The Global Ultrasound Equipment Market is anticipated to reach US$ 10,500.8 Mn by 2025 owing to the rising number of diagnostic procedures. The above information was shared by Fortune Business Insights in a report, titled “Ultrasound Equipment Market Size, Share and Global Trend By Type (Cart-based, Compact / Point-of-Care, Hand-held), By Application (Radiology, Cardiology, Gynecology), By End-User (Hospitals, Clinics, Diagnostic Centers) and Geography Forecast till 2025.” Ultrasound technology is used to produce diagnostic images accompanied by high-frequency ultrasonic sound waves.
The rising prevalence of chronic diseases is driving the global ultrasound equipment market growth. As per the report, the global market was valued at US$ 7,052.5 Mn in 2017 and is projected to reach US$ 10,500.8 Mn by 2025. Considering this, the global market is expected to exhibit a CAGR of 5.1% during the forecast period.
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Ultrasound or sonography is a safe, non-invasive procedure, and helps in the effective examination of different body parts. Ultrasound machines are extensively used by physicians and technicians to produce clear diagnostic images in the form of graphics, audio, and visual.
Some of the major companies that are present in the Global Ultrasound Equipment Market are;
- GENERAL ELECTRIC COMPANY
- Koninklijke Philips N.V.
- Toshiba Corporation Abbott
- Hitachi Data Systems.
- Samsung Medison
- FUJIFILM SonoSite, Inc.
- Other prominent players
Recent Adoption of Novel Ultrasound Equipment Boosts the Market in Asia Pacific
In 2017, the market was valued at US$ 2,687.2 Mn and is anticipated to emerge dominant in Asia Pacific through the years. Governments and private organizations in Asia Pacific are granting funds for the development of advanced ultrasound systems. This, coupled with increasing awareness about the benefits of ultrasound equipment, is driving the market in this region. People in this region are increasingly becoming aware of faster diagnosis applications, which is enabling growth in the market in Asia Pacific. Expansion of healthcare industry in counties such as India and China is likely to offer great growth potential to the market. Furthermore, rising aging population, especially in countries such as China and India, is favouring growth in the market. Influenced by these factors, the ultrasound equipment market size is likely to increase in the forthcoming years.
Emergence of Smart Ultrasound Devices to Propel the Growth of the Market
The market is likely to witness a rising demand for different types of ultrasound equipment such as point-of-care, card-based, and hand-held. Of these, the demand for hand-held ultrasound devices is likely to increase in the forecast years. In 2018, card-based devices covered the major share in the global market. Also, the adoption of ultrasound equipment is increasing on account of increasing demand for point-of-care testing. With the emergence of advanced technological innovations, manufacturers are planning to develop small-sized and portable ultrasound equipment.
Introduction of 3D and 4D ultrasound offers additional features associated with motion and visualization. These novel devices are used to detect any abnormalities in fetus development, rectum and colon visualization, or detection of tumours. For instance, Butterfly IQ receives FDA clearance for an iPhone-connected, chip-based, and portable ultrasound scanner. This system offers high-quality diagnostic images and at a low price.
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Increasing adoption of technologically advanced devices is expected to increase the ultrasound equipment market revenue over the projected horizon. Doppler imaging ultrasound is an advanced ultrasound application, which measures the speed and direction of blood cells moving through blood vessels. This adoption of this system is high and is widely accepted.
The market continues to gain ground owing to the higher accuracy and affordability of ultrasound machines. This is another factor expected to drive the market in the forecast years.
Diverse Product Portfolio of General Electric Helps It Retain its Market Position
Among several leading players in the global market, General Electric Company is currently leading. The company is expected to retain its leading position owing to the diverse product portfolio in portable ultrasound systems. In addition to this, the company’s strong brand presence and large clientele-base are factors responsible for its dominnace. GE, Toshiba, and Koninklijke Philips N.V. collectively hold more than half of the share in the global market.
CANON MEDICAL SYSTEMS CORPORATION launched a novel ultrasound product line called Aplio a-series in April 2019. This device can be used for several clinical purposes and has the ability to deliver high performance at an affordable cost. Such product launches are likely to help companies expand their share in the market.
- Compact / Point-of-Care
By End User
- Diagnostic Centers
And By Geography
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