Ultrasound Equipment Market (By Product: Compact, and Table-top; By Application: Radiology, Gynecology, Cardiology, and Others; By End User: Hospitals & Clinics) - Global Industry Analysis, Market Size, Share, Growth, Trends, Region Outlook, And Segment Forecasts, 2021 - 2027

Published Date : May 2021 | No. of Pages : 250+ Pages | Category : Healthcare

The global ultrasound equipment market size is projected to grow at USD 7.25 billion in 2020 to USD 12.90 billion in 2027 at a CAGR of 7.4% in the period 2021-2027. The sudden rise in CAGR is attributable to this market and demand and growth, returning to pre-pandemic levels once the pandemic is over. Increasing prevalence of chronic conditions worldwide will be principal force behind the growth of this market. Chronic diseases, which are known to slowly deteriorate the health of an individual over an extended period of time, have been deemed as the leading cause of disability and death worldwide by the World Health Organization (WHO).

According to the WHO, chronic conditions account for 43% of the global disease burden and are responsible for nearly 60% of all deaths globally. By 2020, the WHO estimates that these proportions will rise to 60% and 73%, respectively. Detection of internal anomalies caused by chronic diseases is made possible by ultrasound equipment as these systems allow health professionals to get a comprehensive imagery of the different organs. Thus, as the incidence of chronic diseases rises around the world, the adoption of ultrasound systems is likely to spike in the near future.

The global impact of COVID-19 has been unprecedented and staggering, with ultrasound equipment witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global ultrasound device market will exhibit a huge decline of -7.1% in 2020. 

Ultrasound uses high-frequency sound waves to take images of anatomical structures, which are then interpreted by healthcare professionals to detect abnormalities in a patient. This equipment is used to diagnose several chronic disorders related to vital body parts such as the heart, blood vessels in the abdomen, joints, and others. Medical ultrasound is also referred to as sonography and is considered to be one of the safest, non-invasive diagnostic procedures to examine internal organs.

Recent advancements in these systems, along with the developing healthcare infrastructure in emerging countries, have influenced market players to develop easier to operate ultrasound devices. Additionally, the growing prevalence of chronic diseases and the expansion of applications of ultrasound systems are some of the major factors anticipated to propel the growth of the market during the forecast period.

High Potential of Lung Ultrasound in Detecting COVID Infection May Aid Market Growth

Increasing awareness about the efficacy of ultrasound equipment in identifying coronavirus-induced abnormalities in the lungs may create favorable conditions for this market. Lung ultrasound is commonly used in intensive care units and emergency wards at hospitals as it allows for a quick examination of the whole chest. In the UK, for example, healthcare workers are trained on the Focused Acute Medicine Ultrasound to enable them to make speedy assessments and diagnosis of severely ill patients. Since COVID-19 patients typically suffer from an acute form of pneumonia, chest ultrasound equipment can prove to be instrumental in providing immediate relief to such patients.

COVID-19 Pandemic to Hinder the Sales of Ultrasound Equipment amid Disruptions in Medical Supply Chains

The outbreak of COVID-19 has had an overall negative effect on the market. The pandemic has generated disruptions in the supply chain of medical devices worldwide. Some of the major players operating in the market have faced supply chain disruptions, especially from distributors in severely impacted emerging countries such as China, India, Brazil, etc. On the other hand, the manufacturing capacity of a few players has been affected due to the unavailability of locally sourced raw materials or parts.

This pandemic is further expected to compel manufacturers and suppliers to re-evaluate their traditional value chains and supply of medical devices. It is also expected that manufacturers would invest more through direct sales force or distribution through online channels. Trends such as relying on locally manufactured parts for the production of medical imaging equipment could emerge in the post-pandemic period.

LATEST TRENDS

Introduction of Artificial Intelligence in Ultrasound Systems to Fuel Market Growth

Some of the leading market players are emphasizing developing advanced ultrasound equipment and systems integrated with artificial intelligence (AI). This step is being propounded to overcome certain limitations associated with the conventional systems, such as the long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images, etc. Thus, the introduction of advanced ultrasound systems with artificial imaging by key players is expected to boost the growth of the market during the forecast period. For example, in 2019, the Food and Drug Administration (FDA) approved the Koios DS, Breast 2.0, an artificial intelligence (AI) platform that assists physicians in the classification and diagnosis of breast cancer through diagnostic ultrasound.

DRIVING FACTORS

Increasing Prevalence of Chronic Diseases and Rising Geriatric Population to Accelerate Market Growth

Globally, the rising prevalence of chronic diseases has resulted in an increase in the demand for healthcare services, such as the increasing number of patient visits, hospital admissions, and surgeries. For instance, in 2019, according to the data published by the CDC, there were more than 900 million physician office visits, 155 million visits to emergency departments, and 45 million outpatient surgeries performed in the U.S. This, along with the rise in the number of geriatric populations globally suffering from chronic disorders, has led to a significant rise in the demand for medical imaging equipment including ultrasound systems for diagnosis & treatment procedures.

Furthermore, over the past decade, applications of ultrasound technology have expanded to clinical specialties such as surgery, gastroenterology, and musculoskeletal. Earlier, these applications were limited to radiology, cardiology, obesity, and gynecology. Hence, recent developments and the launch of several products in the point-of-care (POC) segment and handheld systems have expanded the usage of these imaging systems in primary care, anesthesia, emergency medicine, and critical care applications.

RESTRAINING FACTORS

Product Recalls & Shortage of Trained Technicians to Limit the Adoption of Ultrasound Systems

The ultrasound device market is witnessing enormous developments owing to the advancements in the artificial imaging domain. However, recent recall instances of ultrasound devices are hampering the brand image of major companies operating in this market. For instance, in May 2020, Koninklijke Philips N.V. was given a class 2 product recall by the U.S FDA for its S83t compact. The recall was initiated owing to a faulty auto cool function of the transesophageal transducer that could cause possible injury to patients during ultrasound examinations. This, along with the shortage of trained technicians in countries such as Australia, the UK, and Canada, is expected to restrict market growth during the forecast period. For instance, according to various research studies, the sonographer vacancy rate in the UK is estimated to be between 12% and 18%, with the inability to find suitable candidates considered as one of the key reasons for the shortage.

Market Segmentation

By Product Analysis

Compact Ultrasound Systems Segment to Grow at a Fast Pace

Based on product, the market is segmented into table-top & compact ultrasound equipment. In terms of revenue, the table-top segment held the largest share in 2019. This is primarily attributed to the comparatively higher cost of table-top systems, leading to the segment & higher revenue share in 2019.

On the other hand, the compact segment is expected to grow at a CAGR during the forecast period owing to advancing technologies and the launch of new products such as handheld and compact ultrasound systems by market players.

By Application Analysis

Radiology Segment to Dominate the Market

Based on application, the global ultrasound equipment market is segmented into radiology, gynecology, cardiology, and others. The radiology segment was one of the leading segments in 2019 owing to the increasing number of radiology centers and rising adoption of ultrasound in general imaging and diagnosis of medical complications.

 

On the other hand, the gynecology segment is anticipated to grow at a higher CAGR during the forecast period owing to the technological advancements in the ultrasound industry and the growing prevalence of gynecological disorders responsible for increasing the demand for efficient diagnostic systems.

By End-User Analysis

Clinics Segment to Register a Higher CAGR

On the basis of end-user, the market includes hospitals and clinics. The hospitals segment dominated the market in 2019 on account of the increasing number of patient admissions in hospitals in developed and emerging economies suffering from chronic disorders, along with the well-established infrastructure of hospitals.

The clinics segment is expected to register a higher CAGR during the forecast period owing to the increased adoption of handheld and point-of-care (POC) ultrasound systems in these settings as they are easy to use, convenient, and cost-effective in nature.

REGIONAL INSIGHTS

The ultrasound market size in North America stood at USD 2.39 billion in 2019. The growth of this region is attributed to the constant focus of market players on new product developments in the U.S and Canada. The U.S has witnessed new product launches and innovations in ultrasound equipment, predominantly driven by the recent COVID-19 outbreak.

Europe is expected to register a significant CAGR during the forecast period owing to the widening pool of geriatric patients suffering from chronic diseases, along with the presence of well-established healthcare infrastructure in countries such as the UK and Germany.

Asia Pacific dominated the ultrasound equipment market share in 2019, owing to the higher sales volume of ultrasound systems. Also, China is considered to be a major manufacturer of cost-effective ultrasound machines. This makes the region a lucrative market for these devices.

On the other hand, Latin America and the Middle East & Africa accounted for a comparatively lower share of the global market owing to their developing healthcare infrastructure and the presence of a huge underpenetrated market.

KEY INDUSTRY PLAYERS

GE Healthcare Accounted for a Dominant Share of the Market in 2019.

GE healthcare dominated the ultrasound industry and accounted for the largest market share in 2019. The dominance of GE is a result of its strong product portfolio and growing distribution network, which gives it a definitive competitive advantage. The structure of the market for ultrasound equipment is consolidated owing to the robust portfolio and wide distribution network of key players in major economies.

Players such as GE Healthcare, Koninklijke Philips N.V., and Canon Inc. accounted for a dominant share of the global market in 2019. Also, a few major players are utilizing the opportunities generated by the outbreak of the COVID-19 pandemic in order to further strengthen their market position.

For instance, in August 2020, Koninklijke Philips N.V. launched a new dedicated cardiovascular ultrasound system called the Affinity CVx at the annual meeting of the European Society of Cardiology (ESC). This new system is specially designed to provide improved productivity to users, enabling cardiology departments to operate more efficiently.

In the competitive landscape of this market, other players such as Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote are constantly focusing on introducing therapeutic ultrasound systems with advanced technologies in this major market.

LIST OF KEY COMPANIES PROFILED:

GE Healthcare (Chicago, United States)
Koninklijke Philips N.V. (Amsterdam, Netherlands)
CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)
Hitachi (Tokyo, Japan)
Siemens Healthcare (Erlangen, Germany)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
Samsung Medison Co., Ltd. (Suwon-si, South Korea)
Esaote (Genoa, Italy)

REPORT COVERAGE

Study Period: 2017-2027
Historical Period: 2017-2019
Base Year: 2020
Forecast Period: 2021-2027

Market Segmentation

  • By Product
    • Compact
    • Table-top
  • By Application
    • Radiology
    • Gynecology
    • Cardiology
    • Others
  • By End User
    • Hospitals
    • Clinics
  • By Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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