Over the recent years, diagnostic ultrasound market has rapidly emerged as one of the most pivotal niche verticals of the global healthcare and medical devices industry. The ultrasound systems have undoubtedly played a prominent role in enhancing the global average life expectancy by detecting cardiovascular ailments, musculoskeletal disorders, and by lowering maternal and fetal mortality rate. Furthermore, the rising geriatric population prone to chronic and orthopedic ailments, growing inclination toward deploying highly advanced and portable ultrasound systems, and the rapid pace of technological advancements in medical imaging products are anticipated to persistently foster the growth of the global diagnostic ultrasound market share over the estimated timeframe.
U.S. Diagnostic Ultrasound Market size, By Application, 2013-2024 (USD Million)
According to the estimates published by World Health Organization, the global life expectancy witnessed an impressive growth rate of 5 percent over the period of 2000-2015, the fastest since 1960’s. On the other hand, the maternal mortality rate dropped by almost 44 percent between the years 1990 and 2015. Needless to mention, the timely diagnosis of diseases has ensured better treatment strategies, in turn, saving countless number of lives across the globe. Apparently, it goes without saying that the contribution of diagnostic ultrasound market in containing the mortality rates and driving up the life expectancy has been phenomenal. The aforementioned statistics reinforce the significance of the technological advancements being unleashed in the overall diagnostic ultrasound industry, which commanded a total valuation in excess of USD 5 billion in 2016.
While elaborating further upon the growth prospects of diagnostic ultrasound market over the forthcoming years, it is quite imperative to take note of the enormous initiatives being undertaken by leading industry giants that have accelerated the pace of technological advancements and have swamped the diagnostic ultrasound industry with high-performance products. Below mentioned are a few noteworthy tech innovations and products recently launched by prominent diagnostic ultrasound market players:
Complementing the aforementioned factors, the latest trends that have lucratively impacted the overall diagnostic ultrasound industry include intuitive interfaces, miniaturization of equipment, the introduction of wireless transducers, and the inclusion of more clinal applications. Leading industry players are anticipated to discover more specialized methods aimed at broadening the diagnostic capabilities of ultrasound devices, which would expand the diagnostic ultrasound market size at a swift pace in the forthcoming years. According to the latest estimates published by Global Market Insights, Inc, diagnostic ultrasound market is forecast to accrue a total revenue of USD 7 billion by 2024.