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New York, March 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Ultrasonic Technology Global Market Report 2023” – https://www.reportlinker.com/p06285842/?utm_source=GNW
The global ultrasonic technology market grew from $1.86 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ultrasonic technology market is expected to grow to $3.3 billion in 2027 at a CAGR of 12.0%.
The ultrasonic technology market includes revenues earned by entities by cubic sensors, cylindrical sensors, chemically resistant ultrasonic sensors, hygienic sensors and double sheet sensors.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Ultrasonic technology is the technique of transmitting digital data utilizing barely audible and inaudible sound waves. The ultrasonic technology is used to detect objects and measure distances.
Asia-Pacific was the largest region in the ultrasonic technology market in 2022. The regions covered in the ultrasonic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of ultrasound technology are ultrasonic proximity sensor, ultrasonic retro-reflective sensor, and ultrasonic through-beam sensor.The term ultrasonic proximity sensor refers to sensors that are utilized in a variety of packaging applications for object detection and distance measurement.
The different technologies include ultrasonic medical technology, ultrasonic processing technology, and ultrasonic testing technology and are used in various applications such as welding, cleaning, inspections, and others. It is employed in several sectors including automotive, food and beverage, medical and healthcare, aerospace and defense, industrial, and others.
The growing demand from the medical sector is expected to propel the growth of the ultrasonic technology market going forward.Businesses that provide medical services, manufacture medical equipment or medications, provide health coverage, or otherwise enable the provision of healthcare to patients make up the healthcare sector.
In medicine, ultrasound imaging, also known as sonography, is employed frequently.Ultrasound is used to discover unseen faults in products and structures during non-destructive testing.
For instance, according to PolicyAdvice, an insurance company, global healthcare spending is expected to reach $10 trillion by 2022. In addition, McKesson is the largest healthcare firm in the United States, with $208.3 billion in yearly revenue. Therefore, the growing demand from the medical sector drives the growth of the ultrasonic technology market.
The integration of artificial intelligence has emerged as a key trend gaining popularity in the ultrasonic technology market.Major companies operating in the ultrasonic technology sector are focused on incorporating artificial intelligence in ultrasonic devices to reinforce their position.
For instance, in September 2020, GE Healthcare, a US-based manufacturing company launched an AI-based Women’s Health ultrasound system, Voluson SWIFT. The Voluson SWIFT incorporates Intelligent Ultrasound’s ScanNav Assist AI technology and includes SonoLyst, the world’s first fully integrated AI tool that recognizes the 20 views recommended by the International Society of Ultrasound in Obstetrics and Gynecology mid-trimester practice guidelines for fetal imaging.
In October 2021, Bioventus, a US-based medical device company acquired Misonix for an undisclosed amount.Through this acquisition regenerative medicine and minimally invasive therapeutic ultrasonic technologies are added to the Bioventus portfolio.
Misonix is a US-based company that provides ultrasonic technologies.
The countries covered in the ultrasonic technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The ultrasonic technology market research report is one of a series of new reports that provides ultrasonic technology market statistics, including ultrasonic technology industry global market size, regional shares, competitors with a ultrasonic technology market share, detailed ultrasonic technology market segments, market trends and opportunities, and any further data you may need to thrive in the ultrasonic technology industry. This ultrasonic technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06285842/?utm_source=GNW
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