The diagnostic ultrasound market is set to exceed $7 billion by 2025; according to a new research report by Global Market Insights. A growing burden of chronic diseases worldwide coupled with a rapidly growing geriatric population base will drive the market growth over the forecast period. An elderly population highly prone to diseases due to various structural and functional changes will positively impact business growth. Furthermore, rising investments in improving health care facilities in developing economies will further positively impact the global diagnostic ultrasound industry growth.
Increasing birth rates in countries such as Germany and Russia will propel business growth over the forecast years owing to extensive use of diagnostic ultrasound during pregnancy. Ability of diagnostic ultrasound to detect anomalies in a baby’s position and actions inside the womb will further propel business growth in the foreseeable future. Moreover, rapid advances in ultrasound technology as well as systems will further spur the industry. However, dearth of skilled professionals and lack of training may hamper diagnostic ultrasound business growth over the analysis period.
The 3D and 4D segment was valued at $1.8 billion in 2018 and is expected to have considerable revenue growth during the forecast timeframe. Rising prevalence of breast cancer will favor segmental growth due to extensive use of 3D ultrasound in breast cancer diagnosis. Moreover, short duration diagnosis and large data storage capabilities will foster the 4D diagnostic ultrasound business growth. The focus of industry players on development of innovative imaging techniques to provide accurate diagnosis will further augment the industry size.
The compact/handheld segment will experience 5.0% CAGR during the analysis period. Compact ultrasound devices are lighter in weight and smaller in size than the conventional trolley ultrasound systems. Use of compact ultrasounds to provide point-of-care treatment to patients will surge its adoption over the forthcoming years. Moreover, comparatively lower costs associated with these devices, due to elimination of the huge setup, will further drive the segmental growth.
The cardiology segment accounted for over $1 billion in 2018 and will show significant growth over the coming years. Increasing use of diagnostic ultrasound in cardiovascular studies coupled with rising burden of cardiovascular diseases will boost the industry size. Moreover, development in technology and potential benefits associated with the device to optimize cardiac diagnosis will further fuel the business growth.
The general imaging segment is anticipated to witness substantial CAGR of 3.8% by 2025 owing to increasing use of diagnostic ultrasound for examination of vascular, kidneys, abdominal, urology, gall bladder, pain management, liver, spleen and pancreas. Significant technological improvements over the last few decades, in equipment as well as development of diagnostic ultrasound systems, will foster its adoption thereby driving the business growth.
The North America diagnostic ultrasound market accounted for more than $1.5 billion revenue in 2018 and is expected to grow exponentially over the forecast timeframe. High adoption of unhealthy diet, hypertension and obesity has escalated prevalence of chronic diseases in the region. Obesity is one of the major risk factors for chronic diseases such as CVD, diabetes and cancer. Rising prevalence of obesity and associated diseases will thus drive the regional business growth.
The Asia Pacific market accounted for considerable revenue in 2018 and is estimated to witness robust CAGR of 5.2% during the forecast period. A large patient pool in the region will foster business growth. Rising disposable income in emerging economies such as India and growing awareness among people will further fuel regional industry growth.
A Signify Research article reports that 2018 was a record year for the world ultrasound equipment market, with revenues increasing by 6.8%, tipping the market over the $7 billion mark for the first time.
“Despite the backdrop of global economic uncertainty, the ultrasound market is forecast to continue to grow relatively strongly in the coming years,” the report adds.
Five trends Signify Research expects to impact the global ultrasound market in coming years are new users of ultrasound, new uses of ultrasound, emerging markets, handheld ultrasound and artificial intelligence.
A report from MarketsandMarkets.com also predicts continued growth.
“The ultrasound market is projected to reach $8.4 billion by 2023 from $6.3 billion in 2018, at a compound annual growth rate (CAGR) of 5.9% during the forecast period,” MarketsandMarkets.com reports. “Factors such as the increasing prevalence of target diseases, rising patient preference for minimally invasive procedures, technological advancements, increasing number of diagnostic centers and hospitals, and growing public and private investments, funding, and grants are driving the growth of the market during the forecast period.”