Ultrasound Market to grow up to USD 12.2 Billion by 2031, at a CAGR of 6.5% during the forecast period

New York, The Global Ultrasound Market was valued at USD 6.5 Billion in 2021 and it is anticipated to grow up to USD 12.2 Billion by 2031, at a CAGR of 6.5% during the forecast period.

Global Ultrasound Market report from Global Insight Services is the single authoritative source of intelligence on Ultrasound Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high frequency sound waves to visualize the internal organs of the body. It can be described as the device that captures the internal organ images using high frequency sound waves. Ultrasound system consists of a transducer and ultrasound detector, or probe. This diagnostic technique is minimally invasive and does not use the ionizing radiation to diagnose or treat the body ailments.

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Market Trends and Drivers
The high and increasing incidence of target diseases and conditions will boost the adoption of effective diagnostic and therapeutic procedures. The burden of chronic and lifestyle diseases has increased in recent years. For instance, according to the GLOBOCAN, 2020 study, burden of cancer was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020. Similarly, according to the American Heart Association, by 2030, about 41.4% of US adults will have hypertension (an increase of 8.4% from 2012). As ultrasound technologies are cost-effective, safer, and offer earlier diagnosis & treatment of target diseases, their demand in disease management is expected to increase during the forecast period.

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Global Ultrasound Market Segmental Overview
The report analyses the Global ultrasound market based on technology, portability, application, end-use, and region.

Global Ultrasound Market by Technology

Based on technology, it is segmented into diagnostic ultrasound and therapeutic ultrasound. Diagnostic ultrasound further sub-segmented into 2D, 3D & 4D, and Doppler ultrasound. Therapeutic ultrasound further sub-segmented into focused ultrasound and shockwave lithotripsy. The diagnostic ultrasound segment is likely to account for the significant market share during the forecast period. The large share of this segment can be attributed to the significant usage of 2D ultrasound in women's health, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, ongoing technological advancements in the field of diagnostic ultrasound imaging, and the growing applications of emerging ultrasound techniques.

Global Ultrasound Market by Portability

Based on portability, it 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 2021. The large share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions.

Global Ultrasound Market by Application

Based on application, it is segmented into radiology/general imaging, cardiologic applications, urological applications, orthopedic & musculoskeletal, pain management, and other. The radiology/general imaging segment is expected to command the largest share of the ultrasound market in 2021. Factors such as the rising incidence of various cancers across major countries, technological advancements in the field of ultrasound-based diagnosis and treatment, growing market availability and physician preference for HIFU in cancer treatment, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and the rising adoption of focused ultrasound in disease therapies are driving the growth of the radiology/general imaging segment.

Global Ultrasound Market by End-use

Based on end-use, it is segmented into hospitals, diagnostic imaging centers, ambulatory care centers, research and academia and others. The hospital and clinics segment is likely to dominate the market during the forecast period. This growth is attributed to the rising number of diagnostic imaging and in-vitro fertilization procedures performed. Other factors such as a significant number of ultrasound-based medical procedures performed in hospitals, coupled with the growing number of hospitals across major markets, and rising adoption of minimally invasive diagnostic & surgical procedures in these facilities.

Geographical Analysis of Global Ultrasound Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to garner the largest share of the ultrasound market in 2020. Factors such as a 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 the region, and the significant healthcare expenditure are driving the growth of the North America ultrasound market.

Major Players in the Global Ultrasound Market
The key players in the market are 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), and Carestream Health (US), among others

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