The Ultrasound devices market size in the Asia Pacific is projected to be valued at USD 2.62 billion by 2028 from USD 1.79 billion in 2023, growing at a CAGR of 7.92% from 2023 to 2028.
Ultrasonic devices are used to detect objects and measure distances. Ultrasound imaging or sonography is often used in medicine. Ultrasound is used to identify invisible flaws in the non-destructive testing of products and structures. Ultrasound devices make images of the body's internal parts and help examine underlying problems. The body structures are reflected through the output of high-frequency sound waves. There are different types of ultrasound devices, depending on the site and route of examination.
Technological advancements are one of the major factors propelling the ultrasound devices market in the Asia-Pacific. Furthermore, the easy accessibility, portability, manageability of ultrasound devices and, the rise in prevalence of underlying diseases that are not easily detectable, and the increasing geriatric population are further expected to promote the market growth. In addition, government and private funding for R&D in ultrasound imaging, the aging population, the increasing number of healthcare providers, curtailment in the size of ultrasound devices, and higher incidences of chronic diseases are some of the major factors propelling the growth of the market. However, massive competition exists for brands manufactured in the Asia Pacific region. Also, ultrasound images cannot be as accurate as MRI and CT scans. For instance, it cannot particularly disclose detailed information about the tumors, whether mortal or any other type.
The growing number of people suffering from chronic diseases from the Asia-Pacific region is increasing the need for ultrasound imaging and demanding more ultrasound devices to handle the treatment needs, accelerating the market growth in the Asia-Pacific region. World Economic Forum says that an estimated 8.5 million people from Asia die yearly from chronic diseases. In the Asia Pacific region, the most common chronic diseases are diabetes, cardiovascular diseases, and cancer. Some of the factors that cause chronic diseases are genetic issues, increasing consumption of alcohol, adopting an unhealthy lifestyle, and reduction of exercise in daily life. This disease can be detected by using ultrasound devices for further treatment procedures. For instance, ultrasound gives images of the organs inside the body and helps to locate the growth of cancer and the presence of stones and different types of tumors. In addition, ultrasound is also used to treat chronic wounds.
In addition, key market participants focus on manufacturing portable ultrasound devices by integrating advanced technologies such as AI, which is expected to put the market forward. Portable ultrasound helps to increase flexibility and mobility and provides real-time images. It also gives high-quality images without depending on another machine.
However, the lack of skilled labor to handle the equipment and stringent FDA regulations turned out to be a restraint for the ultrasound devices market in the Asia-Pacific region. In addition, the high cost of the devices and reimbursement issues further inhibit the market's growth rate. Furthermore, the lack of awareness in some rural areas and the lack of suitable infrastructure further hamper the growth of ultrasound devices in Asia-Pacific.
This research report on the Asia Pacific ultrasound devices market has been segmented and sub-segmented into the following categories:
By Device Display
Regionally, an increasing number of age-related illnesses, growing public awareness about therapeutic benefits offered by ultrasound, and rising focus of international device manufacturers on strengthening their distribution networks in APAC are the factors that are noticed in this region, which is attracting the companies to enter this market.
China dominates the Asia Pacific market due to its highly developed healthcare facilities, infrastructure, hospitals, clinics, and healthcare professionals. China and Japan also secure their top shareholder position due to their exports, manufacturing processes, and distribution networks. China held a significant share of the APAC market owing to the increasing aging population and increasing product approvals. In addition, the Chinese government started investing more in the manufacturing of devices that helps to detect different type of diseases in the body. Furthermore, increasing diagnostic centers and strong support from the Chinese government further propel the market growth.
On the other hand, the Indian ultrasound devices market is anticipated to register a healthy CAGR during the forecast period. Increasing training centers to learn the use of advanced ultrasound devices and the growing importance of early disease detection promote the ultrasound devices market in India. Most of the deaths are due to cardiovascular diseases in India, and due to this, most people have ultrasound treatment to monitor cardiac health, the presence or absence of cardiac function during cardiac arrest, and the response to cardiopulmonary resuscitation and others.
KEY MARKET PLAYERS:
A few of the promising companies operating in the APAC ultrasound devices market profiled in this report are General Electric Company (U.S.), Koninklijke Philips N.V., Toshiba Corporation, Siemens AG, Hitachi Ltd., Samsung Electronics Co., Ltd., FUJIFILM Holdings Corporation, Esaote S.p.A., Mindray Medical International Ltd and Analogic Corporation (U.S.).
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