Ultrasound Devices Market

SKU: DMMI206 | Last Updated On: Sep 21 2022 | Available Formats

>Ultrasound Devices Market Expected to reach a high CAGR 4.4% By 2029:

Ultrasound Devices Market is Segmented By Type(Stationary Ultrasound, Portable Ultrasound), By Technology(2D Ultrasound Imaging, 3D and 4D Ultrasound Imaging, Doppler Imaging, High-intensity Focused Ultrasound), By Application(Anesthesiology, Cardiology, Gynecology/Obstetrics, Musculoskeletal, Radiology, Critical Care, Other), By Region (North America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.  

Ultrasound Devices Market size was valued US$ million in 2019 and is estimated to reach US$ million by 2029, and register a revenue high CAGR 4.4% over the forecast period (2022-2029). Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high-frequency sound waves to visualize the internal organs of the body. It can be described as the device that captures the internal organ images using high-frequency sound waves.  An ultrasound system consists of a transducer and ultrasound detector, or probe. This diagnostic technique is minimally invasive and does not use ionizing radiation to diagnose or treat body ailments.

Ultrasound Devices Market Dynamics

Ultrasound devices market growth is driven by several factors such as new technological advancements in the healthcare sector, rising chronic and ulcer cases, and an increasingly elderly population.     

The increasing government and private funding for R&D in ultrasound imaging will drive the market growth    

The increasing government and private funding for R&D in ultrasound imaging, the rising number of healthcare providers, technological advancements, and increasing incidences of chronic diseases are the major factors propelling the growth of the ultrasound devices market.

For instance, in September 2020, Philips Healthcare introduced the latest addition of dedicated cardiovascular ultrasound solutions, the Affiniti CVx, to support the cardiology departments in delivering better care to more patients with increased efficiency and throughput. Also, the shrinkage in the size of ultrasound devices has given the market a slight boost, if not a significant one. The devices have now become handy, giving the healthcare facilities a chance to replace old heavy and technologically deemed devices with small and more advanced devices. With the reduction in the size of these devices, the problem of storage has also been resolved, enabling the facilities to operate more efficiently with a greater number of devices.

The burden of chronic disease is rapidly increasing all around the world, currently affecting more than 14 million people around the world. For instance, in 2018, the University of California, San Francisco, stated that nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure. The prevalence of various other chronic diseases, such as cardiovascular, neurological, and cancer, is becoming a major concern for the healthcare sectors across the world. According to a study published by the World Health Organization (WHO) in September 2018, cancer accounted for 9.6 million deaths 2018 worldwide. Globally, one in six deaths occurs due to cancer, and it is the second leading cause of death worldwide.

Also, Dementia Australia states that approximately 459,000 Australians were living with dementia in 2020, and almost 1.6 million Australians were involved in its center for care. It is estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058, and dementia will become the second leading cause of death in the country in the next five years. Focused ultrasound is the most preferred alternative to medicines for the treatment of dementia, as it is an early-stage, non-invasive, and therapeutic technology that has shown potential in improving the quality of life and decreasing the cost. Thus, the increased occurrence of the disorder and the demand for the early detection of disease, and minimization of the cost of treatment are expected to increase the adoption of these ultrasound imaging devices.

Stringent regulations by the governments are likely to hamper the market growth  

However, stringent regulations by the governments regarding the operational concerns and approval of new products, along with the shortage of skilled labor to handle advanced machines, will hamper the growth of the market in the forecast period.

COVID-19 Impact Analysis

The pandemic has also had a complex and unprecedented effect on the ultrasound device market. Healthcare providers are deploying the potential of ultrasound diagnosis, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As per an article published on BioMed Central Ltd in June 2020, lung ultrasound (LUS) has shown superior sensitivity compared to X-ray in patients with acute respiratory failure, and LUS may be a more feasible and practical alternative. Also, in Italy, LUS has been proposed as an alternative to CT scans for suspected cases of COVID-19.

In November 2020, GE Healthcare expanded AI, digital, and imaging solutions and unveiled a slate of new intelligently efficient solutions that include the LOGIQ E10 Series, ultrasound systems that harness artificial intelligence (AI) technology to drive workflow productivity during the COVID-19 crisis.  

 

Ultrasound Devices Market Segment Analysis

The stationary ultrasound segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)        

The stationary ultrasound segment is expected to hold a significant market share due to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions. Also, these ultrasound systems have been undergoing major technological transformations since the last decade, which is leading to the increasing application of these ultrasound systems. For instance, in May 2020, Philips received the United States Food and Drug Administration approval for its wide range of ultrasound solutions that includes EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems for the management of COVID-19-related lung and cardiac complications. Besides, continuous technological advances and the increasing geriatric population around the globe are leading to the increased incidences of various chronic diseases, as the geriatric population is more susceptible to chronic diseases, which are the factors driving the market growth in the forecast period.

Ultrasound Devices Market

Metrics

Details

Market CAGR

4.4%

Segments Covered

By Type, By Technology, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Ultrasound Devices Market Geographical Analysis

North America region holds the largest market share of the global ultrasound devices market

North America is expected to dominate the overall ultrasound devices market in the forecast period. The factor responsible for the growth of the North American ultrasound market is the government and private funding for R&D in ultrasound imaging and rising incidences of chronic diseases. According to the National Health Council, by the end of 2020, chronic diseases will affect approximately 157 million Americans, with 81 million having multiple conditions. About half of all adults in America have a chronic condition, and approximately 8% of children aged 5 to 17 years were reported by their parents to have limited activities due to at least one chronic disease or disability during that year. According to the study, this number will continue to increase, and more people will suffer from not just one chronic illness but multiple ones, such as diabetes, heart diseases, neurological disorders, and cancer. Also, in February 2019, the American College of Cardiology had reported that by the end of 2019, 10, 55,000 individuals would suffer from coronary events, including 720,000 new and 335,000 recurrent coronary events.

Owing to the high prevalence of the diseases, this region has become the hub of the major players. Players have been doing product development in this region to grow. For instance, in April 2019, Canon Medical USA Inc. launched the Aplio a-series, a new line of ultrasound systems delivering high performance for multiple clinical uses at an affordable price point. Also, rising healthcare expenditure, growing awareness for various diagnostic procedures, and favorable reimbursement policies are expected to fuel the market growth in this region.

Ultrasound Devices Market Competitive Landscape

The ultrasound devices market is the competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Philips, Siemens, Canon, Carestream Health, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, and Mindray Medical International Limited among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the ultrasound devices market globally. For instance, in March 2020, Hitachi Medical Systems Europe launched the ARIETTA 750, the new model from the ARIETTA’s diagnostic ultrasound platform series in the European market.     

Siemens Healthineers AG

Overview:

Siemens Healthineers AG operates as a medical technology company. The Company provides medical imaging, laboratory diagnostics, point-of-care testing, digital ecosystem, and reading solutions for health care applications. Siemens Healthineers offers its services worldwide.     

Product Portfolio:

ACUSON Sequoia Ultrasound System:  ACUSON Sequoia system powered by BioAcoustic technology can reduce the effects of ultrasound variability between users, patients, and technology. By reducing the variability often experienced during ultrasound exams, the ACUSON Sequoia system can help to deliver effective clinical insights.​

Frequently Asked Questions

What is the Projected CAGR value of the Ultrasound Devices Market?

Ultrasound Devices Market is expected to grow at a CAGR of 4.4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Ultrasound Devices Market during 2022-2029

Which is the fastest growing region in the Ultrasound Devices Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period

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