In a recent published report, Kenneth Research has updated the market report for Ultrasound devises Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ultrasound devises Market products.
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Kenneth Research has recently added a report titled Ultrasound devises Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a new research published by Polaris Market Research, the ultrasound devices market is anticipated to reach over USD 12,556 million by 2026. In terms of revenue, the diagnostic devices segment dominated the global market. Geographically, North America is expected to be the leading contributor to the global market revenue in 2017.The rapidly increasing geriatric population with several chronic diseases and the lower cost and relative safety of ultrasound devices are together boosting the market growth.
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Increasing awareness among patients regarding early diagnosis coupled with government initiatives aimed at spreading awareness among the masses regarding breast cancer, regular check-up during pregnancy and other health related issue are boosting the market growth. Several technological advancements such as enhancing image quality and increasing portability has made ultrasound devices accessible to a larger user base.
Also, several private and public institutions are investing in research and development in the field of ultrasound imaging. Improving healthcare facilities and increasing disposable incomes in developing countries is further fuelling the market growth. However, stringent FDA regulations and lack of trained professionals have limited the market penetration of this technology. Furthermore, several developing countries prohibit the use of ultrasound for gender determination which in turn impedes that industry growth. Identification of newer fields of application and untapped markets in developing countries would provide several opportunities for growth in the near future.
North America was the highest revenue generating region in 2017 and is expected to head the global market during the analysis period. The large patient pool, favorable reimbursement policies, well-defined government and healthcare policies, widespread adoption of remote patient monitoring and healthcare services drive the market growth in the region. Asia-Pacific is expected to exhibit the fastest growth during the forecast period owing to improving medical facilities, increasing disposable income and rapidly increasing patient pool in emerging countries such as China, Japan, and India.
The types of ultrasound devices include diagnostic and interventional devices. In 2017, the diagnostic devices segment accounted for the highest market share owing to government initiatives to carry out routine check-ups and increasing adoption of fetal health monitoring. The improving medical facilitates and increasing demand due to rising number of patients, especially in developing countries, supports the market growth in this sector.
The key players profiled in this report include Toshiba Medical Systems Corporation, SonaCare Medical, Analogic Corporation, GE Healthcare, Koninklijke Philips N.V., Philips Healthcare, Siemens AG, FUJIFILM Holdings Corporation Hitachi Medical Corporation, Esaote S.p.A. Samsung Medison, Shimadzu Corporation and Mindray Medical International Limited among others. These companies have adopted new product launches to gain a competitive edge in the market.
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