Shift to Minimally Invasive Surgeries Strengthens Ultrasound Device Market
Ultrasound Device Market S0E0 wtorek, 26 lipiec 22, 09:50On the other hand, the APAC ultrasound device market is expected to showcase the fastest growth in the foreseeable future.
The surging elderly population, growing preference for minimally invasive medical procedures, rising burden of chronic ailments, ongoing advancements in ultrasound technology, and mounting healthcare expenditure will help the ultrasound device market grow in the coming years. In recent years, the miniaturization of point-of-care devices has become a major market trend. Healthcare facilities around the world are switching to miniature and portable devices to facilitate improved healthcare services. To offer point-of-care treatment to patients, healthcare units are increasingly focusing on the use of compact and lightweight devices.
Additionally, the growing population of the elderly will also help the ultrasound device industry grow because aging weakens the immune system and makes people more vulnerable to chronic diseases. The WHO estimates that 1 in 6 people in the world will fall in the age group of 60 years or more, by 2030. As per the UNDESA, the number of people aged 65 years or over in the world will grow from 727 million in 2020 to approximately 1.5 billion by 2050.
The general radiology / imaging category, within the application segment, held the largest share in the ultrasound device industry in the preceding years, and it is also expected to retain its dominance in the forthcoming years. (The cardiology category will register the fastest growth in the upcoming years, due to a considerable surge in the cases of heart diseases. Moreover, CVDs, a group of heart and blood vessel disorders, accounted for nearly 17.9 million fatalities in 2019, as per the WHO.
According to P&S Intelligence, the European ultrasound device market will generate the highest revenue in the coming years, due to the increasing volume of minimally invasive procedures, soaring cases of chronic diseases, and surging focus of players on product approvals in the region. The European Commission estimates that over 6 million new cases of CVDs are recorded in the EU member nations each year. As per the regional organization, approximately 1.8 million CVD-related deaths occur every year in the EU.
On the other hand, the APAC ultrasound device market is expected to showcase the fastest growth in the foreseeable future. This will be on account of the booming geriatric population, increasing incidence of chronic diseases, and soaring healthcare expenditure in the region. According to the UNFPA, the population of people over 60 years of age in APAC will reach close to 1.3 billion by 2050. The organization further predicts that 1 in 4 people in the region will be more than 60 years by the mid-century.
Therefore, the burgeoning geriatric population and the soaring popularity of minimally invasive procedures will accelerate the global demand for ultrasound devices in the future.