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Rising Prevalence Of Chronic Diseases Fueling The Growth Of The Market Due To Lifestyle-Related Health Complications: Strengthening the Growth Trajectory of the Medical Ultrasound Instrument Market
Medical Ultrasound Instrument
What Is the Expected CAGR for the Medical Ultrasound Instrument Market Through 2025?
The market size for medical ultrasound devices has seen significant expansion in the past few years. Its growth is projected to continue, moving from $9.05 billion in 2024 to $9.77 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.9%. This growth during the historic period is due largely to factors such as the surging demand for non-invasive diagnosis methods, the growing incidence of chronic diseases, an aging population, heightened awareness of the importance of early detection of diseases, and an increased preference for safe diagnostic techniques.
What's the Projected Size of the Global Medical Ultrasound Instrument Market by 2029?
Anticipating a substantial surge in the upcoming years, the medical ultrasound instrument market is projected to mature to a $13.5 billion industry by 2029, boasting a compound annual growth rate (CAGR) of 8.4%. This pronounced growth is largely due to the ever-increasing need for telemedicine and remote diagnostics, expanded application of ultrasound in cancer detection, escalating occurrence of cardiovascular ailments, growing favoritism towards harmless imaging techniques, and the escalating need for minimalistic healthcare solutions. Significant trends expected during the forecasted period are a greater incorporation with electronic medical records, mechanization for precision through integration with robotics, technological advancement in contrast-enhanced ultrasound, high-resolution imaging innovations, and integration with portable health gadgets.
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Top Growth Drivers in the Medical Ultrasound Instrument Industry: What's Accelerating the Market?
The medical ultrasound instrument market is expected to witness significant growth due to the increasing incidence of chronic diseases. Chronic conditions are typically long-term medical problems that progress slowly and necessitate consistent management. This category includes diseases such as diabetes, heart disease, hypertension, arthritis, chronic respiratory diseases, cancer, and obesity. The surge in these chronic diseases is a result of lifestyle changes, poor diets, and a lack of exercise, leading to enduring health issues. Medical ultrasound devices play a pivotal role in managing these diseases by providing non-invasive, real-time imaging, proving them perfect for continuous monitoring and diagnosis. It eliminates the necessity for exploratory procedures by providing rapid and precise evaluations, thereby enhancing patient care and treatment efficacy. For example, the National Health Service, a government healthcare system based in the UK, disclosed that the instance of pre-diabetes cases in England had escalated by 549,000 (18%), from 3,065,825 in 2022 to 3,615,330 in 2023 in June 2024. Consequently, the escalating incidence of chronic diseases is fueling the growth of the medical ultrasound instrument market.
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What Long-Term Trends Will Define the Future of the Medical Ultrasound Instrument Market?
Key players in the medical ultrasound instrument sector are focusing their efforts on the creation of sophisticated products, such as wireless handheld ultrasound gadgets, with the aim of improving portability, enhancing accessibility, and reducing the expense of point-of-care diagnostics. A wireless handheld ultrasound device is a small, easily carried ultrasound system that can be wirelessly connected to smartphones or tablets, facilitating real-time imaging and diagnostics without the need for heavy equipment or conventional power sources. As an example, in August 2023, US-based firm GE Healthcare Technologies Inc., a leading name in medical technology and digital solutions, released the Vscan Air SL. This wireless handheld ultrasound gadget, specially designed for fast cardiac and vascular assessments, boasts a dual-headed probe with both sector and linear transducers. This allows for quick and high-quality cardiac and vascular evaluations at the point of care. Its small, transportable design, paired with cutting-edge imaging technologies, affords doctors with sharp images and the convenience of swiftly switching between diverse types of examinations inside and outside the hospital setting.
What Are the Main Segments in the Medical Ultrasound Instrument Market?
The medical ultrasound instrument market covered in this report is segmented -
1) By Product Type: Diagnostic Ultrasound Equipment, Therapeutic Ultrasound Equipment, Ultrasound Software, Accessories And Consumables
2) By Technology: 2D Ultrasound, 3D Ultrasound, 4D Ultrasound, Doppler Ultrasound
3) By Portability: Portable Ultrasound Devices, Handheld Ultrasound Devices, Cart-Based Ultrasound Devices
4) By Application: Radiology Or General Imaging, Cardiology, Obstetrics Or Gynecology, Vascular, Urology, Orthopedic, Other Applications
5) By End-User: Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Other End-Users
Subsegments:
1) By Diagnostic Ultrasound Equipment: Handheld Ultrasound Devices, Portable Or Compact Ultrasound Systems, Cart Or Trolley-Based Ultrasound Systems
2) By Therapeutic Ultrasound Equipment: High-Intensity Focused Ultrasound, Extracorporeal Shock Wave Lithotripsy, Physiotherapy Ultrasound
3) By Ultrasound Software: Image Analysis Software, Workflow Management Software, Artificial Intelligence-Based Ultrasound Software, Cloud-Based Ultrasound Software
4) By Accessories And Consumables: Ultrasound Transducers, Gels And Lotions, Biopsy Guides, Probe Covers, Needle Guides
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Which Top Companies are Driving Growth in the Medical Ultrasound Instrument Market?
Major companies operating in the medical ultrasound instrument market are Hitachi Ltd., Canon Inc., Siemens Healthineers AG, FUJIFILM Holdings Corporation, Koninklijke Philips N.V., GE Healthcare, Konica Minolta Inc., Hologic Inc., SonoScape Medical Corp., Samsung Medison Co Ltd, Edan Instruments Inc., Chison Medical Imaging Co Ltd., Shenzhen Landwind Industry Co Ltd., United Imaging Healthcare Co. Ltd., Biocare Medical, Teratech Corporation, Excelsior Union Ltd., Alpinion Medical Systems, Dawei Medical Co Ltd., Draminski S.A.
Which Regions Will Dominate the Medical Ultrasound Instrument Market Through 2029?
North America was the largest region in the medical ultrasound instrument market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical ultrasound instrument market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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