ULTRASOUND DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Ultrasound Devices Market Drivers:

• Increasing prevalence of chronic diseases: The increasing prevalence of chronic diseases across the globe is one of the major factors driving the growth of the global ultrasound devices market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2021, around 18.2 million adults aged 20 and older had coronary artery disease (CAD) in the U.S. Heart disease is the leading cause of death among people in the U.S. The high incidence of chronic diseases increases the demand for huge diagnostic procedures, which, in turn, drives the market.
• Technological advancements in ultrasound devices: Technological advancements in ultrasound devices have opened various new avenues for use across diverse industries from healthcare to industrial production. Traditionally limited to obstetrics and gynecology for imaging soft tissues, ultrasounds are now being utilized for an array of diagnostic and therapeutic purposes due to development of high frequency transducers, 3D/4D imaging, compound imaging and more sophisticated software.
• Increasing applications of ultrasound devices: The application of ultrasound devices has widened significantly over the past decade across various sectors of healthcare. Ultrasound imaging is now routinely used not just in diagnostics but also in image-guided procedures and treatments. This has helped ultrasound technology to penetrate deeper into the overall patient management process. For instance, on July 13, 2023, Konica Minolta Healthcare Americas, Inc., a world-class provider and market leader in diagnostic imaging solutions, announced the introduction of PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications.

Global Ultrasound Devices Market Opportunities:

• Portable/compact ultrasound devices: Portable and compact ultrasound devices have huge potential in the global ultrasound devices market. With advancements in technology, ultrasound devices are becoming smaller, more affordable and more accessible. These portable ultrasound machines are revolutionizing point-of-care diagnostics across various clinical settings. For instance, in November 2022, Royal Philips, a global leader in health technology, announced the global launch of a next-generation compact portable ultrasound solution at the Radiological Society of North America (RSNA). Philips’ new Compact 5000 Series aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to more patients.
• Multi-specialty ultrasound applications: Multi-specialty ultrasound applications have a vast potential to drive growth in the global ultrasound devices market. Traditionally, ultrasound devices have been used majorly for diagnostic imaging purposes in obstetrics and gynecology. However, with advancements in technology their applications have vastly expanded beyond imaging to areas such as treatment, monitoring, and surgery.

Global Ultrasound Devices Market Restraints:

• High cost of advanced ultrasound devices: The high cost of advanced ultrasound devices is presenting a major challenge for the growth of the global ultrasound devices market. Ultrasound technology has vastly improved in recent years with the development of new high-end models that offer better imaging capabilities and features compared to traditional systems. However, these state-of-the-art ultrasound machines come with a very steep price tag, which is prohibitive for many healthcare organizations and diagnostic centers, especially in developing regions with limited resources.
• Shortage of skilled Sonographers: The shortage of skilled sonographers is proving to be a major hurdle for the global ultrasound devices market to grow to its full potential. Sonographers play a vital role in performing ultrasound tests prescribed by physicians and radiologists. They are specially trained medical professionals who acquire and interpret ultrasound images. However, many countries are facing an acute shortage of qualified sonographers.
• Stringent regulations for approval and commercialization: Stringent regulations for approval and commercialization of ultrasound devices are one of the major factors restraining the growth of the global ultrasound devices market. The ultrasound device industry operates in a highly regulated environment with strict rules laid down by government and regulatory bodies overseeing product approval and safety standards.