3D Ultrasound Market Segment Analysis-By Application
The 3D Ultrasound Market based on the Application can be further segmented into Cardiology, Ophthalmology, Obstetrics, Musculoskeletal Respiratory Care, and Others. The Cardiology segment held the largest share owing to the factors such as the growing demand for intrauterine contraceptive devices in cardiology treatments and rise in the adoption of percutaneous coronary interventions for clogged coronary arteries. The growing demand for advanced ultrasound devices in cardiology is driving the growth of the 3D Ultrasound Market. The Ophthalmology segment is estimated to be the fastest-growing segment with a CAGR of 6.8% over the period 2021-2026. This growth is owing to the factors such as the rise in the product launches by the key players and the increase in awareness about the availability of various 3D ultrasound devices for ophthalmology.
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3D Ultrasound Market Segment Analysis-By End User
The 3D Ultrasound Market based on the End User can be further segmented into Hospitals, Maternal Centers, Diagnostic Centers, Research Institutes, and Others. The Hospitals segment held the largest share in 2020 owing to the factors such as the growing adoption of Extracorporeal Shockwave Lithotripsy to administer series of shock waves in hospitals and the increase in the demand for Gynecologic ultrasonography in hospitals. The growing investment by the key players in countries, such as India and China is driving the growth of the 3D Ultrasound Market. The Diagnostic Centers segment is estimated to be the fastest-growing segment with a CAGR of 7.1% over the period 2021-2026. This growth is owing to the factors such as the growing demand for percutaneous coronary interventions for opening clogged coronary arteries in diagnostic centers and the rise in research and development activities for developing advanced 3D ultrasound devices.
3D Ultrasound Market Segment Analysis-By Geography
The 3D Ultrasound Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 37% of the overall market in 2020. The growth in this segment is owing to the factors such as the increase in the adoption of intrauterine contraceptive devices in cardiology and the rise in product launches by the key players. The rise in the demand for Gynecologic ultrasonography is driving the growth of the 3D Ultrasound Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of percutaneous coronary interventions for opening clogged coronary arteries and the growing investment by the key players to develop extracorporeal shockwave lithotripsy to administer shock waves.
3D Ultrasound Market Drivers
Rise in the Adoption of Intrauterine Contraceptive Devices to Prevent Pregnancy
Intrauterine contraceptive devices are extensively being utilized across the world owing to their effectiveness in preventing pregnancy. Intrauterine contraceptive devices are also being adopted by women in developed nations who do not want to utilize hormonal contraception, which is one of the major factors driving the growth of the 3D Ultrasound Market.
Increasing Demand for Percutaneous Coronary Intervention Procedures
Percutaneous coronary intervention nonsurgical procedures are increasingly being adopted for treating coronary artery diseases, such as unstable angina, coronary artery disease (CAD), and acute myocardial infarction (MI). Moreover, the key players are focusing on percutaneous coronary interventions (PCI) that improve the quality of life in patients with ischemic heart diseases, which is further propelling the growth of the 3D Ultrasound Market.
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3D Ultrasound Market Challenges
High Cost of 3D Ultrasound Devices
The key players in the market are increasing their investment to carry out various research and development activities for developing advanced intrauterine contraceptive devices. However, the high cost of 3D ultrasound devices is decreasing their adoption in various healthcare facilities, which is one of the major factors that is estimated to reduce the growth of the 3D Ultrasound Market.
3D Ultrasound Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the 3D Ultrasound Market. Key companies of this market are Koninklijke Philips N.V., FUJIFILM SonoSite, Inc., Siemens Healthineers AG, Hologic, Samsung Electronics, Canon Inc., Hitachi, Ltd., GE Healthcare, MINDRAY Medical International Co., Ltd and Favero Health among others.
Acquisitions/Product Launches:
In December 2020, Hologic has launched 3D ultrasound imaging on SuperSonic MACH 40 system to allow clinicians to access high-resolution elastography 3D volumes that are designed to enhance the certainty of diagnostics.
In December 2019, Samsung Electronics has launched its latest Ultrasound and mobile Computed Tomography (CT) innovations using 3D technology at the Radiological Society of North America (RSNA) for delivering innovations in medical imaging.
In February 2019, Koninklijke Philips N.V. has launched an ultrasound system using 3D technology to enhance the assessment of babies during pregnancy and reduce vascular examination times. It can produce 3D vascular images that allow clinicians to evaluate plaque composition.
Key Takeaways
Geographically, the North America 3D Ultrasound Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of intrauterine contraceptive devices in cardiology.
The increase in the demand for percutaneous coronary interventions for opening clogged coronary arteries is driving the Cardiology segment. However, the high cost of 3D ultrasound devices is decreasing their adoption in various healthcare facilities, which is one of the major factors that are said to reduce the growth of the 3D Ultrasound Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the 3D Ultrasound Market report.
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B. Cardiovascular Ultrasound System Market
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