Global Ultrasound Devices Market

The global ultrasound devices market size was valued at USD 5.8 Billion in 2020 and projected to reach USD 9.1 Billion by 2027, growing at a CAGR of 6.5% during the forecast period, 2021-2027. The increasing incidence of stomach diseases and rising awareness towards early diagnosis are the primary factors driving the growth of the global ultrasound devices market. The advent of modern technologies in diagnostic and therapeutic ultrasound imaging and the growing applications for ultrasound imaging in gynecology applications over x-ray and CT scans are the key factors increasing the demand for ultrasound devices across the globe.

What are Ultrasound Devices?

An ultrasound, also called sonography, is a non-invasive medical test that uses high-frequency (above 20KHz) sound waves to capture live images from the inside of the body. The ultrasound is categorized into two categories, including diagnostic and therapeutic. An ultrasound system consists of a transducer and ultrasound detector or probe. The technology used in ultrasound imaging is similar to sonar and radar, and unlike other imaging techniques, ultrasound uses no radiation.

Growth Driver

Increasing incidence of chronic diseases

The massive increase in the incidence of chronic diseases among the young and old population has increased the demand for effective diagnostic and therapeutic procedures across the globe. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), in America, it is estimated that around 62 million people are diagnosed with a digestive disorder, out of which 20 million people have gallstones and undergone various surgeries each year, resulting in the high demand for accurate medical examinations, including an ultrasound. Furthermore, the growing incidence of several chronic diseases associated with heart, kidney, liver, and stomach cancer has increased the demand for the ultrasound procedure, resulting in the high demand for ultrasound devices among hospitals, surgical centers, and other healthcare centers. These are the major factors increasing the demand for ultrasound devices across the globe. According to the National Health Council of America, it is estimated that approximately 133 million people are affected by chronic diseases, including cancer, diabetes, stroke, heart diseases, or depression, pulmonary conditions, and mental illness. In addition, it is estimated that more than 75% of health care costs are due to chronic diseases and are projected to increase USD 4.2 trillion by 2023.

Restraints

The high cost associated with ultrasound devices is expected to restraint the adoption of ultrasound devices among small clinics and diagnostic centers during the forecast period. Moreover, the government’s stringent regulations on the usage of ultrasound devices due to several biological side effects will slow down the demand for ultrasound devices in the coming years.

Opportunities

Increasing applications of Ultrasound

The advent of modern technologies has increasingly expanded the use of ultrasound beyond radiology, cardiology, and OB/GYN to a broad range of clinical specialties, including surgery, musculoskeletal and gastroenterology which has increased the demand for ultrasound devices across the globe. Furthermore, ultrasound imaging has rapidly gained popularity over MRI and CT scans due to its lower cost and radiation-free procedures. These are the major factors resulting in escalating the demand for ultrasound devices during the forecast period.

Pre Covid-19 impact

The rapid growth in the healthcare industry due to high government spending has increased the growth of the ultrasound devices market across the globe. The key manufacturers have highly invested in manufacturing medical devices and equipment due to increased demand among healthcare industries. Furthermore, the rapid expansion of healthcare facilities in developing countries like China and India has increased the overall healthcare sector, creating various opportunities for the manufacturers of ultrasound devices. The high adoption of cost-effective procedures in emerging economies has also increased the demand for ultrasound procedures over highly expensive MRI and CT scans. These are the major driving factors for the ultrasound devices market during the forecast period.

Covid-19 impact

The COVID-19 pandemic has moderately impacted the global ultrasound devices around the world. The shifting preference of healthcare industries towards the spread of the COVID-19 pandemic has slowed down the incidences of ultrasound procedures in hospitals and other diagnostic centers. The government’s stringent regulations and various social norms such as social distancing has created a sudden decline in the face-to-face interactions between doctors and patients. The high demand for life-supporting equipment such as ventilators has decreased the manufacturing of ultrasound devices across the globe. Furthermore, the complete shutdown of manufacturing industries due to nationwide lockdown and disruptions in supply chains has declined the growth of the ultrasound market. Furthermore, the recent developments in the diagnosis of COVID-19 have established lung ultrasound (LUS) for the evaluation of acute respiratory failure, which has increased the demand for ultrasound procedures as a decision support tool.

Post Covid-19 impact

There will be significant growth in the global ultrasound devices market during the forecast period. The growing minimally invasive therapies and image-guided procedures among hospitals and diagnostic centers will increase the ultrasound devices market. Furthermore, the increasing demand for ultrasound over x-ray in the diagnosis of COVID-19 has increased the demand for ultrasound devices across the globe. The growing adoption of technologically advanced medical products and equipment will escalate the demand for innovative ultrasound devices such as battery-powered handheld ultrasound devices across the globe.

Technology Segmental Analysis

Based on the Technology, the Ultrasound Devices market is segmented into Diagnostic Ultrasound and Therapeutic Ultrasound. The diagnostic ultrasound segment is expected to have the largest market share in the ultrasound devices market. The diagnostic ultrasound is a safe procedure that uses low-power sound waves and is widely used in diagnosing gynecology and obstetrics. It offers more realistic and complete imaging of internal organs and can be used during surgery by placing a sterile probe into the operated area. Furthermore, the growing technological advancements in diagnostic ultrasound procedures and the increasing ultrasound applications will increase the overall ultrasound market growth.

Portability Segmental Analysis

Based on the portability, the market of ultrasound devices is segregated into Trolley/Cart-based, Compact/Handheld, and Point-of-Care. The trolley/cart-based ultrasound devices are expected to have significant market growth during the forecast period. The growth is attributable to the rapid use of these devices among hospitals and diagnostic centers. These devices offer mobility according to the patient location, and it also leads to improved patient throughput.

Application Segmental Analysis

Based on the application, the Ultrasound Devices market is classified into Radiology/General Imaging, Cardiology, Gynecology, Vascular, Urology, and Others. Radiology/general imaging is expected to have the largest share in the ultrasound devices market in 2020. The growth is attributable to the growing incidence of chronic diseases, including cancer and diabetes. Furthermore, the increased adoption of technologically advanced ultrasound-based diagnosis and treatment of cancer among developed countries are the key factors increasing the demand for overall ultrasound devices across the globe. Moreover, the increasing incidence of fatty liver and gallstones among young and old populations due to unhealthy lifestyles has increased the global ultrasound procedures, resulting in the increased demand for ultrasound devices in the coming years.

End-User Segmental Analysis

Based on the End User, the Ultrasound Devices market is classified into Hospitals, Surgical Centers, Diagnostic Centers, Ambulatory Surgical Centers, Maternity Centers and Others. Hospitals, surgical centers, and diagnostic centers are expected to have the largest market share in the ultrasound devices market in 2020 and are expected to continue this trend during the forecast period. Factors such as the growing incidence of chronic diseases, increasing ultrasound-based medical treatment, and continuous technological innovation in ultrasound devices have increased the growth of the global ultrasound devices market. Furthermore, the increased investment in the healthcare sector and increased adoption of technologically advanced medical equipment will increase the overall demand for ultrasound devices during the forecast period.  Moreover, the increased demand for ultrasound procedures among maternity centers has played a vital role in increasing the demand for ultrasound devices.

Region Segmental Analysis

The Ultrasound Devices market is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to have the largest market share during the forecast period. The growth is attributable to the growing incidences of obesity and digestive disorder among adult and old age populations. Furthermore, the growing adoption of advanced technologies among healthcare industries and developed healthcare infrastructure has increased the demand for ultrasound devices. Moreover, Europe is also expected to have a significant growth rate followed by the Asia Pacific region in the coming years. Factors such as increasing investment in healthcare sectors and growing awareness regarding ultrasound-based treatment among developing countries of the Asia Pacific such as India and China.

Competitor Analysis

Companies include Hitachi Ltd., Siemens Healthineers, Samsung Medison Co., Ltd., GE Healthcare, Canon Medical Systems Corporation, Konica Minolta, Inc, Analogic Corporation, Neusoft Corporation, Trivitron Healthcare, FUJIFILM Corporation, HOLOGIC, INC., Mindray Medical International, CHISON Medical Technologies Co. Ltd., Terason, and Esaote SpA are the key players in the Ultrasound Devices market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Ultrasound Devices manufacturing firm
• Local Governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Developments

• In March 2021, GE Healthcare has launched a portable and intelligent point-of-care ultrasound (POCUS) Venue Fit^TM, a streamlined and compact POCUS system.
• In 2020, Hitachi launched ARIETTA 750 new ultrasound system in the ARIETTA series.
• In 2020, Mindray Medical International launched the novel ME series portable ultrasound devices to fight the COVID-19 pandemic. These devices have various features, including fluid management solutions, comprehensive disinfectant solutions, and flexible battery solutions.
• In 2019, Canon Medical Systems launched affordable ultrasound devices in the Aplio-a series, which includes a550 and a450 and can cover a broad range of clinical areas, from cardiology to women’s health, for routine day-to-day excellence.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 5.8 Billion
The revenue forecast in 2027	USD 9.1 Billion
Growth Rate	CAGR of 6.5% from 2020 to 2027
Historical data	2017-2019
Forecast Period	2021-2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Hitachi Ltd., Siemens Healthineers, Samsung Medison Co., Ltd., GE Healthcare, Canon Medical Systems Corporation, Konica Minolta, Inc, Analogic Corporation, Neusoft Corporation, Trivitron Healthcare, FUJIFILM Corporation., HOLOGIC, INC., Mindray Medical International, CHISON Medical Technologies Co. Ltd., Terason, Esaote SpA

Market Modelling

By Technology

• Diagnostic Ultrasound
• Therapeutic Ultrasound

By Display Type

• Color Ultrasound Devices
• Black and White (B/W) Ultrasound Devices

By Portability

• Trolley/Cart-based Ultrasound Devices
• Compact/Handheld Ultrasound Devices
• Point-of-care Ultrasound Devices

By Application

• Radiology/General Imaging
• Cardiology
• Gynecology
• Vascular
• Urology
• Others

By End-User

• Hospitals
• Surgical Centers
• Diagnostic Centers
• Ambulatory Surgical Centers
• Maternity Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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