Acumen Research and Consulting, Recently Published Report on titled “Ultrasound Equipment Market Size, Share, Growth Opportunities and Forecast, 2019 - 2026”
LOS ANGELES, Dec. 11, 2019 (GLOBE NEWSWIRE) -- The global ultrasound equipment market is expected to grow at a CAGR of around 6.3% over the forecast period 2019 to 2026 and reach the market value of around US$ 10 billion by 2026.
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North America dominated the global ultrasound equipment market in 2018 and is anticipated to maintain its dominance during the forecast period. This can be attributed to local presence of major market players, technological advancement in the field increases the efficiency and accuracy of the test, high healthcare awareness, and supportive reimbursement for diagnostic testing. Furthermore, increasing demand from low and middle income countries from the regions of Asia Pacific and Latin America are likely to propel the market growth during the forecast period. Asia pacific is expected to grow at the fastest rate during the forecast period due to investment by market players, development by local companies, increasing awareness about ultrasound techniques, growing number of well-equipped hospitals and diagnostic laboratories, and large population base. India, China, and Japan are the major contributing countries in this region. However, distribution challenges and shortage of skilled medical personal are some of the limiting factors of this region.
Based on portability, the ultrasound equipment market is segmented into trolley/cart based, compact, and handheld ultrasound. Trolley or cart based ultrasound equipment accounted for the largest share of the market in 2018. However, handheld ultrasound equipment segment is anticipated to grow at the fastest rate and will gain more share during the forecast period. Increasing interest in these devices due to ease of application and comparatively lower in cost than trolley & compact devices and introduction of several new products are the key factors for the growth of the segment during the forecast period.
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Based on application, the market has been segmented into obstetrics/gynecology, general imaging, vascular applications, cardiologic applications, orthopedic applications, urological applications, pain management, and other applications. General imaging accounted for the largest share of the market in 2018. Technological advancement, rising cancer incidence, and the increasing adoption of focused ultrasound for disease therapies are boosting the application of ultrasound equipment for general imaging.
Based on the type of equipment display, the market is divided into black & white ultrasound equipment and color devices. This can be attributed to high adoption of technologically advanced ultrasound equipment and growing awareness about advantages associated with color equipment.
Based on technology, the market is further divided into therapeutic ultrasound and diagnostic ultrasound. The diagnostic segment accounted for the largest share of the market in 2018 due to significant usage of 2D ultrasound in women’s health and the growing applications of emerging ultrasound techniques.
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Major players operating in the ultrasound equipment market in 2018 are GE Healthcare, Philips Healthcare, Toshiba Medical, Hitachi-Aloka Medical, Siemens Healthineers, Mindray, Samsung Medison, Fujifilm Sonosite, Esaote,and Analogic. Introduction of innovative devices and partnerships or collaborations for development, manufacture, and commercialization of devices are the key strategies being adopted by the major market players.
Some of the key observations regarding the ultrasound equipment industry include:
- In November 2019, Philips Healthcare launched EPIQ Elite Ultrasound System for obstetrics &gynecology and general imaging. This system combines the latest advances in transducer innovation and thereby enhanced performance to improve the patient experience and clinical confidence.
- In October 2019, Siemens launched an ultrasound system, Acuson Redwood for multiple departments including cardiology, radiology, and obstetrics/gynecology. Acuson Redwoodis portable and lightweight with many artificial intelligence-based tools for smart workflows. The system holds approval from the U.S. FDA and European Union (CE mark).
- In September 2019, Butterfly Network, Inc. launched new ultrasound technology that turns smartphone into an ultrasound machine in the U.K.
- In September 2019, PIUR Imaging GmbH launched portable tomographic ultrasound system in the European market. PIUR tUS Infinity is a wireless vesion of its tomographic ultrasound system that provides high resolution tomographic imaging.
- In August 2019, Hologic, Inc. acquired 46% shares of French ultrasound company, SuperSonic Imagine to expand its ultrasound imaging portfolio with the addition of new competitive technologies and ultrasound equipment.
- In May 2019, Canon Medical launched a new line of ultrasound systems, the Aplio a-series that delivers high performance for various clinical applications at an affordable price.
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