Reports and Data has recently published its latest report titled “Ultrasound Market By Device Display (Color Ultrasound Devices, Black & White Ultrasound Devices), By Product (Diagnostic, Therapeutic), By Portability (Trolley/Cart, Compact/Handheld, Point-of-care), By Application, By End-use, And By Region Forecast To 2028.”
According to the latest report by Reports and Data, the global ultrasound market size was USD 6,168.2 million in 2020 and is expected to reach USD 9,453.8 million in 2028 and register a revenue CAGR of 5.40% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Ultrasound is a non-invasive diagnostic technique that leverages high-energy sound waves to visualize tissue and organs within the body. Ultrasound has revolutionized medical imaging by offering a robust combination of portability, low cost, and convenient usage, and this has made ultrasound imaging an indispensable tool in radiology owing to efficiency to obtain more accurate imaging and enable diagnosis or more efficiently guide a therapeutic intervention. Over the past few decades, the number of ultrasound procedures have increased substantially and technological advancements such smart transducer design and smaller size or miniaturization of devices, lower cost, and novel data processing software have further contributed to its increased adoption. Increasing use of ultrasound both as imaging and therapeutic modality, rising prevalence of chronic diseases and growing awareness regarding benefits of early diagnosis and detection, and increasing application of ultrasound in acute pain medicine are key factors expected to continue to drive market revenue growth over the forecast period.
Ultrasound examination is a widely used technique to confirm the diagnosis of chronic diseases owing to its excellent ability of deep penetration into soft tissue in combination with high spatial resolution. Real-time imaging enables physicians to effectively guide therapeutic procedures and biopsies, which enables better accuracy when deploying procedures. Medical ultrasound is generally the primarily preferred imaging modality owing to cost effectiveness and lack of use of ionizing radiation. Ultrasound waves are produced by the transducer that can both, emit and detect the ultrasound waves and echoes, which generate electric signals that are then sent to the ultrasound scanner. Depending on the speed of sound and time of return of ultrasound echo, the distance between transducer and tissue boundary is calculated by the scanner to generate 2D images of tissues and organs. Ultrasound gel prevents the formation of air pockets between the skin and transducer, which can block ultrasound waves from passing into the body. Diagnostic ultrasound is widely used to obtain pictures/imaging of internal organs and tissue to diagnose causes of pain, swelling and infection, and to examine and assess the growth and development of fetus in pregnant women. Over the recent past, advancements in imaging modalities have expanded applications areas of ultrasound from diagnostics to explore alternative therapies. Ultrasound has been rapidly incorporated in acute pain medicine, regional anesthesia, and interventional pain medicine. This can be attributed to increasing ability to view the targeted structure and visualize distribution of injected medication with a capacity to control its distribution by readjusting position, which further improves accuracy of this procedure. This is expected to further drive market growth over the forecast period.
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However, high costs associated with maintenance of ultrasound systems, increasing number of product recalls, budget constraints in certain diagnostic centers across the globe, and lack of skilled radiologists and professionals are some key factors expected to hamper market growth to a certain extent over the forecast period. In addition, rising concerns regarding therapeutic applications of ultrasound and limitations of ultrasound in examining certain areas can potentially limit its adoption. The application of contrast agents can, however, overcome these limitations and has expanded its application in unfeasible areas such as molecular imaging and drug delivery and this is expected to open up lucrative opportunities in the market over the coming years.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Color Ultrasound Devices to Account for Largest Revenue Share:
Color ultrasound devices segment to account for largest revenue share over the forecast period attributable to increasing adoption of color sonography systems owing to its enhanced ability to offer high-resolution images that helps in detection of problems with blood circulation and disease indications.
Compact/Handheld Segment to Register Robust Revenue CAGR:
Compact/handled segment is expected to register robust revenue CAGR over the forecast period owing to increasing availability of compact ultrasound devices, rapid adoption of portable ultrasound systems in hospitals and diagnostic centers, rising R&D activities to develop advanced and smart devices, and increasing cost-effectiveness and convenience of usage.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share in the global market over the forecast period attributable to increasing adoption of ultrasound technique for diagnostic imaging and therapeutic applications owing to rising prevalence of chronic diseases, availability of advanced ultrasound devices and state-of-the-art healthcare facilities, favorable reimbursement policies, rising number of FDA approvals, and presence of key medical device manufacturers in the region.
Asia Pacific to Register Fastest Revenue CAGR:
Asia Pacific is expected to register fastest revenue CAGR over the forecast period owing to increasing focus on early diagnosis and detection, rising healthcare expenditure, high incidence of chronic diseases such as musculoskeletal disorders and cancer, among others, rapidly growing network of specialized diagnostic imaging centers, and rising preference for minimally invasive diagnostic and therapeutic procedures.
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Major Companies in the Market Include:
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens Healthineers AG
- Samsung Electronics, Ltd.
- FUJIFILM Holdings Corporation
- Esaote S.p.A.
- Mindray Medical International Ltd.
- Shimadzu Corporation
- Analogic Corporation
- Chison Medical Imaging Co., Ltd.
- Konica Minolta Inc.
- Toshiba Corporation
For the purpose of this report, Reports and Data has segmented global ultrasound market based on device display, product type, portability, application, end-use, and region:
Device Display Outlook (Revenue, USD Million, 2018-2028)
- Color Ultrasound Devices
- Black & White (B/W) Ultrasound Devices
Product Type Outlook (Revenue, USD Million, 2018-2028)
- 2D Imaging Systems
- 3D & 4D Imaging Systems
- Doppler Imaging
- High-Intensity Focused Ultrasound (HIFU)
- Extracorporeal Shockwave Lithotripsy (ESWL)
Portability Outlook (Revenue, USD Million, 2018-2028)
- Point-of-care (PoC)
Application Outlook (Revenue, USD Million, 2018-2028)
- Radiology/General Imaging
End-use Outlook (Revenue, USD Million, 2018-2028)
Hospitals, Surgical Centers, and Diagnostic Centers
- Maternity Centers
- Ambulatory Care Centers
- Research and Academia
- Physiotherapy Clinics
- Independent Associations
- Government Organizations
- Sports Academies
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Regional Outlook (Revenue, USD Million, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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