Albany - New York, Oct. 1, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Ultrasound Devices Market (By Product Type - Cart/Trolley Based Ultrasound Devices and Compact Ultrasound Devices, By Technology - 2-D, 3-D & 4-D, Doppler, HIFU and Lithotripsy and By Application - Obstetrics and Gynecology, Cardiovascular, Abdominal and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,", the global ultrasound devices market was valued at USD 5.40 billion in 2012 and is expected to grow at a CAGR of 6.4% during the forecast period 2013 to 2019 to reach a market value of USD 8.71 billion by 2019.
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Ultrasound devices enable physicians in diagnosing diseases for their further appropriate treatments. In addition, these devices also help surgeons by guiding movement of surgical instrument in patient's body while performing surgeries. These devices are utilized extensively for abdominal imaging and examining various abdominal disorders such as stomach cancer. The global market for ultrasound devices has been estimated to grow at a CAGR of 6.4% (by value) and 8.8% (by volume) during the forecast period 2013 to 2019. The growth of ultrasound devices market is expected to increase with rising incidences of various diseases such as cardiovascular diseases and cancer. Technological advancements in ultrasound devices is further expected to propel the uptake of ultrasound devices market since new technologies that are revolutionizing the ultrasound industry are efficient to diagnose complex diseases with high precision and less time consumption. For instance, unlike CT scanners, 3-D & 4-D ultrasound imaging technology is efficient in producing real-time images of anatomical structure of organs. Likewise, increasing government initiatives will also accentuate the growth of this market during the forecast period.
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Ultrasound devices market has been segmented based on product type as cart/trolley based ultrasound devices and compact ultrasound devices. Owing to rising number of surgeries, compact ultrasound devices market is projected to grow at the highest CAGR of 11.5% by value during the forecast period 2013 to 2019. Unlike cart/trolley based ultrasound devices, compact ultrasound devices are small in size that enable their easy movement while performing surgeries, hence are preferred in operating rooms. In addition, increasing government funding for compact ultrasound devices will further expedite the growth of this market.
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Various technologies have been invented for ultrasound devices to increase their efficiency. In 2012, 2-D ultrasound imaging technology market accounted for the largest share by value and is estimated to grow at steady CAGR during the study period. The large market size is attributed to its presence in the market since a long time that has helped gain popularity among radiologists.
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Based on application, ultrasound devices market has been segmented as obstetrics and gynecology, cardiovascular, abdominal and others (lungs, soft tissue and interventional radiology). Among all these, cardiovascular ultrasound imaging market is expected to grow at the highest CAGR during the forecast period. This growth is due to the fact that ultrasound devices have proven their efficiency in diagnosing various cardiovascular diseases precisely with the advent of 3-D & 4-D imaging and Doppler ultrasound imaging technique. Hence, with rising incidences of various cardiovascular diseases, cardiovascular ultrasound imaging market is expected to grow in the coming years.
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Geographically, North America accounted for the largest share (more than 30%) in terms of revenue of the total ultrasound devices market. This is majorly due to the presence of large number of key players such as GE Healthcare and Siemens Healthcare in the region. Owing to rising geriatric population, it has been projected that Asia-Pacific and Rest of the World (RoW) will grow at the highest and second highest CAGR respectively during the forecast period. Improving government initiatives will further augment the growth of this market in aforementioned regions. The global ultrasound devices market is ruled by GE Healthcare, Philips Healthcare, Siemens Healthcare, Hitachi Medical Corporation and Toshiba Medical Systems Corporation.
The global ultrasound devices market has been segmented as below:
Ultrasound Devices Market, by Product Type
- Cart/Trolley Based Ultrasound Device
- Compact Ultrasound Device
Ultrasound Devices Market, by Technology
- 2-D Ultrasound Imaging
- 3-D & 4-D Ultrasound Imaging
- Doppler Ultrasound Imaging
- High Intensity Frequency Ultrasound (HIFU) Imaging
- Lithotripsy Ultrasound Imaging
Ultrasound Devices Market, by Application
- Obstetrics and Gynecology
- Others (Ocular, MSK/Soft Tissue, Procedural Guidance studies and others)
Ultrasound Devices Market, by Geography
- North America
- Rest of the World (RoW)
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Source:Transparency Market Research