Our-in depth analysis of the global Micro-Ultrasound Systems market includes the following segments:
Global Micro-Ultrasound Systems Market is further classified on the basis of region as follows:
Micro-Ultrasound Systems Market is anticipated to record a significant CAGR over the forecast period. The diverse application of micro-ultrasound has created significant opportunities in the diagnostics and treatment procedures which is expected to increase its demand in the market over the forecast period i.e. 2018-2027. For pre-clinical imaging in different areas of research like cancer, vascular disease, stem cell and others, micro-ultrasound systems market is one of the fastest growing markets. As compared with other systems, micro-ultrasound systems are more cost effective, further image resolutions are also increased by injection micro-bubbles contrast agents. Users of micro-ultrasound systems get the raw data which is not available with other traditional ultrasound systems which is expected to increase the market demand for micro ultrasound systems over the forecast period.
On the basis of regional platform, global Micro-Ultrasound Systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America and Europe are the growing market in terms of revenue in micro ultrasound systems sector. Due to the presence of most of the market players in this region working on technology enhancement with respect to size of the system and use in different preclinical research, the market is expected to grow strongly over the forecast period. Asia Pacific is a potential market for micro ultrasound systems as many of research institute and pharmaceutical industries have their presence in this region using micro-ultrasounds systems. This factor is thus estimated to make the micro ultrasound system market in the Asia-Pacific region expand during the forecast period.
Micro-ultrasound systems providing evidential support to the clinical research is estimated to expand the micro ultrasound systems market across the globe. The factor that micro-ultrasounds can visualize tiny tumor vasculature with high image resolution will further increase the micro-ultrasound systems market demand. The unique feature of micro-ultrasound of in-vivo detection and analysis with high-resolutions in real time imaging is acting as a major factor that makes it more desirable than traditional systems.
Moreover, factors such as ease to use, portability in nature and cost-efficiency are expected to drive the growth of the micro-ultrasound systems market over the forecast period. Besides there is no risk of radiation side-effects associated to micro-ultrasound systems which will propel the market robustly in the future. However, penetration of micro-ultrasound systems when compared with micro-MRI, micro-PET and micro-CT is lower which is predicted to act as a restraining factor for the micro ultrasound systems market across the globe over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani