Growing patient preference for minimally invasive diagnostic procedures and technological advancements are augmenting the growth of ultrasound market

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Ultrasound Market by Technology (Diagnostic Ultrasound and Therapeutic Ultrasound), Device Display (Black & White (B/W) Display and Color Display), Portability (Compact/Handheld Ultrasound Systems and Trolley/Cart-based Ultrasound Systems), Applications (Radiology, Gynecology, Cardiology, Urology, Oncology, and Orthopedic & Musculoskeletal), End User (Hospitals & Surgical Centers, Diagnostic Centers, Maternity Centers, and Ambulatory Care Centers) – Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+Reports, the global ultrasound market was pegged at ~US$ 5.85 billion in 2020. The market is expected to witness a CAGR of ~5.7 % from 2021 to 2031. 

Technological advancements and new product launches are some of the key factors fueling growth of the market. Moreover, introduction of AI in ultrasound systems and increasing patient preference for minimally invasive diagnostic procedures are some of the other factors driving the ultrasound market. However, product recalls and the dearth of skilled professionals are likely to restrain market growth to a certain extent.

Increasing public-private funds and grants for R&D for the development of advanced innovative ultrasound devices is playing a significant role in boosting the market growth. For instance, in Feb 2020, Germany’s Ministry of Health funded researchers from Germany to create an app that guides at-home ultrasound scans for pregnant patients. The app is part of a 2.5-year project that will help digitize maternal health in Germany. Project was provided funding of US$3.5 million (3.2 million euros) to pay for a 500-person clinical trial with obstetrics/gynecology patients. Similarly, in Aug 2020, Exo, a company developing handheld ultrasound devices, received US$40 million in new funding from GlaxoSmithKline (GSK). Such initiatives are encouraging researchers to study and develop innovative ultrasound devices.

Rising patient preference for minimally invasive diagnostic procedures and increasing application of ultrasound in disease diagnosis and therapy are triggering the growth of the ultrasound market. Medical imaging such as ultrasound helps the doctor diagnose and plan the therapeutic procedure more accurately. Ultrasound is also used extensively in interventional radiology, such as for guiding biopsy procedures and to aid in fluid management. Major advantages of ultrasound are its real-time nature and it can be done at a lower cost compared to other imaging modalities.

Nowadays, researchers are focusing on developing technologies that create ease of use for healthcare professionals as well as improve patients’ outcomes. Recent advancements in Artificial Intelligence (AI) have made it possible to integrate AI in medical imaging techniques including ultrasound. AI has helped in transforming the market as it helps to address the limitations associated with ultrasound. AI-based medical imaging guides ultrasound users with basic scanning skills to produce a precise diagnosis. AI in ultrasound helps improve efficiency issues such as enabling patient scheduling, reliable curation of data, patient outcome prediction based on the medical history, among others. 

However, ultrasound system recalls are restraining the ultrasound market growth to a certain extent. For instance, in Mar 2020, Butterfly Network, Inc., recalled a class II device Butterfly iQ Ultrasound System Auto Bladder Volume Tool REF/Model: 850-20003. The device was recalled as it was distributed without an approval 510(k). Additionally, in Oct 2020, Brainlab AG recalled its Class II device Ultrasound Navigation Software 1.0 and Ultrasound Integration Software for Cranial/ENT Navigation 3.0.x and 3.1.x. The reason for the recall was that the Brainlab Ultrasound Navigation Software does not support the modification of the probe’s image width. Moreover, dearth of skilled professionals and the higher cost of ultrasound devices are anticipated to hinder the market growth.

Regionally, Asia-Pacific is anticipated to witness the highest CAGR during the forecast period. Rising geriatric population & prevalence of chronic diseases coupled with growing awareness regarding early diagnosis of diseases are expected to fuel the ultrasound market growth. Moreover, new product launches by players in this region are also propelling the market growth. For instance, in Jan 2020, Mindray Medical launched its new Point-of-Care Ultrasound System, TE7 ACE. The new system is a Touch Screen Ultrasound System that provides targeted solutions to diverse point-of-care scenarios including for anesthesia, critical care, and emergency.

Some of the prominent players operating in the global ultrasound market include Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Hitachi, Ltd., FUJIFILM Corporation, Canon Medical Systems Corporation, Mindray Medical International Ltd., Sonacare Medical, Hologic, Inc., Samsung Healthcare, among others.

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