Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Ultrasound Devices Market– Insights
The trend of continuous technological innovations and developments in ultrasound devices provide new edge to diagnostic imaging. Imaging plays an important role in diagnosis of major disease conditions such as cardiovascular, brain, skeletal muscle, cancers, and kidney and bone disease among others. Ultrasound has expanded its reach beyond radiology to wide range of clinical specialties, including surgery, musculoskeletal, and gastroenterology.
Manufacturers are focused on developing user friendly, cost-effective, and advanced technology devices to deliver better diagnostic imaging results. For instance, in November 2019, Koninklijke Philips N.V. developed Philips Lumify hand-held ultrasound technology for cardiac patients. Lumify is an important component of the mobile extracorporeal membrane oxygenation (ECMO) unit, which provides real-time visual guidance to physician during the process of ECMO cannulation.
In the U.S, until now, ECMO machines have only been available at certain hospitals. However, UNM Department of Emergency Medicine, Divisions of Prehospital Care and Adult Critical Care, in partnership with Albuquerque Fire and Rescue (AFR), deployed the first mobile ECMO program in the U.S. The machine, which is set up in the back of a specialized ambulance, allow physicians to perform an ECMO procedure in the field. Such level of advanced care in a pre-hospital setting could improve chances of survival by up to 30 percent. The Philips Lumify ultrasound technology is an important component of the mobile ECMO unit. Members of the ECMO team use Lumify for real-time visual guidance when inserting tubes in veins and arteries in a process called ECMO cannulation.
The global ultrasound devices market is estimated to be around US$ 6,230.1 million in 2019 and is expected to witness a CAGR of 1.9% over the forecast period (2020 – 2027).
Global Ultrasound Devices Market Share (%) Analysis, By Product Type, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing launches of innovative and advanced technology products of ultrasound devices is expected to drive growth of this market. For instance, in 2019, JW Medical, a subsidiary company of JW Holdings, marketed ARIETTA 65, an ultrasonic imaging device manufactured by Hitachi Medical Systems, a medical device company. The company planned to make this product a premium model of ultrasound equipment category. ARIETTA 65 has employed the elastography function, which allows automatic frame selection and calculates the elasticity of the lesion compared to the adipose tissue.
Similarly, in 2018, GE Healthcare launched Versana Essential, a new ultrasound system. This system was designed to deliver several advanced capabilities to a range of physicians, making it easier to diagnose and treat potentially serious conditions in a timely manner.
However, reproducibility still exists to be major limitation of the ultrasound devices as variation between operator leads to different measurements for the same anatomy.
Ultrasound Devices Market - Regional Insights
On the basis of region, the global ultrasound devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among region, North America is expected to hold a dominant position in the global ultrasound devices market over the forecast period, owing to increasing number of pregnancies is expected to boost growth of the global ultrasound devices market. Rising number of child births every year is one of the major factors driving demand for ultrasound devices, as the development of child in the womb is usually monitored with the help of ultrasound imaging. According to the Centers for Disease Control and Prevention (CDC), the total number of births in the U.S. accounted for 3,978,497 in 2016. The birth rate in the U.S. was 12.4 births per 1,000 population and thus, obstetrics and gynecology contributes significant share in the global ultrasound devices market.
Global Ultrasound Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Ultrasound Devices Market - Competitive Landscape
Major players operating in the global ultrasound devices market include GE Healthcare, Koninklijke Philips N.V., Toshiba Medical Corporation, Hitachi Medical Corporation, Analogic Corporation, Fujifilm Corporation, Siemens Healthcare, Samsung Medison Co. Ltd., and Esaote S.p.A.
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