The global Ultrasound Device Market size was valued at USD 6,833.0 million in 2015. The rising demand for minimally invasive diagnostic as well as therapeutic devices is primarily driving the growth of the market. Additionally, the increasing adoption of ultrasound technique for the treatment of prostate cancer and kidney stones is a factor augmenting market growth.
Ultrasound screening is considered as a gold standard for fetal screening globally. Thus, the rising birth rates and in-vitro fertilization treatment rates are fueling the demand for sonography devices. In addition, several organizations such as American Cancer Society and Radiological Society of North America, Inc. recommend periodic mammographic screening to women aged above 40 years for the detection of breast cancer. As a result, a number of new cases diagnosed with breast cancer are rapidly rising. 3D/4D ultrasound is increasingly used in breast cancer screening as it provides better visualization of the coronal plane in breasts having dense tissues. Therefore, recommendations by the government and health agencies are positively affecting the market growth.
The increasing usage of the ultrasound techniques for various therapeutic procedures using High Intensity Focused Ultrasound (HIFU) technology and Extracorporeal Shockwave Lithotripsy (ESWL) is expected to proliferate the market for therapeutic ultrasound devices. Ongoing trials to discover the new applications of ultrasound techniques in the treatment of diseases, such as breast fibroadenoma and uterine fibroid, are expected to replace the currently available invasive and chemical methods used for the treatment of these disease conditions.
Furthermore, the introduction of technically advanced products with user-friendly and compact designs that offer easy portability is the prime factor resulting in the rapid adoption of handheld devices. Moreover, the shifting trend towards home healthcare and remote patient monitoring to reduce hospitalization cost is augmenting the demand for handheld ultrasound devices.
Japan Ultrasound Device Market, By Product Type, 2014 - 2024 (USD Million)
Based on the product type, the global market is segmented into diagnostic ultrasound devices and therapeutic ultrasound devices. Diagnostic sonography devices segment captured the largest market share in 2015 owing to its wide application in obstetrics, radiology, and oncology. Moreover, the growing demand for advanced diagnostic devices such as miniaturized 2D and 3D/4D is expected to drive the global diagnostic Ultrasound Device Market from USD 2,851.5 million in 2015 to USD 4,766.8 million in 2024.
Based on the portability, the market is segmented as handheld and cart/trolley-based ultrasound devices. The shifting trend towards home healthcare and remote patient monitoring is creating demand for handheld devices. Therefore, growth in the adoption of remote patient monitoring, and home healthcare services to reduce the cost associated with hospitalization is expected to boost the growth of handheld devices. As a result, the global handheld devices segment is anticipated to reach USD 3,924.8 million in 2024 with CAGR of 6.4% from 2016 to 2024.
North America dominated the global Ultrasound Device Market in 2014 with a market share of 25.30%. Well-established healthcare infrastructure and escalating adoption of home healthcare and remote patient monitoring are the prime factors pushing the growth of the market in North America. The high adoption rate of advanced technology in the region is augmenting the demand for miniaturized user-friendly devices.
The Asia Pacific region is expected to exhibit a lucrative growth in the global market owing to the expected rise in target customer pool, increasing birthrates, and the presence of major market players in countries such as Japan and China. On the other hand, the government regulations to control fetal screening for sex determination in countries, such as India and China, is impeding market growth. Considering all the above-mentioned factors, Asia Pacific market is expected to grow at a CAGR of 9.6% during the forecast period.
The global market for ultrasound devices is highly competitive with the presence of a large number of global as well as local players. The advancement in technology such as cloud and software to connect sonography devices to smartphones and tablets are the factors spurring the adoption of these devices. The major players in this market are Toshiba Medical Systems Corporation, SonaCare Medical, Analogic Corporation, GE Healthcare, Philips Healthcare, Siemens Healthcare, Hitachi Medical Corporation, Samsung Medison, and Mindray Medical International Limited.
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