The global ultrasound devices market value reached at US$ 6.1 Bn in 2020 and predicted to surpass around US$ 12.3 billion by 2030, expanding at a noteworthy CAGR of 6.1% from 2021 to 2030.
Ultrasound is an imaging technology through which the morphological and physiological defects of human body can be detected. This device uses high-frequency sound waves for visualization of internal organs of the body. It has a probe that transmits ultrasonic sound waves into patient’s body. Organs of the body reflect the high frequency ultrasound waves that are detected by a detector. An ultrasound system is used to detect internal problems in various parts of the body such as heart, kidneys, liver, blood vessels, human fetus, and other organs. It is a type of diagnostic approach, which makes use of high resolution imaging technique by the signal received by organs. Ultrasound devices can also be applied in sonography, which is helpful in both diagnostic and therapeutic procedures.
Rise in prevalence of chronic diseases such as heart disease, stroke, and cancer; technological advancements and new product launches in ultrasound systems; increase in the number of ultrasound diagnostic imaging procedures & efficacy in treatment; and rise in awareness about disease diagnosis to drive the global ultrasound devices market.
Increase in Incidence of Chronic Disorders & Trauma Cases to Drive Global Market
Increase in incidence of chronic disorders and trauma cases and surge in the global geriatric population are the key factors projected to boost the growth of the global ultrasound devices market. The number of carcinoma and cardiovascular disease cases has increased over the past few years; CVDs is one of the leading causes of deaths across the world. Ultrasound is one of the most effective techniques for the pre-diagnosis of cardiovascular diseases. Moreover, the need of post-surgical imaging during the course of the treatment of a particular disease fuels the growth of the global ultrasound devices market. Furthermore, rise in the number of geriatric patients and increase in popularity of minimally invasive procedures accelerate the growth of the global ultrasound devices market. Large number of research grants and funding by government and corporates accelerate the global ultrasound devices market.
Ultrasound Debridement Technology Exhibits Potential to Reduce Morbidity Rate Due to Chronic Wounds
Ultrasound devices have the potential to treat chronic wounds. Significant innovations in wound care are contributing to the growth of the ultrasound devices market, as companies are collaborating with researchers to innovate in the ultrasound debridement technology. This has led to advancements in non-contact low-frequency (NCLF) ultrasound, which demonstrates the potential of ultrasound debridement to effectively remove devitalized tissue, alleviate pain, and control bio-burden caused by chronic wounds.
Since chronic wounds lead to considerable morbidity and utilize significant healthcare resources, manufacturers in the ultrasound devices market are increasing the availability for ultrasound debridement technology, which is effective for expediting the healing process of wounds.
App-based Handheld Ultrasound Gains Popularity as Life-saving Technology in Remote Villages
The innovative app-based handheld ultrasound technology is empowering healthcare professionals to gain diagnostic insight for point-of-care (POC) treatment and is gaining prominence in the emergency department (E.D). The Philips Lumify, a one-of-its-kind app-based handheld ultrasound is gaining popularity for the 2020 IEEE Spectrum Technology in the Service of Society Award, since the technology is benefitting E.D. in hospitals of remote villages. This explains why the ultrasound devices market is estimated to advance at a healthy CAGR of ~6% during the assessment period.
The app-based handheld ultrasound technology holds promising potentials to transform healthcare by generating diagnostic images with the help of an ultrasound transducer that is connected to a smartphone or a tablet.
FDA Clearance for Two-sided Probe Design in Handheld Devices Creates Revenue Opportunities
Although trolley or cart-based ultrasound devices are likely to dominate a high revenue share, the demand for compact or handheld ultrasound devices in the ultrasound devices market is projected to grow at an exponential rate during the forecast period. This is evident since GE Healthcare - a subsidiary of U.S. multinational conglomerate General Electric, has announced its first wireless portable ultrasound device Vscan Air, which is intended for use in diagnostic ultrasound imaging and fluid flow analysis.
In order to bolster their credibility credentials, med-tech companies in the ultrasound devices market are increasing their R&D muscle to gain FDA clearance for handheld devices. They are increasing efforts to develop battery-powered handheld ultrasound devices with two-sided probe design for quick swapping between shallow and deep exams.
In terms of technology, the global ultrasound devices market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been segregated into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been split into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The diagnostic ultrasound segment accounted for 85.42% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.20% from 2021 to 2030. Increase in incidence of chronic cases such as cardiac arrest is projected to drive the global diagnostic ultrasound segment.
Based on application, the global ultrasound devices market has been categorized into radiology/general imaging, cardiology, gynecology, vascular, urology and others. The radiology/general imaging segment accounted for 28.1% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.69% from 2020 to 2030. Increase in the demand for high quality diagnostic and therapeutic imaging capabilities, and rise in concerns related to radiation dose with other ultrasound imaging modalities are likely to drive the segment.
In terms of end user, the global ultrasound devices market has been divided into hospitals & surgical centers, diagnostic centers, ambulatory surgical centers, and others. The diagnostic centers segment dominated the global ultrasound devices market due to the availability of multiple service options & devices and tie-ups with healthcare companies to enhance healthcare service offerings.
In terms of region, the global ultrasound devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ultrasound devices market in 2020, followed by Europe. North America’s significant market share can be ascribed to the presence of a large number of key players, several patients with chronic diseases, a well-established healthcare infrastructure, and funding from government and corporates. The market in North America is anticipated to expand at a CAGR of 6.42% from 2020 to 2030. Europe is expected to account for 20.90% market share by 2030. The market in the region is estimated to reach US$ 3,720.78 Mn by 2030.
The global ultrasound devices market is fragmented in terms of a number of players. Key players operating in the global market include GE Healthcare, Koninklijke Philips N.V, Canon Medical Systems Corporation, Hitachi Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Shantou Institute of Ultrasonic Instruments Co., Ltd., Terason, and Analogic Corporation.
The Ultrasound devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Ultrasound devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Ultrasound devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ultrasound devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ultrasound devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Ultrasound devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Ultrasound devices by regions (countries) and application.
In this study, the years considered to estimate the market size of Ultrasound devices are as follows:
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Ultrasound devices market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Ultrasound devices market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Ultrasound devices market.
Market Segments: This part of the report discusses about product, application and other segments of the Ultrasound devices market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
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