Ultrasound Devices Market Definition
The ultrasound devices market consists of the sales of ultrasound devices and related services by entities (organizations, sole traders and partnerships) that manufacture ultrasound devices for use in the healthcare industry. Ultrasound imaging is an imaging method in which high frequency sounds waves, usually 1-20 MHz, are transmitted into the body, encountering tissues, organs, fluids, gases, and bones. An ultrasound device is diagnostic imaging equipment that is available in different sizes. The large ultrasound machines that are used for performing cardiac, echo, vascular and OB/GYN studies are heavy and cannot be moved easily. They are known as fixed or stationary ultrasound devices. The small ultrasound devices are often compact and lightweight and can be easily moved to any areas of the hospitals, clinics, doctor’s office and to outpatients. These devices are useful for short duration treatments. Compact or mobile ultrasound devices can be folded in a small package whenever needed for transportation and easily connected to a computer to view digitally generated images of the interiors of a body.
Ultrasound Devices Market Size
The global market for ultrasound devices reached a value of nearly $9,689.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 3.2% since 2015. The market is expected to grow at a CAGR of 4.7% to nearly $11,648.2 million by 2023.
Growth in historic period resulted from rapid technological advances coupled with large-scale investments in the healthcare industry, support from governments and private organizations for research and development that resulted in innovations, and increased size of the aging populations with mobility issues. Factors that negatively affected growth in the historic period were high costs of maintenance of portable ultrasound devices, and privacy and security concerns about patients’ data.
Going forward, advances in low power consumption and charging technologies, increasing number of patients with chronic diseases, and increasing awareness about portable medical devices will drive the growth. Factors that could hinder the growth of the portable ultrasound devices market in the future include rising interest rates, and insufficient public health insurance coverage, especially in developing economies.
Ultrasound Devices Market Drivers
The key drivers of the ultrasound devices market include:
Continuing Growth In The Number Of Patients With Chronic Diseases
The continually increasing incidences of chronic diseases are expected to lead to an increase in the number of patients who will require advanced diagnostic and treatment options. Emerging markets will be affected the most as population growth is anticipated to be significant in developing nations, especially in India and China, thus increasing the healthcare expenditure in these countries. Advances in precise detection and diagnosis of diseases will also help contain the costs of treating chronic conditions. According to the World Health Organization, global chronic disease prevalence is expected to rise by 57% by 2020, with obesity rates and cases of diseases such as diabetes rising rapidly, which will drive the demand for ultrasound devices to diagnose patients. The earlier diagnosis for patients using ultrasound devices also helps reducing the overall healthcare expenditure. An expected increase in the number of patients with chronic diseases will drive the use of ultrasound devices and fuel the growth of the market.
Ultrasound Devices Market Restraints
The key restraints on the ultrasound devices market include:
Insufficient Public Health Insurance Coverage
During the forecast period, inadequate health provision is expected to be a major barrier for the growth of the ultrasound devices market. The lack of public health insurance coverage, especially in developing countries, restricts access to healthcare for a majority of populations in these countries. According to the WHO and the World Bank, 400 million people globally do not have access to essential health services, and 6% of people in low and middle-income countries are at the edge of the extreme poverty line due to high costs of healthcare treatments. Inadequate pubic health insurance schemes in developing economies are expected to be a major restraint on the ultrasound devices market.
Ultrasound Devices Market Trends
Major trends influencing the ultrasound devices market include:
Integration Of Artificial Intelligence
Ultrasound machines manufacturers are increasingly integrating artificial intelligence (AI), offering advantages such as speeding workflows by automating time-consuming activities and picking up the ideal image. For instance, in 2019, in the U.S, Konica Minolta integrated artificial intelligence (AI) functionality in its ultrasound system Sonimage HS1. The system uses artificial intelligence voice recognition controls, enabling hands-free operation during musculoskeletal interventional procedures. The system has the capability of controlling device functions through simple voice commands, bringing new levels of accessibility.
Enhanced Ultrasound Workflow
Companies manufacturing ultrasound machines are streamlining their workflow process to become more productive by increasing patient throughput without compromising on quality, and are offering features such as faster processing times, reduced dropdown menus and keystrokes, and automation of measurements. For instance, in 2018, in the U.S, Canon Medical Systems, for enhancing its ultrasound devices workflow, released Aplio 900 CV system. It was designed for simplifying the workflow with 40% fewer keys and is lighter than the previous Toshiba echo systems by 50%. Also, in 2018, Samsung Electronics, for enhancing its ultrasound devices workflow, released RS85 ultrasound system. It was designed for simplifying the workflow by eliminating too many multi-step activities to reduce keystrokes and repetitive user interactions.
Opportunities And Recommendations In The Ultrasound Devices Market
Opportunities – The top opportunities in the ultrasound devices market by type of product will arise in the stationary ultrasound devices segment, which will gain $5,081.9 million of global annual sales by 2023. The top opportunities in the portable ultrasound devices market by type of end-use application will arise in the point of care segment, which will gain $1,889.9 million of global annual sales by 2023. The ultrasound devices market size will gain the most in the Asia-Pacific at $797.3 million.
Market-trend-based strategies for the ultrasound devices market include integrating artificial intelligence (AI) to speedup workflows and automate the process during interventional procedures, bringing new levels of accessibility; investing in advance technologies to sustain intense competition in the market; enhancing workflow to improve devices’ operational efficiency and also to capitalize on the growing demand for this equipment; and developing IoT enabled solutions in ultrasound machines to carry out operations without having to bring a heavy ultrasonic device and connecting to more than one location, and taking technology to the patient.
Recommendations – To take advantage of the opportunities such as these, TBRC recommends a range of strategies for ultrasound devices manufacturers. These include focusing on safeguarding patient data to mitigate any risks from cyber threats, targeting cardiologists, who tend to perform their own image acquisition in addition to image interpretation, focusing on innovations in portable ultrasound device product lines to increase market share, and focusing on strategic partnerships with technology companies.
Ultrasound Devices Market Segmentation
The ultrasound devices market is segmented by type of product, by end-use application, and by geography.
By Type Of Product-
The ultrasound devices market can be segmented by type of product
- a) Stationary Ultrasound Devices
- b) Mobile Ultrasound Devices
- c) Handheld Ultrasound Devices
The stationary ultrasound devices market was the largest segment of the ultrasound devices market in 2019 at 52.4%. The handheld ultrasound devices market is expected to be the fastest-growing segment going forward at a CAGR of 26.4%.
By End-Use Application –
The Ultrasound devices market can be segmented by end-use application
- a) Cardiovascular
- b) Obstetric/Gynecological
- c) Gastro
- d) Musculoskeletal
- e) Point Of Care
The point of care portable ultrasound devices market was the largest segment in 2019 at 41.0%. The market for point of care portable ultrasound devices is also expected to be the fastest-growing segment going forward at a CAGR of 21.4%.
By Geography-
The ultrasound devices market is segmented into
- o Americas
- North America
- South America
- o Asia Pacific
- o Europe
- o Middle East And Africa (MEA)
The Europe region was the largest market for ultrasound devices, accounting for 35.4% of the global market in 2019. It was followed by Americas, Asia-Pacific and the Middle East and Africa (MEA). Going forward, the fastest growing regions in the ultrasound devices market will be Asia-Pacific and Europe, where growth will be at CAGRs of 7.4% and 4.5% respectively. These will be followed by the Middle East and Africa (MEA) and Americas, where the markets are expected to grow at CAGRs of 4.2% and 2.9% respectively.
Ultrasound Devices Competitive Landscape
Major Competitors are:
- • General Electric Company
- • Koninklijke Philips N.V.
- • Siemens Healthineers AG
- • Canon Inc.
- • Hitachi, Ltd.
Other Competitors Include:
- • Fujifilm Holdings Corporation
- • Envista Holdings Corporation
- • Hitachi, Ltd.
- • Varian Medical Systems, Inc.
- • Shimadzu Corporation
- • Samsung Medison Co., Ltd.
- • Philips
- • Esaote
- • Mindray Bio-Medical Electronics
- • Toshiba
- • Boston Scientific
- • BenQ Medical
- • Chison
- • Ecare
- • Telemed
- • Zoncare
- • MedGyn
- • Analogic Corporation
- • ZONARE
- • Signostics
- • Interson