Global ultrasound devices market is estimated to reach USD 8.6 Billion in 2024, registering a compound annual growth rate (CAGR) of 4.1% between 2019 and 2024. Factors such as continuous technological advancements and development of advanced ultrasound devices are poised to positively benefit global ultrasound devices market during the forecast period.
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Growth Drivers – Ultrasound Devices Market
Increasing Ultrasound Procedures
Increasing prevalence of chronic diseases and rising patient awareness are two of the major factors which are propelling market growth. Further, increasing awareness and treatment of complex diseases is also expected to foster the growth of global ultrasound devices market during the forecast period. High diagnosis rates of kidney stones in various countries such as Germany and U.S. also indicate growth of global ultrasound devices market during the forecast period.
Launch of Innovative Products
Manufacturers are offering advanced ultrasound devices products with several new functionalities. Further, various companies are also launching 3D and 4D ultrasound devices products which can take images at various angles. Besides, 4D ultrasound device offer various advantages over 2D ultrasound such as including visualization and motion.
Trends – Ultrasound Devices Market
Portable Ultrasound Devices Gaining Traction in Market
Various companies are focusing on innovation and new product launch such as 3D and 4D ultrasound devices among others. Moreover, increasing adoption of these advanced devices in developed nations is offering significant revenue generation opportunities.
The ultrasound devices market by type is segmented into stationary, and portable. In this segment, stationary segment is anticipated to capture the largest market share in 2024. Global ultrasound devices market is further segmented into technology into diagnostic ultrasound and therapeutic ultrasound, out of which, diagnostic ultrasound segment is anticipated to propel at a faster rate as compared to other segments.
Based on end user, the ultrasound devices market is further sub segmented into hospital & surgical centers, diagnostic centers, ambulatory surgical centers and others. Diagnostic centers captured significant market share in overall ultrasound devices market in 2018.
Geographically, the report offers analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In ultrasound devices market, Asia Pacific dominated in 2018, acquiring significant portion of overall market. Expansion of healthcare infrastructure in developing nations such as China, India and others is anticipated to fuel market expansion during forecast period. Europe market was held at USD 1.9 Billion in 2018 and is anticipated to grow at a CAGR of 4.3% during the forecast period. Increasing utilization of ultrasound devices in early diagnostics is likely to impel the demand for ultrasound devices market. Furthermore, growing adoption of advanced ultrasound devices in North America is expected to strengthen the growth of ultrasound devices market.
The report also covers detailed competitive analysis of major market players of global ultrasound devices market, such as GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA and Analogic Corporation. The ultrasound devices market is witnessing a wide range of industry activities such as product launch, acquisition, partnership, and expansion across the globe.
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