Global Ultrasound Market Forecast for The Next 3 Years
The global ultrasound device market is growing very fast. Thanks to technological advancements and the increase in diseases and other factors, ultrasound diagnostic imaging system manufacturers are investing lots of money into this. The public or government grants and funds for research and to create awareness among the general public also play a big part in advancing the industry. Today we will discuss what’s behind all these advancements, the reason for the investing interest of the ultrasound diagnostic imaging system manufacturers and make a forecast for the next 3 years.
Factors That Have the Most Impact
Rising Chronic Disease: Chronic diseases are rising quite fast throughout the world. The older population and the change in societal behavior are the main contributors to this.
Decrease of Skilled Sonographers: Nowadays skilled sonographers are not increasing but decreasing; when departments downsize and not replace them, it scares off people to pursue this career.
Technological Advancements: This one is obvious. Technology has been phenomenal in the last decade and it will continue to do so. More innovations in ultrasound are expected.
More Awareness for Early Disease Diagnosis: People are more educated now and educated people know it’s better to strike the disease as early as possible. People opt for early diagnosis than later.
More Diagnostic Ultrasound Devices in Obstetrics and Gynecology: There is more use of diagnostic devices in obstetrics and gynecology than ever before.
The Overall Expectations from the Global Market for Ultrasound
In the next 3 years, the global market for ultrasound equipment is expected to reach $10.4B. We expect it to grow at a CAGR of 5.8%. Diagnostic ultrasound is dominant among the types of ultrasound and it will continue to dominate. Almost one-third of the global ultrasound market revenue will be accounted for by radiology or general imaging. We expect the compact or handheld ultrasound devices to have the highest CAGR 7.4%.
Although the North American region dominates the market right now, we expect the Asia-Pacific region to have the highest CAGR with 6.2%. Overall we expect Europe to dominate the market for the next 3 years due to the rising cases of chronic diseases, their awarenesses, the sophisticated European market. We expect the market for ultrasound devices for Urology to reach $740M by 2022.
The therapeutic ultrasound market is expected to reach $353M at the end of this year. The increasing demand for high-quality diagnostic and therapeutic imaging devices and the increasing awareness about the radiation dose-related to some ultrasound modalities have made an impact on this are. The key players when it comes to ultrasound imaging equipment manufacturer are GE Healthcare, Philips, Siemens, Healthineers, etc. but smaller players are also gaining market share and they will keep rising.
The market for ultrasound is expected to have huge growth due to the factors mentioned above but the high price of those devices is a drawback that should not be overlooked. When the market gets more mature, and competitive, we expect the price to fall down.