LONDON, Aug. 27, 2020 (GLOBE NEWSWIRE) -- (Ultrasound Devices Companies Included: General Electric Company, Koninklijke Philips N.V., Siemens Healthineers, Canon, Hitachi)
The ultrasound devices market size & forecast by TBRC shows that companies manufacturing ultrasound machines are using internet of things (IoT) enabled solutions to help diagnostics carry out ultrasound operations by connecting to more than one location. IoT helps in taking technology to the patient, instead of patients coming to an assigned room in a hospital. IoT in ultrasound machines is helping medical diagnostics in becoming location independent. This is especially helpful during the pandemic, when social-distancing measures are implemented everywhere.
Due to the high competition in the market, many companies are investing in advanced technologies to widen product portfolio and increase the share in the market, resulting in a rise in new product launches. Companies are also streamlining their workflow process to become more productive by increasing patient throughput without compromising on quality, and are offering features such as faster processing times, reduced dropdown menus and keystrokes, and automation of measurements. Another important trend in the ultrasound market in the process of speeding up workflows is the integration of artificial intelligence (AI), which offers advantages by automating time-consuming activities and picking up the ideal image.
Growth of the ultrasound market in the historic period resulted from such rapid technological advances coupled with large-scale investments in the healthcare industry, support from governments and private organizations for research and development that resulted in innovations, and the increased size of aging populations with mobility issues.
The Business Research Company’s report titled Ultrasound Devices Market - Opportunities And Strategies – Global Forecast To 2023 covers major ultrasound devices companies, ultrasound devices market share by company, ultrasound devices manufacturers, ultrasound devices infrastructure market size, and ultrasound devices market forecasts. The report also covers the global ultrasound devices market and its segments. The ultrasound devices market is segmented by type of product into stationary ultrasound devices, mobile ultrasound devices, handheld ultrasound devices, by end-use application into cardiovascular, obstetric/gynecological, gastro, musculoskeletal, point of care.
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The global ultrasound equipment market size was valued at $9.69 billion in 2019. The market accounted for 11.04% of the global GDP. In terms of per capita consumption, the market accounted for $1.28 billion. The market for ultrasound devices is mainly supported by the presence of large elderly populations and demand for diagnostics from the large patient pool suffering from chronic diseases globally. The ultrasound market is supported by the advances in ultrasound device technology that has moved from analog imaging to digital imaging, continuous improvements in image quality, dose reduction techniques, and efficiencies in workflows as mentioned in the trends taken above. Highly sophisticated healthcare infrastructure and high expenditure on ultrasound imaging procedures in developed economies also support the market.
The global market for ultrasound devices reached this value of nearly $9.69 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.2% since 2015. The market is expected to grow at a CAGR of 4.7% to nearly $11.65 billion by 2023. Thus, with increased healthcare spending in both developed and developing countries, and increased applications of ultrasound devices in cardiology, radiology/general imaging, obstetrics/gynecology, urology, and other emergency clinical areas, such as musculoskeletal, emergency medicines, and anesthesiology, the ultrasound devices market share increases.
Ultrasound Devices Market - Opportunities And Strategies – Global Forecast To 2023 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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