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According to the market research analysts at Technavio, the global intravascular ultrasound (IVUS) market is anticipated to witness steady growth and will post a moderate CAGR of more than 6% over the forecast period. Recent advancements in semiconductor technology have led to the development of efficient power saving intravascular ultrasound devices, which is one of the significant factors driving the IVUS market growth. Semiconductor manufacturers are making efforts to develop efficient, innovative designs that consume less power because high power consumption is a primary concern for most hospitals as they require a huge number of medical devices that need power throughout the day. According to this intravascular ultrasound industry analysis, many vendors are collaborating with semiconductor companies to develop medical devices that are efficient, easy to handle and require less power. Moreover, hospitals, private clinics, and diagnostic centers in developing countries like India, China, and Malaysia are readily opting for these devices as continuous power supply is a major issue in these countries.
In terms of geography, the Americas was the highest revenue contributing region during 2015 and will continue to dominate the IVUS market growth until the end of 2020. Advances in technology and the availability of reimbursements by Medicare is expected to propel the the IVUS market growth in the US. Manufacturers of intravascular ultrasounds in the US are innovating and extending product lines to increase their market shares over the coming years. Also, the increasing incidences of cardiovascular diseases, awareness about advanced medical devices, and presence of sophisticated healthcare infrastructure will drive the market for intravascular ultrasound in the region.
The global intravascular ultrasound market is primarily dominated by two major vendors, Philips volcano and Boston Scientific. Some of the vendors in developed markets are focusing on product innovations to extend their product lines and increase their market shares. It is difficult for new entrants to the enter the market owing to the presence of well-established vendors, but a few major medical devices companies are acquiring prominent vendors to enter this market. The intravascular ultrasound (IVUS) industry trends suggest that the local vendors in emerging countries are a tough competition for global players with respect to product pricing. All these factors contribute to intense competition in the market.
Key vendors in this market are -
Other prominent vendors in the market include Avinger, Hitachi Aloka Medical America, Infraredx, Medtronic, Samsung Medison, Silicon Valley Medical Instruments, and St. Jude Medical.
The IVUS catheters segment accounted for the majority of market shares and will continue to lead the market over the next four years. Disposable IVUS catheters are being increasingly used in hospitals and diagnostics centers as they reduce the chances of infections and do not require cleaning or maintenance. Moreover, these are cost-effective, reducing the overall treatment cost, which will lead to their augmented adoption over the next four years.
During 2015, the hospitals and private clinic segment was the highest revenue contributing segment in the market and will continue to dominate the market until the end of 2020. The rise in the number of hospital admissions for cardiac diseases is leading hospitals to invest more in intravascular ultrasound devices. Moreover, the number of people opting for these tests is high in hospitals both in outpatient and inpatient settings, which will contribute to this segment’s growth in the future.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by application
PART 08: Market segmentation by end-user
PART 09: Geographical segmentation
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Key vendor analysis
PART 17: Appendix
PART 18: Explore Technavio
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