Although the ultrasound devices market has been around for quite a
while, the global shares have remained moderately consolidated among
a small pool of players, according to an up to date business report
by Transparency Market Research (TMR). The analyst of the report has
detected that GE Healthcare and Fujifilm Holdings Corporation have
had an upper hand for a number of years owing to their strong and
broad portfolio of ultrasound devices, widespread geographical
presence, and brand image. In addition to that, introduction of
technologically advancements products is another key strategy by the
market leaders to stay ahead of the curve.
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For instance, GE Healthcare recently unveiled its LOGIQ™ E10 - an
advanced radiology ultrasound system that has 10 times greater
processing power in comparison to previous systems and offers 48
times greater data throughput. In the near future, artificial
intelligence technology is expect to pave ways to smart medical
devices, including cSound™ Architecture – a ultrasound system’s
platform which uses GPU hardware technology to reconstruct data in
similar ways to CT and MRI systems.
Going forward, the healthcare industry is expected to adopt the modes
of digital offerings and radiologists will need to be able to
manipulate ultrasound settings via remote controls on their
smartphones or tablet. The pioneering companies of the ultrasound
devices market are also expected to concentrate their research and
development programs towards next-generation radiology ultrasound
technology and cloud connectivity, providing for archiving of
electronic health records (EHRs). Some of the players in the global
ultrasound devices market who are aspiring greater ground over major
players, such as Koninklijke Philips N.V., Mindray Medical
Corporation, and Analogic Corporation, will have to innovative along
the aforementioned directions.
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The TMR report has projected the demand in the global ultrasound
devices market to propagate at a CAGR of 5.9% during the forecast
period of 2017 to 2023. In terms of revenue, the opportunities in
this market are estimated to be worth US$11.0 bn by 2023,
considerably more than the market’s evaluated worth of US$7.8 bn as
of 2017. Based on product type, the market for has been segmented
into cart- or trolley-based and compact ultrasound devices.
Application-wise, the market has been bifurcated into
gastroenterology, obstetrics and gynecology, cardiology, radiology,
and others.
Technology-wise, the ultrasound market has been
categorized into 2D, 3D and $D, Doppler ultrasound imaging, high
intensity focused ultrasound (HIFU), and lithotripsy ultrasound
imaging. Geographically, Asia Pacific is projected to emerge as the
region with maximum demand-potential.
Increasing inclination of the healthcare industry towards minimally
invasive procedures and growing percentage of geriatrics in the
world’s population are two of the primary driver of the global
ultrasound devices market. Geriatrics commonly suffer from different
chronic diseases and require diagnostic measures on a frequent basis.
With technological advancements, ultrasound devices are now highly
efficient at providing imaging of internal body structures such as
joints, muscles, tendons, and blood vessels. Consistently improving
healthcare infrastructure in a number of emerging economies,
development of compact or handheld products, and mushrooming of
specialized diagnostic centers in the urban parts of the world are
some of the other drivers of the global ultrasound devices market. On
the other hand, the analysts have detected a strong dearth of skilled
professional to operate these devices.
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