Major players in the ultrasound devices and equipment market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Mindray Medical International Ltd and Fujifilm Holdings Corporation.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ultrasound Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967804/?utm_source=GNW
The global ultrasound devices and equipment market is expected to decline from $9.7 billion in 2019 to $7.8 billion in 2020 at a compound annual growth rate (CAGR) of -19.7%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. Also, most of the factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown inorder to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 4.8% from 2021 and reach $11.7 billion in 2023.
The ultrasound devices and equipment market consists of sales of ultrasound devices and equipment and related services. Ultrasound systems are machines used to see internal body structures based on the ultrasound application. Ultrasound systems are used in applications such as radiology/general imaging, orthopedic, cardiology, obstetrics/gynecology, vascular, urology, and other applications (breast imaging, hematology, anesthesiology, and emergency care).
Safety and effectiveness of ultrasound system devices and equipment is heavily monitored and regulated across the world. In 2018, the Indian Government has decided to thoroughly monitor these devices as they are being imported to India without much registration protocols. In order to ensure the efficiency & safety of ultrasound system devices and prevent the abuse of these devices for sex selection, the Drug Technical Advisory Board (DTAB) has included these devices in medical devices category and will now monitor and regulate import, manufacture, distribution and sale of these devices. An additional permission to be taken from Central Drugs Standard Control Organization (CDSCO) is required by the manufacturers of ultrasound system devices. These stringent regulatory policies may impact the ultrasound system devices and equipment market in India, one of the fastest growing market.
Strict approvals and regulations by government bodies such as US Food and Drug Administration (FDA) is hampering the growth of Ultrasound system devices and equipment market. The manufacturers are required to comply several regulations in the form of device quality check, labeling, premarket approval, device investigation and reporting, apart from the regular registration process. Such excessive, strict and rigid regulations are restraining the market’s growth. Due to these stringent regulations, many manufacturers prefer to outsource the manufacturing to other countries where no such regulations are imposed. For example, FDA rejected the launch of EDAP TMS’s latest High Intensity Focused Ultrasound (HIFU) device stating safety concern.
Introduction of the 3D/4D Ultrasound devices is the latest trend that is going to change the landscape of ultrasound devices and equipment market. The 3D/4D technology ultrasound device provides real time enhanced imaging of the internal anatomy/fetus, also enabling real-time volume imagining. This technology can also help in performing complex surgeries. The 3D/4D ultrasound device would also feature improved image visualization power, shorten examination time and decrease strain injury during the surgery. For example, Toshiba’s Aplio i900 Ultrasound machine makes use of the 3D/4D technology.
Government and private funding in ultrasonic devices manufacturing companies is driving the growth for the ultrasound systems device and equipment market. The investments by private firms as well government would provide adequate capital for the ultrasonic device manufacturing companies to conduct research and development and develop innovative and advanced ultrasound devices. For example, during 2015-2017, Chinese ultrasonic companies like Sonoscape, Mindray and SIUI have benefitted from government initiative to boost local manufacturers. Also, Private equity firm KKR decided to invest $35 million in Australia’s ultrasound device maker Signostics Ltd. Hence, these funding’s would not only encourage innovative devices but boost the market as well.
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