As per the report published, the size of the global ultrasound devices market was estimated at USD 6.42 Million in 2020. It is projected to reach USD 8.47 Billion by 2025, at a CAGR of 5.7% during the forecast period. As there is a significant rise in demand for minimally encroaching diagnostic as well as therapeutic devices is primarily driving the growth of the market. Besides, the increasing adoption of ultrasound techniques for the various treatment procedures is a factor fuelling the market growth.
It was considered that Ultrasound devices are protruding diagnostic imaging devices capable of getting images of internal organs of the body. 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. Smaller versions of these devices have led to its 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 are adding 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. The usage of 3D ultrasound and 4D ultrasound is increasing in breast cancer screening as it provides better visualization of the coronal plane in breasts having dense tissues, which in turn recommended by the government and health agencies.
MARKET DRIVERS
Growing demand for ultrasound diagnostic imaging procedures and increasing investments and funds for the research and development are majorly accelerating the global ultrasound devices market. Technological developments, medical reimbursements, growing awareness for early disease detection, and colossal healthcare expenditure are estimated to propel the market growth further.
MARKET RESTRAINTS
Lack of awareness among the people, scarcity of expert sonography professionals for ultrasound devices are hampering the market. The high cost of the ultrasound devices, strict government rules, and regulations are obstructing the market growth to some extent.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Technology, Device Display, Portability, Application, and Region |
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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 |
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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
Based on the technology, the diagnostic ultrasound segment is projected to occupy the largest share of the global ultrasound devices market during the forecast period. Of this segment, 2D ultrasound sub-segment is widely used for women’s health attainability of medical reimbursements for diagnostic ultrasound procedures, continuous advance technologies in the field of ultrasound imaging, and also increasing applications for existing ultrasound techniques propelling the technology segment of the ultrasound devices market growth.
Ultrasound Devices Market – By Device Display
Based on the device display, the color ultrasound devices are projected to hold the leading market during the forecast period. 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 are supporting 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 owing to the rising incidence of cardiac diseases across the globe. Growing chronic diseases and rising elder people population are some factors that 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 products being commercialized 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.
Top companies in the market
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 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 main goal of the company is to assist physicians in making accurate ultrasound imaging diagnosis in less time with high quality.
RECENT MARKET DEVELOPMENTS
On June 10, 2020, Samsung has introduced the accessibility of RS85 Prestige, which is the recent version of the ultrasound devices, and this new device is designed for the scanning execution and also delivers steady image clarity and deepness of perforation and sensitivity to perfusion of blood flow.
On April 22, 2019, Esaote, one of the leading producers of the diagnostic ultrasound system, has introduced a new MyLab X5 ultrasound system device over the United States. The device is so easy and smart where the patients need not worry about the time taking process adjustments no more. This device is developed to provide high-quality ultrasound technology for hospitals, clinics, and the MyLab X5 provides advanced clinical tools.
On June 16, 2020, Philips has launched a wireless and wearable obstetrics monitor under the FDA COVID-19 guidance. It is used for the fetal and maternal examination, which is accepted by the U.S FDA. This launch involves strapping a wired ultrasound transducer for the laboring woman’s abdomen. This process requires precise positioning and includes repositioning throughout labor and delivery to continue monitoring the fetal heart rate.
On April 30, 2020, Mindray launches New ME Series portable ultrasound systems to combat Covid-19. It is used to enlarge clinical confidence during critical and emergency cases. This new device is available in Europe and various selected countries and meets the stipulation of infection control through its seamless designed control panel, robust materials, and unique transducer tracking function.
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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