The global ultrasound equipment market size is projected to grow at USD 7.25 billion in 2020 to USD 13.5 billion in 2030 at a CAGR of 8% in the period 2021-2030. 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.
Based on product, the table-top segment is expected to held the largest share in 2020. The compact segment is predicted to grow at a CAGR during the forecast period due to advancing technologies and the launch of new products such as handheld and compact ultrasound systems by market players.
Based on application, the radiology segment was one of the leading segments in 2020 due to the increasing number of radiology centers and rising adoption of ultrasound in general imaging and diagnosis of medical complications. The gynecology segment is predicted 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.
On the basis of end-user, the hospitals segment accounted the market in 2020 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 predicted to register a higher growth rate over 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.
Regionaly, the North America region accounted US$ 2.30 billion in 2020. Europe is predicted to register a highest CAGR during the forecast period. Asia Pacific dominated the market share in 2020, due to the higher sales volume of ultrasound systems.
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)
Study Period: 2017-2027
Historical Period: 2017-2020
Base Year: 2020
Forecast Period: 2021-2030
Veterinary Telehealth Market (By Animal Type: Canine, Feline, Equine, Bovine, Swine; By Service Type: Telemedicine, Teleconsulting, Telemonitoring) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Omics-based Clinical Trials Market (By Product: Phase I, Phase II, Phase III, Phase IV; By Study Design: Interventional Studies, Observational Studies, Expanded Access Studies; By Indication : Oncology, Cardiology, Respiratory Diseases, Skin Diseases, CNS Diseases, Immunology, Genetic Diseases (includes the rare diseases), Others (includes ophthalmic, ear diseases, etc)) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Complementary and Alternative Medicine for Anti Aging & Longevity Market (By Intervention : Traditional Alternative Medicine/Botanicals, Body Healing, Mind Healing, External Energy Healing, Sensory Healing; By Customer: High Net Worth (HNW) Individuals, Very High Net Worth (VHNW) Individuals, Ultra-high Net Worth (UHNW) Individuals) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Defibrillator Market (By Product: Implantable Cardioverter Defibrillators (ICD), External Defibrillators (ED); By End-use: Hospital, Pre Hospital, Public Access Market, Alternate Care Market, Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Medical Fiber Optics Market (By Fiber Type: Single Mode Optical Fiber, Multimode Optical Fiber; By Application: Endoscopic Imaging, Laser Signal Delivery, Biomedical Sensing, Illumination) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...