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Ultrasound Equipment Market Size, Share and Global Trend By Type (Cart-based, Compact / Point-of-Care, Hand-held), By Application (Radiology, Cardiology, Gynecology), By End-User (Hospitals, Clinics, Diagnostic Centers) and Geography Forecast till 2025

Region : Global | Latest Update: Jul, 2019 | Published Date: Jun, 2019 | Report ID: FBI100515| Status : Published

 

KEY INDUSTRY INSIGHTS

The Global Ultrasound Equipment Market, which was valued at US$ 7,052.5 Mn in 2017, is projected to reach US$ 10,500.8 Mn 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 in the ultrasound equipment such as a reduction in the size of the ultrasound device are one of the major factor expected to drive the growth of the global ultrasound equipment market. Portable ultrasound equipment 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. 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 global ultrasound equipment market is categorized into cart-based, compact/ point-of-care, and handheld. In terms of application, the global ultrasound equipment market is segmented into radiology, cardiology, gynecology, and others. Further in terms of the end user, the global ultrasound equipment market is segmented into hospitals, clinics, diagnostic centers, and others. The hospital segment is anticipated to grow at a significant CAGR during the forecast period of 2018-2025.

The Asia Pacific accounted for the highest share in the ultrasound equipment market due to increased research and development activities and adoption of technically advanced and novel ultrasound equipment 

Asia Pacific generated a revenue of US$ 2,687.2 Mn in 2017 and is expected to dominate the market 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, raising 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 drive the growth of the ultrasound equipment market in the Asia Pacific during the forecast period of 2018- 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. 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 market share in terms of revenue. Other players operating in the global ultrasound equipment market are Hitachi, Ltd., Siemens, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., and other players.  

Report Overview  

Ultrasound Equipment better diagnostic image. An increasing number of chronic diseases and disease diagnostics is expected to drive the growth of the global ultrasound equipment market. The introduction of new hand-held ultrasound equipment is one of the major factor driving the growth of the global ultrasound equipment market. 

The report provides qualitative and quantitative insights on the ultrasound equipment industry and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by product, by application, by the end user, and by region. On the basis of the product, the global ultrasound equipment market is categorized into cart-based, compact/ point-of-care and handheld. On the basis of application, the global ultrasound equipment market is segmented into radiology, cardiology, gynecology, and others. Based on the end user, the global ultrasound equipment market is segmented into hospitals, clinics, diagnostic centers, and others.  Geographically, the market is segmented into four major regions, which are North America, Europe, Asia Pacific, and the rest of the World. The regions are further categorized into countries. 

Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the 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. 

Key segments within the market

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SEGMENTATION 

 SEGMENTATION  

 DETAILS

By Type

·         Cart-based

·         Compact / Point-of-Care

·         Hand-held

By Application

·         Radiology

·         Cardiology

·         Gynecology

·         Others

By End User

·         Hospitals

·         Clinics

·         Diagnostic Centers

·         Others

By Geography

·         North America (USA and Canada)

·         Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

·         Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·         Latin America (Brazil, Mexico, Rest of Latin America)

·         Middle East & Africa (GCC, South Africa, Rest of Middle East  & Africa)

 

Key companies covered in the report

  • GENERAL ELECTRIC COMPANY
  • Koninklijke Philips N.V.
  • Toshiba Corporation Abbott
  • Hitachi, Ltd.
  • Siemens
  • Samsung Medison Co., Ltd.
  • FUJIFILM SonoSite, Inc.
  • Other prominent players

    Key Industry Developments

    • In February 2019, Koninklijke Philips N.V., launched of the EPIQ Elite ultrasound system. The EPIQ Elite ultrasound system for general imaging and obstetrics & gynecology to improve clinical confidence and the patient experience.
    • In October 2018, Samsung Medison Co., Ltd., launched its new generation of premium ultrasound system HERA W10 and prototype of a chair-type ultrasound system HERA I10.

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