

• Hospitals/Clinics
• Diagnostic Laboratories
• Ambulatory Centers

By Region

• North America (US, Canada) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Product Sales (Units)}
• Rest of the World{Market Share (%), Market Size (USD Billion), Product Sales (Units)}

Market Size and Forecast (2016-2024)

Global ultrasound market is expected to generate revenue of USD 7.5 billion by 2024 from USD 5.0 billion in 2016. Furthermore, the global medical ultrasound devices market is anticipated to reach USD 11.47 billion by 2024 from USD 6.85 billion in 2016, registering a CAGR of around 7.0% over the forecast period.

On the basis of product, diagnostic sonography segment dominated the market and accounted USD 2.90 billion in 2016 due to extensive use of this device in oncology and obstetrics. On the basis of portability, the hand held devices are said to dominate the market with the largest market share and expected to reach USD 3.90 billion by 2024.

Geographically, North America is the dominating region covering the market share of around 26%-30% over the forecast period due to full-fledged healthcare infrastructure and rising adoption of advanced medical equipment. On the other hand, Asia-Pacific region is expected to generate the second largest market share in overall medical ultrasound devices market over the next five to six years. India medical ultrasound devices market is anticipated to upsurge over the forecast period on the back of rising investment in healthcare sector.

Key Trends and Growth Drivers

Several growth drivers are there which are propelling the growth of medical ultrasound devices market. They are:

• Rising number of diagnostic laboratories across the globe, especially in developing nations.
• Rising healthcare expenditure boost the demand for medical ultrasound devices in healthcare facilities for advance diagnosis of patients.

Restraints

There are various restraints which are hampering the growth of medical ultrasound devices market. Some of them are mentioned below:

• Lack of skilled professionals and trained operators in developing countries.
• Stringent government regulations on the manufacturing of medical equipment in various countries are posing a major challenge for market players to increase the supply of medical ultrasound devices in the market.
• Cutting down of reimbursement cost.

Key Players

• Analogic Corporation
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
• Esaote Spa
• Fujifilm Corporation
• General Electric Company
• Hitachi, Ltd
• Koninklijke Philips N.V.
• Mindray Medical International Limited
• Samsung Medison Co. Ltd.
• Siemens Healthcare
• Toshiba Corporation

Scope Background

Market Synopsis

Market Segmentation

The medical ultrasound devices market is segmented as follows:

• By Product Type (Market Size, Demand Analysis and Growth Analysis)
• By Devices Type (Market Size, Demand Analysis and Growth Analysis)
• By Portability Type (Market Size, Demand Analysis and Growth Analysis)
• By Application Type (Market Size, Demand Analysis and Growth Analysis)

Global medical ultrasound devices market report covered insights of below mentioned regions:

• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors
• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks