The size of the ultrasound devices market in Europe was estimated at USD 2.21 Billion in 2022. It is projected to reach USD 2.74 Billion by 2027, at a CAGR of 4.4% during the forecast period.
KEY DRIVING FACTORS:
Europe Ultrasound Devices Market is focused on promoting and supporting industrial research. Several tax incentives have been provided to establish the industry's research and development department, and imaging equipment such as ultrasound has been significantly improved, which is expected to drive the market growth. The long-term goal of these programs is to develop innovative, disruptive, safe, non-invasive ultrasound technology to enhance interventional therapies for treating disorders, injuries, abnormalities, and other conditions. Also, the increasing demand for minimally invasive equipment, the rising number of older adults, the shrinking size of ultrasound equipment, and the growing incidence of chronic diseases (such as cancer) are other factors acting as the European growth drivers of the European ultrasound devices market.
Ultrasound Devices are an essential method for diagnosing ailments like CVD and cancer. The increasing prevalence of chronic diseases in the European Union is expected to continue to drive demand and create an opportunity for these devices in the market. In recent years, technological advances in computing applications, electronic devices, and transducers have revolutionized ultrasound equipment and its popularity. These advances have led to the miniaturization of ultrasound equipment. Manufacturers of the EU medical ultrasound device market adopt wireless technologies such as near field communication and Bluetooth to improve device performance in critical and emergency medical applications.
Also, healthcare providers and patients are increasingly recognizing the benefits of portable ultrasound devices in a live care environment. Handheld instant care devices are smaller and more accessible to charge than traditional cart devices. As a result, these devices' benefits have increased, their adoption in the European Union has increased, and the region's medical ultrasound equipment market has grown even faster.
However, the lack of skilled workers to handle the equipment is limiting the market growth in this area. The key challenges for the European ultrasound devices market are the growing demand for refurbished medical imaging equipment and the high installation cost.
This research report on the European Ultrasound Devices Market has been segmented and sub-segmented into the following categories:
By Device Display:
Regionally, The European ultrasound devices market was the second leading region in the global market in 2019. Increasing market penetration of therapeutic ultrasound and the growing emphasis on minimally invasive procedures (including diagnostic and therapeutic ultrasound) is attracting the companies in this region. They can contribute a maximum share to the market.
The German ultrasound devices market dominated the European market in 2020 due to the increased number of ultrasound diagnostic imaging procedures. Ultrasound increased 5 percent annually. Moreover, technological advancement key players are making the devices more compact and portable and incorporating innovative technologies, like 3D and 4D imaging. In 2018, the Samsung RS85 ultrasound system got FDA clearance. It was designed for various multi-step actions that are now coupled into a single step to minimize keystrokes and repetitive user communication. Adding to increasing incidences of chronic diseases (like cancer, cardiovascular) contributes to the German ultrasound devices market's growth.
The UK ultrasound device market is estimated to display a significant growth rate during the forecast period. Rising demand for the minimally invasive device, an increase in the number of the geriatric population, reduction in the size of ultrasound devices are majorly pushing the market growth in the United Kingdom.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European 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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