The global ultrasound market is expected to reach USD 6.86 Billion by 2021 at a CAGR of 5.2% during 2016 to 2021. A number of factors such as rising patient population base for chronic and lifestyle-related disorders, technological advancements, and growing market demand for minimally invasive diagnostic and therapeutic techniques are driving the growth of the market.
The key players in the global ultrasound market focus on various strategies such as product approvals, launches, & enhancements; agreements, partnerships, & collaborations; strategic acquisitions; and geographic expansions to increase their market shares in the global market. Product approvals, launches, and enhancements were the key strategy adopted by major industry players to achieve growth in the market. These strategies were majorly adopted by Koninklijke Philips N.V. (Netherlands), General Electric Company (U.S.), Siemens AG (Germany), and Mindray Medical International Ltd. (China). Apart from product approvals, launches, and enhancements; many prominent players also adopted agreements, partnerships, and collaborations as one of their growth strategies to strengthen their market presence by improving their distribution network and streamline their research and development capabilities.
General Electric Company held the leading position in the global market, in 2015. The company offers a broad portfolio of ultrasound products used in urology, general imaging, cardiovascular, and breast imaging. The company has a strong geographic presence in ~150 countries across the globe. It pursues organic as well as inorganic growth strategies such as product launches and strategic acquisitions. During 2013 to 2016, the company launched various products in the market, including the Vivid iq (a portable cardiovascular ultrasound system launched in August 2016) and Vscan Access (a portable ultrasound device launched in July 2015).
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Koninklijke Philips N.V. (Netherlands) held the second position in the market, in 2015. The company has a strong foothold in the market due to its broad portfolio of ultrasound products, like the Affiniti series, EPIQ 7, and EPIQ 5. In order to further strengthen its position and to gain a larger share in the ultrasound diagnostics industry, the company focuses on inorganic growth strategies such as product launches. For instance, in November 2015, the company launched Lumify, its first app-based ultrasound solution in the U.S. market. This solution strengthens healthcare professionals’ capabilities in delivering high-quality care through advanced cloud-based and tablet imaging ultrasound solutions. In June 2015, the company launched the Heart Model, an anatomically intelligent ultrasound (AIUS) tool which brings advanced quantification, automated 3D views, and robust reproducibility to cardiac ultrasound imaging.