The global ultrasound devices market size was significantly robust in 2022 and is expected to register a rapid revenue CAGR over the forecast period. Market revenue growth is primarily driven by factors such as increased use of ultrasound equipment for diagnostic imaging and therapy and rising prevalence of chronic and lifestyle-related diseases.
An ultrasound device generates images that allow organs within body to be viewed. This equipment emits high-frequency sound waves received by a computer, which then uses them to produce a picture. This test, unlike an x-ray or CT scan, does not involve ionizing radiation. In addition, this technique instructs healthcare personnel on how to do biopsies, monitor blood flow, and determine extent of damage following a heart attack.
Ultrasound imaging (sonography) examines the inside of body using high-frequency sound waves. As ultrasound images are collected in real time, they can show internal organ movement as well as blood flowing via blood vessels.
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Some of The Factors Supporting Market Growth
Rising prevalence of target diseases is one of the major factors driving revenue growth of the market. In addition, rapid rise in preference for minimally invasive procedures, as well as increase in number of diagnostic centers and hospitals, are driving market growth during the forecast period.
Moreover, rising government and private investments, funding, and grants, as well as increase in number of pregnancies, are expected to drive market revenue growth. Furthermore, ongoing advancements in new uses of ultrasound techniques for treatment of disorders, such as uterine fibroid, are other factors driving growth of the ultrasound devices market.
However, adverse healthcare changes, dearth of competent and well-trained sonographers, and growing end-user demand for reconditioned equipment are expected to impede expansion of the ultrasound devices market. In addition, lack of favorable reimbursement scenario and technology penetration in developing economies, decline in healthcare expenses in advancing countries, rising patent expiry, government pricing pressure, high cost of ultrasound devices, and lack of suitable infrastructure in low- and middle-income countries are expected to restraint market growth during the forecast period.
Furthermore, regulatory scientific gaps and hurdles, such as a lack of acoustic and thermal measurement and simulation tools for therapeutic ultrasound device output characterization, are expected to limit market growth over the forecast period.
Increase in public-private funding for targeted research activities, increase in incidence of lifestyle-related diseases, widespread adoption of technologically advanced products, growing geriatric population base, and rising product innovations and development as a result of global technological advancements will provide profitable opportunities for market players during the forecast period.
Furthermore, expanding ultrasound application areas for renal stones, malignancies, and other clinical problems, rising internet penetration rate, increasing number of mergers and acquisitions, and rising per capita expenditure on health care will all contribute to further growth of the global ultrasound devices market over the forecast period.
Geographic Market Scenario
Region with Largest Revenue share:
The North America region is expected to account for largest revenue share over the forecast period. Rising prevalence of chronic diseases among growing elderly population is likely to drive market revenue growth. Participation of established businesses in this region is another important factor that might help to strengthen the market. Among all, the U.S. is expected to play the most important role in market development during the projection period.
Presence of a substantial number of market competitors in this region, as well as rising number of cancer patients, are two main factors driving regional market growth. According to National Cancer Institute, in 2020, an estimated 1,806,590 new cases of cancer were diagnosed in the U.S.
Furthermore, region’s rapid adoption of new technologies is rising demand for ultrasound instruments. For example, in October 2020, St. Luke’s University Health Network collaborated with GE Healthcare to install 76 ultrasound equipment as a part of an AI-assisted technology network. these factors are driving revenue growth of the regional market share over the forecast period.
Region with Fastest Revenue Growth Rate:
The Asia Pacific region is expected to register a significant revenue CAGR over the forecast period, as a result of increased initiatives to upgrade healthcare facilities. Another significant factor driving market growth during the forecast period is increasing incidence of chronic diseases.
Moreover, market participants are employing a variety of techniques to establish their presence in this region. For example, in June 2020, Japan’s healthcare regulator granted Philips permission to launch an ultrasound solution for suitable handheld devices. Furthermore, presence of growing countries, such as India, China, and Japan, are likely to significantly strengthen the market over the forecast period.
Key Market Trend and Innovations
Technological breakthroughs have greatly aided the medical industry. Diagnostic, monitoring, and treatment technologies have shrunk in size, allowing for more widespread use and smarter decision-making. Ultrasound technology employs sound frequencies exceeding 20 kilohertz, which are outside the human auditory zone. These safe waves are reflected from body structures and processed by a computer to create an image of desired organ or structure. Portable ultrasound equipment has recently appeared on the market, enabling for the practical application of this popular technology.
For example, in 2023, a group of Canadian researchers at University of British Columbia created a portable ultrasonic transducer size of a plaster that can be woven into clothing or even integrated into small machinery. This device is expected to cost less than USD 100. Personal use is dependent on powerful processing and analytics methods that can be used. Data processing is required to provide an accurate depiction of organ or structure under investigation, while advanced Artificial Intelligence (AI) is required to analyze acquired data and provide individual with a preliminary decision regarding his medical status. These advances in technology are therefore, key driver for growth of the market.
Organic and Inorganic Strategies Adopted
- In October 2021, Mindray North America, a leading inventor, manufacturer, and supplier of medical equipment, announced to release TE7 Max Ultrasound System, which maximizes potential of ultrasound in the Point-of-Care (POC) market. This innovative product features an unparalleled 21.5-inch vertically oriented high-definition LED display and a sealed touch-based interface.
- In March 2021, GE revealed its new handheld ultrasound gadget, Vscan Air, for sale in the U.S. and Europe. GE Healthcare forecasts that the market for handheld ultrasounds will increase to USD 1 billion in the next decade and the company hopes to capture 30% of the market with Vscan Air by 2025.
- In October 2020, Butterfly Network introduced Butterfly iQ+, which features Ultrasound-on-Chip technology. The new features include higher frame rates, Needle Viz technology, a longer battery life, and industry-leading durability.
- In April 2023, Canon Medical Systems USA, Inc. released Aplio a-series, a new range of ultrasound systems giving great performance for many clinical needs at an accessible price point, to complement its strong array of ultrasound capabilities. The Aplio a-series, which comprises a550 and a450, was designed with imaging, ergonomics, and workflow capabilities of Canon Medical’s premium ultrasound systems in mind. It can cover a wide range of clinical fields, from cardiology to women’s health, for normal day-to-day excellence.
Major Companies in The Market Include:
- Konica Minolta Inc.
- General Electric Company
- Hitachi, Ltd.
- Koninklijke Philips N.V.
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- Siemens Healthcare and Toshiba Corporation
- Chison Medical Technologies Co., Ltd.
- Neusoft Corporation
- Clarius Mobile Health
- Medgyn Products, Inc.
- United Imaging Healthcare Co., Ltd.
- Canon Medical Devices USA, Inc.
Product Type Outlook (Revenue, USD Million; 2023-2032)
Application Outlook (Revenue, USD Million; 2023-2032)
- General Imaging
Portability Outlook (Revenue, USD Million; 2023-2032)
End User Outlook (Revenue, USD Million; 2023-2032)
- Specialty Clinics
- Maternity Centers
- Ambulatory Care Centers
- Imaging Centers
Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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