Ultrasound Devices Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ultrasound Devices Market Analysis
The Canada Ultrasound Devices Market size is expected to grow from USD 386.33 million in 2023 to USD 521.89 million by 2028, at a CAGR of 6.20% during the forecast period.
COVID-19 had an adverse impact on the ultrasound device market in Canada due to the COVID-19 restriction and closed non-urgent hospital services. Moreover, ultrasound was a vital device to use for the COVID-19 diagnosis. For instance, according to the study published in the Canadian Journal of Anaesthesia in August 2021, point-of-care ultrasound (POCUS) was helpful for bedside evaluation of COVID-19 patients' lung conditions, and its use of ultrasound was increased in emergency medicine anesthesiology followed by critical care, and family medicine during the COVID-19 pandemic. Thus, during COVID-19, the use of ultrasound was raised to diagnose COVID-19. However, the market is currently growing at a stable pace owing to a resumption of diagnostic procedures and a decline in COVID-19 cases, and it is expected to witness a similar trend over the coming years.
The factors driving the market growth include the growing burden of chronic diseases such as cancer, cardiovascular, neurological disorders, abdominal diseases, and others, coupled with technological advancement and the rising number of healthcare providers, further, according to the data published by the Kidney Foundation Canada in January 2022, one in every ten Canadians suffers from renal disease, 4 million people each year. A kidney ultrasound assesses the kidneys' size, location, shape, and related structures, such as the ureters and bladder. Ultrasound can detect cysts, tumors, abscesses, obstructions, fluid collection, and infection within or around the kidneys. Thus, the high burden of kidney diseases in the Canadian population is expected to boost the demand for better imaging diagnoses like ultrasound, contributing to market growth.
Moreover, with the new technological innovations and developments, the launch of unique products by key companies in the country is expected to increase access to these devices, thereby boosting market growth. For instance, in June 2021, Butterfly Network, Inc. reported that its second-generation iQ+ had been approved for a Class III Medical Device License in Canada. The iQ+ features Ultrasound-on-Chip technology, with several hardware and software advances designed to improve usability and care delivery. Similarly, in November 2021, PENTAX Medical reported the Canadian launch of their new Performance Endoscopic Ultrasound (EUS) system, a combination of the new Arietta 65 PX ultrasound scanner and their best-in-class J10 Series ultrasound gastroscopes.
Hence, the growing burden of chronic kidney diseases and product launches by the market players is expected to boost market growth over the forecast period. However, strict regulation and a lack of skilled labor to handle the advanced equipment may restrain the market's growth over the next period.
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Ultrasound Devices Market Trends
Radiology is Expected to Witness Healthy Growth Over the Forecast Period
Radiology is a branch of medicine that uses imaging technology to diagnose and treat disease. Radiology may be divided into two areas: diagnostic and interventional. Ultrasound and X-ray professionals play an essential role in the medical industry, assisting in diagnosing and treating injuries and diseases by producing and interpreting diagnostic images such as those used to diagnose cancer and neurological disorders. The major factors propelling the growth of the segment are the increasing burden of neurological disorders and cancer.
For instance, according to a November 2022 report by the Government of Canada, about 223,900 Canadians were diagnosed with cancer in 2022, and prostate cancer was expected to remain the most diagnosed cancer, accounting for 46% of all cancer diagnosed in 2022. Further, according to the same source, breast cancer affects one out of every eight women at some point in their lives in Canada. Thus, as the number of cancer cases rises, the demand for early diagnosis will increase in the country, thereby driving the market for ultrasound diagnostics over the projection period.
In addition, several market players are implementing strategic initiatives, such as partnerships and product launches, to increase the number of devices available for end users, thereby fuelling market growth. For instance, in December 2021, Medo, Medical Imaging Consultants (MIC), and Western Canada entered a partnership to revolutionize diagnostic imaging. Medo is a technology startup that uses artificial intelligence (AI) to simplify ultrasound in healthcare drastically. Similarly, in March 2022, NovaSignal Corp. reported that Health Canada had granted its NovaGuide intelligent ultrasound a medical device license. NovaGuide is now available to Canadian healthcare practitioners to capture and monitor brain blood flow in real-time. Thus, the strategic move will enhance the development of innovative ultrasound for radiology, thereby contributing to market growth in Canada.
Thus, the market players' growing burden of chronic diseases such as cancer and strategic activities is expected to boost the segment over the forecast period.
2D Ultrasound Imaging Segment is Expected to Witness a Healthy Growth Over the Forecast Period
The 2D ultrasound transducer delivers sound waves through the body and back to create a basic image of the organs. 2D ultrasound can be used to detect cancers, polyps, and cysts in a major organ, and they provide a clear inside view that doctors can use to detect and diagnose some medical issues. Thus, factors such as the growing prevalence of cancers, rising technological advancements, and training on point-of-care ultrasound systems are expected to drive the growth of the 2D ultrasound devices market in Canada.
Further, the presence of market players that offer 2D ultrasound in the country will likely increase the accessibility of these devices, thereby boosting the segment's growth. For example, Esaote, Canon, and Siemens are some key players offering 2D ultrasound devices nationwide. The strategic activities by the market players, such as product launches, mergers and acquisition, collaboration, and geographical expansion, is expected to boost the market for 2D ultrasound over the forecast period. For instance, in May 2022, the University of Alberta experts invented a 2D ultrasound for dental offices ultrasound to help assess and diagnose dental patients.
Hence, the presence of the market and strategic activities by them, such as product launches and partnerships, as well as benefits offered by the 2D ultrasound, is expected to boost the segment growth over the forecast period.
Ultrasound Devices Industry Overview
The market is consolidated with a few prominent players. Public and private companies are investing in R&D to advance their technologies in ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Some key companies in Canada's ultrasound devices market are GE Healthcare, Fujifilm Holdings Corporation, Canon Medical Systems, Koninklijke Philips N.V., and Hologic Inc.
Ultrasound Devices Market Leaders
GE Healthcare
Fujifilm Holdings Corporation
Canon Medical Systems
Koninklijke Philips N.V.
Hologic Inc.
*Disclaimer: Major Players sorted in no particular order
Ultrasound Devices Market News
- In March 2023, the University of Western Ontario developed AI-powered bedside lung ultrasound in Canada. Point-of-care lung ultrasound, performed right at the bedside, can be life-saving for critically ill patients. It can help diagnose several medical conditions, such as congestive heart failure, pneumonia, pleural effusion, and pneumothorax, much faster than traditional methods and with little discomfort to the patient.
- In June 2022, the University of Alberta and the Department of Radiology and Diagnostic Imaging collaborated to develop three-dimensional images to aid further in the detection of dental disease.
Ultrasound Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements and Increasing Number of Healthcare Providers
4.2.2 Increasing Incidences of Chronic Diseases
4.3 Market Restraints
4.3.1 Strict Regulations
4.3.2 Lack of Skilled Labor to Handle the Advanced Equipment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application
5.1.1 Anesthesiology
5.1.2 Cardiology
5.1.3 Gynecology/Obstetrics
5.1.4 Musculoskeletal
5.1.5 Radiology
5.1.6 Critical Care
5.1.7 Other Applications
5.2 By Technology
5.2.1 2D Ultrasound Imaging
5.2.2 3D and 4D Ultrasound Imaging
5.2.3 Doppler Imaging
5.2.4 High-intensity Focused Ultrasound
5.3 By Type
5.3.1 Stationary Ultrasound
5.3.2 Portable Ultrasound
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Fujifilm Holdings Corporation
6.1.3 GE Healthcare
6.1.4 Koninklijke Philips NV
6.1.5 Siemens Healthineers
6.1.6 Carestream Health Inc.
6.1.7 Samsung Electronics Co. Ltd
6.1.8 Hologic Inc.
6.1.9 Mindray Medical International Limited
6.1.10 Esaote SpA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ultrasound Devices Industry Segmentation
As per the scope of the report, a diagnostic ultrasound, also known as sonography, is an imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. They are being utilized to assess various conditions in the kidney, liver, and other abdominal disorders. They are also majorly used in chronic diseases, including heart disease, asthma, cancer, and diabetes. Canada Ultrasound Devices Market is Segmented by Application (Anesthesiology, Cardiology, Gynecology/Obstetrics, Musculoskeletal, Radiology, Critical Care, and Other Applications), Technology (2D Ultrasound Imaging, 3D and 4D Ultrasound Imaging, Doppler Imaging, and High-intensity Focused Ultrasound), Type (Stationary Ultrasound and Portable Ultrasound). The report offers the value (in USD million) for the above segments.
| By Application | |
| Anesthesiology | |
| Cardiology | |
| Gynecology/Obstetrics | |
| Musculoskeletal | |
| Radiology | |
| Critical Care | |
| Other Applications |
| By Technology | |
| 2D Ultrasound Imaging | |
| 3D and 4D Ultrasound Imaging | |
| Doppler Imaging | |
| High-intensity Focused Ultrasound |
| By Type | |
| Stationary Ultrasound | |
| Portable Ultrasound |
Ultrasound Devices Market Research FAQs
What is the current Canada Ultrasound Devices Market size?
The Canada Ultrasound Devices Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in Canada Ultrasound Devices Market?
GE Healthcare, Fujifilm Holdings Corporation, Canon Medical Systems, Koninklijke Philips N.V. and Hologic Inc. are the major companies operating in the Canada Ultrasound Devices Market.
What years does this Canada Ultrasound Devices Market cover?
The report covers the Canada Ultrasound Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Ultrasound Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Ultrasound Devices Industry Report
Statistics for the 2024 Canada Ultrasound Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Ultrasound Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
