Ultrasound Market is anticipated to grow at a CAGR of 5.7% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Ultrasound Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Ultrasound Market was estimated to account for over US$ 6.6 Billion by 2019. The market is anticipated to grow at a CAGR of 5.7% from 2019 to 2030.
The market growth can be attributed to several factors, which has led to its wide-scale adoption. Rising incidence of target diseases, technological advancements and increasing number of diagnostic centers & hospitals are anticipated to drive its demand in the coming years. However, stringent government regulation is likely to restrain the market to a certain extent.
To impart proper training to clinicians, prominent players are continuously collaborating with several institutes, research centers, and companies. For instance, In October 2018, GE Healthcare collaborated with SonoSim, a global leader in ultrasound education and training with an aim to offer enhanced education services to new and existing ultrasound users around the world.
Incidences & prevalence of chronic diseases especially cancer and geriatric population are rapidly growing globally. Geriatric populations are highly prone to diseases due to various structural and functional changes. Therefore, the demand for early detection of diseases is incessantly rising, which in turn is likely to spur the demand of ultrasound devices which are routinely used for diagnosis and monitoring of a wide range of diseases.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Ultrasound Market by Device Display (Color Ultrasound and Black & White (B/W) Ultrasound), Application (Radiology/General Imaging, Obstetrics/Gynecology, Cardiology, Urology, Orthopedic & Musculoskeletal, Pain Management and Vascular), Type of Product (Diagnostic Ultrasound and Therapeutic Ultrasound), System Portability (Trolley/Cart-Based System, Compact/Handheld System and Point-of-Care (POC) Systems), End User (Hospitals, Surgical Centers, & Diagnostic Centers; Maternity Centers; and Ambulatory Care Centers) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/ultrasound-market/188
Technological advancements in the ultrasound technology is anticipated to further drive the market. Technological advancements such as 3D & 4D imaging provides clearer images, better visibility of the abnormalities and help to have better insights & understanding of the disease.
Stringent government regulation is one of the major factors hampering the growth of the market. For instance, the Indian health ministry has notified ultrasound equipment under the Drugs and Cosmetics (D&C) Act to regulate its import, manufacture and sale. With effect from November, 2020 companies that offer ultrasound technology will have to apply for permission from the Drug Controller General of India (DCGI) which is responsible for approval of licenses, before the company can sell their medical devices in India.
Asia Pacific is the fastest-growing market for ultrasound and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the high unmet health care needs, improving healthcare infrastructure, favorable reimbursement scenario in Japan and rapidly growing geriatric population. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities to stakeholders.
Some of the prominent players operating in the Ultrasound market are Canon Medical Systems, General Electric Company, Hitachi, Philips, Samsung Electronics and FUJIFILM Holdings Corporation and Siemens AG. The other prominent players operating in this market include Esaote S.p.A., Mindray Medical International Ltd., Shimadzu Corporation, Analogic Corporation, Carestream, Hologic, Mobisnate, and Chison Medical Imaging.
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