Rising Prevalence of Chronic Diseases Driving Ultrasound Device Market

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The global ultrasound device market was valued at $6,014.4 million in 2015, and it is expected to grow at a CAGR of 5.5% during 2016-2022.

The global ultrasound device market is projected to advance at a considerable rate in the coming years, which is attributed to the surging geriatric population, rising healthcare cost, technological advancements in ultrasound devices, increasing prevalence of chronic and lifestyle associated diseases, and rising demand for minimally invasive diagnostic and therapeutic techniques. Ultrasound devices are utilized for therapeutic and diagnostic applications. In terms of display, the market is bifurcated into colored display and black and white display. The colored display is expected to account for the major share of the market in the near future.

When technology is taken into consideration, the ultrasound device market is divided into high-intensity focused ultrasound (HIFU), 2D, extracorporeal shockwave lithotripsy, 3D and 4D, and doppler. Out of these, the 2D division dominated the market in the past and is further predicted to account for the major share of the market in the coming years, as it is the conventional ultrasound scanning technology. The HIFU division is expected to grow at the fastest pace in the coming years. The technology is utilized for treating a single tumor or a part of a large tumor.

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The surging prevalence of chronic and lifestyle associated diseases, such as heart disease, diabetes, cancer, respiratory disease, and stroke, is among the major driving factors of the ultrasound device market. In 2012, about 117 million people in the U.S. were suffering from either one or more chronic health conditions, according to the Center for Disease Control and Prevention. In addition to this, cardiovascular diseases are the leading cause of premature death across the world. Attributed to these factors, various developments have taken place in the field of cardiac ultrasound for effective diagnosis and treatment.

A key trend being observed in the ultrasound device market is the miniaturization and development of devices for point of care. The demand for point of care testing is rising because of the growing need for integrated and portable devices. Point of care testing aids in performing tests close to the patient and further provides immediate results. In addition, the miniaturization of ultrasound devices has risen because of their application in emergency care for speedy and accurate diagnosis. Miniaturized wearable ultrasonic diathermy device is used for therapeutic treatment.

Hence, the market is being driven by the growing prevalence of chronic and lifestyle associated diseases and increasing requirement for minimally invasive diagnostic and therapeutic techniques.