As per the report published, the size of the global ultrasound devices market is projected to value USD 8.95 billion by 2027 and USD 6.79 billion in 2022, growing at a CAGR of 5.7% during the forecast period. As there is a significant rise in demand for minimally encroaching diagnostic and therapeutic devices is primarily driving the growth of the market. Besides, the increasing adoption of ultrasound techniques for various treatment procedures fuels market growth.
Impact of COVID-19 on the global ultrasound devices market:
The sudden eruption of the novel coronavirus (COVID 19) pandemic has touched every corner of the world. Older adults and those with diabetes, cardiovascular conditions, hypertension, and other chronic diseases are more exposed to mild symptoms of COVID 19. The crisis has got a complicated and remarkable effect on the ultrasound devices market. In November 2020, GE Healthcare enlarged artificial intelligence (AI), digital, and imaging solutions and revealed a slate of new intelligently efficient solutions, including the LOGIQ E10 series, ultrasound systems. Due to the pandemic crisis, the ultrasound devices market has observed a negative impact. The demand for the usage of these devices is increasing enormously. Technology has become a frontline diagnostic tool for COVID 19 patients. The imposed guidelines concentrated on helping patients, hospital administrators in recognizing the potential risks of exhibiting to patients and controlling the ultrasound processes and clinic visits during the pandemic crisis.
Industry Overview:
Ultrasound devices are protruding diagnostic imaging devices capable of getting images of the body's internal organs. Various Healthcare professionals will use these ultrasound devices to conduct and examine the tests in diagnosis and therapeutic procedures. The critical nature of ultrasound devices has enlarged its scope to gynecological, cardiac, urological, cerebrovascular, abdominal, and breast examinations. In addition, smaller versions of these devices have led to their application in point-of-care settings. As there is a significant rise in medical tourism is likely to provide plenty of opportunities for the ultrasound devices market to expand.
The screening of ultrasound is considered a standard for fetal screening globally. Thus, the rising birth rates and in-vitro fertilization treatment rates add to the demand for sonography devices. In addition to this, several organizations such as the American Cancer Society and Radiological Society of North America, Inc. recommend periodic mammographic screening to women aged above 40 years for detecting breast cancer. As a result, several new cases that were diagnosed with breast cancer are rising rapidly. Therefore, the usage of 3D ultrasound and 4D ultrasound is increasing in breast cancer screening. It provides better visualization of the coronal plane in breasts with dense tissues, recommended by the government and health agencies.
MARKET DRIVERS:
Growing demand for ultrasound diagnostic imaging procedures and increasing investments and funds for research and development accelerates the global ultrasound devices market.
Technological developments, medical reimbursements, growing awareness for early disease detection, and colossal healthcare expenditure are estimated to propel market growth further. In addition, Y-O-Y growth in the birth rate across the world is estimated to accelerate the need for more ultrasound devices during the forecast period. According to the Centres for Disease Control and Prevention (CDC), the total number of births in the United States is 3,978,497 in 2016. Moreover, the birth rate in the U.S. was 12.4 births per 1,000 population.
The accentuating number of pregnancies and an increasing number of childbirths every year are factors responsible for ultrasound devices market growth. Additionally, the growing requirement for minimally invasive is another significant factor boosting the market growth. The minimally invasive procedures cause low pain and involve less stay in the hospital, and the significance of these methods is snowballing.
The escalating number of healthcare providers, rising funds and investments for research and developments in ultrasound imaging, and the increasing number of chronic diseases are expected to expand the market size in the near future. The advanced and inventive technologies resulted in the state-of-the-art medical devices industry. The medical device manufacturers are focusing on emerging high-quality images, which is expected to drive market growth. In addition, the flourishing number of hospitals ensuring demand for ultrasound imaging infrastructure augments the market development.
MARKET RESTRAINTS:
Lack of awareness among the people and scarcity of expert sonography professionals for ultrasound devices hamper the market. In addition, the high cost of ultrasound devices, strict government rules, and regulations are obstructing market growth to some extent.
The latest occurrence of the product recall in the ultrasound devices market had posed a significant challenge. For instance, in May 2020, Koninklijke Philips N.V was given a class II product recall for the S83 compact by the U.S FDA. The product recall initiation was due to the defective auto cool function of the Transoesophageal transducer that can harm the patient while examining.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022 to 2027 |
|
Segments Covered |
By Technology, Device Display, Portability, Application, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
The global market for ultrasound devices is segmented based on technology, device display, portability, and application.
Ultrasound Devices Market – By Technology:
The diagnostic ultrasound segment is projected to occupy the largest share of the global ultrasound devices market during the forecast period based on the technology. Of this segment, 2D ultrasound sub-segment is widely used for women’s health attainability of medical reimbursements for diagnostic ultrasound procedures, continuously advanced technologies in ultrasound imaging, and increasing applications for existing ultrasound techniques propelling the technology segment of the ultrasound devices market growth.
Ultrasound Devices Market – By Device Display:
The color ultrasound devices are projected to hold the leading market during the forecast period based on the device display. Factors such as advantages provided by the color ultrasound devices, increasing market accessibility of color ultrasound devices incorporated with the ongoing decline in cost across significant countries, and enlarging distribution of networks of huge producers among the existing countries support the growth of the segments.
Ultrasound Devices Market - By Portability:
Based on portability, the trolley/cart-based ultrasound devices segment is expected to account for the largest share of the global ultrasound market from 2019 to 2024 due to factors such as the growing usage of acute and censorious emergencies. However, the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period.
Ultrasound Devices Market - By Application:
Based on the application, the Cardiology application is expected to be the fastest-growing segment during the forecast period due to the rising incidence of cardiac diseases worldwide. Growing chronic diseases and rising older people populations surge the application segment of the ultrasound devices market.
Ultrasound Devices Market - By Region:
Regionally, Europe accounts for the largest share of the global ultrasound market, followed by North America. Factors such as an increase in the number of commercialized products and expansion in clinical applications of HIFU are driving the market in the European region. However, Asia-Pacific is poised to be the fastest-growing region in the market during the forecast period, owing to significant expansion and modernization of the healthcare infrastructure.
KEY MARKET PARTICIPANTS:
General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), and Analogic Corporation (U.S.) are some of the key players in the global ultrasound devices market.
As we all know that Phillips company is one of the leading companies all around the world in the medical field, they are having their mark of creating innovations with the latest technologies; EPIQ Elite ultrasound features an exceptional level of clinical performance, workflow, and advanced intelligence to meet the challenges of today’s most demanding practices. The company's main goal is to help physicians make accurate ultrasound imaging diagnoses in less time with high quality.
RECENT MARKET DEVELOPMENTS:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Technology
5.1.1 Diagnostic ultrasound
5.1.1.1 2D ultrasound
5.1.1.2 3D & 4D ultrasound
5.1.1.3 Doppler ultrasound
5.1.2 Therapeutic ultrasound
5.1.2.1 High-intensity focused ultrasound
5.1.2.2 Extracorporeal Shockwave Lithotripsy
5.2 By Device display
5.2.1 Color Ultrasound Devices
5.2.2 Black and White Ultrasound Devices
5.3 By Portability
5.3.1 Trolley/Cart-based Ultrasound Devices
5.3.2 Compact/Handheld Ultrasound Devices
5.4 By Application
5.4.1 Radiology/General Imaging
5.4.2 Cardiology
5.4.3 Obstetrics/Gynecology
5.4.4 Vascular
5.4.5 Urology
5.4.6 Other Applications
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 General Electric Company
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Koninklijke Philips N.V.
8.3 Toshiba Corporation
8.4 Siemens AG
8.5 Hitachi Ltd.
8.6 Samsung Electronics Co., Ltd.
8.7 FUJIFILM Holdings Corporation
8.8 Esaote S.p.A.
8.9 Mindray Medical International Ltd.
8.10 Analogic Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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