Ultrasound Systems Market to Grow with a CAGR of 4.67% through 2028
Extensive use of this equipment in the diagnosis of
various chronic diseases and increasing government investments to develop
healthcare facilities is expected to drive the Global Ultrasound Systems Market
growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Ultrasound Systems Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Ultrasound Systems Market stood at USD 11.86 billion in 2022 and is
anticipated to grow with a CAGR of 4.67% in the forecast period, 2024-2028. The
growth of the global market is primarily driven by the increasing prevalence of
chronic disorders such as cancer tumors, gallstones, and fatty liver disease,
as well as significant investments in the healthcare industry.
The rise in
awareness regarding early disease diagnosis and advancements in ultrasound
imaging devices are key factors expected to drive market demand in the forecast
period. The increasing adoption of ultrasound systems for diagnostic imaging
and treatment, along with the growing prevalence of chronic and
lifestyle-related disorders, is projected to drive market growth. Moreover, the
rising demand for minimally invasive surgery and advancements in ultrasound
imaging technology are key factors fueling market expansion.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Global Ultrasound Systems Market”
The growth of
the ultrasound market can be attributed to various factors, including the aging
population with chronic disorders, advancements in ultrasound systems
technology, the increasing number of diagnostic imaging centers and hospitals,
the rising incidence of orthopedic injuries and musculoskeletal disorders, and
the significant public and private investments, funding, and grants for ultrasound
systems development. Moreover, the emergence of point-of-care ultrasound systems
and the demand from emerging economies present significant growth opportunities
for companies in the ultrasound market.
The ultrasonic
medical device offers a wide range of diagnostic and therapeutic applications.
Ultrasonography has gained popularity in specific therapeutic areas, ranging
from cardiology to oncology. The expanding applications of ultrasound systems
in 3D imaging, shear wave elastography, wireless transducers, app-based
ultrasound technology, fusion with CT/MR, and laparoscopic ultrasound
contribute to the market's excitement for the foreseeable future. For instance,
Samsung Medison collaborated with Intel to develop NerveTrack, a real-time
nerve tracking ultrasonography technology that enables anesthesiologists to
swiftly and accurately detect nerves in a patient's arm for precise
administration of anesthesia.
Furthermore, the
integration of artificial intelligence (AI) to automate time-consuming
processes such as quantification and image selection from 3D datasets is
expected to drive market growth. Many high-end ultrasound systems already
incorporate AI, and it is anticipated that most new systems across all levels
will adopt AI in the future.
The healthcare
system has faced significant challenges due to the COVID-19 pandemic. The
demand for ultrasound systems experienced fluctuations during the pandemic,
with installation delays and reduced manufacturing observed. Manufacturers had
to prioritize COVID essential device production and implement COVID-related
measures, such as telehealth services and vaccination drives for employees.
However, the demand for handheld ultrasound systems remained high due to their
efficiency in treating critical care patients in crowded hospitals, thanks to
their speed, portability, and ease of use.
The ultrasound
market is expected to remain robust, driven by the increasing use of ultrasound
systems in shear wave elastography, 3D imaging, wireless transducers, app-based
ultrasound imaging, integration with CT/MR, and laparoscopic ultrasound. For
example, Samsung Medison, in collaboration with Intel, developed NerveTrack, a
real-time nerve monitoring ultrasonography technology that enables
anesthesiologists to quickly and accurately administer anesthesia by
identifying nerves in the patient's arm.
Moreover, the
incorporation of artificial intelligence (AI) to streamline time-consuming
tasks like quantification and image selection from 3D datasets is anticipated
to fuel market growth. AI is already prevalent in many high-end ultrasound
systems and is expected to be integrated into most new systems in the future.
These advancements contribute to the growth of ultrasound systems during the
forecast period.
The Global Ultrasound
Systems Market is segmented into technology, display type, mobility, application,
end user, regional distribution, and company.
Based on its mobility,
the fixed ultrasound segment is projected to capture a substantial market share
during the forecast period. This significant market share can be attributed to
the increasing adoption of these systems in acute care settings and emergency
care in hospitals and healthcare institutions across major markets. Moreover,
these ultrasound systems have undergone significant technological advancements
in the past decade, leading to their wider application.
For example, in
June 2022, Mindray introduced the Imagine I9 Ultrasound Machine, designed to
cater to the specific needs of busy OB/GYN practices. Similarly, in March 2021,
General Electric launched Vscan Air, a wireless, hand-held ultrasound systems.
These developments further contribute to the expanding utilization of
ultrasound systems. Furthermore, continuous technological progress and the
rising geriatric population worldwide have resulted in a higher incidence of
chronic diseases. The geriatric population, being more susceptible to chronic
conditions, drives market growth over the forecast period. According to the
World Population Ageing Report (September 2020), the United States alone houses
over 46 million individuals aged 65 and older, and this number is projected to
nearly double by 2050. Given the substantial prevalence of chronic diseases,
the market is poised for growth. Therefore, considering these aforementioned
factors, the fixed ultrasound segment is expected to exhibit positive growth
throughout the forecast period.
Based on region,
North America segment is expected to grow during the forecast period. North
America dominates the ultrasound market and is expected to maintain its
position. During the COVID-19 crisis, Intelligent Ultrasound Group leveraged
the opportunity to enhance its point-of-care ultrasound simulator and launched
a COVID-19 training module for healthcare providers. The growth factors in the
North American ultrasound market include government and private funding for
R&D, increasing healthcare providers and geriatric population, and rising
incidences of chronic diseases. Cardiovascular disease is the most prevalent
chronic disease globally. The region is also a hub for major players due to the
high prevalence of diseases. Product development by companies like Exo, GE
Healthcare, and Canon Medical USA Inc. has driven the market. Additionally,
rising healthcare expenditure, awareness of diagnostic procedures, and
favorable reimbursement policies are expected to fuel market growth.
Major companies
operating in Global Ultrasound Systems Market are:
- Koninklijke Philips N.V.
- Hitachi
Ltd.
- GE
Healthcare Inc.
- Neusoft
Corporation
- Siemens
Healthineers AG
- Chison
Medical technologies co. Ltd.
- Canon
Medical Systems
- Mindray
Medical International Limited
- Samsung
Medison Co., Ltd.
- Shantou
Institute of ultrasound instruments Inc.
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The adoption of
ultrasound systems for diagnostic imaging and treatment is rising globally.
This is driven by the growing prevalence of chronic and lifestyle disorders.
The demand for minimally invasive surgery, integration of AI in ultrasound
systems, and advancements in ultrasound technology are also contributing to
market growth. Additionally, the increasing application of ultrasound systems
in various areas such as 3D imaging, shear wave elastography, wireless
transducers, and fusion with CT/MR is propelling the market. The demand for handheld
ultrasound systems in crowded hospitals is increasing due to their speed,
portability, and ease of use. Overall, the healthcare industry is experiencing
significant growth worldwide.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Ultrasound Systems Market Segmented By Technology
(Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler
Ultrasound}, Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU)
and Extracorporeal Shockwave Lithotripsy), By Display Type (Colored and Black
& White), By Mobility (Mobile and Fixed), By Application
(Obstetrics/Gynecology, General Imaging, Cardiology, Urology), By End User
(Hospitals & Clinics, Diagnostic Centers, Others), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Ultrasound Systems Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Ultrasound Systems Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com