The global ultrasound equipment market was valued at almost $7 billion in 2015 and is expected to surpass $8 billion by 2020, says Technavio.
Technavio has announced its latest market research report on ultrasound equipment during the forecast period, 2016-2020. This market analysis, under the medical imaging vertical, discusses the major drivers and key emerging trends that will influence the growth of the global ultrasound equipment market during the forecast period. Some of the top vendors listed in this industry analysis include GE, Philips, Siemens Healthineers, Hitachi Medical Systems, Toshiba Medical Systems, and FUJIFILM SonoSite.
In terms of geographical analysis, APAC will be the fastest-growing region in the global market, and is expected to reach revenues of close to $3 billion by 2020. Japan, China, and India will emerge as the key revenue-generators.
“The increasing demand for devices that are easy to use, compact, and offer accurate results from the home-based healthcare service consumers, will promote the growth of the market. The vendors are offering value-added features with these portable devices to attract more consumers and increase their profitability. These products include wireless features like Bluetooth and any near-field communications that are designed to deliver highly sophisticated devices. The advances in technologies enable these medical devices to be power-driven or recharged with remote by use of fabrics and plastics,” says Barath Palada, a lead analyst at Technavio for research on medical imaging.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Broader applications of ultrasound equipment
The different wave frequencies in ultrasound equipment serve the purpose of imaging and diagnosis. The device uses wave frequencies between 1-10MHz for the early detection and verification of complex disorders that includes cardiology, cancer detection, obstetrics, and gynecology. These devices are extensively being used for therapeutic applications as well. Some of the application includes treatment of prostate cancer, treatment of kidney and gallstones, dental hygiene, cardiology, and cataract treatment. Ultrasound equipment aid in drug delivery such as chemotherapy delivery to cancer cells in the brain, triggering the release of anti-cancer drugs from the delivery vectors like polymeric microspheres, liposomes, and self-assembled polymeric.
Advancements in image quality, volumetric ultrasound, and new technologies
The use of computer technology enables better and more detailed visualization in these devices and offers real-time processing, improved b-mode technology, and enhances the final data display quality. The improved transducers in volumetric ultrasound equipment permit gaining of real-time volumes of tissue, allowing the doctors to image in many planes. The vendors in the market are focusing on launching all-touch screen devices, hybrid intravascular ultrasound, acoustic targeted drug delivery using ultrasound, and sonoelastography to expand their consumer base and generate more revenues.
Growing demand for 3D and 4D ultrasound equipment
The growing demand for the detailed and correct diagnosis by various end-users is prompting vendors to launch 2D and 3D devices in the market. 3D imaging utilizes a multiplanar approach which allows the operator to evaluate several 2D planes at the same time. The 3D devices are using virtual planes that enable the visualization of fetal heart structures. The advances in technology will permit the vendors to introduce live motion, portable, and lightweight ultrasound 3D equipment which in turn, will fuel the growth of the market during the forecast period.
Other prominent vendors identified in this report are Accutome, ALPINION MEDICAL SYSTEMS, Analogic, BenQ Medical Technology, Bestman, BMV Technology, Boston Scientific, Carestream Health, Cephasonics, Chison, ContextVision, Delphinus Medical Technologies, Ecare, Esaote, GlobalMed, Guangzhou Yueshen Medical Equipment, Healcerion, InSightec, Jiangsu TongRen Medical Electronic Technology, Konica Minolta, MedGyn, Mindray, Mobisante, NanoVibronix, Samsung Medison, Signostics, Sonostar, St. Jude Medical, Telemed, TomTec Imaging Systems, Trivitron Healthcare, Wuhan Tianyi Electronic, Zhuhai Carelife Medical Technology, Zonare Medical Systems, and Zoncare.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Ultrasound Equipment Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Intravascular Ultrasound Market 2016-2020
- Global Medical Imaging Market 2016-2020
- Global Digital X-Ray Systems Market 2016-2020
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