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Global Ultrasound Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product Type, Device Display, Portability Of Device, Application, End-User, and Region – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 10212
Pages: 190
Formats: report pdf report excel report power bi report ppt

Ultrasound Market Size (2022 to 2027)

The global ultrasound market size is estimated to be worth USD 8.45 billion by 2027 from USD 5.97 billion in 2022, showcasing a CAGR of 7.2% from 2022 to 2027.

Ultrasound technologies are predicted to grow in popularity in disease management throughout the forecast period because they are cost-effective, safer, and allow for early detection and treatment of target diseases.

MARKET DRIVERS:

YOY rise in the prevalence of chronic diseases such as cancer, gallstones, and fatty liver disease, among others, and high healthcare costs propel the global ultrasound market growth.

According to the statistics published by the World Health Organization (WHO), an estimated 41 million people die due to noncommunicable diseases, accounting for 74% of overall deaths worldwide. Portable ultrasound equipment is becoming more common, as they are now employed in emergency departments and during anesthetic administration. The portable ultrasound market has room to develop pre-medicine. Ambulances already well-equipped may now carry a space-saving portable ultrasound scanner that allows paramedics to send images to hospitals in advance, allowing them to provide faster treatment during a medical emergency. Several major market players are concentrating on R&D to develop a stable and safe formulation. For the past several years, the market has been paying attention to technical advancements on a large scale. The rising prevalence of target diseases and conditions will accelerate the adoption of efficient diagnostic and treatment approaches.

Diagnostic ultrasound devices are increasing in number in obstetrics and gynecology and are further estimated to drive growth for the global ultrasound market.

The need for ultrasound is growing significantly owing to pregnant women needing ultrasound imaging to assess and check the fetus's condition. In addition, growing awareness in people regarding the early detection of diseases, frequent health check-ups, and being on track with health are favoring the ultrasound market. The usage of ultrasound has also increased as people become more aware of having a healthy lifestyle and fitness and understand the significance of regular body check-ups.

Technological advancements are further boosting the ultrasound market growth.

Manufacturers are making devices smaller and more portable as technology advances, but they also add newer technologies such as 3D and 4D imaging. The 3D and 4D imaging techniques are part of technological advancements, which are high in this current scenario. The research activities in human health and the field also lead to many positive trends helping the market grow. The rise in public funding, nongovernmorganizations'ations funds towards the growth of healthcare, and the structure help this market. Government initiatives such as creating health plans, health check-ups, and camps, allowing people to know more about the need for early diagnosis of disease and its prevention, are also a growth factor for this market.

MARKET RESTRAINTS:

However, the expansion of the ultrasound market is anticipated to be restrained by increased demand for refurbished medical imaging devices and a shortage of skilled labor to handle the equipment. In addition, the high cost of ultrasound equipment is projected to limit the use of ultrasound imaging devices and restrict the growth global ultrasound market during the forecast period.

COVID-19 impact on the global ultrasound market: 

The impact of the COVID-19 pandemic on medical device businesses in the ultrasound devices business is projected to be moderate. The global ultrasound market's development has been slowed by the closure of production facilities owing to lockdowns, supply chain disruptions, and recruiting problems for clinical trials. Ultrasound is one of the many types of medical imaging technologies available. The body's interior organs are seen using high-frequency sound waves in an ultrasound device. The industries have suffered a setback due to the lockdown, which has resulted in a drop in manufacturing and a substantial decrease in patient flow. On the other hand, healthcare practitioners are exploiting the potential of ultrasound diagnostic, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As of this, the global Ultrasound market has grown in coming years.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product Type, Device Display, Portability of Device, Application, End-User, 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 Oveofiew on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa

 

This market research report on the global ultrasound market has been segmented and sub-segmented based on the product type, device display, device portability, application, end-user, and region.

Ultrasound Market - By Type of Product: 

  • 2D imaging
  • 3D and 4D imaging
  • High-intensity focused ultrasound
  • Extracorporeal shockwave Lithotripsy

Ultrasound Market - By Device display: 

  • Colour Imaging
  • Black and White Imaging

Based on the device display, the color imaging segment is predicted to hold the most shares during the forecast period due to its rapid increase in demand for high-resolution and visibility images. 

Ultrasound Market - By Portability of Device: 

  • Hand Holdable Device
  • Cart Based Device

Based on the device's portability, the cart-based ultrasound device is estimated to perform well over the other. However, in the present market, hand-able devices are more in use and are expected to grow in the forecast period; the adaption of cart-based ultrasound devices is more in demand. Furthermore, due to their performance and output range, cart-based ultrasound devices are more in need of end-users. 

Ultrasound Market - By End-Users:

  • Hospitals
  • Diagnostic Centers
  • Ambulatory Services
  • Maternity Centers 

Based on the end-users, the hospital segment is projected to thrive from 2022 to 2027 owing to a wide range of applications, increased demand for infrastructure and space, and awareness of early diagnosis diseases.

Ultrasound Market - By Application:

  • Radiology
  • Cardiology
  • Urology
  • Gynecology
  • General imaging
  • Others

Based on the application, the radiology segment accounted for most of the share in 2021 due to its wide range of applications in various diseases and a rise in demand for high-quality imaging for keen observations. 

Ultrasound Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Geographically, the Asia pacific is expected to be the fastest-growing region in the global ultrasound market during the forecast period owing to the growing adoption of technological advancements, increased R&D activities, and rising number of health awareness camps by the governments. In this region, countries such as Australia, India, China, Japan, and South Korea are expected to showcase healthy growth during the forecast period.

The ultrasound market in Europe is predicted to grow at a promising growth rate due to many ongoing clinical research projects in ultrasound, expansions in the clinical applications of focused ultrasound and the early commercialization of these devices in the region, and significant healthcare expenditure across mature European countries. Governments all around Europe are putting a lot of effort into promoting and supporting industrial research. Tax incentives have been made available to encourage businesses to create R&D units with advanced imaging capabilities, such as ultrasound. Other factors contributing to the growth of the European ultrasound devices market include an increase in demand for minimally invasive devices, an increase in the elderly population, a reduction in the size of ultrasound devices, and increased incidences of chronic diseases (such as cancer). Germany dominates the European market with its universal multi-payer healthcare system, creating better access to ultrasound imaging.

KEY MARKET PARTICIPANTS:

A few of the major companies operating in the global ultrasound market profiled in this report are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Siemens Healthineers Ag, Hologic, Inc., Fujifilm Holdings Corporation, Samsung Electronics Co., Ltd., Mindray Medical International Limited, Analogic Corporation, Esaote Spa, Shimadzu Corporation, Carestream Health, Cura Healthcare, and Chison Medical Technologies Co., Ltd.

RECENT MARKET DEVELOPMENTS: 

  • In May 2020, Philips, a Dutch multinational conglomerate corporation for its wide range of ultrasound solutions, such as the EPIQ series, Lumify, and CX50, received United States FDA approval. 
  • In March 2020, Hitachi, a Japanese multinational conglomerate company, launched a new model in ARIETTA diagnostic ultrasound series, ARIETTA 750.

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FAQ's

How much was the global ultrasound market worth in 2021?

The global ultrasound market size was valued at USD 5.57 billion in 2021.

What is the CAGR of the ultrasound market?

Between 2022 to 2027, the ultrasound market is anticipated to grow at a CAGR of 7.42%.

Which segment by portability of device led the ultrasound market in 2021?

The cart-based devices segment accounted for the dominating share of the ultrasound market in 2021.

Which are the top players in the global ultrasound market?

GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi, Ltd., Siemens Healthineers AG, Hologic, Inc., Fujifilm Holdings Corporation, Samsung Electronics Co., Ltd., Mindray Medical International Limited, Analogic Corporation, Esaote Spa, Shimadzu Corporation, Carestream Health, Cura Healthcare, and Chison Medical Technologies Co., Ltd. are a few of the major players in the ultrasound market.

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