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The Global Ultrasound Equipment Market is likely to gain traction in the coming years bolstered by increasing product innovations. According to a report published by Fortune Business Insights, titled “Ultrasound Equipment Market Analysis, Insights and Forecast 2018-2025,” the market was valued at US$ 7,052.5 Mn in 2017. Fortune Business Insights expects the market to reach US$ 10,500.8 Mn by exhibiting a CAGR of 5.1% during the forecast period.
The Global Ultrasound Equipment Market is likely to expand in the coming years due to recent advancements in product types along with cost reduction. These factors have led to an increase in demand for ultrasound equipment among end users, globally. Numerous product launches by major players are likely to aid the growth of the market in the coming years.
Demand for Handheld Devices Likely to Rising
As of 2018, the cart-based type accounted for the maximum share of the global ultrasound equipment market. Increasing demand for point-of-care testing is another factor that has led to the rise in demand for ultrasound equipment. The demand for portable ultrasound equipment has risen due to their ease of use and benefits such as ease of shipment.
Fortune Business Insights predicts the portable ultrasound type to grow at a relatively high CAGR during the forecast period. The introduction of compact ultrasound equipment is another factor that has contributed to the high demand. Butterfly IQ’s handheld ultrasound equipment has witnessed a high demand ever since it was cleared by the Food and Drug Administration (FDA). Furthermore, an increasing number of diagnostic procedures, globally, is likely to result in the rising uptake of these devices in the coming years.
Asia Pacific Likely to Dominate the Market in the Coming Years
Increasing government investment and funding towards research and development of advanced ultrasound equipment has added to the growth of the ultrasound equipment market in Asia Pacific. Fortune Business Insights has predicted that Asia Pacific is likely to dominate the global ultrasound equipment market throughout the forecast period.
Among all regional markets, the ultrasound equipment market in Asia Pacific is expected to grow at the highest CAGR. Rising incidence of chronic diseases is likely to add to the demand for ultrasound equipment in this region. Furthermore, increasing awareness about the use of ultrasound equipment for diagnostic applications is driving the ultrasound equipment market in Asia Pacific. The expansion of healthcare sector in emerging countries such as India, China, and Japan will lead to an increase in demand for ultrasound equipment in Asia Pacific.
General Electric Company, Koninklijke Philips N.V., and Toshiba Corporation to Account for more than Half of the Total Share
An impressive product portfolio and a strong brand presence will add to the expansion of General Electric Company in the coming years. Together, General Electric Company, Koninklijke Philips N.V., and Toshiba Corporation will account for more than half of the total market share during the forecast period.
Some of the leading companies operating in the global ultrasound equipment market are General Electric Company, Koninklijke Philips N.V., Toshiba Corporation Hitachi, Ltd., Siemens, Samsung, Medison Co., Ltd., and Fujifilm Holdings Corporation.
Browse Complete Report Details at https://www.fortunebusinessinsights.com/industry-reports/segmentation/ultrasound-equipment-market-100515
The Global Ultrasound Equipment Market is segmented based on:
By End User