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The global ultrasound equipment market size was USD 7,052.5 million in 2017 and is projected to reach USD 10,500.8 million by the end of 2025, exhibiting a CAGR of 5.1%.
Ultrasound is a technology that produces diagnostic images with the use of high-frequency sound wave. Medical ultrasound is also known as sonography. Ultrasound is a non-invasive and safe procedure to examine body parts such as the heart, blood vessel in the abdomen and joints and others.
Ultrasound images are taken using the ultrasound gel. Ultrasound gels are the conductive medium used by technicians and physicians during the diagnosis of the patient for clear diagnostics images. Ultrasound equipment displays its output in various form such as visual, audio, and graphics. Recently in April 2019, CANON MEDICAL SYSTEMS CORPORATION, launched a new ultrasound systems Aplio a-series, delivering high performance for multiple clinical uses at an affordable price point.
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"Hand-held Devices Are Projected to Have Higher Demand During the Forecast Period "
Cart-based devices accounted for the largest share in the product segment of the global ultrasound devices market in 2018. Increased use of the ultrasound equipment is due to the rise in demand for point of care testing and an increasing number of diagnostics procedures globally. Technological advancements such as a reduction in the size of the ultrasound device is one of the major factors expected to drive the market growth of ultrasound equipment.
Portable ultrasound equipment market is expected to grow a significant CAGR due to ease use and portability. In 2017, Butterfly IQ gets FDA clearance for a chip-based, smartphone-connected ultrasound. The introduction of the handheld butterfly IQ had higher demand in developed countries. This is one of the major factors expected to drive the growth of the global ultrasound devices market during the forecast period of 2018-2025.
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In terms of product, the ultrasound equipment market segments are categorized into cart-based, compact/ point-of-care, and handheld. In terms of application, the segments inlude radiology, cardiology, gynecology, and others. Further in terms of the end-user, the global market segments include hospitals, clinics, diagnostic centers, and others. The hospital market segment is anticipated to grow at a significant CAGR during the forecast period of 2018-2025.
"Asia Pacific accounted for the Highest Share in the Global Ultrasound Equipment Market due to Adoption of Technically Advanced and Novel Devices"
Asia Pacific generated a revenue of US$ 2,687.2 Mn in 2017 and is expected to dominate the global ultrasound equipment market share throughout the forecast period. The Asia Pacific is expected to grow at a higher CAGR during the forecast period due to the high funding provided by the government and private organization for the development of the technically advanced ultrasound system. Additionally, an increased number of chronic diseases, rising awareness about the use of the ultrasound equipment for therapeutics and faster diagnosis applications, healthcare sector expansion in the developing countries such as China, Japan, and India.
These factors are expected to expand the global ultrasound equipment market size in the Asia Pacific during the forecast period of 2018- 2025. Europe and North America offer an attractive market opportunity for the market players owing to increasing awareness about the diagnostic and therapeutic ultrasound technologies in the healthcare domain. Latin America and Middle East & Africa are projected to register a comparatively moderate CAGR by the end of 2025.
Europe Ultrasound Equipment Market, 2017
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"GENERAL ELECTRIC COMPANY,Koninklijke Philips N.V., and Toshiba Corporation to Account for More Than Half of the Market Share in Terms of Revenue"
GENERAL ELECTRIC COMPANY is a leading player in the global ultrasound equipment market report. GENERAL ELECTRIC COMPANY is estimated to retain its position in the forecast duration owing to its diverse product offering in portable ultrasound equipment, efficient customer reach, and strong brand presence. This company, together with Koninklijke Philips N.V. and Toshiba Corporation, currently holds over half of the global ultrasound equipment market revenue. Other market players operating in the market are Hitachi, Ltd., Siemens, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., and others.
Ultrasound Equipment enables better diagnostic image. An increasing number of chronic diseases and disease diagnostics is expected to drive the global ultrasound equipment market growth. The introduction of new hand-held ultrasound equipment is one of the major factor driving the market growth.
The market report provides qualitative and quantitative insights on the ultrasound equipment industry trends and detailed analysis of market size and growth rate for all possible market segments. The market segments are categorised into product, by application, by the end user, and by region. On the basis of the product, the global ultrasound equipment market segments are categorized into cart-based, compact/ point-of-care and handheld. On the basis of application, the global market segments include radiology, cardiology, gynecology, and others.
Based on the end user, the global market is segmented into hospitals, clinics, diagnostic centers, and others. Geographically, the market segments include four major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & AFrica. The regions are further categorized into countries.
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Along with this, the report analysis includes market dynamics and competitive landscape. Various key insights provided in the market report are the prevalence of chronic diseases in key countries, technological advancements in ultrasound equipment, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, new products launches, reimbursement scenario, and key industry trends.
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As per our (Fortune Business Insights) study, the ultrasound equipment market is predicted to reach USD 10,500.8 million by 2025.
In 2017, the ultrasound equipment market was valued at USD 7,052.5 Million.
The ultrasound equipment market is projected to grow at a CAGR of 5.1% during the forecast period (2018-2025).
The cart based device is the leading segment in the ultrasound equipment market by product.
The increasing number of diagnostics procedures globally and growing technological advancements in ultrasound equipment are the key factors driving the ultrasound equipment market growth.
GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., and Toshiba Corporation, Hitachi, Ltd., Siemens, Samsung Medison Co., Ltd., and FUJIFILM SonoSite, Inc. are the top players in the ultrasound equipment industry.
Asia Pacific is expected to hold the highest share in the ultrasound equipment market owing to the increased number of chronic diseases and rising awareness about the use of the ultrasound equipment for therapeutics & diagnosis applications.