Ultrasound Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Technology (Diagnostic Ultrasound, Therapeutic Ultrasound); Device Display (Color Ultrasound, B/W Ultrasound); Portability (Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, Point-of-care (POC) Ultrasound Systems); Application (Radiology/General Imaging Applications, Obstetrics/Gynecology Applications, Cardiology Applications, Urology Applications, Vascular Applications, Orthopedic Applications, Pain Management Applications, Others); End-Users (Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia, Others); Region/Country
Ultrasound scans, or sonography, are much safer due to the exploitation of sound waves or echoes for image formation, instead of radiation. The demand for the Ultrasound market is increasing on account of the ongoing technological advancements in the field of therapeutic & diagnostic imaging, accessibility of medical reimbursements for diagnostic ultrasound procedures, and the rising applications of developing ultrasound techniques (for example 3D/4D ultrasound in oncology and Doppler ultrasound in vascular imaging)
Global Number of Diabetes (20–79 years), 2019
Insights Presented in the Report
“Amongst Technology, Diagnostic Ultrasound segment holds the major share.”
Based on Technology, the market is fragmented into Diagnostic Ultrasound and Therapeutic Ultrasound. The Diagnostic Ultrasound segment holds the largest share in 2020 and is expected to grow at lucrative during the forecasted period owing to high use of 2D ultrasound in women’s health, ongoing technological advancements in the field of diagnostic ultrasound imaging, and availability of medical reimbursements for diagnostic ultrasound procedures in mature markets. As per breastcancer.org, approximately 281,550 new cases of invasive breast cancer and 49,290 new cases of non-invasive (in situ) breast cancer are estimated to be diagnosed in women in the U.S. in 2021.
“Amongst Device Display, Color Ultrasound segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Device Display, the market is fragmented into Color Ultrasound and B/W Ultrasound. The Color Ultrasound segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to its wide use of applications in various fields such as Vascular, Cardiology, Urology, Abdomen, and Others. As per WHO, Cardiovascular disease (CVD) causes more than half of all deaths across the European Region.
“Amongst Portability, Trolley/Cart-based Ultrasound Systems is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Portability, the market is fragmented into Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, and Point-of-care (POC) Ultrasound Systems. The Trolley/Cart-based Ultrasound Systems segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising adoption of these systems across major markets due to their increased usage in emergency care and acute care settings in hospitals.
“Amongst Application, Radiology/General Imaging Applications segment are anticipated to grow at the highest CAGR during the analyzed period.”
Based on Application, the market is fragmented into Radiology/General Imaging Applications, Obstetrics/Gynecology Applications, Cardiology Applications, Urology Applications, Vascular Applications, Orthopedic Applications, Pain Management Applications, and Other Applications. The Radiology/General Imaging Applications segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising incidence of various cancers across major countries, rising use of ultrasound in cancer diagnosis and tissue biopsy, technological advancements in the field of ultrasound-based diagnosis and treatment. Cancer cases are continuously increasing on account of the lifestyle changes, rise in the geriatric population, and socioeconomic risk factors. Breast cancer accounts for the highest prevalence in the case of women owing to the genetic mutations in the BRCA1 and BRCA2 gene, radiation exposure, obesity, and postmenopausal hormonal therapy. As per the Centers for Disease Control and Prevention, Breast Cancer is the second most occurring cancer among women in the United States.
“Amongst End-user, Hospitals, Surgical Centers, and Diagnostic Centers segment are anticipated to grow at the highest CAGR during the analyzed period.”
Based on End-user, the market is fragmented into Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia, and Other End Users. The Hospitals, Surgical Centers, and Diagnostic Centers segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising adoption of minimally invasive diagnostic & surgical, an increasing number of ultrasound-based medical procedures performed in hospitals, coupled with the growing number of hospitals across major markets. In 2018, there were a total of around 8,400 hospitals in Japan. In comparison, United States had around 6,210 hospitals.
“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Ultrasound market.”
For a better understanding of the market adoption of Ultrasound, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Ultrasound market on account of the increasing geriatric population coupled with the rising prevalence of diabetes diseases, favorable reimbursement policies, several Government initiatives to create awareness about injection techniques, and high healthcare spending. As per the World Bank, the North American health expenditure (% of GDP) was 16.42 in 2018. The Center for Disease Control and Prevention (CDC) estimates that over 34 million Americans suffer from diabetes, representing over a tenth of the population as of 2020. Moreover, as per the American Diabetes Association (ADA), there are over a million new cases of diabetes across the country annually. An estimated 88 million adults have prediabetes, accounting for 34.5% of the US adult population. Some of the major players operating in the market include GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Hitachi, Ltd., Samsung Electronics, Ltd., FUJIFILM Holdings Corporation, Mindray Medical International Ltd., Shimadzu Corporation, and Analogic Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.2.||Objective of the Study|
|1.5.||Currency Used in Report|
|1.6.||Scope of the Global Ultrasound Market Study|
|2.1. Research Methodology for the Global Brain Monitoring Market|
|2.1.1.Main Objective of the Global Brain Monitoring Market|
|5. BRAIN MONITORING AMID COVID-19|
|6. GLOBAL BRAIN MONITORING MARKET REVENUE (USD MN), 2019-2027F|
|7.1.1. Magnetic Resonance Imaging (MRI) Scanners|
|7.1.2. Computerized Tomography (CT) Scanners|
|7.1.3. Electroencephalograph (EEG) Devices|
|7.1.4. Positron Emission Tomography (PET) Scanners|
|7.1.5. Sleep Monitoring Devices|
|7.1.6. Cerebral Oximeters|
|7.1.7. Electromyography (EMG) Devices|
|7.1.8. Intracranial Pressure (ICP) Monitors|
|7.1.9. Magnetoencephalography (MEG) Devices|
|9.1. Traumatic Brain Injury (TBI)|
|9.4. Headache Disorders|
|9.5. Sleep Disorders|
|9.6. Parkinson’s Disease|
|9.8. Huntington’s Disease|
|9.9. Other Medical Conditions|
|10.2. Neurology Centers|
|10.3. Ambulatory Surgery Centers (ASCs) & Clinics|
|10.4. Diagnostic Centers|
|10.5. Other End Users|
|11.1. North America Brain Monitoring Market|
|11.1.1. United States|
|11.1.3. Rest of North America|
|11.2. Europe Brain Monitoring Market|
|11.2.3. United Kingdom|
|11.2.6. Rest of Europe|
|11.3. Asia Pacific Brain Monitoring Market|
|11.3.4. South Korea|
|11.3.5. Rest of Asia Pacific|
|11.4. Rest of World Brain Monitoring Market|
|12.1. Market Drivers|
|12.2. Market Challenges|
|12.3. Impact Analysis|
|13. BRAIN MONITORING MARKET OPPORTUNITIES|
|14. LEGAL & REGULATORY FRAMEWORK|
|15. LEGAL & REGULATORY FRAMEWORK|
|16.1. Demand Side Analysis|
|16.2. Supply Side Analysis|
|16.2.1. Top Product Launches|
|16.2.2. Top Business Partnerships|
|16.2.3. Top Business Expansions, Investments and Divestitures|
|16.2.4. Top Merger and Acquisitions|
|17. VALUE CHAIN ANALYSIS|
|18.1. Porter’s Five Forces Analysis|
|18.1.1. Bargaining power of Supplier|
|18.1.2. Bargaining power of Buyer|
|18.1.3. Industry Rivalry|
|18.1.4. Availability of Substitute|
|18.1.5. Threat of new Entrants|
|18.2. Competitive Landscape|
|18.2.1. Company Shares, By Revenue|
|19.1. Natus Medical, Inc.|
|19.2. Nihon Kohden Corporation|
|19.3. Philips Healthcare|
|19.4. GE Healthcare|
|19.5. Siemens Healthineers|
|19.6. Compumedics, Ltd.|
|19.8. CAS Medical Systems, Inc.|
|19.9. Drägerwerk AG & Co. KGaA|
|19.10. Masimo Corporation|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Ultrasound market were the three major steps undertaken to create and analyze the adoption of Ultrasound for the different applications across major End-users such as Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia, and Other End Users. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Ultrasound sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.
Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
The detailed secondary study was conducted to obtain the historical market size of the Ultrasound through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Ultrasound market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Technology, Device Display, Portability, Application, End-User, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Ultrasound in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Ultrasound. Further, we conducted factor analysis using dependent and independent variables such as the increasing R&D expenditure in the pharmaceutical industry, and the growing number of Chronic Diseases Incidents.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Ultrasound Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of Ultrasound across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Ultrasound market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Ultrasound market. Data was split into several segments & sub-segments post studying various parameters and trends in Technology, Device Display, Portability, Application, End-user, and Region.
Main Objective of the Ultrasound market Study
The current & future market trends of Ultrasound were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Ultrasound in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of Technology, Device Display, Portability, Application, End-User, and Region
- Define and analysis of the regulatory framework for the Ultrasound industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Ultrasound market for the major region
- Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
- Company profiles of the Ultrasound market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry