Ultrasound Devices Market : Business Growth, Development Factors, Applications, and Future Prospects
According to the report, the global ultrasound devices market was valued at US$ 6.2 Bn in 2020 and is projected to expand at a CAGR of 6% from 2021 to 2031. Ultrasound is an imaging technology through which the morphological and physiological defects of human body can be detected. This device uses high-frequency sound waves for visualization of internal organs of the body. It has a probe that transmits ultrasonic sound waves into patient’s body. Organs of the body reflect the high frequency ultrasound waves that are detected by a detector. An ultrasound system is used to detect internal problems in various parts of the body such as heart, kidneys, liver, blood vessels, human fetus, and other organs. It is a type of diagnostic approach, which makes use of high resolution imaging technique by the signal received by organs. Ultrasound devices can also be applied in sonography, which is helpful in both diagnostic and therapeutic procedures. Rise in prevalence of chronic diseases such as heart disease, stroke, and cancer; technological advancements and new product launches in ultrasound systems; increase in the number of ultrasound diagnostic imaging procedures & efficacy in treatment; and rise in awareness about disease diagnosis to drive the global ultrasound devices market.
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North America dominated the global ultrasound devices market in 2020. The trend is anticipated to continue during the forecast period due to increase in incidence of major chronic diseases and rise in funding from government organizations and large corporates. Europe is expected to be a highly lucrative market for ultrasound devices during the forecast period. The market in the region is likely to expand at a high CAGR during the forecast period.
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Increase in Incidence of Chronic Disorders & Trauma Cases to Drive Global Market
Increase in incidence of chronic disorders and trauma cases and surge in the global geriatric population are the key factors projected to boost the growth of the global ultrasound devices market. The number of carcinoma and cardiovascular disease cases has increased over the past few years; CVDs is one of the leading causes of deaths across the world. Ultrasound is one of the most effective techniques for the pre-diagnosis of cardiovascular diseases. Moreover, the need of post-surgical imaging during the course of the treatment of a particular disease fuels the growth of the global ultrasound devices market. Furthermore, rise in the number of geriatric patients and increase in popularity of minimally invasive procedures accelerate the growth of the global ultrasound devices market. Large number of research grants and funding by government and corporates accelerate the global ultrasound devices market.
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Diagnostic Ultrasound to Dominate Global Market
In terms of technology, the global ultrasound devices market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been segregated into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been split into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The diagnostic ultrasound segment accounted for 85.42% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.19% from 2021 to 2031. Increase in incidence of chronic cases such as cardiac arrest is projected to drive the global diagnostic ultrasound segment.
Radiology to be Highly Lucrative Application
Based on application, the global ultrasound devices market has been categorized into radiology/general imaging, cardiology, gynecology, vascular, urology and others. The radiology/general imaging segment accounted for 28% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.69% from 2020 to 2031. Increase in the demand for high quality diagnostic and therapeutic imaging capabilities, and rise in concerns related to radiation dose with other ultrasound imaging modalities are likely to drive the segment.
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Diagnostic Centers to be Key End User
In terms of end user, the global ultrasound devices market has been divided into hospitals & surgical centers, diagnostic centers, ambulatory surgical centers, and others. The diagnostic centers segment dominated the global ultrasound devices market due to the availability of multiple service options & devices and tie-ups with healthcare companies to enhance healthcare service offerings.
North America to Dominate Ultrasound Devices Market
In terms of region, the global ultrasound devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ultrasound devices market in 2020, followed by Europe. North America’s significant market share can be ascribed to the presence of a large number of key players, several patients with chronic diseases, a well-established healthcare infrastructure, and funding from government and corporates. The market in North America is anticipated to expand at a CAGR of 6.42% from 2020 to 2031. Europe is expected to account for 20.83% market share by 2031. The market in the region is estimated to reach US$ 3,720.78 Mn by 2031.
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Competition Landscape of Ultrasound Devices Market
The global ultrasound devices market is fragmented in terms of a number of players. Key players operating in the global market include GE Healthcare, Koninklijke Philips N.V, Canon Medical Systems Corporation, Hitachi Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Shantou Institute of Ultrasonic Instruments Co., Ltd., Terason, and Analogic Corporation.
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