The Global Ultrasound Devices market has been estimated at USD 5.75 Billion in 2016 and is projected to reach USD 7.59 Billion by 2021, at a CAGR of 5.7% during the forecast period from 2016 to 2021. Ultrasound is a medical imaging modality that uses high-frequency sound waves to visualize the internal organs of the body. Ultrasound devices find their application in radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical areas such as emergency medicines, anesthesiology, and musculoskeletal. Cost effectiveness, safety, high accessibility, and clinical value in preliminary diagnosis are strengthening the technology value proposition in technological advancements in the ultrasound market.
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Increase in number of diagnostic imaging procedures, and rising awareness for early diagnosis of clinical disorders are anticipated to further drive the demand for ultrasound devices. However, dearth of skilled and experienced sonographers and technological limitations of ultrasound systems are some of the factors restricting the market growth.
Global market for Ultrasound devices is segmented based on Technology, Device Display, Portability, and Application. By Technology, the market is segmented as Diagnostic Ultrasound (2D Ultrasound,3D & 4D Ultrasound, Doppler Ultrasound) and Therapeutic Ultrasound (High-intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy). By Device Display, the market is segmented as Color Ultrasound Devices and Black and White Ultrasound Devices. By Portability, the market is segmented as Trolley/Cart-based Ultrasound Devices and Compact/Handheld Ultrasound Devices. By Application, the market is segmented as Radiology/General Imaging, Cardiology, Obstetrics/Gynecology, Vascular, Urology and Other Applications (Breast Imaging, Hepatology, Anesthesiology, and Emergency Care). The trolley/cart-based ultrasound devices segment is expected to account for the largest share of the global ultrasound market in 2015; whereas, the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period. Cardiology application is expected to be the fastest growing segment during forecast period owing to rising incidence of cardiac diseases across the globe.
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Geographically, Global market for Ultrasound devices is segmented into North America, Asia Pacific, Latin America, Europe, and Africa & Middle-East. Europe accounts for the largest share of the global ultrasound market, followed by North America. Factors such as increase in the number of products being commercialized and expansion in clinical applications of HIFU, are driving the market in the European region. However, Asia-Pacific is poised to be the fastest-growing region in the market during the forecast period, owing to significant expansion and modernization of the healthcare infrastructure.
General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), and Analogic Corporation (U.S.) are some of the key players in the global ultrasound market.
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