New York, USA, March 20, 2023 (GLOBE NEWSWIRE) -- Ultrasound Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ultrasound Devices Market Information By Source, Category, Distribution Channel, And Region - Forecast till 2030", the market size was valued at USD 10.8 billion in 2022 and is projected to grow from USD 11.2 Billion in 2023 to USD 14.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2023 - 2030).
Ultrasound Devices Market Synopsis
Major market drivers anticipated to accelerate market expansion include the rise in the use of ultrasound equipment for diagnostic imaging and therapy as well as the rising prevalence of chronic and lifestyle-related illnesses. Several medical imaging modalities are available on the market, with ultrasound being one among them. An ultrasonic device uses high-frequency sound waves to see inside the body's organs. It can be characterized as a gadget that uses high-frequency sound waves to take pictures of interior organs. The transducer and ultrasound detector, or probe, are the two main components of an ultrasound system. This non-ionizing radiation, the minimally invasive diagnostic method, can identify and treat physical illnesses without using radiation on the body. It is anticipated that the market will develop due to the rising use of ultrasound equipment for diagnostic imaging and therapy, and Also, there is a growing need for minimally invasive procedures, and advances in ultrasound imaging technology are some of the key factors driving the market.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 14.2 Billion |
| CAGR | 4.10% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Portability, Display, Application, Technology and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising use of ultrasound equipment for diagnostic imaging and therapy |
| Increasing prevalence of chronic and lifestyle-related illnesses |
Due to its speed and low cost, ultrasound is regarded as one of the most useful diagnostic techniques in medical imaging. It is also safer than other imaging techniques because it does not use magnetic fields or ionizing radiation. There are numerous diagnostic and therapeutic uses for ultrasonic medical gadgets. Various therapeutic applications of ultrasound have grown in popularity, from oncology to cardiology. The industry is expected to remain enthused for some time, thanks to the development of ultrasound device applications in 3D imaging, wireless transducers, shear wave elastography, app-based ultrasound technologies, fusion with CT/MR, and laparoscopic ultrasound. The demand for ultrasound technologies in illness management is anticipated due to their cost-effectiveness, safety, and ability to diagnose and treat target diseases earlier.
Ultrasound Devices Market Competitive Landscape:
The illustrious contenders in the ultrasound devices market are:
- Koninklijke Philips N.V. (The Netherlands),
- Fujifilm Holdings Corporation (Japan),
- Canon Medical Systems Corporation (Japan),
- Fukuda Denshi (Japan),
- Samsung Electronics Co. Ltd. (South Korea),
- Analogic Corporation (U.S.),
- Hitachi Ltd. (Japan),
- Shantou Institute of Ultrasonic Instruments Co. Ltd. (China),
- Esaote Spa (Italy)
- Siemens Healthineers (Germany).
Ultrasound Devices Market Dynamics:
Market Drivers:
The frequency of chronic diseases like gallstones, cancer tumors, and fatty liver disease, among others, and excessive healthcare spending are the main factors driving the global economy. The main factors projected to increase demand for the market over the forecast period include an increase in awareness of early disease detection and technological advancements in ultrasound imaging technologies. In the upcoming years, the demand for new installations is also projected to increase due to the rising use of technically sophisticated imaging devices and the number of hospital mergers and acquisitions with other market competitors. As the world's population ages, a greater demand for more sophisticated diagnostic and therapeutic approaches is emerging.
Also, the popularity of minimally invasive surgical treatments is surging because of the rising emphasis on speedier and typically painless treatments. As a result, echograph equipment would be used more frequently. Yet, obstetrics and gynecology are where ultrasound machines are frequently used. Numerous ultrasound equipment is used during pregnancy, childbirth, and other challenges involving female reproductive systems.
Market Restraints:
Throughout the forecast period, it is anticipated that the high price of ultrasound devices will limit their use and hinder the market's expansion for ultrasound imaging devices.
COVID 19 Analysis
A.I. is present in many high-end ultrasound systems and will likely be in most new systems. The COVID-19 pandemic has caused the healthcare sector to encounter great difficulty. Due to installation delays and a decline in manufacturing, there was an unequal demand for ultrasound devices during the epidemic. Manufacturers had to concentrate on producing COVID necessary devices and COVID prevention strategies like telemedicine services, staff immunization efforts, and others. The COVID-19 pandemic is anticipated to have little effect on medical equipment businesses in the ultrasound devices sector.
Due to the lockdown, which significantly decreased patient flow and caused a dip in manufacturing, the companies are suffering. Also, as imaging systems were used less frequently because fewer people needed emergency care, the demand for ultrasound devices fell even further. Yet, in some circumstances, imaging technology is used to make up for this fatal impact to diagnose COVID-19. Yet, due to the handheld ultrasound device's effectiveness in treating patients needing critical care in packed hospitals and its portability, speed, and use, it was in high demand.
Browse In-depth Market Research Report (238 Pages) on Ultrasound Devices: https://www.marketresearchfuture.com/reports/ultrasound-devices-market-2789
Ultrasound Devices Market Segmentation
By display, the market includes color and black and white. By application, the market includes urology, obstetrics/gynecology, cardiology, anesthesiology, vascular, musculoskeletal, radiology/general imaging, gastroenterology, and neurology. By portability, the market includes a cart/trolley, handheld/compact, and point-of-care (POC). By end-user, the market includes hospitals and diagnostic & surgical centers, ambulatory centers, maternity centers, and research and academic institutes. By technology, the market includes diagnostic ultrasound and therapeutic ultrasound.
Ultrasound Devices Market Regional Insights
Due to high R&D spending, the presence of major players and their product availability, technical advances, new product launches in the U.S., a higher sale volume of ultrasound devices, and the region's well-established healthcare infrastructure, North America represented the greatest percentage. However, due to the rise in the population of older people and chronic diseases, as well as government spending on the construction of healthcare infrastructure, Asia-Pacific is predicted to see the highest CAGR during the projected period. The European ultrasound device market is anticipated to expand at the quickest Rate. It is projected that the growing senior demographic and the incidence of chronic disease among them will be major market drivers shortly.
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Also, the region's fastest-growing market for ultrasound devices was in Germany, while the U.K. market had the biggest market share. The market for ultrasound equipment in Asia-Pacific holds the second-largest share. The prevalence of chronic diseases is an important factor that would probably drive market expansion during the assessment period. Also, the market is expected to be greatly strengthened during the assessment period by developing nations like Japan, China, and India. Moreover, the region's fastest-growing market for ultrasound devices was India, while China had the biggest market share.
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