The propelling factors for the growth of the ultrasound devices market include the government and private funding for R&D in ultrasound imaging, an increasing number of healthcare providers, technological advancements, and increasing incidences of chronic diseases.
- The incidences and prevalence of chronic diseases are rapidly increasing all around the world. Currently, affecting more than 14 million people around the world, the prevalence of cancer is becoming a major concern for the healthcare sectors across the world. The demand for ultrasound imaging devices is expected to rise, along with the demand for the early detection of disease and minimization of the cost of treating these chronic diseases. This also increases the number of diagnostic imaging procedures. Moreover, the rising geriatric population across the globe is expected to boost the market, as the aging population is more prone to chronic diseases.
- The rising technological advancements, supported by the adoption of trusted associations, are expected to boost the market growth. Curtailment in the size of ultrasound devices has given the market a slight boost, if not a significant one. It has given the healthcare facilities a chance to replace old heavy devices with small devices. With the reduction in size of these devices, the problem of storage is solved, enabling the facilities to operate more efficiently with more number of devices.
Key Market Trends
3D and 4D Ultrasound Imaging Segment is Expected to Grow Fastest during the Forecast Period
3D and 4D ultrasound imaging take images at various angles, as compared to a single angle by 2D ultrasound. 4D ultrasound has added advantages of visualization and motion. It is widely used for abdominal applications, including the detection of abnormal fetus development, visualization of colon and rectum, detection of cancerous and benign tumors of prostate glands, and breast lesions, along with the flow of blood in various organs or a fetus. These ultrasounds are likely to experience substantial growth in the coming years, with the higher adoption of technologically advanced devices for better clinical decisions. Additionally, this segment is anticipated to gain more share and emerge as the fastest-growing segment during the forecast period.
The Doppler imaging ultrasound technique is widely adopted, due to its advancements, and is used to estimate the blood flow through blood vessels by high-frequency sound waves.
Asia-Pacific Holds the Largest Market Share and is Expected to Continue doing so over the Forecast Period
The Asia-Pacific region is expected to witness higher growth, due to the government and private funding for R&D and the increase in the number of healthcare providers. The ultrasound devices market in Asia-Pacific is anticipated to expand, due to the increase in awareness about ultrasound devices for diagnostic and therapeutic applications. Moreover, the expansion of the healthcare sectors in countries, such as China, Japan, and India, offers immense potential in this region. The growing aging population in Japan and China and technological advancements, like portability and 3D ultrasound attached to smart devices, have further fueled the growth of the market.
The public and private companies are found investing in R&D of advanced innovative technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Some of the major companies investing in ultrasound devices are Philips, Siemens, SonoSite Inc., and Clarius. Their updated technological portable devices are praised globally, and these companies have a wide presence across the developed and emerging markets.
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