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Ultrasound Market to grow with CAGR of 6.5% by 2031 | FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Korea)
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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.
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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Market Restraints and Challenges
Unfavorable healthcare reforms in the U.S. may hamper the market growth. In August 2012, the US government planned to reduce Medicare spending by USD 716 billion over the next ten years (until 2022). Many industry participants expect that this health reform will negatively affect the cash flow for medical device companies operating in the US (including those involved in the manufacturing and marketing of ultrasound systems). This may limit the adoption of such devices in the US, as a number of healthcare facilities depend on government funds for purchasing high-end, highly expensive instruments.
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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COVID-19 Impact
A worldwide emergency has been caused by the COVID-19 pandemic. The ultrasound market has been negatively impacted by the pandemic, and this trend is expected to continue till December 2021. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the growth of the overall ultrasound market.
Global Ultrasound Market Segmentation
By Technology
Diagnostic Ultrasound
2D Ultrasound
3D & 4D Ultrasound
Doppler Ultrasound
Therapeutic Ultrasound
High-Intensity Focused Ultrasound (HIFU)
Extracorporeal Shockwave Lithotripsy (ESWL)
By Portability
Trolley/Cart-based Ultrasound Systems
Compact/Handheld Ultrasound Systems
Point-of-care (PoC) Ultrasound Systems
By Application
Radiology/General Imaging
Cardiology
Urology
Orthopedic and Musculoskeletal
Pain Management
Others
By End-use
Hospitals
Diagnostic Imaging Centers
Ambulatory Care Centers
Research and Academia
Others
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