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Ultrasound Market Worth $8.4 Billion by 2023
November 14, 2018 | PRNewswireEstimated reading time: 2 minutes
The global ultrasound market is projected to reach $8.4 billion by 2023 from $6.3 billion in 2018, at a CAGR of 5.9% during the forecast period.
Increasing prevalence of target diseases; rising patient preference for minimally invasive procedures; technological advancements; increasing number of diagnostic centers & hospitals; and growing public and private investments, funding, and grants are the major factors driving the growth of the global ultrasound market.
On the basis of system portability, the Ultrasound Market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the Ultrasound Market in 2018. The large share of this segment can be attributed to the growing adoption of trolley/cart-based ultrasound systems across major markets due to their increasing use in acute care and emergency care settings in hospitals and healthcare institutions.
Based on application, the Ultrasound Market is divided into eight segments radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Vascular ultrasound is one of the fastest-growing application segments in the Ultrasound Market majorly due to the rising incidence of vascular disorders across the globe, coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advancements in the field of 3D/4D imaging.
In 2018, Europe is expected to account for the largest share of the global Ultrasound Market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).
General Electric Company (US), Philips (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical (China), Shimadzu Corporation (Japan), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisante (US), and Chison Medical Imaging (China) are some of the major players operating in the global Ultrasound Market.
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