(Health-NewsWire.Net, October 10, 2016 ) Ultrasound devices enable physicians to get images of internal organs of a patient’s body for the purpose of diagnosing diseases and assisting surgeons in performing surgeries by guiding the movements of the instruments. With the rising geriatric population coupled with growing cases of chronic and lifestyle-related diseases and technological advancements in ultrasound, the demand for ultrasound devices has escalated over the past few years. Moreover, the ultrasound device manufacturers are rapidly penetrating into the emerging markets in the emerging economies, thus stimulating the growth of the ultrasound market, globally.
Glimpse at the Ultrasound Market
The value of the global ultrasound market which was estimated to be USD 5.25 Billion in 2015 is now projected to reach USD 6.86 Billion by the end of 2020, growing at a CAGR of 5.5% between 2015 and 2020. Of all the regions, Europe held the largest market share in 2015, followed by North America. However, Asia-Pacific is expected to be the fastest-growing region, owing to the expansion and modernization of healthcare infrastructure, increasing number of age-related illnesses, growing awareness regarding the benefits of ultrasound, and increased interest and focus of manufacturers on expanding their networks in APAC.
Based on technology, the diagnostic ultrasound segment is expected to hold the largest market share in 2015 due to the increased use of 2D ultrasound in diagnosis of diseases, favorable medical reimbursement scenarios, growing technology in the field of diagnostic ultrasound imaging, and growing applications of 3D and 4D ultrasound. On the basis of device display, the color ultrasound segment is expected to have the highest market share during the forecast period. Based on application, the cardiology segment is projected to be the fastest-growing segment, owing to the rising cases of cardiac diseases, growing geriatric population, and technological advancements in cardiac ultrasound. On the basis of portability, the trolley/cert-based ultrasound devices segment took up the largest market share in 2015, whereas the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR over the forecast period.
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Drivers & Restraints
The growth of the worldwide market for ultrasound can be majorly attributed to the following factors:
• Growing geriatric population • Technological advancements in ultrasound • Growing cases of chronic and lifestyle-related diseases • Growing market for minimally-invasive treatments • Increasing public-private investments and funding
Apart from these, growing penetration of ultrasound device manufacturers in developing nations and increasing number of hospitals and diagnostic centers are likely to create an array of growth opportunities over the coming years. However, lack of skilled sonographers and unfavorable healthcare reforms in the U.S. are likely to hinder the market growth during the forecast period. Also, non-uniformity in regulatory frameworks and soaring pricing pressure are the major challenges faced by the market players.
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