Exploring the Booming Ultrasound Device Market in China: Trends, Challenges, and Opportunities – Renub Research
According to Renub Research latest report “China Ultrasound Device Market, Size, Forecast 2023-2027, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” China Ultrasound Device Market is estimated to reach US$ 2.19 Billion, at a CAGR of 6.9% by 2027. Ultrasound device is used by professionals and physiotherapists in a therapeutic way to treat pain conditions and to promote tissue healing. Ultrasound therapy utilizes sound waves to treat injuries like muscle strains or runner’s knee. The sound waves that are used by the devices are above the range of human hearing.
Over the last ten years, ultrasound has gradually expanded beyond cardiology, OB/GYN, and radiology to a wide range of clinical specialties, including musculoskeletal, gastroenterology, and surgery; expanding the customer base has driven additional revenue growth. This trend started in developing countries, particularly China, where specialty departments at larger hospitals now often have their budgets to buy ultrasounds.
An imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body is called ultrasound. It is also known as sonography. The ultrasound devices are being used as both diagnostic imaging and therapeutic modality, and have a wide range of applications in the medical field. This can be seen in its usage in fields, such as, chronic diseases, which include health conditions, such as heart diseases, asthma, cancer, and diabetes. It is also widely utilized for the assessment of various conditions of the kidney, liver, and other abdominal conditions.
As per a GLOBOCAN 2020 report, in 2020, China reported 4,568,754 new cases of cancer, with a total of 9,294,006 five-year prevalent cases of cancer. The same report also predicted that the cases of cancer will reach 5,811,629 by 2030 and 6,845,787 by 2040. This high rise in the cancer will add to the growth of the ultrasound device market of the country. Moreover, the combination of new government investment, diversifying of clinical use and changing product mix, and improvements in the quality of healthcare services in rural and metropolitan areas alike.
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Critical Care Application Segment has a Dominant Market Share
Increasing disease burden and rising old age population are the key drivers of the critical care ultrasound application industry. Additionally, the prevalent use of portable ultrasound systems for the clinical assessment of elderly patients, the significant rise in awareness regarding therapeutic and diagnostic critical care systems, and increasing healthcare spending is aiding the segments progress.
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3D and 4D Ultrasound division is Predicted to have a High Market Share and Growth Rate
The expected increase in the target customer pool is the key reason for the high growth rate of the 3D and 4D Ultrasound division. Furthermore, the presence of major market players, rapid technological advancements in the field of 3D imaging, rise in the healthcare expenses of the country, and the manufacturing capability of the country is further anticipated to propel the growth of the 3D and 4D ultrasound devices market in the country in the coming years. For instance; the Government of China had issued a circular demonstrating equal treatment while possession is done by the government. This issuance was done by the government to ensure the participation of the foreign companies in manufacturing medical devices, within China.
Ambulatory Surgical Centre is forecasted to grow at a significant rate during the forecast period:
The rising healthcare costs due to the rise in prevalence of chronic diseases, the aging population, high healthcare expenditure by the government, and increasing hospital readmissions, have led to the expansion of ambulatory surgical centres. Hence, the country is expected to observe the fast growth in the ambulatory surgical centre segment in the coming years.
Competitive Landscape:
The key players operating in the China Ultrasound Devices Market profiled in this report are; Canon Medical Systems Corporation, Koninklijke Philips N.V., Siemens A.G., Samsung Electronics Corporation Ltd., and Hologic, Inc.
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