The Ultrasound Market will increase at a CAGR of 4.2% from 2019 to 2024 to reach $7.94 billion by 2024. Ultrasound is an imaging modality that utilizes high-frequency sound waves to visualize organs inside the body. Apart, from imaging, the technique also guides healthcare professionals to conduct biopsies, monitor blood flow, and assess the extent of damage after a heart attack. Owing to the growing incidences of orthopedic and other internal organs related injuries; increasing geriatric population coupled with chronic illness; rising number of hospitals; technological advancements in the development of ultrasound devices; and growing government, public and private investments for the development of new ultrasound devices - this industry has witnessed a steady growth. Further, significant opportunities from emerging economies and emergence of point of care ultrasound devices have boosted the adoption of ultrasound devices.
The ongoing trend of the development of application-specific ultrasound devices is expected to boost the growth of ultrasound market in near future. Ultrasound market has witnessed a steady growth owing to the growing aging population and chronic illnesses; rising incidences of injuries in muscles, tendons, vessels, joints, and other internal organs; rising number of healthcare centers; and technological advancements in ultrasound devices. According to the American Heart Association (AHA), in the U.S., there were about 5.7 million adults who suffered from heart failure between 2009 and 2012. This number is expected to rise to 9.4 million by 2030 generating demand for various medical devices including ultrasound devices.
Analysis of Market Segments
The global ultrasound market is segmented into by product (ultrasound devices, probes, gels, others), technology (Diagnostic ultrasound, Therapeutic ultrasound), display (colored ultrasound, black and white ultrasound), portability (trolley-based, Handheld/compact, point of care ultrasound systems), application (diagnostic and therapeutic applications), and end user (hospitals, diagnostic imaging centers, ambulatory care centers, and others), and Geography.
On the basis of technology, 2-D ultrasound is identified as the most preferred standard technology for the diagnosis and identification of abnormalities. 2D ultrasound commanded the largest share of global ultrasound market in 2017 owing to simplicity of procedure, low cost, mobile nature, and provision of real-time images.
On the basis of application, diagnostic application commanded the largest share of the global ultrasound market. The high share of this segment is attributed to large volume of ultrasound diagnostic procedures performed for detection of various diseases.
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Key Players
The report includes competitive landscape along with the ultrasound market share analysis based on extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 5 years (2014-2018). The key players profiled in the global ultrasound market research report are GE Healthcare, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Healthineers, Analogic Corporation, Canon Inc., Esaote SpA, Hitachi Ltd., Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Carestream Health, and Hologic, Inc.
Future of Ultrasound Market
Recent technological trends in ultrasound is leading to contrast-enhanced imaging and with the advent of mobile technologies, the ultrasound will not remain confined inside hospital premises. Further, with the increase in computational power, ultrasound fusion imaging techniques are gaining significant traction, which will effectively explore the anatomical body parts and organs with the help of real-time ultrasound images. Moreover, with increasing prevalence of heart diseases, gynecological disorders, and rising awareness on harmful effects of radiation dose is driving the interest of manufacturers towards the development of more advanced ultrasound devices.
1. Introduction
1.1. Market Ecosystem
1.2. Currency & Limitation
1.2.1. Currency
1.2.2. Limitation
1.3. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
4. Market insights
4.1. Introduction
4.2. Market Dynamics
4.2.1. Drivers
4.2.1.1. Growing Incidences of Orthopedic and other Injuries
4.2.1.2. Increasing Geriatric Population Coupled with Chronic Illnesses
4.2.1.3. Rising Number of Hospitals
4.2.1.4. Technological Advancements in Ultrasound devices
4.2.1.5. Growing public and private investments, funding, and grants for the development of ultrasound devices
4.2.2. Restraints
4.2.2.1. Paucity of skilled healthcare professionals
4.2.2.2. Stringent Government Regulations for import, manufacture, distribution, and sales of Ultrasound
Imaging Products
4.2.3. Challenge
4.2.3.1. Difficulty in Deep Tissue Penetration
4.2.4. Opportunities
4.2.4.1. Significant Opportunities from Developing Economies
4.2.4.2. Emergence of POC Ultrasound devices
4.2.5. Trend
4.2.5.1. Development of Application specific Ultrasound Devices
4.3. Market Share Analysis
5. Ultrasound Market, by Components
5.1. Ultrasound device
5.2. Probes
5.3. Gel
5.4. Others
6. Ultrasound market, By Technology
6.1. Introduction
6.2. Diagnostic Ultrasound
6.2.1. 2D Ultrasound
6.2.2. 3D and 4D Ultrasound
6.2.3. Doppler Ultrasound
6.2.3.1. Color Doppler Imaging
6.2.3.2. Continuous Doppler Imaging
6.2.3.3. Pulse Wave Doppler Imaging
6.3. Therapeutic Ultrasound
6.3.1. High-Intensity Focused Ultrasound (HIFU)
6.3.2. Lithotripsy
6.3.2.1. Extracorporeal Shock Wave Lithotripsy (ESWL)
6.3.2.2. Shock Wave Lithotripsy (SWL)
7. Ultrasound market, By Display
7.1. Introduction
7.2. Colored Ultrasound
7.3. Black and White (B/W) Ultrasound
8. Ultrasound market, By Portability
8.1. Introduction
8.2. Trolley-based Ultrasound Systems
8.3. Handheld/Compact Ultrasound Systems
8.4. Point of Care Ultrasound Systems
9. Ultrasound market, By Application
9.1. Introduction
9.2. Diagnostic Applications
9.2.1. General Imaging
9.2.2. Cardiology
9.2.3. Obstetrics/Gynecology
9.2.4. Vascular
9.2.5. Urology
9.2.6. Others
9.3. Therapeutic applications
9.3.1. Drug Delivery
9.3.2. Physical Therapy
9.3.3. Pain Management
9.3.4. Others
10. Ultrasound market, By End User
10.1. Introduction
10.2. Hospitals
10.3. Diagnostic Imaging Centers
10.4. Ambulatory Care Centers
10.5. Others
11. Ultrasound Market, by Geography
11.1. North America
11.1.1. U.S.
11.1.2. Canada
11.2. Europe
11.2.1. Germany
11.2.2. France
11.2.3. U.K.
11.2.4. Italy
11.2.5. Spain
11.2.6. Rest of Europe
11.3. Asia-Pacific
11.3.1. Japan
11.3.2. China
11.3.3. India
11.3.4. Rest of Asia-Pacific
11.4. Rest of the World
11.4.1. Latin America
11.4.2. Middle East & Africa
12. Competitive Landscape
12.1. New Product Launches
12.2. Agreements, Partnerships & Collaboration
12.3. Expansions
12.4. Mergers & Acquisitions
13. Company Profiles
13.1. GE Healthcare
13.2. Konica Minolta, Inc.
13.3. Koninklijke Philips N.V.
13.4. Siemens Healthineers (a subisdiary of Siemens AG)
13.5. Analogic Corporation
13.6. Canon Inc.
13.7. Esaote SpA
13.8. Hitachi Ltd.
13.9. Mindray Medical International Limited
13.10. Samsung Medison Co., Ltd.
13.11. FUJIFILM SonoSite, Inc.(a subisdiary of FUJIFILM Holdings Corporation)
13.12. Carestream Health, Inc
13.13. Hologic, Inc.
14. Appendix
14.1. Questionnaire
Published Date: Jan-2023
Published Date: Jan-2023
Published Date: Feb-2019
