WASHINGTON, March 28, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Ultrasound Market Size, Share & Trends Analysis Report by Technology (Diagnostic Ultrasound, Therapeutic Ultrasound), by Device Display (Color Ultrasound, B/W Ultrasound), by Portability (Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, Point-of-care (PoC) Ultrasound Systems), by Application (Radiology/General Imaging Applications, Obstetrics/Gynecology Applications, Cardiology Applications, Urology Applications), by Component (Transducers/ Probes, Workstations, Other components), by End User (Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Ultrasound Market is expected to grow from USD 6,524.10 Million in 2021 to USD 9,202.30 Million by 2028 at a CAGR of 5.90% during the forecast period.
Market Synopsis-
Ultrasound Market is one of the various medical diagnostic imaging methods in the medical industry. Recently, we have undergone a revolution with the increasing computer power of modern electronic devices. It is described as a device that uses high-frequency sound waves to capture images of vital body parts such as the heart, abdominal blood vessels, joints, etc. An ultrasonic device consists of an ultrasonic detector or probe and transducer which are used to take images of anatomical structures, which are then evaluated by a healthcare professional. Identify the patient's problem. In addition to imaging, the technology could help medical professionals perform biopsies, monitor blood flow, and determine the extent of damage following a heart attack.
The growing trend of dedicated Ultrasound Market equipment is expected to drive the growth of the Ultrasound Market in the near future. Steady growth in the Ultrasound Market due to the growing population and increase in chronic diseases; rising incidence of injuries to muscles, tendons, blood vessels, joints, and other vital organs; increasing number of medical centers; and technological advancements in Ultrasound Market equipment have all contributed to the Ultrasound Market's steady growth.
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Key Findings:
- The diagnostic ultrasound segment held a significant share in 2021. This is attributable to the increasing usage of 2D ultrasound in women’s health along with ongoing technological advancements in the field of diagnostic ultrasound imaging across the globe. Further, the rising availability of medical reimbursements for diagnostic ultrasound procedures is also expected to support the segmental growth of the market.
- The trolley/cart-based ultrasound systems segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the increasing usage of these systems in acute care settings and emergency care in hospitals and healthcare institutions.
- The radiology/general imaging segment held a significant share in 2021. This is attributable to the increasing incidence of various cancers across major countries globally. Further, increasing usage of ultrasound in cancer diagnosis and tissue biopsy is also expected to support the segmental growth of the market.
- The hospitals, surgical centres, and diagnostic centres segment are projected to grow at a considerable CAGR during the forecast period. This is attributable to the growing number of hospitals across major markets along with increasing government funding. Further, the rising adoption of minimally invasive diagnostic & surgical procedures in these facilities is also expected to support segmental growth of the market.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the increasing prevalence of chronic conditions in economies such as India, and China in the region. Furthermore, improving healthcare services are also anticipated to support the regional growth of the market.
List of Prominent Players in the Global Ultrasound Market:
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Canon Medical Systems Corporation (Japan)
- Hitachi Ltd. (Japan)
- Siemens Healthineers AG (Germany)
- Hologic, Inc. (US)
- FUJIFILM Holdings Corporation (Japan)
- Samsung Electronics Co. Ltd. (Korea)
- Mindray Medical International Limited (China)
- Analogic Corporation (US)
- Esaote S.p.A (Italy)
- Carestream Health (US)
- CURA Healthcare (India)
- Chison Medical Technologies Co. Ltd. (China)
- Mobisante, Inc. (US)
- Neusoft Corporation (China)
- Clarius Mobile Health (Canada)
- Medgyn Products, Inc. (US)
- United Imaging Healthcare Co. Ltd. (China)
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Market Dynamics:
Healthcare professionals and patients around the world are increasingly adopting nominally invasive therapies and image-guided procedures. The Ultrasound Market industry has witnessed a major shift from the traditional diagnostic modalities of OB/GYN imaging to the treatment of kidney stones, cancer and other clinical conditions. These efforts can be expected for the growth of manufacturers in this market. The increasing number of pregnancies has created a need for diagnostic Ultrasound Market systems. It is one of the standard effective and dynamic imaging techniques used to monitor fetal growth and development during pregnancy. Ultrasound Market technology is cost-effective, safer, and provides early diagnosis and treatment of targeted diseases, so their demand for disease management is expected to increase during the forecast period.
Challenges:
The inclination towards refurbished Ultrasound Market equipment has increased due to the budget constraints faced by smaller healthcare providers as well as the high cost of new Ultrasound Market technologies such as focused Ultrasound Market. For example, a typical 3D/4D Ultrasound Market system costs $20,000-$75,000 in North America, while a refurbished 3D/4D Ultrasound Market system costs $5,000-$40,000. Hence, rising demand for refurbished systems is likely to represent a huge challenge to market expansion.
The Ultrasound Market has been adversely affected by the outbreak of the pandemic. Unfavorable changes in guidelines are hindering the growth of this market. Manufacturing facility closures due to lockdowns, supply chain disruptions, and for clinical trials challenges have further impacted the overall Ultrasound Market growth.
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Regional Trends:
North America has a large number of healthcare providers, government and private funding for R&D Ultrasound Market imaging, growing population, rising awareness and rising incidence of chronic diseases such as heart disease, stroke, type 2 diabetes and cancer, increasing the demand for Ultrasound Market equipment in the region. In 2020, chronic diseases affected 157 million Americans, 81 million of whom had multiple conditions, according to the National Health Commission. Due to the high incidence of the disease, the region has become a hub for major players. Market players have been making improvements to their products in North America to increase their market share in the Ultrasound Market equipment industry. The US dominated the North America Ultrasound Market. In addition, Ultrasound Market is increasingly accepted in emergency and primary care settings, both as a screening and diagnostic tool and as a surgical guide which is driving the growth of the Ultrasound Market.
Recent Developments:
As of 2021, Koninklijke Philips N.V. partnered with DiA Imaging Analysis Ltd. to utilize/integrate DiA’s automated solutions with Ultrasound Market systems, to deliver operational efficiency and access to care for POC customers in and out of hospitals.
The report on the Global Ultrasound Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 110 Pages and in-depth TOC on "Ultrasound Market Size, Share & Trends Analysis Report by Technology (Diagnostic Ultrasound, Therapeutic Ultrasound), by Device Display (Color Ultrasound, B/W Ultrasound), by Portability (Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, Point-of-care (PoC) Ultrasound Systems), by Application (Radiology/General Imaging Applications, Obstetrics/Gynaecology Applications, Cardiology Applications, Urology Applications), by Component (Transducers/ Probes, Workstations, Other components), by End User (Hospitals, Surgical Centres, and Diagnostic Centres, Maternity Centres, Ambulatory Care Centres , Research and Academia ), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/ultrasound-market-market-643943
Key Questions Answered in The Report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Ultrasound Market?
- How will the Ultrasound Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Ultrasound Market?
- What is the Ultrasound market drivers and restrictions?
- What will be the CAGR and size of the Ultrasound Market throughout the forecast period?
This market titled “Global Ultrasound Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 6,524.10 Million |
| Projected Market Size in 2028 | USD 9,202.30 Million |
| CAGR Growth Rate | CAGR of 5.90% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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