Global Ultrasound Systems Devices And Equipment Market

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). 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. 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. 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. 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.

Portable Ultrasound Devices Market Definition

The portable ultrasound devices market consists of the sales of portable ultrasound devices and related services by entities (organizations, sole traders and partnerships) that manufacture portable ultrasound devices for use in the healthcare industry. Ultrasound imaging is an imaging method in which high frequency sounds waves, usually 1-20 MHz, are transmitted into the body, encountering tissues, organs, fluids, gases, and bones. The waves are both absorbed and reflected by the different materials and interfaces within the human body. The reflection or echo, then returns back to the transmitter, forming an image of the target. A portable ultrasound device is a diagnostic imaging equipment that is small in size and light in weight, and can be moved easily from one place to other. These devices are easy to carry and useful for short duration treatments.

Diagnostic And Monitoring Ophthalmic Devices And Equipment Market Definition

The diagnostic and monitoring ophthalmic devices and equipment market consists of sales of diagnostic and monitoring ophthalmic devices and equipment and related services by entities (organizations, sole traders and partnerships) that manufacture diagnostic and monitoring ophthalmic devices and equipment. The diagnostic and monitoring ophthalmic devices are used for the diagnosis and monitoring of diseases related to the retina and cornea by measuring affix lenses and refractive errors. These devices also help to identify the power of the intra ocular lens (IOLs) and analyze the visual field. These devices include ultrasound imaging systems, optical coherence tomography scanners, ophthalmoscopes, corneal topographers, specular microscopes, slit lamps, fundus cameras, anomaloscope, haploscope, ophthalmic lens gauge, stereopsis measuring Instrument, retinoscopes, stereoscope and others.

The diagnostic imaging equipment market consists of sales of diagnostic imaging equipment and related services by entities (organizations, sole traders and partnerships) that produce diagnostic imaging equipment used in diagnosis of various diseases. The market is segmented into X-ray systems devices and equipment; ultrasound systems devices and equipment; computed tomography (CT) scanners devices and equipment; magnetic resonance imaging systems devices and equipment; cardiovascular monitoring and diagnostic devices and equipment; nuclear imaging devices and equipment. The global diagnostic imaging equipment market is expected to grow from $39.44 billion in 2020 to $43.07 billion in 2021 at a compound annual growth rate (CAGR) of 9.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $52.22 billion in 2025 at a CAGR of 5%. North America was the largest region in the global diagnostic imaging equipment market, accounting for 45% of the market in 2020. Asia Pacific was the second largest region, accounting for 24% of the global diagnostic imaging equipment market. Africa was the smallest region in the global diagnostic imaging equipment market. Portable diagnostic equipment is expected to be a fast growing segment, and competitors are focusing on developing new and innovative portable equipment during the forecast period. Owing to their ease of use and point-of-care applications, their adoption rates are steadily increasing not only for emergency and intensive care units in hospitals, but also as a part of homecare organizations. There is also a growing need for portable devices in the emergency care units for easy and quick usage, faster interventions for acute events, and better monitoring. Some of the well-known products include Samsung Electronics’ 32-SLICE CT scanner, Brain Biosciences’ CERPET portable PET scanner, Siemens Healthcare’s Mobilett mira max portable X-ray systems and Sonosite’s MicroMaxx portable ultrasound system. The major players covered in the global diagnostic imaging equipment market are Philips Healthcare, Hitachi Medical Systems, Fujifilm Holdings, Siemens Healthcare, GE Healthcare. The countries covered in the global diagnostic imaging equipment market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global diagnostic imaging equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global diagnostic imaging equipment market is segmented - 1) By Type: X-Ray Systems Devices And Equipment, Ultrasound Systems Devices And Equipment, Computed Tomography (CT) Scanners Devices And Equipment, Magnetic Resonance Imaging Systems Devices And Equipment, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment 2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Others 3) By Type of Expenditure: Public, Private 4) By Product: Instruments/Equipment, Disposables

Hospitals & Clinics Market Definition

The hospitals and clinics market consist of sales of hospital and outpatient care services and related goods by entities (organizations, sole traders and partnerships) that provide hospital and outpatient care services. This industry includes hospitals such as general hospitals, specialty hospitals and psychiatric and substance abuse hospitals that provide treatment and diagnosis for various diseases. It also includes establishments such as clinics that provide kidney dialysis, family planning counselling and other outpatient care services. Hospitals and outpatient centers are medical facilities that provide diagnostic and medical treatment to patients with a wide range of medical conditions. Clinics offer medical care or treatment that does not require any overnight stay in a hospital or medical facility. Outpatient care may be carried out in a medical office or at hospital.

The healthcare services market consists of sales of healthcare services and related goods by entities (organizations, sole traders and partnerships) that provide human healthcare services. This industry includes establishments that provide services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services.

The hospitals and outpatient care centers market consists of sales of hospitals and outpatient care services by entities (organizations, sole traders and partnerships) that are engaged in providing diagnostic and medical treatment to patients with a wide range of medical conditions. Clinics offer medical care or treatment that does not require any overnight stay in a hospital or medical facility. Outpatient care may be carried out in a medical office or at hospital. The hospitals and outpatient care centers market is segmented into hospitals and outpatient care centers. The global hospitals and outpatient care centers market is expected to grow from $3384.21 billion in 2020 to $3784.65 billion in 2021 at a compound annual growth rate (CAGR) of 11.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4959.61 billion in 2025 at a CAGR of 7%. North America was the largest region in the global hospitals and outpatient care centers market, accounting for 40% of the market in 2020. Asia Pacific was the second largest region, accounting for 26% of the global hospitals and outpatient care centers market. Africa was the smallest region in the global hospitals and outpatient care centers market. Access to healthcare services in developing countries is expected to improve. Effective implementation of health plans is the core reason for the improvement in healthcare access in many developing regions such as India, China and many Latin American countries. Some of the country-specific health reforms which are set to improve healthcare access are China’s urban resident basic medical insurance and new rural cooperative medical insurance schemes, Brazil’s unified health system and Mexico’s popular health insurance. Hence, increasing access to healthcare services is expected to be a major driver of the hospitals and outpatients care centers market. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the hospitals and outpatient care centers market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. The pandemic had a detrimental effect on the hospitals and outpatient care centers market due to disruptions in the supply chain and decrease in the footfall as patients remained cautious about visiting hospitals. The postponement of surgeries that are not urgent has resulted in a decline in revenues of the hospitals and outpatient care centers. According to the Investment information and credit rating agency (ICRA), Limited, an India based independent and professional agency, private hospitals and healthcare services companies in India are expected to suffer a 15% to 20% drop in revenues in the financial year 2021. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the hospitals and outpatient care centers market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Mobile and IoT technologies are being implemented by hospitals to provide information to various stakeholders in the hospital ecosystem. This technology offers real time visibility of patient health through active and passive data collection. This technology can monitor medical conditions and prevent life threatening diseases. Data generated through IoT devices is becoming critical for patient care managers, patients to diagnose, track and treat medical conditions. Major hospitals adopting IoT technology in the USA include HCA, Mercy Virtual Care Center and Kaiser Permanente. Thus, this technology enables healthcare providers to make accurate and informed decisions on patients’ health. The major players covered in the global hospitals and outpatient care centers market are National Health Service, Kaiser Permanente, Fresenius Medical Care AG & Co. KGaA, DaVita Inc., Universal Health Services, Inc. The countries covered in the global hospitals and outpatient care centers market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The regions covered in the global hospitals and outpatient care centers market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global hospitals and outpatient care centers market is segmented - 1) By Type: Hospitals, Outpatient Care Centers 2) By End User Gender: Male, Female 3) By Type of Expenditure: Public, Private Subsegments Covered: General Medical And Surgical Hospitals, Specialty (except Psychiatric And Substance Abuse) Hospitals, Psychiatric And Substance Abuse Hospitals, Freestanding Ambulatory Surgical And Emergency Centers, HMO Medical Centers, All Other Outpatient Care Centers, Kidney Dialysis Centers, Outpatient Mental Health And Substance Abuse Centers, Family Planning Centers

Ultrasound Devices Market Definition

The ultrasound devices market consists of the sales of ultrasound devices and related services by entities (organizations, sole traders and partnerships) that manufacture ultrasound devices for use in the healthcare industry. Ultrasound imaging is an imaging method in which high frequency sounds waves, usually 1-20 MHz, are transmitted into the body, encountering tissues, organs, fluids, gases, and bones. An ultrasound device is diagnostic imaging equipment that is available in different sizes. The large ultrasound machines that are used for performing cardiac, echo, vascular and OB/GYN studies are heavy and cannot be moved easily. They are known as fixed or stationary ultrasound devices. The small ultrasound devices are often compact and lightweight and can be easily moved to any areas of the hospitals, clinics, doctor’s office and to outpatients. These devices are useful for short duration treatments. Compact or mobile ultrasound devices can be folded in a small package whenever needed for transportation and easily connected to a computer to view digitally generated images of the interiors of a body.