(MoneyNewsWire.Net, November 23, 2021 ) Over the decades, ultrasound use has expanded beyond radiology, OB/GYN and cardiology to a wide range of clinical specialties, including surgery, gastroenterology and musculoskeletal. Ultrasound is one of the medical industry's various medical imaging modalities; it has recently experienced a revolution due to modern electronics' increasing computer power. It is described as a device that captures the internal organ images using high-frequency sound waves. Ultrasound devices consist of an ultrasound detector or probe and transducer. According to Renub Research, The Ultrasound Device Market will reach US$ 9.5 Billion by 2027.
Factors Driving Worldwide Ultrasound Device Industry
Remarkably, the growth of the global ultrasound devices is majorly driven by the rise in prevalence of chronic disorders such as cancer tumors, gallstones, fatty liver disease, and high spending on the healthcare industry. The increase in awareness toward early disease diagnosis and technological advancement in ultrasound imaging devices are driving the growth of the ultrasound devices industry worldwide.
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The Ultrasound Devices Industry is expected to grow with a CAGR of 4.73% from 2021 to 2027
The increasing number of pregnancies has generated demand for diagnostic ultrasound systems. It is one of the standard effective and dynamic imaging technologies used in pregnancy to monitor the growth and development of the fetus. Still, there are many other uses, including blood vessels, imaging the heart, eyes, thyroid, brain, breast, abdominal organs, skin, and muscles.
Ultrasound Image display further sub-divided into Color and Black & White (B/W). The color ultrasound devices held the highest market. An increase in advancements in technology, the incidence of chronic diseases, the surge in the number of diagnostic ultrasound devices in the obstetrics and gynecology field, and an increase in awareness for early disease diagnosis drive the Color ultrasound devices industry.
Ultrasound Market Size was US$ 7.2 Billion in 2021
Based on application, ultrasound devices are segmented into Cardiology/Obstetrics, Musculoskeletal, Radiology, Critical Care, etc. Critical Care holds the largest market share due to the rising prevalence of chronic diseases. The number of patients needing emergency care due to various health ailments such as urology problems, acute abdominal pain and immense chest pain would surge the demand for critical care devices. Further, the radiology application is one of the leading segments, owing to the increasing number of radiology centres and increasing adoption of this technology in general imaging and diagnosis of medical complications.
North America is the Leader in the Ultrasound Device Industry
North American has a large number of healthcare providers, the government and private funding for R&D in ultrasound imaging, the rising geriatric population, and the expanding incidence of chronic diseases increases the demand for ultrasound devices in this region.
In 2020, as per National Health Council, chronic diseases had affected 157 million Americans, with 81 Million having multiple conditions. Owing to the high prevalence of the disorders, this region has become the centre of the major players. Market Players have been making product improvements in North America to increase their market share in the ultrasound devices industry. Moreover, ultrasound is gaining acceptance in acute and primary care settings, both as a screening and diagnostic tool and for procedure guidance. With handheld ultrasound gaining pace, this will accelerate in the coming years.
COVID-19 impact on the Global Ultrasound Devices Market
The pandemic has negatively impacted the ultrasound market; unfavorable changes in regulations and guidelines hamper the growth of this market. The closing down of production facilities due to lockdowns, recruitment challenges for clinical trials and interruptions in supply chains have further affected the development of the overall ultrasound market.
Key Industry Players
Some of the companies investing in ultrasound devices are GE Healthcare, Siemens Healthcare, and Philips - Healthcare Sales, Hologic, Inc. These companies are investing in R&D to advance their technologies in ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Globally, portable technological devices are praised, and these key companies have a wide presence across the developed and emerging markets.
Renub Research latest report “Global Ultrasound Device Market, By Product Type (Diagnostics Ultrasound Systems, Therapeutic Ultrasound Systems), Display Type (Color Ultrasound Devices, Black & White (B/W) Ultrasound Device), Application (Cardiology/Obstetrics, Musculoskeletal, Radiology, Critical Care and others), Regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), company Analysis (GE Healthcare, Siemens Healthcare, Philips - Healthcare Sales, Hologic, Inc)” provides a detailed analysis of Global Ultrasound Device Market.
Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/ultrasound-device-market-p.php
Product Type - Global Ultrasound Device Market has been covered from 2 viewpoints
1. Diagnostics Ultrasound Systems
2. Therapeutic Ultrasound Systems
Display Type- Global Ultrasound Device Market has been covered from 2 viewpoints
1. Color Ultrasound Devices
2. Black & White (B/W) Ultrasound Device
Application – Global Ultrasound Device Market has been covered from 5 viewpoints
4. Critical Care
5. Others Applications
Regions – Global Ultrasound Device Market has been covered from 5 viewpoints
1. North America
3. Asia Pacific
4. South America
5. Middle East and Africa
• Recent Development & Strategies
• Financial Insights
1. GE Healthcare
2. Siemens Healthcare
3. Philips - Healthcare Sales
4. Hologic, Inc
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