Ultrasound Market

Global Ultrasound Market

Market Synopsys

Global Ultrasound market is valued at 6,524.10 USD Million in 2021 and is projected to reach a value of 9,202.30 USD Million by 2028 at a CAGR of 7.85% over the forecast period. Ultrasound is considered as one of the safest technology and a non-invasive way to examine vital body parts such as the heart, blood vessels in the abdomen, joints, and others. High-frequency sound waves are used to take images of anatomical structures, which are then subsequently evaluated by healthcare specialists. to detect problems in a patient. Other than imaging, the technology also assists medical professionals in performing biopsies, monitoring blood flow, and determining the extent of damage after heart attack.

Recent advances in this technology and the introduction of innovative equipment are influencing the development of medical facilities in emerging countries, as well as the development of devices that are easy-to-operate for market players. Due to the increasing incidence of orthopedic and other visceral injuries; increasing elderly population with chronic illness; increasing number of hospitals; technological development of Ultrasound equipment; and increasing government, public and private investment in the development of new Ultrasound equipment, the industry has witnessed steady growth.

Market Segmentation of Global Ultrasound Market :

The global Ultrasound market is segmented on the basis of technology into diagnostic Ultrasound, 2d Ultrasound, 3d & 4d Ultrasound, Doppler Ultrasound, therapeutic Ultrasound, high-intensity focused Ultrasound (HIFU), and extracorporeal shockwave lithotripsy (ESWL). Based on device display, the global Ultrasound market is segmented into color Ultrasound and b/w Ultrasound. By Portability, it is segmented as trolley/cart-based Ultrasound systems, compact/handheld Ultrasound systems, and Point-of-care (PoC) Ultrasound systems. By application, the market is segmented as radiology/general imaging applications, obstetrics/gynaecology applications, cardiology applications, urology applications, vascular applications, orthopaedic and musculoskeletal applications, pain management applications, and other applications (hepatology, neurology, bariatric surgery, breast imaging, emergency care, and others). By component, it is segmented as transducers/ probes, curvilinear/ convex array probes, linear array probes, phased array probes, other probes, workstations, and other components. With regards to the end user segments, it is segmented into hospitals, surgical centers, diagnostic centers, maternity centers, ambulatory care centers, research and academia, and other end users (physiotherapy clinics, independent associations, government organizations, sports academies, and others).

Based on technology, the diagnostics Ultrasound segment is projected to account for considerable share in terms of revenue in the Global Ultrasound market

In the Ultrasound market, the diagnostic Ultrasound segment is the leading market share. The growth of this segment is being driven by factors such as technical improvements and the increasing use of Ultrasound in the diagnosis of several ailments such as oncology, cardiovascular disorders, pain management, and so on. Two-dimensional Ultrasound was recognized as the standard approach for detecting and identifying abnormalities. Because of its simple processes, cheap, mobility, and ability to provide real-time images, 2D Ultrasound held the greatest proportion of the global Ultrasound market.

Based on portability, the compact Ultrasound system is expected to grow rapidly in the global Ultrasound market

The compact segment hold the largest Ultrasound market share in terms of revenue during the forecast period due to advanced technology and the launch of new products in the handheld equipment by market players.

Based on application, the radiology and gynecology are expected to hold a significant share in the global Ultrasound market

The radiology is one of the major segments due to the increasing number of radiology centers and the increasing adoption of this technology in general diagnostic imaging and complication diagnosis. Meanwhile, the gynecological segment is probable to rise at a high CAGR during the forecast period due to increased prevalence of gynecological diseases associated with advances in equipment technology and increased demand for effective diagnostic systems.

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Based on end user, the hospitals and clinics segment are projected to account for considerable share in terms of revenue in the global Ultrasound market

The hospital segment led the market due to the well-established hospital infrastructure and the increasing number of patients in hospitals in developing countries suffering from chronic diseases. Due to the rising usage of handheld and Point-of-Care (POC) Ultrasound systems, which are ease to use, suitable, and cost-effective, the clinics segment is predicted to grow at a faster rate during the forecast period.

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In the region, the North America Ultrasound Market holds significant revenue share during the forecast period

North America has a large number of healthcare providers, government and private funding for R&D Ultrasound imaging, growing population, rising awareness and rising incidence of chronic diseases such as heart disease, stroke, type 2 diabetes and cancer, which in turn increase the demand for Ultrasound equipment in the region over the forecast period. The US market dominated the North America Ultrasound market. In addition, the increasing focus of market players launching new Ultrasounds has also played an important role in driving the growth of the Ultrasound market in the region.

Competitive Landscape

The key players in the global Ultrasound market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Hitachi, Ltd. (Japan), Canon Medical Systems Corporation (Japan), Siemens Healthineers AG (Germany), Hologic, Inc. (US), Samsung Electronics Co., Ltd. (Korea), FUJIFILM Holdings Corporation (Japan), Mindray Medical International Limited (China), Esaote S.p.A (Italy), Analogic Corporation (US), Carestream Health (US), Chison Medical Technologies Co., Ltd. (China), CURA Healthcare (India), Mobisante, Inc. (US), Neusoft Corporation (China), Clarius Mobile Health (Canada), Medgyn Products, Inc. (US), and United Imaging Healthcare Co., Ltd. (China), and others.

Ultrasound Market is segmented as follows:

Ultrasound Market is tabulated as follows: