Ultrasound Devices Market Grows Steadily due to Increasing Prevalence of Cardiovascular Diseases
GE Healthcare, Fujifilm Holdings Corporation, and Koninklijke Philips N.V. were the top three ultrasound devices manufacturers in 2014, with a collective share of 67.1% in revenue. This shows the high level of market consolidation. Most of the major global and regional players manage to secure solid ground in this market through long term sales contracts with customers.
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New entrants to the ultrasound devices scenario will not only have to compete against the giant market share held by these top players, but also have to manage funds during the expensive initial phase of installation and procurement.
Ultrasound devices manufacturers in most parts of the world are currently benefitting from the high investments provided by both government and private bodies. Regulations as of now are highly favorable for the growth of ultrasound devices players and this will be a major driver for revenue generation in the coming years.
According to Transparency Market Research, ultrasound devices sales do face several restraints, including the steadily increasing preference of CT scanners, especially in developed economies. Emerging economies, however, are still showing a heavy preference towards ultrasound devices.
Sales of Ultrasound Devices Bound to Rise as Patient Count Grows
“Most medical regulatory and advisory bodies, including the WHO, agree that the number of patients suffering from cardiovascular diseases is growing at an alarmingly high rate,” states a TMR analyst. “The WHO explains that the number of heart patients is expected to cross 23 mn by 2030. This is more than enough to show that healthcare organizations around the world are in grave need for advanced ultrasound devices.”
Similar circumstances can be found in the case of tuberculosis, as the WHO stated that the rising population density is making it easier for the disease to spread and infect more people. TB is another disease that can be effectively diagnosed with ultrasound devices, further boosting its demand.
Key Tech Advancements in Ultrasound Devices Produce Golden Opportunities for Manufacturers
Currently, most consumers of ultrasound devices are sticking to cart/trolley devices. However, these devices are large and difficult to move about. Owing to the growing demand for ultrasound devices, manufacturers have already been working on making these devices smaller, lighter, and as cost-effective as possible. The introduction of compact/portable ultrasound devices is expected to have consumers shift towards it, creating major opportunities for players in this product segment.
Additionally, the use of modern technologies, such as the Doppler ultrasound devices will further create a favorable growth rate for involved companies. Doppler ultrasound devices are useful for diagnosing blood diseases at an accurate and fast rate, adding to their appeal. Similar market tilts were witnessed during the inception of the 3D and 4D ultrasound devices, which are now replacing their older 2D counterparts.
Compact Ultrasound Devices to Top Growth Rate Charts Till 2023
Most customers and healthcare organizations are beginning to prefer the use of compact/portable ultrasound devices owing to the convenience they offer. This product segment will be expanding at the fastest CAGR of 10.3% within a forecast period from 2014 to 2023. The largest product segment, meanwhile, is expected to remain the cart/trolley based ultrasound devices for the forecast period.
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The global ultrasound devices market is expected to reach around US$11 bn by 2023; it had a valuation of US$6.7 bn in 2014. Asia Pacific is expected to become the leading consumer of ultrasound devices by 2023 by growing at the fastest CAGR and replacing the previous market leader, Europe.
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