GLOBAL ULTRASOUND Market 2022-2028

GLOBAL ULTRASOUND Market 2022-2028

Global ultrasound market size was $10.9 billion in 2021 and is growing at a CAGR of 4.8% during the forecast period. The growing pervasiveness of chronic diseases, Advancement in technology is one of the prime factors affecting and driving the market. The growing applications of ultrasound owing to its compact designs that offer easy portability, among others are also estimated to fuel the demand for ultrasound devices which in turn will drive its market growth. However, there are certain factors such as lack of trained technicians, limitations of ultrasound imaging, and high cost of product that are hindering the growth of the global ultrasound market.

Rising R& D in the field of imaging along with growing FDA approval for new systems are anticipated to offer a lucrative opportunity for market growth. For instance, in May 2020, Koninklijke Philips N.V. had received US FDA approval for the usage of its ultrasound portfolio related to COVID-19 to manage the complication related to the lungs and heart. It had become a valuable tool for clinicians to treat patients that are suffering from COVID-19 with the company’s handheld and portable ultrasound solution.

Impact of COVID-19 on the Global Ultrasound Market

The outbreak of COVID-19 pandemic has increased rapidly the demand for handheld ultrasound in 2020. Ultrasound is being used as diagnostic tools for COVID-19 patient. Handheld ultrasound has easy availability and has reduce hospital visit during the pandemic. Healthcare professional can monitor the state of patients via smartphone. Various manufacturers have been offering wireless Point of care ultrasound system. Wireless handheld ultrasound scanners are easy to disinfect than traditional cart-based ultrasound systems and reduce the chances of patient getting infected during hospital visits. It is predicted that the global ultrasound market is slightly impacted by the COVID-19 pandemic and is expected to grow considerably during next five years considering current demand for ultrasound system.

Segmental Outlook

The market is segmented based on technology, application, portability, and end-user. Based on technology, the market is segmented into 2D ultrasound imaging, 3D & 4D ultrasound imaging, and Doppler imaging. Based on the application segment, the market is segmented into cardiology, gynecology, urology, oncology, orthopedic, and others. Based on portability the market is segmented into trolley/ cart-based ultrasound devices and compact/handheld ultrasound devices. Based on end-user the market is segmented into hospitals, diagnostic centers, and others.

Based on end-user, hospitals are anticipated to hold a considerable share in the ultrasound market. The hospital segment is primary driven by the increasing and remarkable number of procedures performed in hospitals with ultrasound. Through this increasing number of patients in developed and emerging countries suffering from chronic disorders can be diagnosed and treated. Further, increasing adoption of minimally invasive diagnostic & surgical procedures in these facilities is also anticipated to drive the growth of this market segment.

Regional Outlooks

The global ultrasound market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to be one of the growing regions in the global ultrasound market. The presence of well-developed healthcare infrastructure and increasing demand for home healthcare along with remote patient monitoring adoption are among the prime factors pushing the growth of the market in North America. In Europe, ongoing clinical research projects related to ultrasound and high health expenditure are some of the factors that are driving the growth of the ultrasound market\. Asia-Pacific is estimated to be the remarkable growth during the forecast period 2021-2027.

Asia-Pacific Will Have Considerable Growth in The Global Ultrasound Market

Asia-Pacific region is projected to exhibit considerable growth in the global ultrasound market. Rising health care expenditure, increasing awareness with regards to the therapeutic potential of ultrasound technologies are fueling the regional demand for the ultrasound market. The growing geriatric population, presence of large-scale unmet medical needs are further contributing to the growth of the regional market. China is one of the major manufactures of machines of ultrasound that are cost-effective is also considered an important factor for driving the growth of the market in the Asia-Pacific region.

Market Players Outlook

Key players of the global ultrasound market are Fujifilm Holdings Corp., General Electric Co., Koninklijke Philips N.V., Siemens Healthcare Private Ltd., Shimadzu Corp. To survive in the market, these players adopt different marketing strategies such as product launches. For instance, In August 2020, Koninklijke Philips N.V. has enlarged its ultrasound in cardiovascular by launching Affiniti CVx for increased productivity. The objective of this system is to help departments of cardiology for delivering better care to the maximum number of patients with increased throughput and efficiency. The offering with auto strain technology attributes in Affiniti CVx had highlighted decreased strain analysis time by 70% along with the decrease in the total cost of ownership.

In April 2020, Mindray medical one of the global providers of devices in medical and solution had announced the release of the new portable ultrasound system, which will support clinical confidence in the situation of pandemic Covid-19. These products had been offered by the company in Europe and other selected countries only. The device offers management solutions that are smart fluid, disinfection solution, graceful mobility, flexible battery solution along intuitive interface. Moreover, without getting infected an essential part can be achieved with a high level of clinical safety through these devices. It can be adapted to multiple environments with the presence of 3kg and 44mm in thickness along with the three screens, user-centric design, and user-defined layout guarantee present in it.