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Ultrasonic Technology Market Recent Trends, Growth And Industry Forecast By 2033
Ultrasonic Technology Market Trends
As per the report, the ultrasonic technology market size has grown rapidly in recent years. It will grow from $2.12 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The ultrasonic technology market size is expected to see rapid growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
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Growing Demand From The Medical Sector Fuels Ultrasonic Technology Market Growth
The growing demand from the medical sector is expected to propel the growth of the ultrasonic technology market going forward. Businesses that provide medical services, manufacture medical equipment or medications, provide health coverage, or otherwise enable the provision of healthcare to patients make up the healthcare sector. In medicine, ultrasound imaging, also known as sonography, is employed frequently. Ultrasound is used to discover unseen faults in products and structures during non-destructive testing. For instance, according to PolicyAdvice, an insurance company, global healthcare spending is expected to reach $10 trillion by 2022. In addition, McKesson is the largest healthcare firm in the United States, with $208.3 billion in yearly revenue. Therefore, the growing demand from the medical sector drives the growth of the ultrasonic technology market.
AI Integration Emerges As A Key Trend In The Ultrasound Technology Market
The use of artificial intelligence is a key trend gaining popularity in the ultrasound technology market. Artificial intelligence transforms medical images into high-throughput mineable data. For example, in February 2023, Samsung, a South Korea-based manufacturing conglomerate, launched a new women's health ultrasound system, the Hera W10 Elite, which offers visualization features, artificial intelligence (AI)-aided tools and clinical applications for Obstetrics and Gynecology. It provides 2D and 3D visualizations of microcirculatory and slow blood. It features an Advanced MV (microvascular)-Flow feature and a larger organic light-emitting diode (OLED) display that provides an improved characterization of diverse ultrasound images.
The ultrasonic technology market covered in this report is segmented -
1) By Type: Ultrasonic Proximity Sensor, Ultrasonic Retro-Reflective Sensor, Ultrasonic Through-Beam Sensor, Other Types
2) By Technology: Ultrasonic Medical Technology, Ultrasonic Processing Technology, Ultrasonic Testing Technolog, Other Technologies
3) By Application: Welding, Cleaning, Inspections, Other Applications
4) By End User: Automotive, Food and beverage, Medical and healthcare, Aerospace and defense, Industrial, Other End Users
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Major companies operating in the ultrasonic technology market report are Emerson Eletric, Siemens AG, Koninklijke Philips N.V., Olympus Corporation, General Electric Company, Crest Ultrasonics Corp., Honeywell International Inc, Rockwell Automation Inc., Pepperl+Fuchs AG, Omron Corporation, Emcolite Ultrasonics, Paavan Electronic Industries, Nanjing AMIS Medical Technology Co. Ltd, Novalion Medical Instrument Co. Ltd, Guangzhou Happycare Electronics Co. Ltd, Shenzhen Bondway Electronics Co. Ltd, Guangzhou Medsinglong Medical Equipment Co. Ltd, Wuxi Haiying International Trade Co. Ltd., Tritex NDT Ltd, Teknox UK Ltd, Advanced NDT Limited, Hilsonic, Canongate Technology Ltd, Cambridge Ultrasonics, Telsonic AG, DGM, Ultratecno, Sonotec, Roop Ultrasonic, Elma Ultrasonic, L&R Ultrasonics, Coltene-Whaledent, Omegasonics, Ultrasonic Power Corporation, Sonicor, Gesswein, Brennam Machinery, Krohne Group, Contrinex, STULZ, Abdul Latif Jameel Health, PulseNmore, Dallah Health Company, Canon Medical Systems Corporation, Fujifilm Holdings Corporation, Mindray Medical International Limited, Omega Africa Agencies (Pty) Ltd, Specmed Medical Services, Autowatch, Selective Instrumentation, Controlare and Diel (Pty) Ltd
Contents of the report:
1. Executive Summary
2. Ultrasonic Technology Market Report Structure
3. Ultrasonic Technology Market Trends And Strategies
4. Ultrasonic Technology Market - Macro Economic Scenario
5. Ultrasonic Technology Market Size And Growth
…..
27. Ultrasonic Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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