The global ultrasound device market was valued at $6,014.4 million in 2015, and it is expected to grow at a CAGR of 5.5% during 2016-2022.Based on portability of ultrasound, the portable/compact/handheld ultrasound segment is expected to witness the faster growth at a CAGR of 8.8%, during the forecast period.
The global ultrasound device market is growing at a significant rate, due to increasing healthcare expenditure, technological advancement of ultrasound, increasing demand for minimally invasive diagnostic and therapeutic techniques, and growing geriatric population. The increasing prevalence of chronic diseases and improving healthcare infrastructure in developing countries are also driving the growth of the global ultrasound device market.
Ultrasound is a sound with frequencies higher than about 20 kHz. It moves in a wavelike manner through which it travels. The waves travel with different speed in different medium. The medical ultrasound system operates at higher frequencies, typically 1-10 MHz.
Ultrasound imaging is a medical imaging technique which uses high frequency sound waves and their echoes. It exposes body parts to high frequency sound waves in order to create images of the internal organs of the body. It does not use ionizing radiation. It provides a real time structure and movement of body’s internal organs and blood flowing through blood vessels. It helps in evaluation of symptoms such as swelling, pain, infection and hematuria. In addition, it is also used for guide procedures such as needle biopsies, guide biopsy of breast and diagnosis of various heart conditions. However, it cannot penetrate mature bones and substantial gas layers.
Stringent regulatory requirements for the approval of ultrasound devices, is inhibiting the growth of the global market. Geographically, Europe dominated the global market of ultrasound device in 2015; whereas the Asia-Pacific market is expected to witness the fastest growth, a CAGR of 6.3%, during the forecast period.
Some of the key companies operating in the global ultrasound device market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Toshiba Corporation, Analogic Corporation, FUJIFILM Holdings Corporation, Mindray Medical International Ltd., and Esaote SpA.
News Courtesy: P&S Market Research