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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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.
Ultrasound Market, by Components
- Ultrasound device
Ultrasound market, By Technology
- Diagnostic Ultrasound
- 2D Ultrasound
- 3D and 4D Ultrasound
- Doppler Ultrasound
- Color Doppler Imaging
- Continuous Doppler Imaging
- Pulse Wave Doppler Imaging
- Therapeutic Ultrasound
- High-Intensity Focused Ultrasound (HIFU)
- Extracorporeal Shock Wave Lithotripsy (ESWL)
- Shock Wave Lithotripsy (SWL)
Ultrasound market, By Display
- Colored Ultrasound
- Black and White (B/W) Ultrasound
Ultrasound market, By Portability
- Trolley-based Ultrasound Systems
- Handheld/Compact Ultrasound Systems
- Point of Care Ultrasound Systems
Ultrasound market, By Application
- Diagnostic Applications
- General Imaging
- Therapeutic applications
- Drug Delivery
- Physical Therapy
- Pain Management
Ultrasound market, By End User
- Diagnostic Imaging Centers
- Ambulatory Care Centers
Ultrasound Market, by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East & Africa
Key Players in the Market
- GE Healthcare
- Konica Minolta, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers (a subisdiary of Siemens AG)
- Analogic Corporation
- Canon Inc.
- Esaote SpA
- Hitachi Ltd.
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- FUJIFILM SonoSite, Inc.(a subisdiary of FUJIFILM Holdings Corporation)
- Carestream Health, Inc
- Hologic, Inc.
Key questions answered in the report:
Growing penetration of ultrasound in developing countries will propel the overall ultrasound market
- How does the penetration of ultrasound imaging in developed regions differ from developing countries like India, and China?
- How is the competition between the major global and prominent local players in this market?
- Which are the high growth market segments in terms of product, technology, display, portability, application, end users, regions, and countries?
Hospitals account for the largest share of the ultrasound market globally
- What factors contribute to the frequent usage of ultrasound in hospitals?
- Which geographic segment is expected to experience the fastest growth in the usage of ultrasound in hospitals, diagnostic imaging centres, ambulatory care centres, and other end users?
- How does the penetration of ultrasound in hospitals differ from other end users such as diagnostic imaging centres, ambulatory care centres, and other end users?
Ultrasound market favours both larger and local manufacturers that compete in multiple segments
- What are the top competitors in this market and what strategies do they employ to gain shares?
- What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
- What strategies should new companies look to enter this market use to compete effectively?
- What are the major drivers, restraints, challenges, opportunities, and trends in the ultrasound market?
- Who are the major players in various countries and what share of the market do they hold?
- What are the geographical trends and high growth regions/ countries?
Recent partnerships, acquisitions, and expansions have taken place in the global ultrasound market
- What companies have recently merged/acquired and how will these unions affect the competitive landscape of the ultrasound market?
- What companies have created partnerships and how will these partnerships promote a competitive advantage?
- Who are the major players in the global ultrasound market and what share of the market do they hold?
- What are the local emerging players in the global ultrasound market and how do they compete with the global players?