Ottawa, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The global ultrasound equipment market was valued at US$ 7.1 billion in 2020. The ultrasound equipments are widely across the healthcare sector for diagnosis of internal organs. It uses high sound frequency waves to form images of the internal organs. The adoption of the ultrasound equipment rapidly increased in the past few years for the diagnosis of various chronic diseases such as cancer and tumor. The rising burden of chronic diseases and growing geriatric population across the globe is the primary driver of the global ultrasound equipment market. Further the introduction of innovative features and new product launches by the key market players is fueling the market growth. The rising penetration of hospitals, clinics, and diagnostic centers especially in the developing regions is fueling the demands for the ultrasound equipment. Further, the rising government expenditure for the development of healthcare infrastructure is expected to boost the growth of the market during the forecast period.
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The rising demand for the diagnosis due to the rising geriatric population and rising burden of chronic diseases is the primary driver of the ultrasound equipment market. According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. The global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally.According to the CDC, in 2019, there were 45 million outpatient surgeries, over 900 million physician visits, and 155 million emergency department visits in US. Further, according to the American Heart Association, more than 40% of the US adults are expected to be affected with hypertension by 2030. According to the International Diabetes Federation, by 2025, the number of diabetic population is expected to reach around 228 million in the developing nations. Therefore, the rising burden of chronic diseases among the population is expected to boost the demand for the ultrasound equipment across the globe.
Report Scope of the Ultrasound Equipment Market
| Report Coverage | Details |
| Market Size in 2020 | US$ 7.1 billion in 2020 |
| Growth Rate from 2021 to 2030 | CAGR of 7.3% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Mentioned | GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips N.V, Siemens Healthineers, Terason, Hitachi Ltd., EsaoteSpA, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation |
Based on Region, the North America was the leading market in 2020. North America is characterized by increased disposable income, increased awareness regarding various diagnosis equipment, developed healthcare infrastructure, growing aging population, and higher adoption rate of advanced technologies. All these factors significantly contributed towards the development of the North America ultrasound equipment market. Further, the increasing demand for the diagnosis among the population of US and Canada owing to the age related health conditions is expected to boost the market growth.
Asia Pacific is estimated to be the fastest growing market during the forecast period. This is attributable to the presence of several key manufacturers in the region. Moreover, countries like China, Taiwan, and South Korea are well-known for the manufacturing of various electronic components that helps the manufacturers to develop advanced ultrasound equipment at less cost. Further, the growing government investments to develop healthcare facilities in the region is fueling the market growth.
The high costs of the ultrasound equipment is a major restraining factor that may hamper the market growth during the forecast period. Moreover, the lack of proper healthcare infrastructure in the underdeveloped economies restricts the market to grow further.
The introduction of latest technologies like artificial intelligence (AI) and development of ultrasound equipment for specific purposes are expected to provide growth prospects in the upcoming future. Moreover, rising investments by the key players in the research and development activities is anticipated to drive the market growth in the forthcoming years.
Based on the product, the table-top segment dominated the global ultrasound equipment market in 2020, owing to its increased adoption in hospitals across the globe. Table-top equipment provides accurate, safe, and cost-effective diagnosis results and hence it is most demanded ultrasound equipment across the hospitals.
Based on the end user, the clinic segment is estimated to be the most opportunistic segment during the forecast period. This is due to the rising penetration of private clinics in the developed and developing markets. Moreover, rising demand for the diagnosis owing to the rising prevalence of chronic diseases is boosting the growth of this segment.
Based on the application, the radiology segment dominated the market in 2020. The factors accountable for the growth of this segment includes growing geriatric population, rising prevalence of chronic diseases, rising number of cancer cases and cancer survivors, and increased consumer expenditure on the health and wellness.
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Key Players
Some of the major key players operating in the global ultrasound equipment market includes Canon Medical Systems Corporation, GE Healthcare, Koninklijke Philips N.V, Terason, Mindray Medical International Limited, Hitachi Ltd., Siemens Healthineers, EsaoteSpA, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Analogic Corporation.
In August 2020, Koninklijke Philips launched a cardiovascular system named Affinity CVx at the annual meet of European Society of Cardiology. This new system helps to enhance the operation of the cardiology department.The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Product
- Table-top
- Compact
By End User
- Hospitals
- Clinics
By Application
- Gynecology
- Cardiology
- Radiology
- Urology
- Point of Care
- Surgery
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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