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$7 bn by 2024| Diagnostic Ultrasound Market to Exhibit A Lucrative Growth

Author : Rahul Sankrityayan | Published Date : 2019-04-04 

The Diagnostic Ultrasound Market set to exceed USD 7 billion by 2024; according to a new research study published by Global Market Insights, Inc. Evolution in medical diagnostic devices has led to development of innovative and advanced ultrasound devices. Rapid advances in microelectronics and sensors coupled with integration of new applications have paved the way for evolution of diagnostic ultrasound systems. Diagnostic ultrasound devices are witnessing a transition from cart based, single use systems to highly portable, multi-use and versatile systems thereby, improving image quality over the years. Advancements in ultrasound techniques such as development of 3D doppler will augment the business growth. However, lack of skilled healthcare professionals may restrain diagnostic ultrasound market growth during the forthcoming years.

Increasing ageing population globally will surge the demand for diagnostic ultrasound due to high susceptibility to chronic diseases. In 2017 according to World Ageing Population, 962 million people were in age group of 60 years and above. Moreover, presence of large patient pool in developing economies will drive industry growth. Rising prevalence of cancer due to lifestyle changes will positively impact diagnostic ultrasound market growth.

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3D and 4D segment was valued at USD 1.8 billion in 2018 and is expected to have considerable revenue size during the forecast timeframe. Rising prevalence of breast cancer will favor segmental growth due to extensive use of 3D ultrasound in breast cancer diagnosis. Moreover, short duration diagnosis and large data storage capabilities will foster the 4D diagnostic ultrasound business growth. Focus of industry players on development of innovative imaging techniques to provide accurate diagnosis will further augment the Diagnostic Ultrasound Market size.
Compact/handheld segment will experience 5.0% CAGR during analysis period. Compact ultrasound devices are lighter in weight and smaller in size than the conventional trolley ultrasound systems. Use of compact ultrasounds to provide point of care treatment to patients will surge its adoption over the forthcoming years. Moreover, comparatively lower costs associated with these devices, due to elimination of the huge setup, will further drive the segmental growth.

One of the most notable manufacturers of diagnostic ultrasound systems, Samsung Medison has recently unveiled RS85, the latest ultrasonic machine equipped with enhanced functions that primarily aims to cater large medical institutions. RS85 comes with progressive functions such as MV-Flow that aids in identifying lesions by displaying the blood flow in microvascular tissues, something which traditional Doppler ultrasound technique could not achieve. The machine also has S-Shearwave Imaging that utilizes transverse elasticity to gauge the elasticity of human tissues, eventually enhancing the accuracy of tumor diagnosis.

Hitachi Medical Systems Europe, a subsidiary of Hitachi Medical Corporation, has recently introduced its latest 2D/4D cardiovascular ultrasound system named as LISENDO 880. The premium vascular and cardiac imaging system offers state-of-the-art transducer technology along with an advanced OLED display, and a unique analysis package that ensures reliable cardiac hemodynamic evaluations. With these characteristics, LISENDO 880 is said to have shifted cardiac assessments to a new level. Launching of such highly innovative products is likely to encourage other industry players to focus on releasing enhanced products pertaining to cardiovascular imaging, which is estimated to have held a significant portion of the total diagnostic ultrasound market share in the recent years.

Butterfly Network Inc, an upcoming diagnostic ultrasound market player has recently announced that it has received Food and Drug Administration’s (FDA) clearance for its ultrasound-on-a-chip technology, the Butterfly iQ. The FDA clearance is being termed as highly significant, given that it is the comprehensive clearance ever granted for a single ultrasound transducer encompassing 13 clinical applications. Reportedly, the pocket-sized transducer is being touted as the world’s first ultrasound-on-a-chip based imaging system which plugs into an iPhone. As per sources, the latest device amalgamates the capacities of three conventional ultrasound probes into a single 2D matrix cluster which is then overlaid on an integrated circuit, something which is found only in high-performance systems in the existing diagnostic ultrasound market.

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North America diagnostic ultrasound market accounted for more than 1.5 billion revenue in 2018 and is expected to grow exponentially over forecast timeframe. High adoption of unhealthy diet, hypertension and obesity has escalated prevalence of chronic diseases in the region. Obesity is one of the major risk factor for chronic diseases such as CVD, diabetes and cancer. Rising prevalence of obesity and associated diseases will thus drive the regional business growth.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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