The global ultrasound devices market was valued at $6.8 bn in 2016 and is forecast to grow at a modest 5.6% CAGR between 2017 and 2024, culminating in 2024 global sales of $10.6 bn.
The global ultrasound devices market is witnessing lucrative growth due to several factors such as technological advancements, growing disease prevalence, increasing healthcare investment, the growing thrust for breast cancer screening is expected to boost the usage of 3D/4D ultrasound, shockwave lithotripsy ultrasound, and other therapeutic devices
Ultrasound imaging is widely used during pregnancy for fetal assessment, to assess the condition of internal organs, muscles, joints, and tendons. The demand for these devices is growing due to the increase in population, and increasing number of diagnostic facilities across the emerging nations and the growing usage of advanced imaging as an addition to mammography tests.
The rise in the number of breast cancer cases is a key factor propelling the usage rate. In the U.S., as per the National Institute of Health (NIH) in 2017, there will be 252,710 new breast cancer cases, and nearly 40,610 people are expected to die due to the condition. Furthermore, as per the Cancer Research UK Foundation, there are an estimated 55,222 breast cancer patients and nearly 11,433 patients are expected to die. The high unmet need for breast screening is anticipated to reinforce growth over the forecast period positively.
“Optimal Price Point (OPP) for Ultrasound Devices”
Estimated Average ultrasound devices cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
The prices for the ultrasound devices vary in different regions due to the macroeconomic factors such as political and regulatory policy, access to healthcare facilities, reimbursement factors, technological advancements and access to key resources. The use of OPP in a dynamic and real-time scenario by domestic and multinational OEM manufacturers can help to identify new opportunities and further drive the market expansion over the forecast period.
Product and Portability Insights
The market is segmented broadly as diagnostic and therapeutic ultrasound devices. The ultrasound therapy devices are used in the non-invasive treatment of muscle spasm, joint inflammation, soft tissue injury. Diagnostic devices accounted for the maximum share in 2016 as they are used widely in areas such as oncology, obstetrics and gynecology, cardiology, nephrology and radiology. The advanced products such as 3D, 4D ultrasound are widely used for fetal imaging and breast imaging and therefore, this segment is expected to retain its dominance over the forecast period.
Based on portability, the market is categorized into trolley/cart-based devices and hand-held devices. The trolley based devices are used in hospital and diagnostic centers, as they provide flexibility in moving the equipment across different locations. However, due to the shift toward home healthcare, physicians and patients are favoring the use handheld portable devices. Moving forward, the hand-held devices category is expected to register the maximum CAGR of over 7.5% from 2017 to 2024.
The segmentation by end-use includes hospitals, diagnostic centers and others. Due to the high cost of these products, patient volume is a major concern in gaining the return on investment (ROI). Hospitals dominate the market due to their financial capabilities, high patient volume and subsidies received from various sectors to promote healthcare.
However, the diagnostic center segment is expected to witness maximum growth due to shift toward home healthcare. The patients requiring preventive scans, or post treatment follow up scans prefer to visit diagnostic centers due to the saving in cost, time and efforts.
The key regions analyzed in the study include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. In 2016, Europe held the largest share, owing to the high disease burden, the presence of well-developed infrastructure, technological advancements, favorable policies for the preventive and routine screening of various diseases.
By 2024, Asia Pacific is expected to be the fastest growing region due to increasing medical tourism in India, Singapore, Thailand and others. The high fertility rate, growing population with high disease burden, and growing number of hospitals and diagnostic centers are anticipated to drive the industry growth over the forecast period.
Merger and Acquisition Insight
Mergers and Acquisition is one of the most notable trends in the industry. The increasing competition, decline in Medicare and payer budgets, and the need to introduce technologically advanced products each year are some of the key issues driving the mergers and acquisition activity.
Few notable M&A activities in 2016 include the following,
- In 2016, Canon had acquired Toshiba Medical Corporation
- In 2016, Varian Medical Systems had acquired the medical imaging business unit of PerkinElmer’s
Top Players & Company Share
The key market participants include GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, SonaCare Medical, Mindray Medical International Limited, Analogic Corporation, Toshiba Medical Corporation (Cannon), and Samsung Medison. The market is moving toward consolidation due to increasing competition and high rate of innovation. The technological advancements are driving the development of portable, miniature devices with affordability. The high unmet needs across the emerging nations are forcing the companies to scale up operations and consolidate market share for long-term returns.
Ultrasound Devices Market by Product (Revenue, USD Million, 20124- 2024)
- Diagnostic Ultrasound Devices
- Therapeutic Ultrasound Devices
Ultrasound Devices by Portability (Revenue, Million, 2014 – 2024)
- Cart/Trolley Based Devices
- Hand-Held Devices
Ultrasound Devices by End-Use (Revenue, USD Million, 2014 – 2024)
- Diagnostic Centers
Ultrasound Devices Regional Outlook (Revenue, USD Million, 20124- 2024)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia