The global ultrasound market size is estimated to be worth USD 9.06 billion by 2028 from USD 6.39 billion in 2023, showcasing a CAGR of 7.2% from 2023 to 2028.
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.
The growing prevalence of chronic diseases is propelling the global ultrasound market growth.
According to the statistics published by the World Health Organization (WHO), an estimated 41 million people die each year due to chronic diseases, accounting for 74% of overall deaths worldwide. Many of the population worldwide suffer from chronic diseases such as CVDs, cancer, gallstones, and fatty liver disease, among others. Factors such as the aging population and adoption of sedentary lifestyles majorly result in the diagnosis of chronic diseases among people. Ultrasound plays a vital role in the detection and management of such diseases. Ultrasound is non-invasive and offers real-time imaging of the internal organs and aid in the effective management of chronic diseases, which primarily boost the growth of the ultrasound market.
Diagnostic ultrasound devices are increasing in number in obstetrics and gynecology and are further estimated to drive the global ultrasound market growth.
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. Furthermore, 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.
Technological developments have enhanced the capabilities of ultrasound machines. The imaging quality has improved considerably in the recent past with the adoption of technological improvements in manufacturing activities. Portable ultrasound machines are another example of technological development.
In addition, factors such as rising awareness regarding the early diagnosis of diseases, growing investments worldwide in developing healthcare infrastructure, increasing aging population suffering from diseases, and growing demand for 3D and 4D imaging are fuelling the growth of the ultrasound market.
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.
Impact of COVID-19 on the global ultrasound market:
COVID-19 has had a mixed impact on the ultrasound market. In the initial days of the COVID-19 pandemic, the shortage of ultrasound machines was observed due to the stoppage in manufacturing activities and supply chain disruption. In addition, during the COVID-19 pandemic, elective surgeries and non-essential medical procedures were kept on hold, which reduced the demand for ultrasound machines at the beginning of the COVID-19 pandemic. On the other hand, during the COVID-19 pandemic, ultrasound has been used as a diagnostic tool to figure out the presence of coronavirus in the lungs. Likewise, the usage of ultrasound has grown in the diagnosis procedures of COVID-19. As a result, the demand for point-of-care ultrasound has grown rapidly to conduct a quick diagnosis of COVID-19. As discussed above, the COVID-19 pandemic has positively and negatively impacted the ultrasound market. However, considering the decreasing impact of the COVID-19 pandemic and increasing habituation toward the new normalization, the ultrasound market is expected to register a healthy CAGR in the coming years.
Market Size Available
2022 to 2028
2023 to 2028
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 Overview of Investment Opportunities
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:
Based on product type, the 2D, 3D, and 4D imaging segments are expected to occupy the leading share of the global market during the forecast period owing to the growing usage of these imaging devices in cardiology, oncology, and others. In addition, the growing incidence of various diseases among people due to the increasing consumption of alcohol and smoking and the growing adoption of sedentary lifestyles is expected to promote the need for 2D, 3D, and 4D imaging devices, which is expected to contribute to the growth of these segments in the coming years.
On the other hand, the extracorporeal shockwave lithotripsy segment is anticipated to showcase a healthy CAGR during the forecast period owing to the efficiency of these devices in treating cancer. In addition, the growing patient count who has cancer is favoring segmental growth.
Ultrasound Market - By Device Display:
Based on the device display, the color imaging segment is predicted to hold a significant share of the global ultrasound market during the forecast period. The increasing demand for high-resolution imaging and the growing adoption of color imaging are propelling the segment's growth rate. In addition, the advantages that color imaging offers over black and white imaging is another significant factor boosting segmental growth.
On the other hand, the black-and-white ultrasound segment is expected to hold a considerable share of the global ultrasound market during the forecast period. This is because black-and-white ultrasound imaging is the most common imaging process used for standard procedures that do not require detailed analysis daily. Black and white imaging is also cheaper to perform than colored vision; therefore, the market for the segment is gaining revenue and will continue to grow during the forecast period.
Ultrasound Market - By Portability of Device:
Based on the portability of the devices, the cart-based segment is estimated to lead the market over the forecast period owing to the growing adoption of cart-based ultrasound devices. The advantages of cart-based ultrasound devices include high performance and output range. Using cart-based ultrasound devices, healthcare providers can make quick decisions.
However, the hand-holdable devices segment had a considerable share of the worldwide market in 2021 and is expected to grow at a considerable CAGR over the forecast period owing to the growing usage of home healthcare and remote patient monitoring. In addition, during the COVID-19 pandemic, the demand for hand-holdable devices has seen rapid growth. Furthermore, the growing adoption of personalized medical care is anticipated to boost the segment's growth rate.
Ultrasound Market - By End-Users:
Based on the end-users, the hospital segment is projected to thrive from 2023 to 2028 owing to a wide range of applications, increased demand for infrastructure and space, and awareness of early diagnosis diseases. In addition, the growing influx of hospital patients due to credibility toward healthcare experts supports the segment's revenue. Hospitals also have more patients due to the advent of healthcare IT systems promoting remote patient monitoring, fueling segment growth. Additionally, the growing partnerships and acquisitions between key market players leading to more advanced hospital infrastructure are supporting the segment’s growth.
However, the diagnostic center segment is also expected to show significant growth during the forecast period due to the growing need for difficult appointments in hospitals and the rising establishment of diagnostic centers worldwide.
Ultrasound Market - By Application:
Based on the application, the radiology segment accounted for the largest share of the global ultrasound market in 2022 owing to its wide range of applications in various diseases and a rise in demand for high-quality imaging for keen observations. In addition, the various diseases detected through the radiology system promote the segment's growth.
However, the cardiology segment is also expected to grow significantly during the forecast period due to the growing cases of cardiovascular problems worldwide. For instance, according to statistics published by World Health Organization (WHO), with 17.9 million deaths per year, cardiovascular diseases (CVDs) are the leading cause of death worldwide.
Ultrasound Market - By Region:
Geographically, the North American region held the leading share of the global ultrasound market in 2022, and the region's domination is anticipated to continue throughout the forecast period.
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 CAGR during the forecast period owing to the 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.
The Latin American ultrasound market is anticipated to grow at a CAGR of 5.12% during the forecast period.
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:
The global ultrasound market size was valued at USD 5.97 billion in 2022.
Between 2023 to 2028, the ultrasound market is anticipated to grow at a CAGR of 7.42%.
The cart-based devices segment accounted for the dominating share of the ultrasound market in 2022.
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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