Global Ultrasound Devices Market - Segmented by Application, Technology, Type, and Geography - Growth, Trends, and Forecast (2018-2023)
Ultrasound is a medical imaging modality that uses high-frequency sound waves, to visualize internal organs of the body. It transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the organs into the probe and are transmitted to a display that generates the image. The global ultrasound devices market is expected to register a CAGR of about 4.0% during 2018-2023 (the forecast period).
Government and Private Funding for R&D in Ultrasound Imaging
The governments across the world are focusing on the promotion and support of the industrial research. Several tax incentives have been provided to industries to establish R&D units, with highly improved imaging facilities, especially in ultrasound. The long-term goal of these initiatives is to develop innovative, disruptive, safe, non-invasive ultrasound technologies that enable or enhance interventional therapies for the treatment of diseases, injuries, abnormalities, and other conditions. The types of ultrasound interventional therapies include ultrasound thrombolysis, high intensity focused ultrasound, and sonophoresis.
Additionally, increasing number of healthcare providers, technological advancements, and rising incidences of chronic diseases are some of the other factors that contribute to the market growth.
FDA's Center for Devices and Radiological Health (CDRH) is responsible for regulating firms that manufacture, repackage, re-label, and import medical devices and radiation-emitting electronic products, such as ultrasound equipment. As per the Code of Federal Regulation 21 CFR Part 807, manufacturers and initial distributors of ultrasound equipment must register with FDA and the registrations must be submitted electronically, unless a waiver has been granted by the FDA. Manufacturers should follow all the steps set by FDA, from equipment registration to the submission of a premarket notification. The same applies for premarket approval, investigational device exemption, quality system regulation, labeling and medical device reporting. These stringent FDA regulations and other similar guidelines from various countries are restraining the global ultrasound devices market growth.
Additionally, lack of skilled labor, to handle the advance equipment, is also restraining the ultrasound devices market growth.
North America to Dominate the Market
The global ultrasound devices market has been segmented on the basis of application, technology, type, and geography. By geography, it is further segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Due to the advancements in the ultrasound technology, growth in the need for accurate and early diagnosis, and improvement in healthcare infrastructure, North America is dominating the global market.
Major Players: HITACHI MEDICAL CORPORATION, PHILIPS HEALTHCARE, GE HEALTHCARE, SIEMENS HEALTHINEERS, TOSHIBA MEDICAL SYSTEMS CORPORATION, MINDRAY MEDICAL INTERNATIONAL LTD, TRIVITRON HEALTHCARE PVT. LTD, FUKUDA DENSHI CO. LTD, and SHANTOU INSTITUTE OF ULTRASONIC INSTRUMENTS CO. LTD, among others..
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