|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The ultrasound devices market was valued at USD 8,126.66 million in 2021 registering a CAGR of nearly 5.48% during the forecast period, 2022-2027.
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 scans for suspected cases of COVID-19. Additionally, 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. World Health Organization reported that Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths ion 2020. The most common cancer in 2020 (in terms of new cases of cancer) were: breast (2.26 million cases); lung (2.21 million cases); colon and rectum (1.93 million cases); prostate (1.41 million cases); skin (non-melanoma) (1.20 million cases); and stomach (1.09 million cases). Thus, high incidence of cancer reflects on increased demand for its diagnostics which will propel the market to grow.
Also, Dementia Australia Statistics updated in Janurary 2022 states that approximately 487,500 Australians were living with dementia in 2022, 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 market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in 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. Additionally, in July 2020, HOYA Corporation has signed the technical collaboration and supply agreement of diagnostics ultrasound systems and ultrasound sensors with Hitachi, which will become effective as of March 31st of 2021.
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, hence propelling the market growth over the forecast period. For Instance, the World Ageing Population 2020 Highlights Report by United Nations Department of Economics and Social Affairs, reported that in 2020, there are an estimated 727 million persons aged 65 years or over worldwide. This number is projected to more than double by 2050, reaching over 1.5 billion persons. such high burden of geriatric population is driving the growth of market. Thus, owing to the abovementioned factors the market segment is expected to show growth over the forecast period.
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North America Holds the Large Market Share and is Expected to Continue To Do 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. 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. According to the American Heart Association’s Heart & Stroke Statistics 2020 Update, there are more than 356,000 out-of-hospital cardiac arrests (OHCA) in the United States each year, with over 90% of these are fatal. The annual incidence of non-traumatic OHCA is estimated to be 356,461, or about 1,000 people each day. This will lead to increased adoption of ultrasound systems in the United States, thereby expected to drive the growth of this market. Players have been doing product development in this region to grow. For instance, in July 2021, medical device company Exo is released a new handheld ultrasound device that will enable clinicians to diagnose a variety of conditions in real time. Similarly, in March 2021, GE Healthcare launched Vscan Air, a cutting-edge, wireless pocket-sized ultrasound that provides crystal clear image quality, whole-body scanning capabilities, and intuitive software - all in the palm of the clinician’s hands. Similarly, 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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The market is concentrated with a few large players. 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. The updated technological portable devices are praised globally, and the companies have a wide presence across the developed and emerging markets. Some of the major companies investing in ultrasound devices are Philips, Siemens, Canon, Fujifilm.
In February 2022, Butterfly Network, Inc. and Ambra Health announced a partnership to accelerate and simplify interoperability for bedside imaging data. This partnership strengthens the scalability of Butterfly Blueprint, Butterfly’s enterprise platform, and will enhance access to, and shareability of valuable ultrasound information across hospitals and health systems.
In December 2021, EagleView ultrasound introduced its wireless portable ultrasound device, which provides ultrasound imaging much freedom, and makes the point-of-care solution more affordable too.
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
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.4.5 South America
184.108.40.206 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 Hologic Inc.
6.1.6 Koninklijke Philips NV
6.1.7 Mindray Medical International Limited
6.1.8 Samsung Electronics Co. Ltd
6.1.9 Esaote SpA
6.1.10 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 2019 - 2027.
What is the growth rate of Global Ultrasound Devices Market?
The Global Ultrasound Devices Market is growing at a CAGR of 5.48% 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 2021.
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.