With the presence of a large pool of participants, the global market for ultrasound is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). FUJIFILM Holdings Corporation, Analogic Corporation, Mindray Medical International Ltd, Siemens AG, GE Healthcare, and Hitachi Ltd are some of the key vendors of ultrasound across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the Global ultrasound market study.
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Citing an instance, in July 2018, South Korean Firm Healcerion introduced the SONON 300L wireless handheld ultrasound equipment in the U.S. market post FDA approval. The product is devised to assist primary care providers in effectively diagnosing the patient.
As estimated in this report, the global ultrasound market was valued at US$ 5.20 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this market is slated to reach US$ 6.90 billion by the end of the forecast period. The main products available in this market are trolley based ultrasound devices and compact ultrasound devices.
Humungous Demand For Disease Detection To Augment Market Growth
“Widespread application of ultrasound imaging technique to detect fetus growth and cause of disease & pain along with its use in biopsies is likely to create lucrative avenues for ultrasound market,” says the author of this study. Apart from this, the non-invasive nature of the ultrasound and safety features along with its non-utilization of ionizing radiation has made the product more popular across the healthcare sector. Furthermore, burgeoning need for disease diagnosis has contributed notably towards the progress of ultrasound market.
Expensive medical procedure and unfavorable healthcare regulations across the developed nations, however, is anticipated to impede the development of ultrasound market in the near future.
Flourishing Medical Tourism Sector To Help Europe Retain Dominant Position
Regionally, Europe has been leading the worldwide ultrasound market and is anticipated to continue on the dominant position in the years to come, states the market study. The dominance can be attributed to rapid expansion of medical tourism sector across central and Eastern Europe. The high number of market players being headquartered in Europe is another significant factor that is supporting this regional market.
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Latin America and Asia Pacific markets are projected to witness lucrative growths over the coming years. Asian vendors offer low priced ultrasound systems to its customers, thereby impacting both the consumer as well as market dynamics of the region. While, wide acceptance of diagnostic testing procedures in Latin America is anticipated to result in the amplified market growth across the region.
The global Ultrasound Market is segmented as follows:
- Cart/trolley based ultrasound devices
- Compact ultrasound devices
- 2D Ultrasound
- 3D Ultrasound
- 4D Ultrasound
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa