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(Medical-NewsWire.com, July 25, 2020 ) The global ultrasound market is projected to reach USD 8.4 billion by 2023 from USD 6.3 billion in 2018, at a CAGR of 5.9%. The major factors driving the growth of this market include the increasing prevalence of target diseases; rising patient preference for minimally invasive procedures; growing public and private investments, funding, and grants; technological advancements; and increasing number of diagnostic centers & hospitals.
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The analysis of market developments between 2015 and 2018 has revealed that several growth strategies, such as product launches, product approvals, acquisitions, partnerships, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the ultrasound market. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.
General Electric Company (US) held a dominant share in the ultrasound market in 2017. The company focuses on maintaining its position in the market through pipeline development and product commercialization. GE offers a broad portfolio of ultrasound products used in urology, general imaging, cardiovascular, and breast imaging applications. The company also has a strong geographical presence in about 150 countries across the globe. Also, GE pursues inorganic growth strategies such as collaborations, agreements, and partnerships to expand its global presence in the ultrasound market.
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Philips (Netherlands) held the second position in the ultrasound market in 2017. The company’s broad portfolio of ultrasound products provides it with a competitive advantage in the market. To strengthen its position and capture a higher share of the market, Philips focuses on product innovation and launches as its key organic growth strategy. For instance, in March 2018, Philips launched a tele-ultrasound solution which was powered by Innovative Imaging Technologies’ Reacts collaborative platform. Similarly, in June 2017, the company launched the Pioneer Plus catheter for intravascular ultrasound guidance. Philips also launched TrueVue, GlassVue, and aReveal in the software segment for OB/GYN ultrasound systems in 2017.
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Source: EmailWire.Com 
Source: EmailWire.com
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