Ultrasound Probe Market: Increase in the number of ultrasound procedures to drive the market
Ultrasound Probe Market: Overview
Ultrasound probes are designed to produce high frequency sound waves within the body tissues that in turn produce echoes. Demand for these devices is high among healthcare practitioners in hospitals, clinics, diagnostic centers, and other healthcare facilities.
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Ultrasound Probe Market: Key Trends
The global ultrasound probe market is primarily driven by increase in the number of ultrasound procedures, rise in prevalence of chronic conditions, and technological advancements. Additionally, growth of the fertility treatment market is projected to augment the global market during the forecast period. Increase in incidence of various disorders such as cardiovascular diseases and respiratory and abdominal disorders propel demand for ultrasound diagnosis, which in turn is anticipated to boost demand for ultrasound probes.
According to World Health Organization (WHO) estimates, cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. Hence, demand for ultrasound devices to diagnose various CVDs is increasing due to improving image production quality. Rise in the number of patients suffering from pulmonary artery related disorders is also expected to propel demand for ultrasound devices for lung imaging. Surge in the population suffering from TB is likely to boost demand for ultrasound imaging, thereby increasing the usage of ultrasound probes primarily in low and middle income countries such as India, China, and Africa.
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Increase in rate of abnormalities in fetuses due to pregnancy at a late age is projected to drive demand for ultrasound diagnosis. Ultrasound devices are used extensively for obstetrics imaging due to absence of harmful radiation. According to the March of Dimes Foundation, nearly one in every 150 newborn babies suffers from chromosomal abnormalities. Hence, fetus diagnostics is essential to treat chromosomal abnormalities at an early stage of pregnancy.
Rise in incidence rate of such abnormalities increases demand for ultrasound imaging, and in turn usage of ultrasound probes. However, lack of awareness about ultrasound probe, high cost, and limited availability are expected to restrain the global ultrasound probe market in the next few years. Government funding in emerging markets are expected to provide new opportunities in the market during the analysis period.
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Ultrasound Probe Market: Segmentation
The global ultrasound probe market can be segmented based on type, application, end-user, and region. In terms of type, the ultrasound probe market can be bifurcated into linear type, convex type, phased array type, endocavitary type, and others. Based on application, the market is segmented as OB-Gyn, urology, vascular & nervous system, renal / digestive, musculoskeletal, and others. Based on end-user, the global ultrasound probe market can be divided into hospitals, clinics, diagnostic centers, ambulatory surgical centers, and others.
Ultrasound Probe Market: Regional Analysis
In terms of region, the global ultrasound probe market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America led the global market in 2017 owing to a -developed healthcare system. Europe was the second largest market in 2017. The market in the region is projected to be driven by rise in demand from ambulatory care centers.
Asia Pacific held the third largest market share in 2017. This is attributed to technological advancements in healthcare, rise in population, increase in geriatric population, and surge in the number of ultrasound diagnostic procedures performed every year, especially in China and India.
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Ultrasound Probe Market: Competitive Landscape
Key players operating in the global ultrasound probe market include GE Healthcare, Koninklijke Philips N.V., Siemens AG, Fujifilm Holdings Corporation, Samsung Medison, Hitachi, Ltd., Esaote SpA, Mindray, Shenzhen Ruqi Technology Co., Ltd., and SonoScape Medical Corp.
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