Diagnostic Ultrasound Market to Hit $7bn by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., March 13, 2019 /PRNewswire/ — The diagnostic ultrasound market is slated to rise from USD 5.7 billion in 2018 to USD 7 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing ageing population globally will surge the demand for diagnostic ultrasound due to high susceptibility to chronic diseases. In 2017, according to World Ageing Population, 962 million people were in the age group of 60 years and above. Moreover, presence of large patient pool in developing economies will drive industry growth. Rising prevalence of cancer due to lifestyle changes will positively impact diagnostic ultrasound business growth.
Evolution in medical diagnostic devices has led to development of innovative and advanced ultrasound devices. Rapid advances in microelectronics and sensors coupled with integration of new applications have paved the way for evolution of diagnostic ultrasound systems. Diagnostic ultrasound devices are witnessing a transition from cart based, single use systems to highly portable, multi-use and versatile systems thereby, improving image quality over the years. Advancements in ultrasound techniques such as development of 3D doppler will augment the business growth. However, lack of skilled healthcare professionals may restrain diagnostic ultrasound industry growth during the forthcoming years.
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3D and 4D segment was valued at USD 1.8 billion in 2018 and is expected to have considerable revenue size during the forecast timeframe. Rising prevalence of breast cancer will favor segmental growth due to extensive use of 3D ultrasound in breast cancer diagnosis. Moreover, short duration diagnosis and large data storage capabilities will foster the 4D diagnostic ultrasound business growth. Focus of industry players on development of innovative imaging techniques to provide accurate diagnosis will further augment the industry size.
Compact/handheld segment will experience 5% CAGR during analysis period. Compact ultrasound devices are lighter in weight and smaller in size than the conventional trolley ultrasound systems. Use of compact ultrasounds to provide point of care treatment to patients will surge its adoption over the forthcoming years. Moreover, comparatively lower costs associated with these devices, due to elimination of the huge setup, will further drive the segmental growth.
Cardiology segment was valued at USD 1.1 billion in 2018 and will show considerable growth during the analysis timeframe. Rising prevalence of cardiovascular diseases in developed as well as developing countries will surge the demand for diagnostic ultrasound devices. Increasing adoption of 3D ultrasound imaging to evaluate cardiac morphology coupled with several technical advances in 3D ultrasound imaging at high temporal resolution will boost the industry size.
Browse key industry insights spread across 175 pages with 105 market data tables & 9 figures & charts from the report, “Diagnostic Ultrasound Market Size By Technology (2D, 3D and 4D, Doppler), By Portability (Trolley, Compact/Handheld), By Application (General Imaging, Cardiology, Obstetrics/Gynecology), By End-user (Hospitals, Maternity Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025″ in detail along with the table of contents:
Hospitals segment accounted for more than 40% revenue share in 2018 and is projected to show similar trend in the foreseeable future. Availability of advanced equipment, staffing and training will accelerate segment growth. Comparatively low cost of equipment coupled with adoption of advanced systems for better-quality imaging will offer lucrative growth opportunities over the forecast period. Moreover, increasing demand for appropriate assessment and treatment along with growing inclination towards non-invasive techniques will propel segmental growth in coming years.
North America diagnostic ultrasound market accounted for more than 1.5 billion revenue in 2018 and is expected to grow exponentially over forecast timeframe. High adoption of unhealthy diet, hypertension and obesity has escalated prevalence of chronic diseases in the region. Obesity is one of the major risk factors for chronic diseases such as CVD, diabetes and cancer. Rising prevalence of obesity and associated diseases will thus drive the regional business growth.
Eminent industry players operating in diagnostic ultrasound market includes GE Healthcare, Chison, Analogic, Arthrex, C.R. Bard, FujiFilm Holdings, Koninklijke Philips, Fukuda Denshi, Hitachi, Esaote, Kalamed, Mobisante and Promed. Industry players adopt strategies such as new product launch, partnership and acquisitions to strengthen market position.
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