Market Analysis: Ultrasound

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Diagnostic ultrasound, sometimes called sonography or diagnostic medical sonography, is a noninvasive imaging method that utilizes high-frequency sound waves to produce images of structures within a body. The images can be used to acquire information for diagnosing and treating a variety of diseases and conditions.

The application of ultrasound as a diagnostic tool emerged during the 1950s when innovators pioneered the use of ultrasound in monitoring fetal development. Other early advances included the development of B-mode ultrasound imaging and contact scanning. These technological advances paved the way for the use of ultrasound in various clinical applications.

Some of the more recent innovations currently available on the market include the use of hand-carried ultrasound units for the anesthesia and emergency wards, the emergence of hand-carried ultrasound devices, and technological advances in three-dimensional and four-dimensional ultrasound imaging, as well as significant improvements in image quality, the use of ultrasound contrast agents to improve sensitivity for the detection of tumors, and the emergence of sonoelastography as a method of measuring tissue stiffness to help diagnose liver fibrosis staging, thyroid nodules, and lymph node and indeterminate breast lump characterization.

In addition, new development includes the use of wireless and immediate transmission of ultrasound images using a variety of applications and dedicated cloud servers. It is anticipated that this trend toward inexpensive, portable and wireless ultrasound imaging is having a major impact on the efficiency of health care delivery and global accessibility to ultrasound imaging.

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The global medical ultrasound market has experienced tremendous growth in recent years and it is forecast to continue.

A recent BCC Research report focuses on the global market for medical ultrasound devices by geographic region and by market segment and provides an in-depth discussion and analysis of the clinical applications of ultrasound equipment. It also reviews new and developing technology platforms. The report also examines companies that are actively developing and marketing medical ultrasound devices around the world.

“The global market for medical ultrasound devices is expected to reach $9.9 billion by 2021 from $7.3 billion in 2016, rising at a compound annual growth rate (CAGR) of 6.4 percent from 2016 through 2021,” according to a PR Newswire statement on the BBC Research report.

It reports that the Asia-Pacific market is the largest regional market for medical ultrasound devices. The market is expected to grow from $2.4 billion in 2016 to $3.7 million in 2021 at a CAGR of 9.5 percent for the period 2016-2021.

“The Latin American market for medical ultrasound devices is expected to grow from $576 million in 2016 to $847 million in 2021 at a CAGR of 8.0 percent for the period 2016-2021,” according to the news release.

MarketsandMarkets also predicts growth for the global ultrasound market.

“The global ultrasound market is expected to reach $6.86 billion by 2020 from $5.25 billion in 2015, at a CAGR of 5.5 percent from 2015 to 2020,” according to MarketsandMarkets. 

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