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Ultrasound Market worth $9.0 billion by 2026 - Leading Key Players are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems (Japan)
Ultrasound Market
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The growth of this market is mainly driven by the increasing prevalence of target diseases, which have supported the demand for effective diagnostic procedures.
Ultrasound technology has been traditionally used by healthcare professionals in OB/GYN applications for fetal imaging and the diagnosis of fetal abnormalities (such as tangled umbilical cord and developmental abnormalities). With technological advancements in the field of medical imaging as well as minimally invasive surgical procedures, ultrasound is increasingly gaining prominence in disease diagnosis and the treatment for various applications, such as cardiology, vascular disorders, urology, breast cancer, orthopedics, and musculoskeletal injuries. This has led a number of manufacturers and independent researchers to focus on the development and commercialization of application-specific ultrasound devices.
The 3D & 4D ultrasound subsegment of diagnostic ultrasound to register significant growth in the ultrasound market by 2026
Based on technology, the market is segmented into diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further categorized into 2D, 3D & 4D, and Doppler ultrasound. These technologies are used for the visualization and diagnosis of various medical conditions (such as gynecological disorders and neurological conditions), fetal imaging, and the imaging of organs. The growth of this market is driven by the rising preference for 3D/4D ultrasound across developed markets and their technological benefits as compared to 2D ultrasound.
Based on system portability, the trolley/cart-based ultrasound systems segment is expected to account for the largest share of the market in 2020
On the basis of system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020. The growing demand for trolley/cart-based ultrasound systems is mainly attributed to the growing adoption of these systems across major markets due to their increased use in acute care settings and emergency care in hospitals and healthcare institutions.
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The vascular applications segment is expected to register the highest growth rate during the forecast period
Based on application, the market is divided into eight segments—radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Vascular ultrasound is one of the fastest-growing application segments in the ultrasound market majorly due to the rising incidence of vascular disorders across the globe, coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advancements in the field of 3D/4D imaging.
On the basis of component, the market is segmented into transducers/probes, workstations, and other components. The transducers/probes segment is further divided into curvilinear/convex array probes, liner array probes, phased array probes, and other probes. The transducers/probes segment accounted for the largest share of the market in 2020. This can be attributed to technological advancements, the introduction of specially designed products, and the rising adoption of ultrasound technology for the diagnosis of various disease indications.
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Europe is expected to dominate the global ultrasound market in 2020
In 2020, Europe is expected to account for the largest share of the global ultrasound market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Siemens Healthineers AG (Germany), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Korea), Mindray Medical International Limited (China), Analogic Corporation (US), Esaote S.p.A (Italy), Carestream Health (US), CURA Healthcare (India), Chison Medical Technologies Co., Ltd. (China), Mobisante, Inc. (US), Neusoft Corporation (China), Clarius Mobile Health (Canada), Medgyn Products, Inc. (US), and United Imaging Healthcare Co., Ltd. (China), among others are some of the major players operating in the global ultrasound market.
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