Ultrasound Systems Market to Grow at a CAGR of 4.87% During the Forecast Period
Rising demand for
minimally invasive diagnostic processes to drive the growth of global
ultrasound systems market in the forecast period, 2022-2026.
According to TechSci Research report, “Global
Ultrasound
Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D
& 4D Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound
{High-Intensity Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave
Lithotripsy (ESWL)}), By Display Type (Colored v/s Black & White), By
Mobility (Fixed v/s Mobile), By Application (Obstetrics/ Gynecology, General
Imaging, Cardiology, Urology, Others), By End User (Hospitals & Clinics,
Diagnostic Centers, Others), By Region, Competition Forecast &
Opportunities, 2026”, the global Ultrasound Systems market stood at USD10.67 billion
in 2020 in terms of value and is expected to grow at a CAGR of 4.87% during the
forecast period. This can be ascribed to growing prevalence of chronic diseases such as cardiovascular diseases,
cancer, gastrointestinal & urological disorders, renal disorders, among
others. Furthermore, growing geriatric population across the globe is further
expected to positively influence the market growth through 2026. Also,
government support towards the reimbursement of the diagnosis procedure and treatment
plans will support the growth of the global ultrasound systems market in the
next five years. However, high cost of ultrasound systems can restrict the
market growth through 2026. Also, instances related to product recalls of
ultrasound systems can hamper the market growth over the next few years. For
instance, in May 2020, Koninklijke Philips N.V. received a class 2 product
recall from Food & Drug Administration (FDA) for S83t compact ultrasound
machine. This recall was due to the fault in the auto cool function of
transesophageal transducer in the ultrasound system which could lead to
injuries to the patient during ultrasound examinations. Also, the dearth of
skilled professionals to carry out ultrasound procedures especially in the
developing countries can slow down the market growth over the next few years.
Browse over 221
market data Figures spread through 110 Pages
and an in-depth TOC on " Global Ultrasound
Systems Market"
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The global ultrasound systems market is segmented
by technology, display type, mobility, application, end user, regional
distribution, and competitive
landscape. Based on mobility, the market can be split into fixed and mobile
ultrasound systems. The mobile ultrasound systems segment dominated the overall
market in 2020 with a share of 57.14%. This can be ascribed to the widespread
use of mobile ultrasound systems in acute care settings, emergency care in
hospitals, among others. Based on end user, the market can be categorized into
hospitals & clinics, diagnostic centers and others. The hospitals &
clinics segment dominated the overall market with a share of around 47.23% in
2020 and is expected to continue its dominance over the forecast period. This
can be attributed to a large number of ultrasound procedures being carried out
at hospital facilities.
Major companies operating in the global ultrasound systems market
include Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon
Medical Systems Corporation, Fujifilm Holdings Corporation, Shimadzu
Corporation, Hologic, Inc, Carestream Health, Inc., Hitachi Medical
Corporation, Samsung Medison Co., Ltd., Analogic Corporation, Mindray Medical
International Limited, United Imaging Healthcare Co., Ltd., CURA Healthcare
Pvt. Ltd., Esaote S.p.A., among others. For instance, in 2020, Hitachi Medical
Corporation launched ARIETTA 750, a new model in the ARIETTA diagnostic
ultrasound series. Also, in 2020, Philips received US FDA approval for its wide
range of ultrasound solutions—such as EPIQ series, Affiniti series, Lumify,
CX50, and Sparq diagnostic ultrasound systems— for the management of
COVID-19-related lung and cardiac complications. Mindray Medical International
Limited also introduced the novel ME series of portable ultrasound systems to
fight the COVID-19 pandemic in 2020. These systems feature smart fluid
management solutions, comprehensive disinfection solutions, convenient and
agile mobility, intuitive interface, and flexible battery solutions to help
clinicians address diagnostic challenges and make rapid decisions.
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“Asia Pacific is expected
to register the highest growth in the global ultrasound systems market during
the forecast period. This can be attributed to the growing geriatric population
in the region especially in countries like China, Japan and India, as this
population is susceptible to various chronic diseases and requires ultrasound
systems for effective diagnosis and treatment. Additionally, improving
healthcare infrastructure in the region is further expected to boost the market
growth in the region.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Ultrasound
Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D
Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound {High-Intensity
Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave Lithotripsy (ESWL)}), By
Display Type (Colored v/s Black & White), By Mobility (Mobile v/s Fixed),
By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology,
Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others) By
Region, Competition Forecast & Opportunities, 2026”, has evaluated the
future growth potential of global ultrasound systems 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 the global ultrasound systems market.
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