Page 1

HEALTHCARE

ULTRASOUND MARKET GLOBAL FORECAST TO 2020

REPORT CODE MD 2885

ULTRASOUND MARKET - GLOBAL FORECAST TO 2020 Diagnostic Ultrasound (2D, 3D, 4D, Doppler), Therapeutic Ultrasound (HIFU, ESWL), Products (Cart/Trolley-Based, Compact, POC), Applications (OB/GYN, Cardiac Ultrasound, Vascular Ultrasound, Surgical Ultrasound)

REPORT OVERVIEW 1.1

OBJECTIVES OF THE STUDY •

To define, describe, and forecast the global ultrasound market on the basis of technologies, products (mode of display and device portability), and applications

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

To strategically analyze the micromarkets with respect to the individual growth trends, future prospects, and contributions to the overall market

To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders

To forecast the size of the market segments with respect to four main regions (along with countries), namely, North America, Europe, Asia-Pacific, and the Rest of the World

To strategically profile the key players and comprehensively analyze their market shares and core competencies

To track and analyze competitive developments such as joint ventures; mergers and acquisitions; new product developments; and partnerships, agreements, and collaborations in the ultrasound market

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INTRODUCTION

1.2

MARKET DEFINITION

Ultrasound technology involves imaging of organs and body anatomy with the help of high-frequency sound waves for diagnostic and therapeutic purposes. Diagnostic ultrasound involves the use of ultrasound to create visual images of tissues and organs in the body, which facilitate healthcare professionals to diagnose various diseases related to cardiology, orthopedics, and obstetrics/gynecology, among others. Therapeutic ultrasound utilizes this technique for the destruction of targeted tissues (in order to alleviate a patient’s diseased condition). It is used as a therapeutic tool for the treatment of kidney stones, gall stones, and cancers such as those of the liver, pancreas, and prostate.

In the current report, the ultrasound market includes diagnostic and therapeutic applications of ultrasound technology in the field of human health. This includes ultrasound products that are utilized for diagnostic applications (such as fetal imaging and imaging of heart, cancer tissue, and bones) as well as therapeutic applications (such as kidney stone removal and cancer ablation).

1.3

MARKET SCOPE

1.3.1 MARKETS COVERED •      

 

 

• • •  • •

1.3.2 GEOGRAPHIES COVERED •

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INTRODUCTION

1.4

YEARS CONSIDERED FOR THE STUDY •

1.5 CURRENCY •

The currency used in the report is USD, with market size indicated in terms of USD million. •

For companies reporting their revenues in USD, their revenues were picked from their annual reports and SEC filings

For companies reporting their revenues in other currencies, the average annual currency conversion rate was used for the particular year to convert the value to USD

1.6 LIMITATIONS •

The ultrasound market for veterinary applications are not covered separately in this report, since veterinary ultrasound is not related directly to the healthcare business of the companies profiled in the report

The report does not cover country-level quantitative information (value market) for the Rest of Europe, Rest of APAC, and RoW markets. However, the report provides regional-level and country-level quantitative and qualitative information

1.7 STAKEHOLDERS •

Ultrasound Device Manufacturing Companies

Ultrasound Imaging Software Providers

Healthcare Service Providers (Including Hospitals, Maternity Centers, and Clinics)

Research and Development (R&D) Companies

Research Institutes and Clinical Research Organizations (CROs)

Market Research and Consulting Firms

Medical Device Suppliers and Distributors

Diagnostic Centers

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RESEARCH METHODOLOGY

2.1

RESEARCH DATA

This research study involves the extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg Business, Factiva, and Avention) to identify and collect information useful for this technical, market-oriented, and commercial study of the ultrasound market. In-depth interviews were conducted with various primary respondents, which include key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts to obtain and verify critical qualitative and quantitative information as well as to assess the future market prospects. The following figure shows the market research methodology applied in making this report on the ultrasound market. • FIGURE 1

RESEARCH DESIGN

• •

• •

• •

• • •

• • • •

2.1.1 SECONDARY DATA •

The secondary sources referred to for this research study include government sources [such as the U.S. Census Bureau, World Health Organization (WHO), Organization for Economic Co-operation and Development (OECD), The World Bank, and GLOBOCAN 2012]; corporate filings (such as annual reports, investor presentations, and financial statements); and trade, business, and professional associations; among others. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by the primary research.

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RESEARCH METHODOLOGY

2.1.1.1 KEY DATA FROM SECONDARY SOURCES • • • • • • •

• • • •

• • • • • • • • • •

2.1.2 PRIMARY DATA •

Extensive primary research was conducted after acquiring knowledge about the ultrasound market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (diagnostic centers and hospitals) and supply side (ultrasound device manufacturers and distributors) across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, the Middle East, and Africa). Approximately 20% and 80% of primary interviews were conducted with both the demand and supply sides, respectively. This primary data was collected through questionnaires, mails, and telephonic interviews.

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RESEARCH METHODOLOGY

2.1.2.1 KEY DATA FROM PRIMARY SOURCES •  

• •

• •

 

 

2.1.2.2 BREAKDOWN OF PRIMARIES •

BY COMPANIES

BY DESIGNATION

14%

21%

20%

40%

76%

34%

8% 10%

45%

Tier 1

BY REGION

32%

Tier 2

Tier 3

D Level

C Level

Other*

North America

Europe

Asia-Pacific

RoW

Note:*Others include sales managers, marketing managers, and production managers. Tiers of companies are defined on the basis of their total revenues, as of 2013; tier 1 = > USD 10 billion, tier 2 = USD 1 billion–USD 10 billion, and tier 3 = < USD 1 billion

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RESEARCH METHODOLOGY

2.2

FACTOR ANALYSIS

2.2.1 INTRODUCTION •

The description and analysis of the market in this deliverable define the structure and restrictions of the potential market analysis through supply- and demand-side factors. In this background, it is vital to discuss and define these factors in order to evaluate the quantitative analysis process, which includes the analysis of the demandside drivers and the factors influencing the creation-side or supply-side in the studied market. The analysis of the studied market and the estimations of the market sizes and their growth patterns depend on factors such as the political environment and the overall economic and market conditions that include, but are not limited to, historical trends, seasonal effects, or business cycles. For this report, we have used statistical/quantitative techniques to estimate the impact of demand- and supply-side variables to arrive at the market size numbers of the forecast period. Statistical techniques were used to primarily understand the correlation of the demand and supply variables with the studied market, and assign weightages to these variables to develop a model for forecasting market numbers. Wherever such analyses were not feasible due to lack of availability of data and other statistical/quantitative constraints, inferences were made using judgmental forecasting techniques.

2.2.2 DEMAND-SIDE ANALYSIS •

Economic-specific macroindicators and exogenous variables (variables that do not influence the concerned market directly) are considered for demand-side analysis. The common demand-side variables that drive the market at the aggregate level are economic growth (GDP) of a country/region, seasonal trends in the foreign exchange market, nature of the corresponding economic sector, parent/industry market growth, demographic/ political factors, et al.

The demand-side variables that were considered in the study of this market include the following: •

Demand-side indicators •

Rapid growth of aging population

Incidence and prevalence of cancer

Burden of cardiovascular diseases (CVDs)

Birth rate/number of pregnancies

Healthcare expenditure patterns

The estimations, however, assume that the regions studied will remain stable in terms of economic conditions and do not factor in any significant aberrance from the projected economic growth of the studied regions/countries.

2.2.2.1 RAPID GROWTH OF AGING POPULATION •

The geriatric population is defined as the number of inhabitants above 65 years, in a given study group. With the rapidly increasing aging population, the chances of healthcare crises and epidemiologic spurts in the patient population, in addition to the financial burden, are expected to grow.

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RESEARCH METHODOLOGY

The global share of the geriatric population increased from 6.2% in 1990 to 7.9% in 2013, and is expected to reach 16.5% by 2050 (Source: World Bank). At present, approximately two-thirds of the overall geriatric population is concentrated in the less-developed countries. As the older population grows faster in the less-developed countries, the concentration of this population will be higher in these countries in the future. Thus, it is estimated that 8 in every 10 elderly individuals globally would live in the less-developed countries by 2050 (Source: United Nations Department of Economic and Social Affairs). • FIGURE 2

INCREASE IN AGING POPULATION, BY COUNTRY (2010 VS. 2015)

Source: The World Bank (2015)

As the older population (65 years and above) is more susceptible to chronic diseases such as cardiovascular disease and various cancers, the demand for disease diagnosis and therapies is expected to rise steadily. This growth in the geriatric population and patient population base for target diseases is encouraging the development of better procedures for their diagnosis and treatment. With increasing emphasis on early and effective disease management, the preference for minimally invasive treatments is increasing, which will further drive the ultrasound market growth.

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RESEARCH METHODOLOGY

• FIGURE 3

PERCENTAGE INCREASE IN AGING POPULATION, BY REGION (1980–2010 VS. 2010–2040)

Note: *Denotes the proportion of individuals aged 60 years or above in the overall population. Source: World Population Ageing - 2013 (United Nations Department of Economic and Social Affairs Population Division)

2.2.2.2 INCIDENCE AND PREVALENCE OF CANCER •

The incidences of various cancers and their mortality rates increase with age. Considering that the population of people aged 65 years and above is expected to double by 2030, a 67% rise in the global cancer incidence is expected in this population group. Owing to the rapidly increasing burden of cancer, the demand for oncology services has increased drastically, which compels government organizations as well as healthcare providers and institutions to provide facilities for effective disease diagnosis and treatment. This further stimulates the development of effective treatment and assay methods to diagnose and treat specific cancers. Ultrasound-based procedures are increasingly being adopted for cancer diagnosis and treatment due to the growing emphasis on minimally invasive therapies.

With the increasing number of total cases across the globe, cancer is one of the leading causes of death. Cancer is primarily a disease of the older people, with ~60% of all cancer cases occurring in the population aged 65 years and above. The incidence of cancer and mortality rates increases with an aging population. Prostate, breast, lung, and colorectal cancer are the four-most frequently occurring cancers in a population older than 50 years. Moreover, the population of people aged 65 and above is expected to double by 2030, which is accompanied by a 67% increase in cancer cases among that population. Owing to the rapidly increasing burden of cancer, the demand for oncology services has increased drastically, which in turn challenges government organizations as well as healthcare providers and institutions.

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RESEARCH METHODOLOGY

• FIGURE 4

GLOBAL BURDEN OF CANCER, BY REGION (2005–2030)

Source: GLOBOCAN (2012)

In the developed countries, cancer is the second-leading cause of death after cardiovascular disease. According to epidemiological evidences, this trend is also emerging in the less-developed countries (particularly in middleincome countries such as in Brazil, Colombia, India, China, and Russia).

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RESEARCH METHODOLOGY

• FIGURE 5

NUMBER OF NEW CANCER CASES, BY COUNTRY (2012 VS. 2020)

Source: GLOBOCAN 2012

As ultrasound technologies are used for both diagnostic and therapeutic purposes in cancer patients, the increasing prevalence of various types of cancers (prostate, breast, kidney, lung, and liver cancer) is expected to boost the demand for both diagnostic and therapeutic ultrasound procedures during the forecast period. • FIGURE 6

INCREASING INCIDENCES OF VARIOUS CANCERS, BY SITE, 2008–2020

Source: GLOBOCAN (2012)

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RESEARCH METHODOLOGY

2.2.2.3 BURDEN OF CARDIOVASCULAR DISEASES (CVDs) •

Cardiovascular disease refers to diseases of the heart and blood vessels and includes conditions such as coronary heart disease, cerebrovascular disease (stroke), heart failure, rheumatic heart disease, and hypertension (high blood pressure).

CVD is responsible for approximately one-third of deaths globally, and this figure is expected to rise in both the developed and developing countries due to growing incidences of hypertension, obesity, and diabetes as well as poor diets and increasing tobacco consumption, which are all key risk factors for the disease (Source: WHO).

As in 2010, low- and middle-income countries contribute to over 80% of CVD deaths (Source: WHO, 2010). In addition, stroke-related deaths in low- and middle-income countries were five times more than in high-income countries in 2010 (Source: Lancet). In developed countries, lower socioeconomic groups have a higher prevalence of risk factors, higher incidence of CVDs, and higher mortality rates. As the CVD epidemic matures in developing countries, the greater disease burden is expected to shift towards the lower socioeconomic groups. Furthermore, the impact of CVDs is greatest in developing countries due to scarcity of both financial resources and healthcare professionals with expertise for the prevention and management of CVDs. • FIGURE 7

CARDIOVASCULAR DISEASES BURDEN, BY REGION (2005–2030)

Source: World Bank (2014)

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RESEARCH METHODOLOGY

The burden of cardiovascular diseases is growing across the globe and is resulting in higher death rates, increased disabilities, and added economic costs. Governments across the globe are taking various initiatives (such as improving healthcare facilities, holding public awareness programs, and providing grants for research activities) to lower the socioeconomic burden caused by CVD. Several developments have taken place in the field of cardiac ultrasound in recent years that aid in efficient and fast disease diagnosis and treatment. Therefore, in future, with the growing incidence and prevalence of CVDs, the demand for ultrasound imaging procedures is also expected to increase.

2.2.2.4 BIRTH RATE/NUMBER OF PREGNANCIES •

An obstetrical ultrasound is a routine procedure that is performed throughout a pregnancy for evaluating the health and development of the fetus through ultrasound images. These ultrasound scans provide real-time images showing the movement of the fetus and its heartbeat. During this procedure, the sound of blood flow through the heart and umbilical cord can also be heard. Women undergo several ultrasound procedures during the course of their pregnancy in order to ensure that the fetus is healthy and there are no serious complications.

In recent years, developments in the Doppler ultrasound technology have expanded its application in obstetrics, particularly in the areas of assessing and monitoring the health of a fetus, its progression in the event of intrauterine growth restriction, and the diagnosis of cardiac malformations. • FIGURE 8

ANNUAL BIRTH RATE IN DEVELOPED AND DEVELOPING NATIONS (2013)

Birth Rate (Per Thousand Individuals)

25

20

15

10

5

0

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

Rank

Source: World Bank and UN Data (2014)

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RESEARCH METHODOLOGY

The high number of births (pregnancies) and the newer applications of ultrasound in obstetrics (such as detection of fetal cardiac pulsations and pulsations in various fetal blood vessels) are expected to further increase the demand for diagnostic ultrasound imaging procedures.

2.2.2.5 HEALTHCARE EXPENDITURE PATTERNS •

The healthcare expenditure of a country includes spending by both public and private sources on medical goods and services, public health and prevention programs, and administration (Source: OECD). Growth in healthcare expenditure is a direct indicator of a country’s growth in the healthcare market. In addition, it also reflects the improvements in diverse financing and organizational structures of the healthcare system in a particular country. • FIGURE 9

HEALTHCARE EXPENDITURE ACROSS MAJOR COUNTRIES, 2000 VS. 2012

Source: The World Bank (2014)

Globally, healthcare needs are changing owing to the lower fertility rates, longer life expectancies, and the growing burden of chronic diseases (such as cardiovascular diseases and cancer). These demographic and epidemiological transitions would present health challenges for most of the countries at every income level. In high-income countries, the growth in aging population, rapidly increasing healthcare costs, and limited availability of resources to meet the increasing healthcare needs would further increase the pressure on publicly financed healthcare systems. Middle- and low-income countries, which are facing several difficulties in providing basic healthcare services, would require additional funds from external financing sources for developing their healthcare infrastructure and catering to the growing healthcare needs.

Accommodating the changes in the size and structure of the population, several countries across the globe are also continuously progressing through an epidemiological transition (which is an important indication for the life expectancy and burden of diseases, as well as healthcare expenditure).

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RESEARCH METHODOLOGY

Changes in the size and age structure of the population are expected to have major effects on the current as well as future health financing needs. In high-income countries, even if the population ages rapidly, the consequences on healthcare expenditure would not be critical. However, low- and middle-income countries will spend more on healthcare (in terms of modernization of healthcare facilities, development of new hospitals/diagnostic centers, or improvements in the reimbursement for medical procedures) due to the growing elderly population and burden of chronic diseases. Owing to this, these countries are considered as the new revenue pockets for the growth of the ultrasound market in the coming years. • FIGURE 10

HEALTHCARE SPENDING MATRIX, BY COUNTRY (2013)

• U.S. Canada

Healthcare Expenditure (USD Billion)

High

Germany France U.K.

Medium

Italy Spain Russia

Low

Poland Low

Medium

High

Healthcare Expenditure (% of GDP)

Healthcare Expenditure (USD Billion)

Healthcare Expenditure (% of GDP)

Low : < USD 300 Billion Medium : USD 301–USD 600 Billion High : > USD 601 Billion

Low : 0%–6% Medium : 7%–13% High : 14%–18%

Japan China India Brazil Mexico

Source: The World Bank (2014)

2.2.3 SUPPLY-SIDE ANALYSIS •

In the supply-side analysis, industry-specific microindicators and endogenous variables (factors that are determined by the states of other variables in the model) are considered. Common factors that drive the market at the local level are raw material prices (fluctuations), prices of competitive/substitute products, sales strategies, economies of scale, specialization advantages, and business laws & regulations, among others.

The supply-side variables that were considered in the study of this market include the following: •

Supply-side indicators •

Number of new products launched: ultrasound vs. competitive technologies

Parent market analysis: diagnostic imaging systems market

Growth and market share of ultrasound vs. competitive products in the parent market

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RESEARCH METHODOLOGY

The estimations, however, assume that the regions studied will remain stable in terms of economic conditions and do not factor in any significant aberrance from the projected economic growth of the studied regions/countries.

2.2.3.1 NUMBER OF NEW PRODUCT LAUNCHES: ULTRASOUND VS. COMPETITIVE TECHNOLOGIES •

Key players in the ultrasound industry are continuously focusing on the development of technologically advanced and affordable ultrasound products. This was evident from the launch of innovative ultrasound systems from 2012 to 2015; such as Voluson E10 ultrasound system, Invenia ABUS system, ExAblate MRI-guided focused ultrasound system, VISIQ ultrasound system, CX50 xMATRIX ultrasound system (with Live 3D TEE technology), Acuson P300 ultrasound system, and X-Porte ultrasound kiosk, among others. These new products are equipped with advanced features such as high resolution, superior image quality, intuitive user interface, and the ability to capture real-time volumes of tissues. Moreover, the development of affordable ultrasound devices has increased their adoption in developing countries, such as China, India, and Brazil. Also, miniaturization of ultrasound devices is a major factor driving the adoption of these devices. • FIGURE 11

NUMBER OF NEW PRODUCT LAUNCHES: ULTRASOUND VS COMPETITIVE MODALITIES (2008–2015)

Note: New product launches from the top 10 players in the parent market are considered in this figure. Product enhancements and launches in system software/platform are not considered Source: MarketsandMarkets Analysis

2.2.3.2 PARENT MARKET ANALYSIS: DIAGNOSTIC IMAGING SYSTEMS MARKET •

Diagnostic imaging systems are instruments that are used by physicians and clinicians to look inside a human body for diagnosing a medical condition. The type of diagnostic imaging modality (such as X-ray, MRI, CT, ultrasound, nuclear imaging) used depends on the symptoms and the part of the body exhibiting the symptoms. The market for diagnostic imaging systems has observed consistent growth over the past few years, due to the development of new applications and increasing accuracy and speed of outcomes.

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RESEARCH METHODOLOGY

Ultrasound imaging is the fastest-growing and the second-largest segment in the diagnostic imaging market. The global ultrasound market is projected to grow at a CAGR of ~5.0% from 2015 to 2020, which is higher than the estimated growth rate (4.5%) of the parent market (global diagnostic imaging market). The growth in this market can mainly be attributed to factors such as rising incidences of cancer and cardiovascular diseases, rapid growth in aging population, growing demand for minimally invasive treatment procedures, development of technologically advanced ultrasound devices, and government support in terms of funds and grants for research activities related to ultrasound technology. Development of technologically advanced and application-specific ultrasound devices, emergence of point-of-care ultrasound, and increasing applications of ultrasound devices are factors that have resulted in an increase in usage of ultrasound devices as compared to other imaging modalities. Moreover, the launch of innovative ultrasound devices by key market players for various clinical applications has reduced the average selling price of the device, making it affordable in developing as well as developed regions. • FIGURE 12

REVENUE GROWTH AND MARKET SHARE: ULTRASOUND VS. COMPETITIVE MODALITIES

• 8

CAGR% (2015–2020)

7.0% 17.4%

34.3%

4

19.7% 21.6% 0

0

1

2

3

4

5

6

Rank

2.3 •

Source: MarketsandMarkets Analysis

MARKET SIZE ESTIMATION Both, top-down and bottom-up approaches were used to estimate and validate the size of the global ultrasound market, and to estimate the size of various other dependent submarkets in the overall ultrasound market. The key players in the market were identified through secondary research, and their market shares in respective geographies were determined through primary and secondary research. This entire research methodology includes the study of the annual and financial reports of the top market players, as well as interviews with industry experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both quantitative and qualitative) on the ultrasound market. All percentage shares, splits, and breakdowns were determined by using secondary sources, and were verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added with detailed inputs and analysis from MarketsandMarkets, and presented in this report.

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RESEARCH METHODOLOGY

2.3.1 BOTTOM-UP APPROACH •

The bottom-up approach was employed to arrive at the overall size of the ultrasound market from the revenues of key players and their shares in the market. Calculations based on the revenues of key players identified in the market led to the overall market size. • FIGURE 13

BOTTOM-UP APPROACH

2.3.2 TOP-DOWN APPROACH •

In the top-down approach, the overall market size was used to estimate the size of individual markets (mentioned in the market segmentation) through percentage splits from secondary and primary research.

For the calculation of specific market segments, the most appropriate immediate parent market size was used to implement the top-down approach. The bottom-up approach was also implemented for data extracted from secondary research to validate the market segment revenues obtained.

Market shares were then estimated for each company to verify the revenue shares used earlier in the bottomup approach. With the data triangulation procedure and validation of data through primaries, the overall parent market size and each individual market size were determined and confirmed in this study. The data triangulation procedure used for this study is explained in the next section.

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RESEARCH METHODOLOGY

• FIGURE 14

TOP-DOWN APPROACH

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RESEARCH METHODOLOGY

2.4

MARKET BREAKDOWN AND DATA TRIANGULATION

After arriving at the overall market size from the market size estimation process explained above, the total market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedure was employed wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market was validated using both topdown and bottom-up approaches. • FIGURE 15

DATA TRIANGULATION

• • • • •

• • •

• •

• • •

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RESEARCH METHODOLOGY

2.5

RESEARCH ASSUMPTIONS

2.5.1 ASSUMPTIONS •

The following assumptions were taken into consideration to complete the overall market engineering of the ultrasound market: • FIGURE 16

ASSUMPTIONS OF THE RESEARCH STUDY

Note: The market values have been rounded off till the second decimal. Due to this, there may be a slight difference in the actual total and the total mentioned in the table.

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TABLE OF CONTENTS

1 INTRODUCTION.........................................................................................................................17 •

1.1

OBJECTIVES OF THE STUDY...........................................................................................................................................17

1.2

MARKET DEFINITION.......................................................................................................................................................17

1.3

MARKET SCOPE...............................................................................................................................................................18

1.3.1

MARKETS COVERED......................................................................................................................................18

1.3.2

GEOGRAPHIES COVERED..............................................................................................................................18

1.4

1.5 CURRENCY......................................................................................................................................................................19

1.6 LIMITATIONS....................................................................................................................................................................19

1.7 STAKEHOLDERS...............................................................................................................................................................19

2

YEARS CONSIDERED FOR THE STUDY...........................................................................................................................18

RESEARCH METHODOLOGY.....................................................................................................20 •

2.1 •

RESEARCH DATA..............................................................................................................................................................20 2.1.1

• •

SECONDARY DATA........................................................................................................................................21 2.1.1.1

2.1.2

KEY DATA FROM SECONDARY SOURCES................................................................................21

PRIMARY DATA..............................................................................................................................................21

2.1.2.1

KEY DATA FROM PRIMARY SOURCES.....................................................................................22

2.1.2.2

BREAKDOWN OF PRIMARIES...................................................................................................22

2.2

FACTOR ANALYSIS..........................................................................................................................................................23

2.2.1 INTRODUCTION.............................................................................................................................................23

2.2.2

DEMAND-SIDE ANALYSIS.............................................................................................................................23

2.2.2.1

RAPID GROWTH OF AGING POPULATION................................................................................23

2.2.2.2

INCIDENCE AND PREVALENCE OF CANCER............................................................................25

2.2.2.3

BURDEN OF CARDIOVASCULAR DISEASES (CVDS)................................................................28

2.2.2.4

BIRTH RATE/NUMBER OF PREGNANCIES................................................................................30

2.2.2.5

HEALTHCARE EXPENDITURE PATTERNS.................................................................................30

2.2.3

SUPPLY-SIDE ANALYSIS...............................................................................................................................32

2.2.3.1

NUMBER OF NEW PRODUCT LAUNCHES: ULTRASOUND VS. COMPETITIVE TECHNOLOGIES.......................................................................................................................33

2.2.3.2

PARENT MARKET ANALYSIS: DIAGNOSTIC IMAGING SYSTEMS MARKET.............................33

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TABLE OF CONTENTS

2.3

MARKET SIZE ESTIMATION.............................................................................................................................................35

2.3.1

BOTTOM-UP APPROACH..............................................................................................................................35

2.3.2

TOP-DOWN APPROACH................................................................................................................................36

2.4

MARKET BREAKDOWN AND DATA TRIANGULATION......................................................................................................37

2.5

RESEARCH ASSUMPTIONS.............................................................................................................................................38

2.5.1 ASSUMPTIONS..............................................................................................................................................38

3

EXECUTIVE SUMMARY..............................................................................................................39 •

3.1 INTRODUCTION...............................................................................................................................................................39

3.2

HISTORY, EVOLUTION, AND CURRENT SCENARIO.........................................................................................................39

3.3

FUTURE OUTLOOK...........................................................................................................................................................40

3.4 CONCLUSION..................................................................................................................................................................42

4

PREMIUM INSIGHTS.................................................................................................................43 •

4.1

GLOBAL ULTRASOUND MARKET (2015–2020)...............................................................................................................43

4.2

GLOBAL ULTRASOUND MARKET SIZE, BY TECHNOLOGY (2015)..................................................................................44

4.3

GLOBAL ULTRASOUND MARKET SIZE, BY DEVICE DISPLAY (2015–2020)....................................................................44

4.4

GLOBAL ULTRASOUND MARKET SIZE, BY DEVICE PORTABILITY (2015–2020)............................................................45

4.5

GLOBAL ULTRASOUND MARKET VOLUME, BY REGION (2015–2020)...........................................................................45

4.6

GLOBAL ULTRASOUND MARKET SIZE, BY APPLICATION (2015–2020).........................................................................46

4.7

ULTRASOUND MARKET SHARE, BY REGION/COUNTRY (2015–2020)...........................................................................47

5

MARKET OVERVIEW..................................................................................................................48 •

5.1 INTRODUCTION...............................................................................................................................................................49

5.2

TECHNOLOGICAL INNOVATIONS IN ULTRASOUND (TILL DECEMBER, 2015)................................................................49

5.3

MARKET SEGMENTATION................................................................................................................................................50

5.4

MARKET DYNAMICS........................................................................................................................................................51

5.4.1

MARKET DRIVERS.........................................................................................................................................52

5.4.1.1

TECHNOLOGICAL ADVANCEMENTS IN ULTRASOUND...........................................................52

5.4.1.2

GROWTH IN THE GLOBAL GERIATRIC POPULATION...............................................................53

5.4.1.3

RISING INCIDENCE OF CHRONIC AND LIFESTYLE-RELATED DISEASES................................54

5.4.1.4

INCREASING PUBLIC-PRIVATE INVESTMENTS, FUNDS, AND GRANTS..................................54

5.4.1.5

GROWING MARKET DEMAND FOR MINIMALLY INVASIVE TREATMENTS...............................55

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TABLE OF CONTENTS

MARKET RESTRAINTS...................................................................................................................................55

5.4.2.1

DEARTH OF SKILLED SONOGRAPHERS...................................................................................55

5.4.2.2

UNFAVORABLE HEALTHCARE REFORMS IN THE U.S..............................................................56

5.4.3

MARKET OPPORTUNITIES.............................................................................................................................56

5.4.3.1

TECHNOLOGICAL SHIFT FROM CONVENTIONAL TO POC ULTRASOUND DIAGNOSIS..........56

5.4.3.2

GROWING PENETRATION OF ULTRASOUND DEVICE MANUFACTURERS IN EMERGING NATIONS...........................................................................................................57

5.4.3.3

INCREASING NUMBER OF HOSPITALS AND DIAGNOSTICS CENTERS...................................58

6

5.4.2

5.4.4

MARKET CHALLENGES.................................................................................................................................58

5.4.4.1

NON-UNIFORMITY IN REGULATORY FRAMEWORKS...............................................................58

5.4.4.2

ESCALATING PRICING PRESSURES ON ULTRASOUND MARKET PLAYERS............................59

INDUSTRY TRENDS...................................................................................................................60 •

6.1 INTRODUCTION...............................................................................................................................................................60

6.2

VALUE CHAIN ANALYSIS.................................................................................................................................................60

6.3

SUPPLY CHAIN ANALYSIS...............................................................................................................................................61

6.3.1

KEY STAKEHOLDERS.....................................................................................................................................62

6.3.2

KEY INFLUENCERS........................................................................................................................................63

6.4

INDUSTRY TRENDS.........................................................................................................................................................64

6.4.1

TECHNOLOGICAL ADVANCEMENTS IN ULTRASOUND SYSTEMS...............................................................64

6.4.2

DEVELOPMENT OF APPLICATION-SPECIFIC ULTRASOUND DEVICES........................................................65

6.4.3

EMERGENCE OF POINT-OF-CARE (POC) ULTRASOUND..............................................................................65

6.5

PORTER’S FIVE FORCES ANALYSIS.................................................................................................................................66

6.5.1

THREAT OF NEW ENTRANTS.........................................................................................................................67

6.5.2

THREAT FROM SUBSTITUTES.......................................................................................................................67

6.5.3

BARGAINING POWER OF SUPPLIERS...........................................................................................................67

6.5.4

BARGAINING POWER OF BUYERS.................................................................................................................68

6.5.5

INTENSITY OF COMPETITIVE RIVALRY.........................................................................................................68

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TABLE OF CONTENTS

7

ULTRASOUND MARKET, BY TECHNOLOGY...............................................................................69 •

7.1 INTRODUCTION...............................................................................................................................................................70

7.2

8

DIAGNOSTIC ULTRASOUND............................................................................................................................................71

7.2.1

2D ULTRASOUND..........................................................................................................................................72

7.2.2

3D & 4D ULTRASOUND.................................................................................................................................73

7.2.3

DOPPLER IMAGING.......................................................................................................................................74

7.3

THERAPEUTIC ULTRASOUND..........................................................................................................................................75

7.3.1

HIGH-INTENSITY FOCUSED ULTRASOUND (HIFU).......................................................................................77

7.3.2

EXTRACORPOREAL SHOCKWAVE LITHOTRIPSY (ESWL).............................................................................78

GLOBAL ULTRASOUND MARKET, BY DEVICE DISPLAY............................................................80 •

9

8.1 INTRODUCTION...............................................................................................................................................................81 •

8.1.1

COLOR ULTRASOUND DEVICES....................................................................................................................82

8.1.2

BLACK & WHITE (B/W) ULTRASOUND DEVICES..........................................................................................84

GLOBAL ULTRASOUND MARKET, BY DEVICE PORTABILITY.....................................................86 •

9.1 INTRODUCTION...............................................................................................................................................................87 •

9.1.1

TROLLEY/CART-BASED ULTRASOUND DEVICES..........................................................................................89

9.1.2

COMPACT/HANDHELD ULTRASOUND DEVICES..........................................................................................91

10

9.1.2.1

POINT-OF-CARE ULTRASOUND (POC ULTRASOUND).............................................................93

GLOBAL ULTRASOUND MARKET, BY APPLICATION.................................................................94

10.1 INTRODUCTION...............................................................................................................................................................95

10.2

RADIOLOGY/GENERAL IMAGING APPLICATIONS...........................................................................................................95

10.3

OBSTETRICS/GYNECOLOGICAL APPLICATIONS............................................................................................................97

10.4

CARDIOLOGICAL APPLICATIONS....................................................................................................................................99

10.5

UROLOGICAL APPLICATIONS........................................................................................................................................100

10.6

VASCULAR APPLICATIONS...........................................................................................................................................101

10.7

OTHER APPLICATIONS..................................................................................................................................................103

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TABLE OF CONTENTS

11

ULTRASOUND MARKET, BY REGION.......................................................................................105

11.1 INTRODUCTION.............................................................................................................................................................106 • •

11.1.1.1 GERMANY...............................................................................................................................111

11.1.1.2 FRANCE..................................................................................................................................112

11.1.1.3 U.K..........................................................................................................................................112

11.1.1.4

11.1.2

REST OF EUROPE...................................................................................................................113

NORTH AMERICA.........................................................................................................................................114

11.1.2.1 U.S..........................................................................................................................................119

11.1.2.2 CANADA.................................................................................................................................120

11.1.3 ASIA-PACIFIC..............................................................................................................................................121

11.1.3.1 CHINA.....................................................................................................................................125

11.1.3.2 JAPAN.....................................................................................................................................126

11.1.3.3 INDIA.......................................................................................................................................127

11.1.3.4

12

11.1.1 EUROPE.......................................................................................................................................................107

11.1.4

REST OF ASIA-PACIFIC..........................................................................................................128

REST OF THE WORLD (ROW)......................................................................................................................129

11.1.4.1

LATIN AMERICA......................................................................................................................131

11.1.4.2

MIDDLE EAST.........................................................................................................................132

11.1.4.3 AFRICA....................................................................................................................................132

COMPETITIVE LANDSCAPE.....................................................................................................133

12.1 OVERVIEW......................................................................................................................................................................133

12.2

MARKET SHARE ANALYSIS...........................................................................................................................................134

12.3

COMPETITIVE SITUATION AND TRENDS.......................................................................................................................135

12.3.1

PRODUCT LAUNCHES, APPROVALS, AND ENHANCEMENTS....................................................................136

12.3.2

AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS..........................................................................138

12.3.3

MERGERS AND ACQUISITIONS...................................................................................................................139

12.3.4

GEOGRAPHICAL EXPANSIONS....................................................................................................................140

12.3.5

OTHER DEVELOPMENTS.............................................................................................................................141

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TABLE OF CONTENTS

13

COMPANY PROFILES...............................................................................................................142

13.1 INTRODUCTION.............................................................................................................................................................142 •

13.1.1

GEOGRAPHIC BENCHMARKING..................................................................................................................142

13.1.2

STRATEGIC BENCHMARKING......................................................................................................................143

13.1.2.1

ENTRY INTO POINT-OF-CARE ULTRASOUND MARKET.........................................................143

13.2

ANALOGIC CORPORATION............................................................................................................................................144

13.3

ESAOTE S.P.A.................................................................................................................................................................147

13.4

FUJIFILM HOLDINGS CORPORATION............................................................................................................................150

13.5

GENERAL ELECTRIC COMPANY....................................................................................................................................154

13.6

HITACHI LTD..................................................................................................................................................................160

13.7

KONINKLIJKE PHILIPS N.V............................................................................................................................................163

13.8

MINDRAY MEDICAL INTERNATIONAL LTD....................................................................................................................169

13.9

SAMSUNG ELECTRONICS CO. LTD...............................................................................................................................173

13.10 SIEMENS AG..................................................................................................................................................................177

13.11 TOSHIBA CORPORATION...............................................................................................................................................181

*Details On Financials, Products & Services, Key Strategy, & Recent Developments Might Not Be Captured In Case Of Unlisted Companies.

14 APPENDIX................................................................................................................................186 •

14.1

INSIGHTS OF INDUSTRY EXPERTS...............................................................................................................................186

14.2

DISCUSSION GUIDE......................................................................................................................................................187

14.3

INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE..............................................................................................191

14.4

AVAILABLE CUSTOMIZATIONS......................................................................................................................................192

14.5

RELATED REPORTS........................................................................................................................................................193

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LIST OF TABLES

• TABLE 1

GLOBAL ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION)..................................70

• TABLE 2

GLOBAL DIAGNOSTIC ULTRASOUND TECHNOLOGY MARKET SIZE, BY TYPE, 2013-2020 (USD MILLION)...............................................................................................................................71

• TABLE 3

DIAGNOSTIC ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION).............71

• TABLE 4

2D ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION).............................73

• TABLE 5

3D AND 4D ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...............74

• TABLE 6

DOPPLER ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)..................75

• TABLE 7

GLOBAL THERAPEUTIC ULTRASOUND TECHNOLOGY MARKET SIZE, BY TYPE, 2013-2020 (USD MILLION)...............................................................................................................................75

• TABLE 8

THERAPEUTIC ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)..........76

• TABLE 9

HIFU ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)..........................78

• TABLE 10

ESWL ULTRASOUND TECHNOLOGY MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)........................79

• TABLE 11

ULTRASOUND DEVICES MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)...........................81

• TABLE 12

ULTRASOUND DEVICES MARKET VOLUME, BY TYPE OF DISPLAY, 2013-2020 (UNITS)................................81

• TABLE 13

COLOR ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...............................83

• TABLE 14

COLOR ULTRASOUND DEVICES MARKET VOLUME, BY REGION, 2013-2020 (UNITS)....................................83

• TABLE 15

BLACK AND WHITE ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...............................................................................................................................84

• TABLE 16

BLACK & WHITE ULTRASOUND DEVICES MARKET VOLUME, BY REGION, 2013-2020 (UNITS).....................85

• TABLE 17

ULTRASOUND DEVICES MARKET SIZE, BY PORTABILITY, 2013-2020 (USD MILLION)...................................87

• TABLE 18

ULTRASOUND DEVICES MARKET, BY PORTABILITY 2013-2020 (UNITS).........................................................87

• TABLE 19

TROLLEY/CART-BASED ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...............................................................................................................................90

• TABLE 20

TROLLEY/CART-BASED ULTRASOUND DEVICES MARKET, BY REGION, 2013-2020 (UNITS)..........................90

• TABLE 21

COMPACT/HANDHELD ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...............................................................................................................................92

• TABLE 22

COMPACT/HANDHELD ULTRASOUND DEVICES MARKET, BY REGION, 2013-2020 (UNITS)..........................92

• TABLE 23

POC ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION)...................................93

• TABLE 24

GLOBAL ULTRASOUND MARKET SIZE, BY APPLICATION, 2013–2020 (USD MILLION)..................................95

• TABLE 25

ULTRASOUND MARKET SIZE FOR RADIOLOGY/GENERAL IMAGING APPLICATIONS, BY REGION, 2013–2020 (USD MILLION)..........................................................................................................97

• TABLE 26

ULTRASOUND MARKET SIZE FOR OBSTETRICS/GYNECOLOGICAL APPLICATIONS, BY REGION, 2013–2020 (USD MILLION)..........................................................................................................98

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LIST OF TABLES

• TABLE 27

ULTRASOUND MARKET SIZE FOR CARDIOLOGICAL APPLICATIONS, BY REGION, 2013–2020 (USD MILLION).............................................................................................................................100

• TABLE 28

ULTRASOUND MARKET SIZE FOR UROLOGICAL APPLICATIONS, BY REGION, 2013–2020 (USD MILLION).............................................................................................................................101

• TABLE 29

ULTRASOUND MARKET SIZE FOR VASCULAR APPLICATIONS, BY REGION, 2013–2020 (USD MILLION).............................................................................................................................102

• TABLE 30

ULTRASOUND MARKET SIZE FOR OTHER APPLICATIONS, BY REGION, 2013–2020 (USD MILLION).............................................................................................................................104

• TABLE 31

ULTRASOUND MARKET SIZE, BY REGION, 2013-2020 (USD MILLION).........................................................106

• TABLE 32

EUROPE: ULTRASOUND MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION)......................................108

• TABLE 33

EUROPE: DIAGNOSTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION).............................................................................................................................109

• TABLE 34

EUROPE: THERAPEUTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION).............................................................................................................................109

• TABLE 35

EUROPE: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION).........................109

• TABLE 36

EUROPE: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (UNITS)......................................110

• TABLE 37

EUROPE: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (USD MILLION).................................110

• TABLE 38

EUROPE: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (UNITS).............................................110

• TABLE 39

EUROPE: ULTRASOUND MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION)................................111

• TABLE 40

GERMANY: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)......................111

• TABLE 41

FRANCE: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION).........................112

• TABLE 42

U.K.: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)................................113

• TABLE 43

ROE: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)................................113

• TABLE 44

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION)........................116

• TABLE 45

NORTH AMERICA: DIAGNOSTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION).............................................................................................................................116

• TABLE 46

NORTH AMERICA: THERAPEUTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION).............................................................................................................................116

• TABLE 47

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)............................................................................................................................117

• TABLE 48

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (UNITS)..........................................................................................................................................117

• TABLE 49

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (USD MILLION)..................117

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LIST OF TABLES

• TABLE 50

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (UNITS)...............................118

• TABLE 51

NORTH AMERICA: ULTRASOUND MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION).................118

• TABLE 52

U.S.: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)................................119

• TABLE 53

CANADA: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION).........................120

• TABLE 54

APAC: ULTRASOUND MARKET SIZE, BY COUNTRY, 2013-2020 (USD MILLION)...........................................123

• TABLE 55

APAC: DIAGNOSTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION)..............123

• TABLE 56

APAC: THERAPEUTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION)............................................................................................................................123

• TABLE 57

APAC: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)..............................124

• TABLE 58

APAC: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (UNITS)..........................................124

• TABLE 59

APAC: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (USD MILLION)......................................124

• TABLE 60

APAC: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (UNITS)..................................................125

• TABLE 61

APAC: ULTRASOUND MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION)....................................125

• TABLE 62

CHINA: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)............................126

• TABLE 63

JAPAN: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)............................127

• TABLE 64

INDIA: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)..............................128

• TABLE 65

ROAPAC: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION).........................128

• TABLE 66

ROW: DIAGNOSTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION)...............129

• TABLE 67

ROW: THERAPEUTIC ULTRASOUND MARKET SIZE, BY TECHNOLOGY, 2013-2020 (USD MILLION).............129

• TABLE 68

ROW: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION)...............................130

• TABLE 69

ROW: ULTRASOUND MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (UNITS)...........................................130

• TABLE 70

ROW: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (USD MILLION).......................................130

• TABLE 71

ROW: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (UNITS)...................................................131

• TABLE 72

ROW: ULTRASOUND MARKET SIZE, BY APPLICATION, 2013-2020 (USD MILLION).....................................131

• TABLE 73

TOP 5 PRODUCT LAUNCHES, APPROVALS, AND ENHANCEMENTS, 2012–2016.........................................137

• TABLE 74

TOP 5 AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS, 2012–2016...............................................138

• TABLE 75

TOP 5 MERGERS AND ACQUISITIONS, 2012–2015........................................................................................139

• TABLE 76

TOP 5 GEOGRAPHICAL EXPANSIONS, 2012–2015.........................................................................................140

• TABLE 77

TOP OTHER DEVELOPMENTS, 2012–2015.....................................................................................................141

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LIST OF FIGURES

• FIGURE 1

RESEARCH DESIGN...........................................................................................................................................20

• FIGURE 2

INCREASE IN AGING POPULATION, BY COUNTRY (2010 VS. 2015)................................................................24

• FIGURE 3

PERCENTAGE INCREASE IN AGING POPULATION, BY REGION (1980–2010 VS. 2010–2040).........................25

• FIGURE 4

GLOBAL BURDEN OF CANCER, BY REGION (2005–2030)................................................................................26

• FIGURE 5

NUMBER OF NEW CANCER CASES, BY COUNTRY (2012 VS. 2020)................................................................27

• FIGURE 6

INCREASING INCIDENCES OF VARIOUS CANCERS, BY SITE, 2008–2020.......................................................28

• FIGURE 7

CARDIOVASCULAR DISEASES BURDEN, BY REGION (2005–2030).................................................................29

• FIGURE 8

ANNUAL BIRTH RATE IN DEVELOPED AND DEVELOPING NATIONS (2013).....................................................30

• FIGURE 9

HEALTHCARE EXPENDITURE ACROSS MAJOR COUNTRIES, 2000 VS. 2012...................................................31

• FIGURE 10

HEALTHCARE SPENDING MATRIX, BY COUNTRY (2013).................................................................................32

• FIGURE 11

NUMBER OF NEW PRODUCT LAUNCHES: ULTRASOUND VS COMPETITIVE MODALITIES (2008–2015)................................................................................................................................33

• FIGURE 12

REVENUE GROWTH AND MARKET SHARE: ULTRASOUND VS. COMPETITIVE MODALITIES...........................34

• FIGURE 13

BOTTOM-UP APPROACH..................................................................................................................................35

• FIGURE 14

TOP-DOWN APPROACH....................................................................................................................................36

• FIGURE 15

DATA TRIANGULATION......................................................................................................................................37

• FIGURE 16

ASSUMPTIONS OF THE RESEARCH STUDY.....................................................................................................38

• FIGURE 17

HIFU TO BE THE FASTEST-GROWING ULTRASOUND TECHNOLOGY SEGMENT DURING 2015-2020...........................................................................................................................................40

• FIGURE 18

CARDIAC ULTRASOUND: THE FASTEST-GROWING ULTRASOUND APPLICATION SEGMENT DURING 2015-2020...........................................................................................................................................41

• FIGURE 19

ASIA-PACIFIC TO GROW AT THE HIGHEST RATE DURING FORECAST PERIOD...............................................41

• FIGURE 20

MARKET GROWTH OPPORTUNITIES IN THE ULTRASOUND MARKET..............................................................43

• FIGURE 21

EUROPE TO COMMAND THE LARGEST SHARE IN MAJOR ULTRASOUND TECHNOLOGY MARKETS IN 2015.....................................................................................................................44

• FIGURE 22

APAC TO LEAD MARKET DEMAND FOR KEY ULTRASOUND PRODUCTS DURING THE FORECAST PERIOD....................................................................................................................................44

• FIGURE 23

EUROPE IS EXPECTED TO DOMINATE TROLLEY/CART-BASED AND COMPACT/HANDHELD ULTRASOUND DEVICES MARKET TILL 2020....................................................................................................45

• FIGURE 24

APAC TO LEAD THE VOLUME GROWTH FOR ALL KEY ULTRASOUND PRODUCT CATEGORIES TILL 2020...................................................................................................................45

• FIGURE 25

TOP 3 APPLICATION SEGMENTS TO ACCOUNT FOR 3/4TH OF ULTRASOUND MARKET GROWTH BY 2020.............................................................................................................................................46

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LIST OF FIGURES

• FIGURE 26

CHINA AND INDIA TO LEAD MARKET GROWTH FOR ULTRASOUND PRODUCTS TILL 2020...........................47

• FIGURE 27

EVOLUTION OF ULTRASOUND TECHNOLOGY..................................................................................................50

• FIGURE 28

TECHNOLOGICAL ADVANCEMENTS TO SPUR DEMAND FOR ULTRASOUND DEVICES..................................51

• FIGURE 29

ADVANCED DEVICES IN THE MARKET: 2015....................................................................................................52

• FIGURE 30

GROWING GERIATRIC POPULATION ACROSS KEY GEOGRAPHIES (2015-2030).............................................53

• FIGURE 31

PERCENTAGE CHANGE IN ANNUAL HEALTHCARE EXPENDITURE: DEVELOPED VS. DEVELOPING COUNTRIES (2010-2013)..................................................................................................................................57

• FIGURE 32

VALUE CHAIN ANALYSIS (2014): MAJOR VALUE IS ADDED DURING MANUFACTURING PHASE...................61

• FIGURE 33

ULTRASOUND MARKET: SUPPLY CHAIN..........................................................................................................62

• FIGURE 34

PORTER’S FIVE FORCES ANALYSIS (2014): PRESENCE OF A LARGE NUMBER OF MANUFACTURING FIRMS INCREASES COMPETITION....................................................................................................................66

• FIGURE 35

RISE IN AGING POPULATION TO DRIVE THE GROWTH OF THE HIFU SEGMENT TILL 2020............................70

• FIGURE 36

APAC MARKET FOR DIAGNOSTIC ULTRASOUND TO GROW AT THE HIGHEST RATE TILL 2020......................72

• FIGURE 37

EUROPEAN MARKET FOR THERAPEUTIC ULTRASOUND TO GROW AT A CAGR OF 10.5% TILL 2020............76

• FIGURE 38

AGING POPULATION IS EXPECTED TO DRIVE THE GROWTH OF THE HIFU SEGMENT DURING THE FORECAST PERIOD....................................................................................................................................77

• FIGURE 39

APAC COLOR ULTRASOUND MARKET TO GROW AT THE HIGHEST CAGR DURING 2015-2020......................82

• FIGURE 40

APAC AND EUROPE TO SHOW THE HIGHEST GROWTH IN THE COMPACT/HANDHELD ULTRASOUND DEVICES VOLUME MARKET DURING 2015-2020.....................................................................88

• FIGURE 41

TROLLEY/CART-BASED ULTRASOUND DEVICE ARCHITECTURE.....................................................................89

• FIGURE 42

COMPACT/HANDHELD ULTRASOUND DEVICE ARCHITECTURE......................................................................91

• FIGURE 43

GLOBAL PREVALENCE OF CANCER, BY TYPE (2012 VS. 2020).......................................................................96

• FIGURE 44

COMPARATIVE STUDY OF HIFU AND CONVENTIONAL TREATMENTS FOR UTERINE FIBROIDS.....................98

• FIGURE 45

GROWTH IN THE GERIATRIC POPULATION IS ANTICIPATED TO BE HIGHEST IN CHINA DURING 2010–2040..........................................................................................................................99

• FIGURE 46

INCREASING PREVALENCE OF PROSTATE CANCER TO PROPEL THE DEMAND GROWTH FOR HIFU DEVICES (2012 VS. 2020)...............................................................................................................101

• FIGURE 47

NUMBER OF DEATHS DUE TO STROKE IS EXPECTED TO DOUBLE WORLDWIDE DURING 2010–2030........................................................................................................................................102

• FIGURE 48

RISING INCIDENCES OF BREAST CANCER TO DRIVE THE ULTRASOUND MARKET, 2012 VS. 2020.............104

• FIGURE 49

EUROPE: ULTRASOUND MARKET TRENDS (2015-2020)................................................................................107

• FIGURE 50

RISING CANCER INCIDENCE IN FRANCE IS PROPELLING THE USE OF DIAGNOSTIC ULTRASOUND............................................................................................................................108

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LIST OF FIGURES

• FIGURE 51

NORTH AMERICA: ULTRASOUND MARKET TRENDS (2015-2020).................................................................114

• FIGURE 52

INCREASING INCIDENCE OF PROSTATE CANCER TO DRIVE ULTRASOUND MARKET GROWTH IN NORTH AMERICA........................................................................................................................115

• FIGURE 53

ASIA-PACIFIC: ULTRASOUND MARKET TRENDS (2015-2020).......................................................................121

• FIGURE 54

RISING INCIDENCE OF LUNG AND STOMACH CANCER IS PROPELLING THE USE OF ULTRASOUND PROCEDURES IN APAC...........................................................................................................122

• FIGURE 55

MAJORITY OF ULTRASOUND MARKET PLAYERS ADOPTED THE STRATEGY OF NEW PRODUCT LAUNCHES AND ENHANCEMENTS DURING 2015-2020......................................................133

• FIGURE 56

GLOBAL ULTRASOUND MARKET SHARE ANALYSIS, BY KEY PLAYER (2015)................................................134

• FIGURE 57

INCREASING NUMBER OF INNOVATIVE PRODUCT LAUNCHES IS STIMULATING MARKET GROWTH..........135

• FIGURE 58

GEOGRAPHIC REVENUE MIX OF TOP 5 MARKET PLAYERS (2014)................................................................142

• FIGURE 59

POINT-OF-CARE ULTRASOUND: AN EMERGING MARKET SEGMENT FOR ULTRASOUND DEVICE MANUFACTURERS.............................................................................................................................143

• FIGURE 60

ANALOGIC CORPORATION: COMPANY SNAPSHOT.......................................................................................144

• FIGURE 61

FUJIFILM HOLDINGS CORPORATION: COMPANY SNAPSHOT......................................................................150

• FIGURE 62

GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT...............................................................................154

• FIGURE 63

HITACHI LTD.: COMPANY SNAPSHOT............................................................................................................160

• FIGURE 64

KONINKLIJKE PHILIPS N.V.: COMPANY SNAPSHOT......................................................................................163

• FIGURE 65

MINDRAY MEDICAL INTERNATIONAL LTD.: COMPANY SNAPSHOT..............................................................169

• FIGURE 66

SAMSUNG ELECTRONICS CO. LTD.: COMPANY SNAPSHOT.........................................................................173

• FIGURE 67

SIEMENS AG: COMPANY SNAPSHOT.............................................................................................................177

• FIGURE 68

TOSHIBA CORPORATION: COMPANY SNAPSHOT..........................................................................................181

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33


SAMPLE TABLES

TABLE 1 ULTRASOUND DEVICES MARKET SIZE, BY TYPE OF DISPLAY, 2013-2020 (USD MILLION) 2013

2014

2015-e

2020-p

CAGR (2015–2020)

Color Ultrasound

xx.x

xx.x

xx.x

xx.x

xx.x%

Black and White Ultrasound

xx.x

xx.x

xx.x

xx.x

xx.x%

TOTAL

xx.x

xx.x

xx.x

xx.x

xx.x%

DISPLAY TYPE

Source: Annual Reports, SEC Filings, Press Releases, Investor Presentations, Journals, FDA, WHO, OECD, CIHI, AHA, GLOBOCAN 2012, The World Bank, U.S. Census Bureau, Society of Radiologists in Ultrasound, National Bureau of Statistics of China, Japan Healthcare Info, Expert Interviews, and MarketsandMarkets Analysis

TABLE 2 COMPACT/HANDHELD ULTRASOUND DEVICES MARKET SIZE, BY REGION, 2013-2020 (USD MILLION) 2013

2014

2015-e

2020-p

CAGR (2015–2020)

North America

xx.x

xx.x

xx.x

xx.x

xx.x%

Europe

xx.x

xx.x

xx.x

xx.x

xx.x%

Asia-Pacific

xx.x

xx.x

xx.x

xx.x

xx.x%

Rest of the World

xx.x

xx.x

xx.x

xx.x

xx.x%

TOTAL

xx.x

xx.x

xx.x

xx.x

xx.x%

REGION

Source: Annual Reports, SEC Filings, Press Releases, Investor Presentations, Journals, FDA, WHO, OECD, CIHI, AHA, GLOBOCAN 2012, The World Bank, U.S. Census Bureau, Society of Radiologists in Ultrasound, National Bureau of Statistics of China, Japan Healthcare Info, Expert Interviews, and MarketsandMarkets Analysis

TABLE 3

EUROPE: ULTRASOUND MARKET SIZE, BY PORTABILITY, 2013-2020 (UNITS) 2013

2014

2015-e

2020-p

CAGR (2015–2020)

Trolley/Cart-based

xx.x

xx.x

xx.x

xx.x

xx.x%

Compact/Handheld

xx.x

xx.x

xx.x

xx.x

xx.x%

TOTAL

xx.x

xx.x

xx.x

xx.x

xx.x%

DEVICE PORTABILITY

Source: Annual Reports, SEC Filings, Press Releases, Investor Presentations, Journals, WHO, OECD, GLOBOCAN 2012, The World Bank, Expert Interviews, and MarketsandMarkets Analysis

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APPENDIX

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