October 09, 2018
WELLESLEY, Mass., Oct. 09, 2018 – Increased healthcare expenditures by governments and private insurers for the expansion of medical imaging services, and higher import volumes of medical equipment by emerging economies, are among factors driving the global medical ultrasound device market. An updated BCC Research study projects that this market will reach $7.8 billion in 2023 and examines it by technologies, applications and regions.
Globally, ultrasound technology has evolved as a cost-effective tool for providing diagnostic imaging and therapeutic treatments to patients suffering from various ailments. Technology advancements have improved the efficiency of ultrasound in terms of image quality and portability. The development of compact hand-held devices has expanded the use of ultrasound devices to point-of-care settings. From $6.7 billion in 2018, a five-year compound annual growth rate of 3.0% is projected, according to BCC Research’s report Medical Ultrasound Devices: Technologies and Global Markets.
During the forecast period, the world’s aging population and greater spending on medical technology are expected to drive the global medical ultrasound device market. It is also predicted that emerging markets such as Latin America, the Middle East and Africa will rapidly grow from 2018 to 2023.
“Global revenue for the 2D ultrasound device segment is estimated to decline by 0.5% between 2018 and 2023, mainly due to the replacement of 2D systems with more advanced 3D and 4D systems,” the report notes. “In the last five years, the demand for 3D ultrasound evaluation has increased for gynecological applications.”
2D Systems Bolstered By Developing Nations
This surge in demand for 3D systems is expected to have a negative impact on the 2D ultrasound device segment. However, a major revenue contributor to this segment is the widespread use of affordable 2D systems in developing nations for prenatal screening and general imaging. The Asia-Pacific region is expected to have the highest demand for obstetrics and gynecology ultrasound devices during the forecast period.
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Medical Ultrasound Devices: Technologies and Global Markets( HLC221C )
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