The global ultrasound market size was USD 6168.2 Million in 2021 and is expected to register a revenue CAGR of 5.40% during the forecast period. Key factors driving global market revenue growth are increasing prevalence of chronic diseases, rising cases of accidents, rapid advancements in medical imaging systems, and increasing awareness about early detection and diagnosis of diseases.
An ultrasound is an imaging test that uses high-frequency sound waves to produce images of structures within the body. These images help physicians and healthcare professionals to diagnose and treat a wide variety of diseases and conditions. Ultrasound, also known as sonography or diagnostic medical sonography, is extensively used for primary diagnosis of diseases related to heart, kidney, gallbladder, pancreas, thyroid glands, ovaries, bones, and liver. This process is painless and does not require injections, needles, and incisions and unlike x-rays, there is no use of radiation and is the most preferred choice due to its cost-effectiveness, compared to other medical imaging processes.
Request a Sample@ https://www.qyresearchmedical.com/sample/119130
Sonography is used for viewing the uterus and ovaries during pregnancy, monitoring fetal health, diagnosing gallbladder diseases, examining breast lumps, evaluating blood flow, for detecting genital and prostate problems, and metabolic bone disease. Doppler, bone sonography, echocardiograms, 3D, and 4D ultrasounds are commonly used for diagnosing various diseases. These devices are widely used in hospitals, clinics, diagnostic centers, and ambulatory care services.
Various market players are investing in research activities for developing more enhanced systems. In addition, ongoing developments in novel applications of sonography techniques for treating complex diseases is expected to open lucrative opportunities for leading players and new entrants during the forecast period. However, increasing product recalls is a key factor expected to hamper market growth to a certain extent going ahead.
Drivers: Increasing Incidence of Cancer and Favorable Reimbursement Scenarios
Demand for sonography is rapidly rising, owing to increasing incidence of various chronic illnesses such as cancer, heart diseases, stroke, and musculoskeletal conditions. In addition, rising number of accidents and injuries related to tendons, joints, muscles, and vessels, as well as increasing geriatric population would propel market growth. Other factors such as favorable reimbursement scenarios, increasing investments by various public and private sectors, and government initiatives are expected to boost market growth during the forecast period.
Restraints: Requirement of High Initial Investment and Maintenance Cost
Though demand for ultrasound devices is rapidly increasing, few unfavorable factors such as expensive product manufacturing processes, as well as high initial and maintenance costs is expected to restrain overall market growth during the forecast period. In addition, rising demand for refurbished products in many hospitals and diagnostic centers with budget constraints is expected to hamper market growth in the near future. Various hospitals and clinics, especially in developing countries, face challenges with the dearth of skilled professionals to operate complex machinery, which is another key factor expected to hamper market growth in the forecast period.
Device Display Outlook:
Based on device display, the global market is segmented into color ultrasound devices and Black and White (B/W) devices. Color ultrasound devices segment is expected to account for the largest revenue share over the forecast period, owing to rapid advancements in sonography techniques, as well as increasing adoption of latest color sonography systems in hospitals and diagnostic centers to check problems with blood flow. Color sonography is steadily gaining traction as these offer high-quality images and help in the quick identification of diseases, as well as in checking issues with blood flow, clots in veins, or artery blockage.
Product Type Outlook:
Based on product type, the global market is broadly segmented into diagnostic and therapeutic. Diagnostic segment is further sub-segmented into 2D imaging systems, 3D & 4D imaging systems, and Doppler imaging. Therapeutic segment is sub-segmented into High-intensity Focused Ultrasound (HIFU) and Extracorporeal Shockwave Lithotripsy (ESWL). Diagnostic segment is expected to account for a steady revenue share between 2021 and 2030, owing to increasing prevalence of various chronic diseases, availability of advanced diagnostic processes, high usage of 2D ultrasound for disease diagnosis, and availability of favorable reimbursement plans. This is the most preferred medium as it is cost-effective, compared to MRI and CT and is easily accessible to many patients.
The global market is segmented into trolley/cart, compact/handheld, and Point-of-care (PoC) based on portability. Compact/handheld segment is expected to register a robust CAGR over the forecast period, owing to increasing prevalence of chronic diseases, higher adoption of portable ultrasound devices, increasing usage of compact/handheld devices in ambulatory centers and hospitals, and rising investments to develop enhanced devices. These compact/handheld devices are cost-effective and can be easily moved from one room to another to help healthcare professionals diagnose bedridden and severely ill patients.
Based on application, the global market is segmented into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and others. Radiology/general imaging segment is expected to account for the largest revenue share between 2021 and 2030, owing to factors such as rising number of radiological centers, higher incidence of various chronic diseases, increasing cases of cancer across the globe, and growing adoption of advanced imaging systems. In addition, presence of skilled personnel in many radiology centers and increasing investments for developing enhanced diagnostic imaging devices are driving revenue growth of this segment.
Obstetrics/gynecology segment is expected to register a robust revenue CAGR over the forecast period, owing to increasing population of pregnant women across the globe, as well as rising prevalence of gynecological issues such as cervical dysplasia, pelvic pain, uterine fibroids, and urinary incontinence and availability of technologically advanced diagnostic systems.
Based on end-use, the global market is segmented into hospitals, surgical centers, and diagnostic centers, maternity centers, ambulatory care centers, research and academia, and others. Among these, hospitals, surgical centers, and diagnostic centers segment is expected to account for the largest revenue share over the forecast period. This growth can be attributed to factors such as increasing prevalence of chronic illnesses, rising number of road accidents and surgeries, and high healthcare expenditure. In addition, rising demand for minimally invasive surgical and diagnostic processes, as well as increasing adoption of latest sonography systems is driving revenue growth of this segment.
Geographically, North America is expected to account for the largest revenue share over the forecast period, owing to factors such as presence of well-developed healthcare infrastructure and facilities, availability of advanced ultrasound devices, and increasing investments for developing more enhanced and easily movable imaging devices. Moreover, increasing incidence of heart diseases and gynecological disorders, higher adoption of handheld devices in hospitals and diagnostic centers, and rising number of product launches and FDA approvals are fueling North America market growth.
Asia Pacific is expected to register a robust revenue CAGR between 2021 and 2030, owing to factors such as rising healthcare expenditure, presence of many manufacturers providing cost-effective equipment, increasing prevalence of chronic illnesses, high geriatric population, and improving healthcare infrastructure. In addition, rising investments to develop more enhanced imaging devices, increasing adoption of minimally invasive procedures, higher adoption of 3D and 4D diagnostic systems, and rising funding by public and private sectors are fueling market growth in Asia Pacific.
The global ultrasound market is extremely competitive and comprises key players at regional and global levels. Major players in the market are focused on product development and are adopting various strategies such as mergers and acquisitions, license agreements, partnerships, joint ventures and collaborations. Some major companies profiled in the market report are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Samsung Electronics, Ltd., FUJIFILM Holdings Corporation, Esaote S.p.A., Mindray Medical International Ltd., Shimadzu Corporation, Analogic Corporation, Carestream, Hologic, MobiSante, Chison Medical Imaging Co., Ltd., Konica Minolta Inc., and Toshiba Corporation.
- In September 2021, GE Healthcare announced acquisition of BK Medical, which is an innovator in global intraoperative imaging and surgical navigation. This acquisition is expected to expand GE Healthcare’s ultrasound portfolio by using BK Medical’s technology for precisely viewing internal parts of the patient’s body during surgery in real-time.
- GE Healthcare announced the launch of Vscan Air, which is a novel wireless and handheld ultrasound device in March 2021. This device received FDA approval in November 2020. Vscan Air is a battery-operated wireless device, designed to fit in a pocket and is intended for use by healthcare experts for conducting ultrasound imaging and fluid flow analysis.
- Mindray Medical International Ltd. announced the launch of the TE9 PoC ultrasound system in September 2021. The newly launched device has a large screen specially designed for enhanced viewing. It is also equipped with Auto GA that helps in evaluating gastric content by automatically identifying the edge of gastric antrum and calculating area with a single screen tap.
- In September 2021, Samsung Medison launched V8, which is a new high-end ultrasound system that provides enhanced image quality, usability, and convenience for all medical professionals. The company aims to make V8 to a flagship product as it is innovatively designed to cover various medical specialties.
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For the purpose of this report, has segmented global ultrasound market based on device display, product type, portability, application, end-use, and region:
Device Display Outlook (Revenue, USD Million, 2022-2030)
- Color Ultrasound Devices
- Black & White (B/W) Ultrasound Devices
Product Type Outlook (Revenue, USD Million, 2022-2030)
- 2D Imaging Systems
- 3D & 4D Imaging Systems
- Doppler Imaging
- High-Intensity Focused Ultrasound (HIFU)
- Extracorporeal Shockwave Lithotripsy (ESWL)
Portability Outlook (Revenue, USD Million, 2022-2030)
- Point-of-care (PoC)
Application Outlook (Revenue, USD Million, 2022-2030)
- Radiology/General Imaging
End-use Outlook (Revenue, USD Million, 2022-2030)
- Hospitals, Surgical Centers, and Diagnostic Centers
- Maternity Centers
- Ambulatory Care Centers
- Research and Academia
- Physiotherapy Clinics
- Independent Associations
- Government Organizations
- Sports Academies
Regional Outlook (Revenue, USD Million, 2022-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119130/1500
You can place an order or ask any questions, please feel free to contact [email protected] | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/