According to a new market report published by Lucintel, the future of the global ultrasound imaging market looks good with opportunities in the gynecology, cardiology, radiology, vascular and urology clinical applications market. The global ultrasound imaging market is expected to reach an estimated $7.6 billion by 2022 and is forecast to grow at a CAGR of 4.9% from 2017 to 2022. The major drivers for the growth of this market are the rising demand for minimal invasive and non-invasive diagnostic procedures, technology advancement, and an increasing number of patients.
In this market, gynecology, cardiology, radiology, vascular and urology are the application market. On the basis of comprehensive research, Lucintel forecasts that the gynecology and cardiology segments are expected to show above average growth during the forecast period.
Within the global ultrasound imaging market, radiology segment is expected to remain the largest market. Growing geriatric population and rise in awareness for early diagnosis are the major driving forces that will spur growth for these segments over the forecast period.
By technology, 3D, 4D and Doppler imaging ultrasound devices are expected to show above average growth over the forecast period due to technological advancement.
By product type, trolley/cart based ultrasound device is expected to remain the largest segment over the forecast period due to its ease of operation in the imaging processes.
By display type, color ultrasound device segment is expected to remain the largest segment with technological benefits such as clear and efficient diagnostic results.
Europe is expected to remain the largest market due to the technological advancement, geriatric population, and increasing importance on minimally invasive procedures in this region.
APAC is expected to witness the highest growth over the forecast period due to improving healthcare facilities and increasing awareness of the need for preventive screening.
For business expansion, this report suggests innovation and new product development for achieving the best imaging quality in diagnostic imaging using ultrasound devices.
Emerging trends which have a direct impact on the dynamics of the industry include technological innovations and advancement, ultrasound diagnostic in the field of guided therapy and surgery, and commercialization of portable/hand-held devices. GE Healthcare, Philips Healthcare, and Fujifilm Holdings Corporation are among the major suppliers of ultrasound devices.