The medical applications of ultrasound technology are continuously evolving both in terms of treatment and diagnosis. Over time, technologies employed in sonography have developed considerably. As new technologies continue to be innovated, the demand for ultrasound devices is on the rise, states Transparency Market Research (TMR) in a new study. Following recent technological advances, ultrasound devices are increasingly preferred in the diagnosis of a myriad of diseases. These devices enable physicians to get a clear image of internal organs of a patient’s body thus assisting surgeons while performing surgeries besides facilitating precise diagnosis.
Much like personal communication, ultrasound technologies are also evolving. Apart from a plethora of handheld and compact devices, the advent of 3D and 4D ultrasound devices has provided a major boost to the market. Furthermore, the sales of ultrasound devices are expected to rise as number of patients suffering from chronic ailments grows.
According to the WHO, the number of people suffering from cardiovascular diseases is expected surpass 23 million by 2030. The incidence of tuberculosis and other diseases is also likely to surge worldwide. Accurate diagnosis of ailments is thus imperative to curb the prevalence of such illnesses. This explains the rising demand for ultrasound devices across healthcare organizations. According to TMR, the global ultrasound devices market stood at US$6.7 bn in 2014 and is expected to reach US$11 bn by the end of 2023.
Q: What strategies are leading companies adopting to gain competitive advantage amidst consolidation?
A: With a handful of enterprises enjoying considerable share in the market, a high level of concentration exists in the ultrasound devices market. As per Transparency Market Research (TMR), dominant companies have been thus focusing on acquiring regional players over the last couple of years, aimed at expanding their global footprint. As leading companies such as Fujifilm Holdings Corporation, GE Healthcare, and Koninklijke Philips N.V. seek expansion, TMR forecasts market operations in emerging economies to surge sooner than expected.
For leading companies in the global ultrasound devices market, innovation-driven strategies are key to attaining sustainable growth. A case in point is the launch of Revolution ACT in 2015. It is the first ever computed tomography technology system to be completely designed and developed in India by GE Healthcare. The company also launched super value CT machines to cater to the demand rising from India. It costs one-tenth of the premium Revolution CT segment.
Besides this, in June 2016, Samsung Madison launched a premium ultrasound imaging system called “RS80A with Prestige” to strengthen research abilities across a broad spectrum of cardiovascular, breast, musculoskeletal, and abdominal ailments.
Q: How is the market poised to gain from technological advancements?
A: Currently, the market is witnessing a steady demand for cart or trolley devices. However, due to their bulky design, mobility in these devices is limited. Manufacturers are therefore compelled to focus on making these devices more compact, lighter, and as cost-effective as possible to cater to the burgeoning demand. The launch of lightweight and compact ultrasound devices is in turn expected to influence consumers positively, thus creating opportunities for the market’s expansion in the forthcoming years.
Additionally, the use of novel technologies such as Doppler ultrasound devices is projected to increase. A Doppler ultrasound device finds application in the diagnosis of blood diseases and provides fast and precise results. Due to the advantages it offers, the demand for this device is likely to increase in the near future. The launch of 3D and 4D ultrasound devices is expected influence consumer preference in their favor. .
Furthermore, the launch of several technologies isunderway, which is expected to bolster sales in the forthcoming years. Spurred by these factors, TMR expects the global ultrasound devices market to exhibit a positive growth trajectory between 2015 and 2023.