|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The ultrasound devices market was valued at USD 7,455 million in 2020, and it is expected to reach USD 9,265 million in 2026, registering a CAGR of nearly 3.69% during the forecast period, 2021-2026.
COVID-19 is having an unimaginable impact on the world and has altered almost every aspect of the healthcare industry. The pandemic has also had a complex and unprecedented effect on the ultrasound market. Healthcare providers are deploying the potential of ultrasound diagnosis, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As per an article published on BioMed Central Ltd in June 2020, lung ultrasound (LUS) has shown superior sensitivity compared to X-ray in patients with acute respiratory failure, and LUS may be a more feasible and practical alternative. Also, in Italy, LUS has been proposed as an alternative to CT scan for suspected cases of COVID-19.
In November 2020, GE Healthcare expanded AI, digital, and imaging solutions and unveiled a slate of new intelligently efficient solutions that include the LOGIQ E10 Series, ultrasound systems that harness artificial intelligence (AI) technology to drive workflow productivity during the COVID-19 crisis.
The increasing government and private funding for R&D in ultrasound imaging, the rising number of healthcare providers, technological advancements, and increasing incidences of chronic diseases are the major factors propelling the growth of the ultrasound devices market.
The burden of chronic disease is rapidly increasing all around the world, currently affecting more than 14 million people around the world. For instance, in 2018, the University of California, San Francisco, stated that nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure. The prevalence of various other chronic diseases, such as cardiovascular, neurological, and cancer, is becoming a major concern for the healthcare sectors across the world. According to a study published by the World Health Organization (WHO) in September 2018, cancer accounted for 9.6 million deaths in 2018 worldwide. Globally, one in six deaths occurs due to cancer, and it is the second leading cause of death worldwide.
Also, Dementia Australia states that approximately 459,000 Australians were living with dementia in 2020, and almost 1.6 million Australians were involved in its center for care. It is estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058, and dementia will become the second leading cause of death in the country in the next five years. Focused ultrasound is the most preferred alternative to medicines for the treatment of dementia, as it is an early-stage, non-invasive, and therapeutic technology that has shown potential in improving the quality of life and decreasing the cost. Thus, the increased occurrence of the disorder and the demand for the early detection of disease and minimization of the cost of treatment are expected to increase the adoption of these ultrasound imaging devices. As the aging population is more prone to chronic diseases, the rising geriatric population across the globe is expected to boost the market.
The rising technological advancements, supported by the novel launches of products by the key players, are also expected to take the market to new heights. For instance, in September 2020, Philips Healthcare introduced the latest addition of dedicated cardiovascular ultrasound solutions, the Affiniti CVx, to support the cardiology departments in delivering better care to more patients with increased efficiency and throughput. Also, the shrinkage in the size of ultrasound devices has given the market a slight boost, if not a significant one. The devices have now become handy, giving the healthcare facilities a chance to replace old heavy and technologically deemed devices with small and more advanced devices. With the reduction in the size of these devices, the problem of storage has also been resolved, enabling the facilities to operate more efficiently with a greater number of devices.
However, stringent regulations by the governments regarding the operational concerns and approval of new products, along with the shortage of skilled labor to handle advanced machines, may restrain the market.
Scope of the Report
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 for the assessment of various conditions in the kidney, liver, and other abdominal conditions. They are also majorly used in chronic diseases, which include health conditions, such as heart disease, asthma, cancer, and diabetes. Therefore, these devices are being utilized as both diagnostic imaging and therapeutic modality and have a wide range of applications in the medical field. The 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), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the market size and forecasts in value (USD million) for the above segments.
|2D Ultrasound Imaging|
|3D and 4D Ultrasound Imaging|
|High-intensity Focused Ultrasound|
Key Market Trends
The Stationary Ultrasound Segment is Expected to Hold a Significant Market Share During the Forecast Period
Based on the type, the stationary ultrasound segment is expected to hold a significant market share. The significant market share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions. Also, these ultrasound systems have been undergoing major technological transformations since the last decade, which is leading to the increasing application of these ultrasound systems. For instance, in May 2020, Philips received the United States Food and Drug Administration approval for its wide range of ultrasound solutions that includes EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems for the management of COVID-19-related lung and cardiac complications. Besides, continuous technological advances and the increasing geriatric population around the globe are leading to the increased incidences of various chronic diseases, as the geriatric population is more susceptible to chronic diseases, which are the factors propelling the market growth.
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North America Holds the Largest Market Share and is Expected to Continue doing so over the Forecast Period
When COVID-19 created havoc in this region and various diagnostic imaging facilities went down, Intelligent Ultrasound Group took this as an opportunity to increase the ground of its Point-of-Care Ultrasound simulator in this region and launched a COVID-19 training module for its state-of-the-art BodyWorks Point-of-Care Ultrasound simulator, in order to train healthcare providers to rapidly acquire and practice lung ultrasound skills in the diagnosis of COVID-19.
The factors responsible for the growth of the North American ultrasound market are the government and private funding for R&D in ultrasound imaging, the increasing number of healthcare providers, the increasing geriatric population, and rising incidences of chronic diseases. According to the National Health Council, by the end of 2020, chronic diseases will affect approximately 157 million Americans, with 81 million having multiple conditions. About half of all adults in America have a chronic condition, and approximately 8% of children aged 5 to 17 years were reported by their parents to have limited activities due to at least one chronic disease or disability during that year. According to the study, this number will continue to increase, and more people will suffer from not just one chronic illness but multiple ones, such as diabetes, heart diseases, neurological disorders, and cancer. Also, in February 2019, the American College of Cardiology had reported that by the end of 2019, 10,55,000 individuals would suffer from coronary events, including 720,000 new and 335,000 recurrent coronary events.
Owing to the high prevalence of the diseases, this region has become the hub of the major players. Players have been doing product development in this region to grow. For instance, in April 2019, Canon Medical USA Inc. launched the Aplio a-series, a new line of ultrasound systems delivering high performance for multiple clinical uses at an affordable price point. Also, rising healthcare expenditure, growing awareness for various diagnostic procedures, and favorable reimbursement policies are expected to fuel the market growth in this region.
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Public and private companies are found investing in R&D to advance their technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Some of the major companies investing in ultrasound devices are Philips, Siemens, Canon, Fujifilm. Their updated technological portable devices are praised globally, and these companies have a wide presence across the developed and emerging markets.
In April 2020, Mindray launched the novel ME series of portable ultrasound systems to fight the COVID-19 pandemic and enhance clinical confidence during critical and emergency COVID-19 cases.
In March 2020, Hitachi Medical Systems Europe launched the ARIETTA 750, the new model from the ARIETTA’s diagnostic ultrasound platform series in the European market.
Table of Contents
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 Increasing Number of Healthcare Providers
4.2.2 Technological Advancements
4.2.3 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)
5.1 By Application
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
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Carestream Health
6.1.3 Fujifilm Holdings Corporation
6.1.4 GE Healthcare
6.1.5 Hitachi Medical Corporation
6.1.6 Hologic Inc.
6.1.7 Koninklijke Philips NV
6.1.8 Mindray Medical International Limited
6.1.9 Samsung Electronics Co. Ltd
6.1.10 Shimadzu Corporation
6.1.11 Siemens Healthineers AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Ultrasound Devices Market market is studied from 2018 - 2026.
What is the growth rate of Global Ultrasound Devices Market?
The Global Ultrasound Devices Market is growing at a CAGR of 3.69% over the next 5 years.
Which region has highest growth rate in Global Ultrasound Devices Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Ultrasound Devices Market?
North America holds highest share in 2020.
Who are the key players in Global Ultrasound Devices Market?
GE Healthcare, Mindray Medical International Ltd, Koninklijke Philips NV, Siemens Healthineers, Canon Medical Systems Corporation are the major companies operating in Global Ultrasound Devices Market.