Ultrasound diagnostic imaging has seen many advances in recent years. The advances are just a few of the reasons market watchers expect ultrasound to continue to grow on a global basis. The market is forecast to exceed $8 billion by 2023.
“The global ultrasound market is projected to reach $8.4 billion by 2023 from $6.3 billion in 2018, at a compound annual growth rate of 5.9 percent during the forecast period,” according to MarketsandMarkets.
Other research firms echo the MarketsandMarkets forecast.
“Ultrasound is a medical imaging modality that uses high-frequency sound waves, to visualize internal organs of the body. It transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the organs into the probe and are transmitted to a display that generates the image. The global ultrasound devices market is expected to register a compound annual growth rate (CAGR) of about 4.0 percent during 2018-2023,” according to Mordor Intelligence.
“The governments across the world are focusing on the promotion and support of the industrial research. Several tax incentives have been provided to industries to establish R&D units, with highly improved imaging facilities, especially in ultrasound. The long-term goal of these initiatives is to develop innovative, disruptive, safe, non-invasive ultrasound technologies that enable or enhance interventional therapies for the treatment of diseases, injuries, abnormalities and other conditions. The types of ultrasound interventional therapies include ultrasound thrombolysis, high intensity focused ultrasound and sonophoresis,” according to Mordor Intelligence.
Additionally, an increasing number of health care providers, technological advancements, and rising incidences of chronic diseases are other factors that contribute to market growth.
“Compared to the old generation of 2D ultrasound devices, 3D technology has added a dimension of depth, and 4D a dimension of depth and time. 3D and 4D ultrasound devices are becoming increasingly popular in Eastern Europe, especially in cardiology and OBN ultrasound. The market for 3D and 4D is however not yet saturated there, mainly due to financial constraints,” according to a WiseGuyReports.com press release. “In other regions, such as Scandinavia, the reason for low market penetration of 3D/4D ultrasound is lack of acceptance among doctors. Research shows that doctors in Scandinavia do not consider 3D/4D ultrasound to provide more clinical value during diagnosis and are therefore quite reluctant. Convertors of images in older generation ultrasound units were based on hardware, which was built in the ultrasound device. The new generation uses external computers, which perform the scan conversion. This has resulted in an increase of calculation power of ultrasound devices and has led to major improvements in quality.”
“Currently, the demand for handheld ultrasound devices is on the rise owing to the shifting trend toward home health care and remote patient monitoring to reduce hospitalization cost,” the report added.
Some major manufacturers in the ultrasound market include GE Healthcare, Philips, Siemens Healthineers, Boston Scientific, Toshiba, Canon Medical and Carestream.