Ultrasound Market Size Worth to be USD 16 Billion in 2035 | Roots Analysis

Ultrasound Market Overview

The global ultrasound market size is expected to reach USD 16 billion by 2035, expanding at a CAGR of 5.4%, according to a new report by Roots Analysis.

Ultrasound imaging (also known as sonography) involves interaction of sound waves with body organs to produce an image of tissue. It offers non-invasive means for physicians to visualize internal organs of the body. The technology involves usage of a small probe (transducer), which produces sound waves, and a water-based gel that is directly applied to the skin. Owing to the technological advancements in this domain, the process of scanning as well as image quality has gradually improved. The high accuracy in the outcomes has attracted the physicians to opt for this method of diagnosis. Interestingly, portable ultrasound devices have emerged as preferable imaging modality at the bedside as no other imaging technology requires as little infrastructure and maintenance as these ultrasound devices. In the recent years, these devices have been demonstrated to be useful for clinical practices and emergency situations for immediate patient diagnosis.

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Key Report Takeaways

1. Several start-ups and small players are spearheading the innovation in this sector; of these, most players are based in developed regions, such as Asia-Pacific and North America.

2. Currently, several companies claim to have the required expertise to develop various therapeutics and diagnostic ultrasound systems that can be used by various end users

3. In pursuit of building a competitive edge in this domain, stakeholders are extensively upgrading their existing capabilities and adding new competencies for the enhancement of their respective ultrasound device portfolios

4. Over 490 scientific articles have been published recently, showcasing the efforts being led by researchers to identify and develop ultrasound devices

5. The growing demand for point-of-care ultrasound devices and advancements in imaging technology have appeared as key driving factors that support the rapid evolution of the ultrasound market

6. The market opportunity associated with ultrasound devices is anticipated to observe an annualized growth of 5.4% over the next few years

7. The projected market opportunity is well-distributed across different application areas, types of technologies used and end users; in terms of end users, diagnostic centers segment is expected to grow at higher CAGR.

Competitive Landscape of Ultrasound Market

The market landscape features the presence of over 95 companies engaged in the ultrasound domain. Overall, the market landscape of ultrasound market is well-fragmented, featuring the presence of both start-ups and well-established companies. It is interesting to note that the maximum number of players in this domain were established before 1996, demonstrating extensive experience and expertise in this domain. Further, the domain is characterized by the presence of small companies, and mid-sized companies, which capture close to 65% of the overall market. Notably, majority of the companies are currently offering diagnostic ultrasound systems, followed by therapeutic ultrasound systems.

Ultrasound Market Regional Outlook

Based on the geographical regions, the ultrasound market can be segmented into five major regions, including North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America. Currently, North America is anticipated to capture the majority share and the trend is most likely to remain the same over the forecast period. This can be attributed to the presence of major market players, high healthcare expenditure, and a robust regulatory framework. The share of ultrasound market in Asia-Pacific is likely to increase over time. This can be attributed to rise in elderly demographic in the Asia-Pacific region, which necessitates the need for advanced healthcare solutions, further driving the need for ultrasound devices.

Ultrasound Market Key Players

Examples of key ultrasound companies (which have also been profiled in this market report; the complete list of companies is available in the full report) include:

1. Canon Medical System
2. CHISON Medical Technologies
3. Clarius
4. Dawei Medical
5. Draminski
6. Edan Instruments
7. Esaote
8. FUJIFILM
9. GE HealthCare
10. Hologic
11. Konica Minolta Healthcare Americas
12. Lepu Medical
13. MedGyn
14. MEDITECH
15. Narang Medical
16. Philips
17. Promed Technology
18. Samsung Healthcare
19. Shenzhen Mindray Bio-Medical Electronics
20. Siemens Healthineers
21. SIUI
22. SonoScape

Ultrasound Market Segments

Based on the research, Roots Analysis has segmented the Ultrasound Market into Type of Product Offered, Device Portability, Device Display, Type of Technology Used, Application Area, End User and Geographical Regions.

Ultrasound Market, by Type of Product Offered

1. Diagnostic Ultrasound Systems
2. Therapeutic Ultrasound Systems

Ultrasound Market, by Device Portability

1. Trolley / Cart-Based Ultrasound Devices
2. Handheld / Point-of-Care Ultrasound Devices

Ultrasound Market, by Device Display

1. Colored Display
2. Black / White Display

Ultrasound Market, by Type of Technology Used

1. 2D Technology
2. 3D / 4D Technology
3. Doppler Imaging Technology
4. Contrast Enhanced Ultrasound Technology
5. High-Intensity Focused Ultrasound Technology
6. Extracorporeal Shock Wave Lithotripsy Technology

Ultrasound Market, by Application Area

1. Radiology / General Imaging
2. Cardiology
3. Obstetrics / Gynecology
4. Urology
5. Musculoskeletal Ultrasound
6. Other Application Areas

Ultrasound Market, by Geographical Regions

1. North America
2. Europe
3. Asia-Pacific
4. Middle East and North Africa
5. Latin America

Browse Full Report Description + Research Methodology + Table of Content + Infographics here: https://www.rootsanalysis.com/reports/ultrasound-market.html

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