Number of pages: 100 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global ultrasound market was valued at US$ 10.1 billion in 2022 and is expected to register a revenue CAGR of 4.3% to reach US$ 14.75 billion by 2031.
Ultrasound Market Fundamentals
A non-invasive imaging method that has wholly changed medicine is ultrasound, often referred to as sonography. It uses high-frequency sound waves to provide real-time photographs of the interior human body structures. The versatility and safety of ultrasonography have made it a vital tool for diagnosing, observing, and directing medical operations. Ultrasound works on a simple principle yet an effective concept. Echoes are created when sound waves from a transducer travel through the body and reverberate off of the tissues and organs. The transducer records these echoes, and a computer converts them into pictures. This makes it possible for medical personnel to see the anatomy and operation of organs, blood vessels, and even unborn children in the womb. Ultrasound is used in various healthcare settings to aid in better diagnosis, monitoring, and direction of therapeutic interventions. The following are some important uses for ultrasound: obstetrics & gynecology, abdominal imaging, cardiology, vascular imaging, and emergency medicine.
Ultrasound Market Dynamics
The main factors driving the growth of the ultrasound market are the rising government and private investment for R&D in ultrasound imaging, the rising number of healthcare providers, technical improvements, and the rising prevalence of chronic illnesses. More than 14 million individuals worldwide are now impacted by chronic illness, a burden quickly spreading around the globe. The Centers for Disease Control and Prevention (CDC) estimate that 18.2 million persons in the United States aged 20 and older have coronary artery disease (CAD) in 2021. In the United States, heart disease is the main factor in fatalities. The rising prevalence of chronic illnesses drives the market, which raises the need for expensive diagnostic treatments.
Additionally, according to Dementia Australia Statistics, which was updated in January 2022, 487,500 Australians were estimated to be living with dementia in 2022, and about 1.6 million Australians were enrolled in its centers for care. By 2058, it is predicted that there will be 1.1 million individuals living with dementia, making it the second biggest cause of death in the nation in the following five years. Since focused ultrasound is an early-stage, non-invasive, and therapeutic technology that has the potential to raise quality of life and lower costs, it is the most favored alternative to medications for the treatment of dementia. Therefore, it is anticipated that the adoption of these ultrasonic imaging equipment would expand due to the rising prevalence of the problem and the desire for the early diagnosis of sickness and reduction of the cost of treatment. The growing geriatric population worldwide is anticipated to increase the market since an aged population is more susceptible to chronic illnesses.
The market is seeing tremendous growth as a result of innovations in the field of artificial imaging. However, recent recalls of these products are hurting the reputation of the major businesses selling ultrasound equipment. For instance, the U.S. FDA issued a class 2 product recall for Koninklijke Philips N.V.'s S83t compact in May 2020. The transesophageal transducer's defective auto cool feature led to the recall because it posed a risk of patient damage during ultrasound exams. This is anticipated to limit the growth potential over the projected period, combined with the lack of skilled technicians in nations like Australia, the United Kingdom, and Canada.
Ultrasound Market Ecosystem
The global ultrasound market is analyzed based on the following perspectives by technology, device display, portability, application, end user, and region.
Ultrasound Market by Technology
Based on the technology, the global ultrasound market is segmented into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment is sub-segmented into 2D ultrasound, 3D and 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment is sub-segmented into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL).
The diagnostic ultrasound segment accounted for the largest revenue share of around 65% in the ultrasound market. The segment's revenue growth can be attributed to technological advancements and increasing applications of ultrasound in the diagnosis of various conditions, such as tumors, cardiovascular diseases, and pain management.
The therapeutic ultrasound devices sector is anticipated to experience the fastest revenue CAGR of around 4.8% during the projected period. High-intensity focused ultrasound and extracorporeal shockwave lithotripsy comprise this portion's remainder. Since it successfully treats cancer and other related conditions, the high-intensity focused ultrasound sector, which had the greatest revenue share in 2021, is anticipated to rise rapidly throughout the forecast period. According to the WHO, cancer will be responsible for around 10 million deaths globally in 2020.
Ultrasound Market by Device Display
Based on the device display, the global ultrasound market is segmented into black & white (B/W) ultrasound and color ultrasound.
The color ultrasound segment is expected to account for the largest market revenue share during the forecast period. An increase in awareness about the advantages of using color ultrasound in diagnosis and a rise in the focus of market players on product launches are driving revenue growth in the segment.
Ultrasound Market by Portability
Based on portability, the global ultrasound market is segmented into compact/handheld ultrasound systems and trolley/cart-based ultrasound systems.
The trolley/cart-based ultrasound systems segment is projected to register the highest revenue CAGR during the forecast period. Advantages of cart-based ultrasound, such as precise and instant diagnosis, improved ease of operation, and patient convenience, have led to increasing adoption of trolley/cart-based ultrasound systems in point-of-care settings. This, in turn, is expected to propel revenue growth in the segment during the forecast period.
Over the projection period, the handheld ultrasound devices segment is predicted to grow fastest. Due to the rising popularity of home healthcare and remote patient monitoring, handheld devices are in great demand. Due to the COVID-19 pandemic's demonstration of the effectiveness of portable ultrasound devices in monitoring severely sick patients, demand for these devices has only increased since the outbreak. The market size is anticipated to increase further due to technological developments. For instance, Mindray introduced the TE Air, a wireless portable ultrasound device, in March 2023. It provides efficient point-of-care ultrasound imaging and is a serious competitor to Butterfly Network's handheld ultrasound technology.
Ultrasound Market by Application
Based on the application, the global ultrasound market is segmented into radiology, gynecology, cardiology, urology, oncology, orthopedic & musculoskeletal, and other applications.
The radiology segment accounted for the largest revenue share in the ultrasound market due to the growing adoption of focused ultrasound in therapies, the increasing number of image-guided surgical procedures, and the rising application of general ultrasound imaging in diagnosing various diseases.
The rising prevalence of cardiovascular disorders (CVD) worldwide is expected to cause the cardiology segment to see a revenue CAGR of ~4.8% during the projected period. For instance, according to the WHO, CVDs account for 17.9 million fatalities annually, making them the world's top cause of mortality. Additionally, the market is anticipated to grow as ultrasound technology progresses for cardiac applications. For instance, Philips launched Affiniti CVx in August 2020 to increase the scope of its cardiovascular ultrasound offerings. The technology is intended to support cardiology departments, increase patient care, and increase productivity and throughput.
Ultrasound Market by End User
Based on the end user, the global ultrasound market is segmented into hospitals & surgical centers, diagnostic centers, maternity centers, ambulatory care centers, and other end users.
The hospitals & surgical centers segment accounts for the largest market revenue share, owing to increasing patient admissions for diagnosis and the rising number of ultrasound-guided surgical procedures performed in hospitals and surgical centers.
In the upcoming years, the demand for new installations is also projected to increase due to the rising adoption of technologically advanced imaging systems and the rising number of hospital mergers and acquisitions with other market competitors. For instance, Philips signed a multi-year agreement in 2020 to assist Zhejiang University's First Affiliated Hospital, one of China's top hospitals. The systems covered by this contract, which integrate clinical research and teaching, include ultrasound, image-guided therapy, monitoring analytics, and therapeutic care systems.
Ultrasound Market by Region
Based on the region, the global ultrasound market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Middle East & Africa.
Government and commercial financing for research and development in ultrasound imaging, the growing number of healthcare providers, the growing elderly population, and rising chronic disease occurrences are the main drivers of the North American ultrasound market. According to the World Health Organization's June 2021 report, cardiovascular disease, the most common chronic disease, claimed an estimated 17.9 million lives worldwide and was responsible for nearly 32% of all fatalities. The region has evolved into a center for major companies because of the high frequency of illnesses. In the United States, 18.2 million persons aged 20 and older will have coronary artery disease (CAD) in 2021, according to the Centers for Disease Control and Prevention (CDC). The market is driven by the increased frequency of heart illnesses, which raises the demand for expensive diagnostic treatments. Players have been developing products in this area to expand. For instance, the medical equipment firm Exo unveiled a new portable ultrasound gadget in July 2021 that will allow professionals to assess a range of illnesses quickly.
Due to the rising need for improved imaging equipment, the market is anticipated to grow at the fastest pace in Asia Pacific over the projected period. Market participants are also using a variety of tactics to establish their presence in the area. For instance, Philips was permitted to launch the ultrasound solution for suitable portable devices in June 2020 by Japan's healthcare regulator. Growth is anticipated to be fueled by Southeast Asian nations with rapidly growing economies and bettering healthcare systems, including China, Japan, and India.
Ultrasound Competitive Landscape
Some of the prominent players in the global ultrasound market include,
Ultrasound Strategic Development
A non-invasive imaging method that has completely changed medicine is ultrasound, often referred to as sonography. It uses high-frequency sound waves to provide real-time photographs of the interior human body structures.
North America region is dominating the global ultrasound market.
The increasing burden of chronic diseases and technological advancements drive the global ultrasound market growth.
The estimated market size of the ultrasound market in 2031 will be US$ 14.75 billion.
The revenue CAGR of the global ultrasound market during the forecasted period will be 4.3%.
Some of the prominent players in the global ultrasound market include Koninklijke Philips N.V., Siemens Healthineers AG, GE Healthcare.
*Insights on financial performance is subject to availability of information in the public domain