Ultrasound Market by Product (Devices, Probes), Technology (FUS, SWL), Display (Color, B/W), Portability (Trolley, Compact, Handheld, Point of Care), Application (Diagnostic, The rapeutic, Orthopedic), End User (Hospitals, ACC)- Global Forecast to 2024.

In recent years, various government initiatives towards the development of healthcare facilities have led to increase in number of hospitals. For instance, in India, in Union Budget 2017-2018, the government decided to setup 2 new AIIMS hospitals in Jharkhand and Gujarat. Further, in April 2014, the country developed AYUSH infrastructure comprised of over 8 lacs registered practitioners, 25,492 dispensaries, and 3,601 hospitals. Similarly, the Chinese government is taking initiatives to shift the burden of care from public hospitals to private hospitals and owing to this, the number of private hospitals in China doubled to a total of 16,900 hospitals in just six years, from 2011-2017. Owing to these factors, the demand for diagnostic equipment such as ultrasound systems is rising.

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Ultrasound is an imaging modality that utilizes high-frequency sound waves to visualize organs inside the body. Apart, from imaging, the technique also guides healthcare professionals to conduct biopsies, monitor blood flow, and assess the extent of damage after a heart attack. Owing to the growing incidences of orthopedic and other internal organs related injuries; increasing geriatric population coupled with chronic illness; rising number of hospitals; technological advancements in the development of ultrasound devices; and growing government, public and private investments for the development of new ultrasound devices – this industry has witnessed a steady growth. Further, significant opportunities from emerging economies and emergence of point of care ultrasound devices have boosted the adoption of ultrasound devices. Colored ultrasound commanded the largest share of ultrasound market in 2017 due to accurate visualization, high resolution images, and ease of differentiation between the tissues based on colors. This enable the cardiac sonographers to effectively monitor the blood flow inside the heart, brain, arteries, and veins. Further, the color patterns help in identification of healthy and constrained blood flow.

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North America commanded the largest share of the global ultrasound market in 2017, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region, and growing government focus on healthcare sector. In addition, government initiatives for the development of healthcare facilities and increasing health insurance penetration are the key factors propelling the growth of the Asia-Pacific ultrasound market.

Key Players in the Ultrasound Market

In the ultrasound market, the key players are diligently working towards the improvement of technology to enable confident diagnosis with appropriate workflow. In March 2018, GE healthcare (U.S.) launched advanced radiology ultrasound system LOGIQ™ E10 that integrates artificial intelligence technology to acquire and reconstruct data faster than ever before. This technology provided high resolution images, enabled the radiologists to manipulate the ultrasound’s settings with a remote control on their tablet or smart phone, and facilitated the exchange of ultrasound images among the radiologists for accurate diagnosis. Similarly, in March 2018, Koninklijke Philips N.V. in partnership with Innovative Imaging Technologies (IIT) launched integrated tele-ultrasound solution with two-way audio-visual calls.

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