Number of pages: 120 | Report Format: PDF | Published date: 27 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global ultrasound market was pegged at US$ 5.85 billion in 2020 and is expected to witness a CAGR of 5.7% during the forecast period.
Market Fundamentals
Ultrasound is an imaging technique that uses high-frequency sound waves to create images of structures within a personâs body. These images provide valuable information that can be used for diagnosis and treating various diseases and conditions. Ultrasound imaging is a non-invasive diagnostic method as it does not involve the use of any radiations. Diagnostic ultrasound scans are also known as sonography or diagnostic medical sonography.
Ultrasound can be used for examining various parts of the body such as kidneys, liver, brain, ovaries, pancreas, spleen, thyroid, uterus, among others. Ultrasound is also used to diagnose a variety of heart conditions, guide biopsy procedures, detection of tumors, monitor the growth and development of the fetus, among others. images are displayed in either 2D, 3D, or 4D. Doppler ultrasound is used for measuring and visualizing blood flow in vessels within the heart.
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Market Dynamics
The global ultrasound market is mainly driven by the increasing incidence of chronic diseases coupled with a rising preference for minimally invasive diagnostic procedures among patients. Moreover, increasing applications of ultrasound in the early diagnosis of diseases, technological advancements, and new product launches are also playing a key role in driving the ultrasound market. However, the product recalls and dearth of skilled professionals are likely to restrain the market growth to a certain extent.
Market Ecosystem
The global ultrasound market has been analyzed from six perspectives: Technology, Device Display, Portability, Application, End User, and Region.
Ultrasound Market by Technology
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Based on the technology, the ultrasound market has been segmented into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment is further sub-segment into 2D ultrasound, 3D & 4D ultrasound, and doppler ultrasound. The therapeutic ultrasound segment is further bifurcated into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). The diagnostic ultrasound segment held the largest market share in the ultrasound market. Factors such as technological advancements and increasing applications of ultrasound in the diagnosis of various conditions such as tumors, cardiovascular diseases, pain management, among others are driving the growth of this segment.
Ultrasound Market by Device Display
Based on the device display, the ultrasound market has been segmented into black & white (B/W) ultrasound and color ultrasound. The color ultrasound segment is expected to hold the largest market share during the forecast period. Factors such as increasing awareness regarding the advantages of using color ultrasound in diagnosis and new product launches are driving the segmental growth.
Ultrasound Market by Portability
Based on the portability, the ultrasound market has been segmented into compact/handheld ultrasound systems and trolley/cart-based ultrasound systems. Trolley/cart-based ultrasound systems segment is anticipated to witness the highest CAGR during the forecast period. Advantages of cart-based ultrasound such as accurate and instant diagnosis, improved ease of operation, and convenience for patients has led to increasing adoption of trolley/cart-based ultrasound systems in point of care settings and played a key role in propelling the segmental growth.
Ultrasound Market by Application
Based on application, the market has been segmented into radiology, gynecology, cardiology, urology, oncology, and orthopedic & musculoskeletal, and other applications. Radiology application segment held the largest market share in the ultrasound market. Key factors driving the segmental growth include the growing adoption of focused ultrasound in therapies, the increasing number of image-guided surgical procedures, and the increasing application of general ultrasound imaging in the diagnosis of various diseases.
Ultrasound Market by End User
Based on end-user, the market has been segmented into hospitals & surgical centers, diagnostic centers, maternity centers, ambulatory care centers, and other end users. The hospitals & surgical centers segment held the largest market share owing to increasing patient admissions in hospitals for diagnosis and the increasing number of ultrasound-guided surgical procedures performed in hospitals and surgical centers.
Ultrasound Market by Region
Based on the region, the global ultrasound market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global ultrasound market. The U.S dominated the North American ultrasound market. Factors driving growth in this region include growing adoption of home healthcare and remote patient monitoring, rising awareness about early disease diagnosis, growing patient preference for minimally invasive procedures, incessantly rising incidence of chronic diseases (such as heart disease, stroke, type 2 diabetes, and cancer), rising geriatric population and well-developed healthcare infrastructure. Moreover, the increasing focus of players in the market to launch new ultrasounds has also played a key role in driving the growth of the ultrasound market in this region.
Competitive Landscape
Some of the prominent players operating in the global ultrasound market includes:-
Strategic Developments
|
Report Attribute |
Details |
|
Historical Period |
2018 & 2019 |
|
Base year for estimation |
2020 |
|
Forecast period |
2021-2031 |
|
Market size in 2020 |
USD 5.85 billion |
|
Market size in 2031 |
USD 10.76 billion |
|
Growth Rate |
5.7% |
|
Segments covered |
By Technology, By Device Display, By Portability, By Application, and By End User |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
The global ultrasound market was estimated to clock at US$ 5.85 billion in 2020
The ultrasound market is projected to reach US$ 10.76 billion by 2031
The global ultrasound market is mainly driven by the increasing incidence of chronic diseases coupled with a rising preference for minimally invasive diagnostic procedures among patients. Moreover, increasing applications of ultrasound in the early diagnosis of diseases, technological advancements, and new product launches are also playing a key role in driving the ultrasound market.
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
The growth rate of ultrasound market is CAGR of 5.7% between 2021-2031
North America held the largest market share of the global ultrasound market in 2020
*Insights on financial performance is subject to availability of information in the public domain
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