The global ultrasound devices market is expected to exceed more than USD 8 billion by 2024, and is likely to grow at a CAGR of more than 5 percent during 2019–2024, estimates Market Watch. This is primarily attributed to the large number of technological advancements (such as 3D and 4D imaging) in ultrasound systems, increase in prevalence and incidence rates of chronic diseases (such as heart disease, stroke, Type-2 diabetes, and cancer), increase in number of ultrasound diagnostic imaging procedures, demand for minimal invasive therapies, and rise in awareness for early disease diagnosis.
Conversely, the major restraining factors of the market include the dearth of skilled and experienced sonographers, globally. Diagnostic ultrasound systems generated the highest revenue in 2018, owing to an increase in aging population that requires frequent diagnostic examinations. The therapeutic ultrasound systems segment is likely to reach USD 353 million by 2020.
Based on the type of device display, the color ultrasound systems accounted for the highest share in 2018 and are estimated to grow at a CAGR of 6.1 percent. This is due to high adoption of technologically advanced ultrasound devices and increased awareness about the advantages offered by portable color ultrasound devices.
Based on device portability, the trolley/cart-based ultrasound devices accounted for the largest share in 2018, whereas the compact/handheld ultrasound devices segment is the fastest- growing segment with a CAGR of 7.4 percent. Although the compact/handheld ultrasound devices segment is expected to grow at a high CAGR with increased adoption of portable ultrasound devices for point-of-care applications, it cannot outpace the trolley/cart-based ultrasound devices as they offer more accurate diagnostic capabilities and high performance.
Based on geography, Europe is likely to dominate the overall global market because of the increasing incidence of chronic disorders, rising demand for technologically advanced ultrasound systems, and presence of highly sophisticated healthcare infrastructure. The Asia-Pacific region is expected to emerge as the area with maximum growth potential. It is estimated to be the fastest-growing segment at the rate of 6.2 percent over the next 5 years. This is due to the presence of high unmet medical needs and constantly improving healthcare infrastructure to cure chronic disorders in these nations.