North America Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America ultrasound devices market is expected to register a CAGR of 5.1% over the forecast period.

The outbreak of the COVID-19 pandemic has pushed the medical device industry into action, with a race to develop both therapeutic and preventive devices. Exponentially increasing cases of the coronavirus worldwide are leading to the need for the development of novel treatments, with several clinical trials underway. Meanwhile, the manufacturers of medical devices were highly focused on developing vaccines and drugs, which can also be applied in the diagnosis and treatment of COVID-19, increasing the rate of clinical trials to a great extent. The increasing use of ultrasound devices during COVID-19 has positively impacted the market during the pandemic. For instance, according to the study titled, "Handheld ultrasound devices: An emerging technology to reduce viral spread during the Covid-19 pandemic" published in August 2020, the American College of Radiology has discouraged the use of routine imaging procedures such as stethoscopes and chest radiographs and has encouraged the use of ultrasound. It also stated that handheld ultrasound devices fit into a single-use plastic cover and can be easily decontaminated, making them ideal for minimizing viral contamination and spread during the pandemic. Furthermore, it also reported that many handheld ultrasound devices now have teleguidance capabilities that allow professionals to guide a novice user through an exam remotely, minimizing exposure, conserving personal protective equipment, and reducing patient transport for imaging procedures. Therefore, owing to such factors, the use of ultrasound devices market was positively impacted during the pandemic in the North American region.

The increasing adoption of diagnostic imaging, the increasing prevalence of chronic diseases, and rapid technological advancements are the major drivers for the market. The increasing prevalence of chronic diseases is one of the key drivers for the market. For instance, as per the report published by the American Cancer Society in January 2022, around 19,880 women are expected to be diagnosed with ovarian cancer in 2022. It also reported that ovarian cancer ranks fifth in cancer deaths among women, accounting for more deaths than any other cancer of the female reproductive system. In addition, it also reported a woman's risk of getting ovarian cancer during her lifetime is about 1 in 78 and her lifetime chance of dying from ovarian cancer is about 1 in 108. The same source also stated that cancer mainly develops in older women. Around half of the women who were diagnosed with ovarian cancer were 63 years of age or older. It is more common in white women than in African American women. The same source also estimated the number of newly diagnosed ovarian cancer to be around 21,410 in 2021. Ultrasound is the initial and most important imaging modality for the detection of ovarian cancer. Moreover, ultrasound is also considered an accurate technique for the determination and monitoring of ovarian cancer. Therefore, such instances are anticipated to propel the market's growth over the forecast period.

However, stringent regulatory reforms are likely to hinder the market's growth over the forecast period.

Key Market TrendsPortable Ultrasound Segment is Expected to Witness Growth Over the Forecast Period

Portable ultrasound devices are mobile ultrasound systems designed for use in small spaces, such as points of care and beside hospital beds. It can be cart-based, tablet-based, or hand-carried. Portable ultrasound units are becoming standard equipment in many clinics, affording easy access to this imaging modality.

The portable ultrasound segment holds the major share in the North American ultrasound devices market, owing to the significant technological advancements in the development of various portable or hand-held ultrasound devices; rising cases of chronic diseases; and a wide range of applications with added advantages, which are the major factors propelling the segment's growth over the forecast period. For instance, in May 2020, Philips’ ultrasound portfolio, including Lumify with Reacts handheld tele-ultrasound solution, received approval from the United States Food and Drug Administration. This portable ultrasound device offers detailed, practical guidance to support clinicians using its systems and software for patients affected by COVID-19. The clearance applies to Philips ultrasound systems including the EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems, and off-cart solutions like QLAB Advanced Quantification Software.

Therefore, owing to the abovementioned factors, the segment is anticipated to witness a considerable growth rate over the forecast period.

The United States is Expected to Dominate the North America Ultrasound Devices Market Over the Forecast Period

The United States is expected to dominate the overall North America ultrasound devices market over the forecast period. The growth is due to factors such as rising cases of chronic diseases, technological advancements, key product launches, high concentration of market players or manufacturers' presence, and acquisitions and partnerships among major players.

The rising cases of chronic diseases are one of the key drivers for the market in the country. For instance, as per the 2020 data from the Centers for Disease Control and Prevention, every year, 805,000 people in the United States have a heart attack. Of these, 605,000 result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease. Therefore, such cases may propel market growth.

Furthermore, product launches and partnership deals among major players are anticipated to drive the market in the country. For instance, in May 2022, Butterfly Network announced that it had signed a deal with the Medical University of South Carolina (MUSC) to provide its point-of-care ultrasound devices and software to the organization, which includes its medical school, research facilities, and 14 hospitals.

Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the United States.

Competitive Landscape

The North America ultrasound devices market is fragmented and competitive and consists of several major players. The market comprises major players, who are focusing on R&D to form a stable and safe formulation. The market has been noticing technological developments on a large scale for the past couple of years. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known, including Fujifilm Holdings Corporation, GE Healthcare (GE Company), Hitachi Medical Corporation, Mindray Medical International Ltd, Koninklijke Philips NV, Hologic Inc., Siemens Healthineers, and Canon Medical Systems Corporation (Toshiba), among others.

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