Selbyville, Delaware, Nov. 02, 2021 (GLOBE NEWSWIRE) —
The diagnostic ultrasound market size is anticipated to record a valuation of USD 9.3 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing birth rates throughout the world coupled with presence of numerous business participants offering innovative imaging products will foster the market growth.
Technological advancements in medical devices are one of the prime factors that will promote the market expansion. For instance, in September 2020, GE Healthcare integrated artificial intelligence (AI) in Voluson SWIFT ultrasound. This novel system is specifically designed for women’s health and to improve patient outcomes. Also, integrating AI with the ultrasound system speeds up the examination time and further provides accurate results. Moreover, several other industry players are focusing on introducing better and improved quality products for precise diagnosis as well as care that favors the overall market progression.
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The 2D segment in the diagnostic ultrasound market accounted for over USD 2.4 billion in 2020, due to the continuous utilization of 2D systems in developing economies. 2D ultrasound provides valuable information and helps to monitor the development and growth of the fetus. This type of imaging delivers a close-up visual of the uterus and the baby that fosters the segment expansion. Similarly, most of the detailed and precise evaluation of fetal morphology and anatomy till date has been extensively done using 2D ultrasound. However, surging demand for 3D & 4D ultrasounds may hinder the segment growth to a certain extent.
The trolley segment was valued at USD 5 billion in 2020. Trolley-based ultrasound systems have been conventionally used for diagnostic purposes before the availability of modern-day portable systems. These conventional ultrasound systems offer better image quality, are easy to use, and have advanced built-in features that are useful in medical practices. Also, trolley ultrasound devices are durable and require less technical assistance that drives the segment value.
The general imaging segment held more than 39% of the diagnostic ultrasound market share in 2020. The demand for general imaging ultrasound has increased owing to its utilization in biopsy, cancer diagnosis as well as musculoskeletal treatment. Different market participants inducing GE Healthcare, Philips, Siemens, and others are focusing on introducing novel ultrasound products used for general imaging. Therefore, rising demand for diagnostic ultrasounds in the general imaging field will favor the segment progression.
The maternity centers is expected to witness 4% growth rate through 2027, driven by the increasing demand for ultrasound systems during pregnancy in maternity centers. In addition, professional care and timely check-ups during labor to ensure maternal and fetal safety at maternity centers propel the segment revenue.
Asia Pacific diagnostic ultrasound market captured 26.9% of revenue share in 2020 on accunt of the technological advancements in ultrasound systems and the rising prevalence of chronic diseases in this region. Similarly, growing healthcare spending and increasing number of geriatric population base requiring different imaging modalities including ultrasounds for the accurate diagnosis will further augment the regional expansion.
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Some of the prominent companies operating in the diagnostic ultrasound market include Philips, GE Healthcare, Siemens Healthineers, FUJIFILM Holdings Corporation, Canon Medical Systems Corporation, Mindray Medical International Limited, Samsung Electronics, Konica Minolta, ESAOTE SPA, and Hologic, Inc. These market participants are implementing various growth strategies to sustain competition in industry by focusing on product launches and strategic partnerships to gain a higher market share.
Table of Contents (ToC) of the report:
Chapter 3 Diagnostic Ultrasound Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By technology
3.4.2 By portability
3.4.3 By application
3.4.4 By end use
3.5 Porter’s analysis
3.6 Competitive landscape, 2020
3.6.1 Competitive matrix analysis, 2020
3.7 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.