Meticulous Research®, a Premier Market Research Firm, Unveils Groundbreaking Report on Global Ultrasound Market

[Redding, California - Feb 27, 2024] - Meticulous Research®, a leading force in market intelligence, has unveiled its latest research report titled 'Ultrasound Market by Component (Device, Probe, Gel), Technology (2D, 3D, Doppler, Lithotripsy), Display (Color, B/W), Portability (Cart, Handheld, POC), Application (Cardiology, Gynecology, Urology, Therapeutic, Vascular) End User - Global Forecast to 2030.' The report forecasts an impressive Compound Annual Growth Rate (CAGR) of 5.8% from 2023, projecting the ultrasound market to reach an estimated value of $17.08 billion by 2030.

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The robust growth of the ultrasound market can be attributed to various factors, including an aging population with chronic disorders, advancements in ultrasound device technology, an increasing number of diagnostic imaging centers and hospitals, a rise in orthopedic injuries and musculoskeletal disorders, and substantial investments, funding, and grants for ultrasound device development. Notably, the emergence of point-of-care ultrasound devices and the burgeoning demand from emerging economies are anticipated to provide significant growth opportunities for companies in the ultrasound market.

Despite these promising prospects, the market faces challenges due to stringent government regulations governing the trading, manufacturing, distribution, and sales of ultrasound imaging products.

Key Industry Players

The ultrasound market is led by key players, including GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (U.S.), and Hologic, Inc. (U.S.).

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Future Outlook

The comprehensive segmentation of the ultrasound market covers components (ultrasound devices, transducers/probes, gels, and other components), technology (diagnostic ultrasound, therapeutic ultrasound, lithotripsy), display (colored, black and white), portability (cart/trolley-based, handheld/compact, point of care), applications (diagnostic and therapeutic applications), and end-users (hospitals and clinics, diagnostic imaging centers, ambulatory care centers, academic and research institutes). The report evaluates industry competitors and provides in-depth regional and country-level analysis.

In 2023, the ultrasound devices segment is projected to dominate the market, driven by technological advancements, a growing geriatric population with chronic conditions, increased prevalence of orthopedic injuries, and a rising number of hospitals.

The diagnostic ultrasound segment is expected to lead in 2023, fueled by the growing demand for 2D ultrasound in obstetrics/gynecology, technological advancements, and a rising incidence of orthopedic injuries and musculoskeletal conditions.

In the same year, the color display segment is anticipated to hold the largest market share, offering advantages such as quantitative and multiparameter presentation, heightened contrast sensitivity, and enhanced accuracy in diagnosis and treatment.

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The cart/trolley-based ultrasound systems segment is predicted to dominate the portability category in 2023 due to user-friendly features, advanced applications, flexibility, durability, and innovative solutions, including AI-based enhancements for specialized clinical applications.

The diagnostic applications segment is forecasted to lead in 2023 among applications, driven by the increasing demand for radiation-free and non-invasive diagnostic modalities for various disorders.

Hospitals and clinics are expected to account for the largest share in the end-user category in 2023, owing to the widespread adoption of ultrasound systems as the primary imaging option, coupled with the availability of portable ultrasound systems across various departments.

Geographic Insights

The research report provides a comprehensive analysis of major geographies, including North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa. In 2023, North America is anticipated to dominate the ultrasound market, driven by a high demand for minimally invasive surgery, a high incidence of chronic and lifestyle-related disorders, and continuous technological advancements in ultrasound technology.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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This release was published on openPR.