HYDERABAD, India, August 10, 2016 /PRNewswire/ -- Mordor Intelligence announces the publication of their research report on the ultrasound devices market. The report titled, "Global Ultrasound Devices Market - Growth, Trends & Forecasts (2016 - 2021)" discusses the current landscape and outlook of the said market.
The global ultrasound devices market was valued at USD 3,216 million in 2015. The market is projected to reach USD 3,860 million by 2021, at a compound annual growth rate (CAGR) of 3% during the forecast period between 2016 and 2021.
North America holds the largest share of the global ultrasound devices market (30%), followed by Europe. In terms of market share, North America is ahead of Europe by just a few degrees. Asia-Pacific is considered the emerging market for ultrasound devices. This growth can be attributed to the rising population and the large investments in the field of research and development (of ultrasound equipment) in the Asia-Pacific region. The region is projected to grow at a CAGR of 4.5%.
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One of the prime reasons of growth in the ultrasound devices market globally is the government and private funding for R&D. As ultrasound is becoming one of the fundamental aspects of healthcare, an increasing number of private companies and public institutions are investing in research and development of advanced innovative technologies in the field of ultrasound imaging. Other factors propelling the growth of this market include aging population, an increasing number of healthcare providers, reduction in the size of ultrasound devices, and increasing incidences of chronic diseases. Increase in the number of healthcare providers is expected to have a tremendous impact on the market in the developing nations as the healthcare sectors of these regions are set for progress and expansion.
Strict FDA regulations are bound to be present in the field of healthcare. The regulations for ultrasound devices are quite stringent owing to the possible harms these devices could cause to the human body. Handling an ultrasound equipment requires a skilled personnel. Unfortunately, there is not much adequate skilled labor available in the few countries where this technology is slowly gaining recognition.
The global ultrasound market has been segmented based on applications, technology, type of device and geography. By application, the market is segmented into anesthesiology, musculoskeletal, emergency care, critical care, radiology, obstetrics/gynecology, cardiology and others. Owing to the increasing incidences of cardiac disorder and the extensive use of 3D and 4D ultrasound imaging for the visualization of heart wall motion, the cardiology segment accounted for the largest market share, followed by obstetrics/gynecology and radiology. Based on technology, the ultrasound market is segmented into 2D ultrasound imaging, 3D & 4D ultrasound imaging, Doppler imaging and high-intensity focused ultrasound. 2D ultrasound is the most widely use form of the technology, and it accounted for the largest market share, followed by 3D & 4D. The segmentation based on type includes stationary ultrasound imaging and portable ultrasound imaging. The stationary ultrasound segment holds the major share. However, portable ultrasound is expected to grow at a higher CAGR during the forecast period between 2016 and 2021.
Some of the major players in the market are GE Healthcare, Philips Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Mindray Medical International Ltd, Hitachi Medical Corporation, Trivitron Healthcare, Fukuda Denshi Co., Ltd and Shantou Institute Of Ultrasonic Instruments Co., Ltd.
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