Ultrasound Market is Prospering Owing to the Rising Burden of Chronic Diseases all over the world
The global Ultrasound Market is expected to exceed the market valuation of more than US$ xx million by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027). 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).
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The rise of the COVID-19 has increased the demand for Ultrasound. Type 2 diabetes, CVD, and hypertension considerably increase the risk for hospitalization and death in COVID-19 patients. Hence, more focus is being given to the patients suffering from these diseases.
Based on Technology, the market is fragmented into Diagnostic Ultrasound and Therapeutic Ultrasound. The Diagnostic Ultrasound segment holds the largest share in 2020 and the Safety Ultrasound sub-segment 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.
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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.
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.
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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, 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 cases, and high healthcare spending. 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.
Global Ultrasound Market Segmentation
Market Insight, by Technology
- Diagnostic Ultrasound
- Therapeutic Ultrasound
Market Insight, by Device Display
- Color Ultrasound
- B/W Ultrasound
Market Insight, by Portability
- Trolley/Cart-based Ultrasound Systems
- Compact/Handheld Ultrasound Systems
- Point-of-care (PoC) Ultrasound Systems
Market Insight, by Application
- Radiology/General Imaging Applications
- Obstetrics/Gynecology Applications
- Cardiology Applications
- Urology Applications
- Vascular Applications
- Orthopedic Applications
- Pain Management Applications
- Other Applications
Market Insight, by End-User
- Hospitals, Surgical Centers, and Diagnostic Centers
- Maternity Centers
- Ambulatory Care Centers
- Research and Academia
- Other End Users
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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
- Analogic Corporation