Increase in Demand for Non-invasive Medical Treatments to Fuel Market Growth
Within the global healthcare ecosystem, concerns pertaining to the use of radiation and diagnostic imaging tests have led to a considerable rise in the research and development expenditure. Strides taken by the ultrasound technology in recent years continue to play a key role in augmenting its adoption in clinical applications.
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Moreover, increasing demand and popularity of non-invasive, cost-efficient, and non-radiation treatment procedures is a major factor expected to bolster the growth of the global intravascular ultrasound devices market in the upcoming decade. Recent advancements in the ultrasound technology, including widening applications in 3D imaging, shear wave elastography, onset of wireless transducers, and app-based ultrasound technology are some of the other factors that are likely to fuel the demand for intravascular ultrasound (IVUS) devices during the assessment period.
Due to consistent progress and focus on upgrading current technologies, new technologies are set to make inroads into the current global intravascular ultrasound devices market. Market players are increasingly focusing on product development and pricing strategies to gain a competitive edge in the current intravascular ultrasound devices market landscape. Furthermore, market players are also anticipated to launch new intravascular ultrasound devices to cater to the rapid rise in the demand for intravascular ultrasound procedures around the world.
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As governments in both developed as well as developing regions continue to emphasize on improving the public health infrastructure, the global intravascular ultrasound devices market is likely to witness significant development in the upcoming decade.
Advancements in Engineering to Minimize Vendor Costs
Advancements in engineering and manufacturing techniques are expected to play an imperative role in augmenting the global intravascular ultrasound devices market during the assessment period. While market players are projected to focus on improving the quality of their newly developed intravascular ultrasound devices, the market is likely to witness breakneck competition on the economic front, as pricing strategies could emerge as a differentiating factor.
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In addition, market players operating in the current intravascular ultrasound devices market landscape are increasingly focusing on minimizing the size of products– a trend that is expected to gain further momentum during the assessment period. The increasing demand for miniature, cost-efficient, and high-performance electronic devices within the medical sector is estimated to play an instrumental role in propelling the market. Handheld intravascular ultrasound devices are set to have a higher market share during the forecast period.
Market Players to Launch New Products to Gain Advantage
Players operating in the current intravascular ultrasound devices market landscape are expected to expand their product portfolio to gain a competitive edge. For instance, in August 2018, Infraredx announced the launch of Makoto Intravascular Imaging System and the Dualpro intravascular ultrasound device catheter in Japan. The launch aimed at catering to the increasing demand for intravascular ultrasound devices across the hospitals in Japan. Market players are also increasingly expected to focus on attaining the approval of the FDA to increase sales.
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High Demand for Point-of-care Ultrasound amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the overall growth of the global intravascular ultrasound devices market during the forecast period. Patients suffering from hypertension, diabetes, cardiovascular conditions, etc. are more susceptible to the novel coronavirus in comparison with individuals who are not suffering from any major health conditions.
Researchers are increasingly investing time and resources toward understanding the role of point-of-care ultrasound amid the ongoing pandemic, particularly for dialytic patients. While research and development activities are likely to pick up pace, market players are projected to address issues within the supply chain put forward by stringent trade and transportation restrictions.
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