|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 11.86 Billion
|
|
CAGR (2023-2028)
|
4.67%
|
|
Fastest Growing Segment
|
Mobile
|
|
Largest Market
|
North America
|
Market Overview
Global Ultrasound Systems Market has valued at USD 11.86 Billion in 2022 and is anticipated to project impressive growth in the
forecast period with a CAGR of 4.67% through 2028. An ultrasound scan, also
known as sonography, is a medical procedure that utilizes high-frequency sound
waves to generate real-time images of the body's internal structures. It is a
valuable diagnostic tool for medical professionals in identifying and evaluating
conditions affecting various organs and systems, such as the bladder, eyes,
gallbladder, kidneys, liver, ovaries, pancreas, spleen, thyroid, testicles,
uterus, and blood vessels, without the need for surgical intervention.
Additionally, it plays a crucial role in monitoring the development of a fetus
during pregnancy, as ultrasound imaging does not involve the use of radiation,
distinguishing it from other imaging techniques. Moreover, this technique is
employed to assist in guiding needle-based procedures like biopsies or tumor
treatments, examining breast abnormalities, assessing thyroid gland function,
detecting genital and prostate issues, as well as evaluating metabolic bone
diseases.
Key Market Drivers
High Prevalence of Chronic Diseases
The frequency of chronic diseases is on a rapid
rise, leading to a surge in demand for healthcare services. This includes an
increase in patient visits, hospital admissions, and surgeries. In fact,
according to the CDC's statistics from 2022, there were more than 900 million
doctor visits, 155 million visits to the ER, and 45 million outpatient
procedures performed in the United States alone. This escalating demand has
also resulted in a significant increase in the need for medical imaging
equipment, particularly ultrasound systems, which play a crucial role in the
diagnosis and treatment of various conditions. Additionally, the growing
proportion of geriatric populations worldwide who suffer from chronic diseases
has further contributed to the demand for these devices.
Over the past decade, the applications of
ultrasound technology have expanded beyond its traditional use in obstetrics,
cardiology, obesity, and radiography. It is now widely used in clinical areas
such as surgery, gastroenterology, and musculoskeletal. This expansion has been
driven by recent innovations and the introduction of numerous products in the
point-of-care (POC) sector, including handheld devices. As a result, the
deployment of ultrasound systems in primary care, anesthesia, emergency medicine,
and critical care applications has significantly increased. All these factors
are expected to fuel the growth in sales of medical imaging equipment,
particularly ultrasound systems, throughout the forecast period. The
continuous advancements in technology and the increasing prevalence of chronic
diseases worldwide are driving the need for more comprehensive and advanced
healthcare solutions.
Rising Prevalence of Orthopedic Injuries and
Musculoskeletal Disorders
Musculoskeletal disorders are associated with both
occupational injuries and age-related dysfunction. Common musculoskeletal
conditions include rheumatoid arthritis, osteoarthritis, osteoporosis, and
septic arthritis. Among the elderly population, orthopedic injuries such as
bone fractures and broken hips are prevalent.
On a global scale, numerous individuals experience
musculoskeletal conditions. For example, according to the World Health
Organization (WHO) 2021 report, approximately 1.71 billion people worldwide are
affected by musculoskeletal conditions. Furthermore, the WHO predicts an
increase in disabilities related to musculoskeletal disorders in the coming
decades. Moreover, the aging population often encounters age-related issues
such as joint pain, arthritis, and osteoporosis. Arthritis, in particular, is
widespread among adults, impacting millions of individuals worldwide. According
to the CDC, approximately 63.0 million people in the U.S. were diagnosed with
arthritis in 2020, with projections indicating that this number could reach
78.4 million by 2040. These orthopedic conditions have led to an increased
demand for ultrasound systems to analyze and diagnose these disorders.
Increasing Aging Population
The aging population and shifts in societal
behaviors are significant factors contributing to a consistent rise in the
prevalence of chronic diseases. This has resulted in an increased demand for
ultrasound procedures. According to the "World Population Ageing
2020" report published by the Department of Economic and Social Affairs,
United Nations, the global population of individuals aged 65 or above was 727
million in 2020 and is projected to reach 1.5 billion by 2050.
Moreover, knee pain, often associated with knee
osteoarthritis, is highly prevalent among the elderly population and can be
diagnosed using ultrasound. Additionally, lung cancer ranks among the most
widespread chronic illnesses. GLOBOCAN estimates that lung cancer cases will
increase from 2.21 million in 2020 to approximately 3.63 million in 2030.
In addition to chronic diseases, malnutrition poses
a significant risk to the elderly population, leading to increased frailty,
reduced quality of life, and higher mortality rates. Malnutrition often results
in a decrease in muscle mass, which affects muscle strength. Researchers have
explored the use of ultrasonography to measure muscle thickness as a
nutritional assessment tool in older adults. Consequently, the rising
prevalence of chronic diseases and the growing geriatric population are
expected to drive the adoption of ultrasound systems, thereby fueling the
growth of this market.
Introduction To Artificial Intelligence In
Obstetrics And Gynecology Ultrasound Imaging
Artificial intelligence (AI) utilizes data and
algorithms to achieve the same, if not superior, outcomes as humans. AI powers
various applications like face identification, speech recognition in virtual
assistants (such as Amazon Alexa, Apple's Siri, Google Assistant, and Microsoft
Cortana), as well as self-driving automobiles. Notably, AI software has
recently triumphed in world championships in chess, go, and poker.
Within the healthcare sector, AI plays a pivotal
role in driving innovation. It aids in the development of new medications,
offers clinical decision support, and ensures quality assurance in radiography.
The list of AI applications in medical image analysis, regulated by the FDA or
European Union (soon to be governed by the European Union Medical Device
Regulation (EU MDR)), is rapidly expanding. These applications address a wide
range of clinical needs, including arrhythmia detection using smartwatches or fully
automated triage of critical imaging techniques for radiologists.
Deep learning, a significant AI technology, excels
in pattern identification from photographs, making it invaluable to
professionals who heavily rely on image analysis, such as radiologists,
sociologists, and pathologists. While obstetric and gynecologic ultrasonography
are among the most commonly performed imaging tests, AI's impact in this domain
has been limited thus far. Nevertheless, there is immense potential for AI to
assist with repetitive ultrasound tasks, such as automatically selecting high-quality
acquisitions and providing instant quality assurance. Realizing this potential
requires interdisciplinary collaboration between AI developers and ultrasound
specialists.
Download Free Sample Report
Key Market Challenges
Product Recalls
The market is currently experiencing a remarkable
surge in growth, driven by groundbreaking advancements in the field of
artificial imaging. However, this rapid progress has not been without its
challenges. Recent recalls of certain ultrasound equipment have unfortunately
tarnished the reputation of major businesses operating in this sector. One such
example is the class 2 product recall issued by the U.S. FDA in May 2022 for
Koninklijke Philips N.V.'s S83t compact. The recall was prompted by a defect in
the transesophageal transducer's auto cool feature, which posed a potential
risk of patient harm during ultrasound exams. These recalls highlight the
importance of maintaining strict quality control measures and continuously
innovating to ensure the safety and reliability of medical imaging
technologies.
Lack Of Skilled Technicians
There is a concerning lack of trained technicians
in nations like Australia, the United Kingdom, and Canada. This shortage of
skilled professionals has had a significant impact on the healthcare industry,
particularly in the field of sonography. For instance, according to several
studies, the U.K.'s sonographer vacancy rate is estimated to be between 12 and
18%. This shortage not only affects the quality of healthcare services but also
creates challenges for healthcare institutions in providing timely and accurate
diagnoses. The inability to locate qualified applicants is one of the major
causes contributing to this issue. Addressing this shortage and investing in
training programs and recruitment efforts is crucial to meet the growing demand
for sonographers and ensure the delivery of high-quality healthcare services.
Key Market Trends
Integration of Artificial intelligence
The market is on the cusp of witnessing significant
growth as artificial intelligence (AI) continues to seamlessly integrate into
healthcare systems. With its remarkable ability to automate time-consuming
tasks such as quantification and selecting optimal image slices from vast 3-D
collections, AI has emerged as a pivotal component in many cutting-edge
ultrasound systems. Looking ahead, experts anticipate AI to become even more
prevalent in future ultrasound systems, driving their growth during the
forecast period. These advancements in AI technology are truly revolutionizing
the field of ultrasound, leading to more efficient and accurate diagnoses, and
ultimately enhancing the overall quality of patient care. By harnessing the
power of AI, healthcare professionals are empowered to deliver precise and
personalized treatment plans, resulting in improved patient outcomes and a
brighter future for medical imaging.
Growing Demand for Portable Ultrasound systems
Portable ultrasound systems are poised to
revolutionize the healthcare landscape, significantly boosting the demand for
ultrasound technology in the future. These compact and handheld devices
represent a paradigm shift in medical diagnostics, offering a multitude of
benefits that cater to the evolving needs of healthcare professionals and
patients alike.
Portable ultrasound systems are more
cost-effective than their larger, traditional counterparts. Their affordability
allows healthcare facilities of all sizes and budgets to incorporate ultrasound
imaging into their standard protocols, democratizing access to high-quality
diagnostics. This democratization, in turn, not only drives up demand for the
devices but also leads to earlier and more accurate diagnoses, ultimately
improving patient outcomes. Portable ultrasound systems are poised to
transform the healthcare landscape by enhancing accessibility, affordability,
and usability. As these devices become more widespread, we can expect a
significant increase in demand for ultrasound technology, ushering in a new era
of precision medicine and improved patient care.
Segmental Insights
Application Insights
The general imaging segment
dominated the market in 2022, holding the largest revenue share. It offers a
cost-effective solution and encompasses a wide range of scans essential for clinicians
to diagnose and treat various conditions, including abdominal, musculoskeletal,
small parts, urology, liver, thyroid, scrotum, bladder, pancreas, kidneys,
spleen, and gallbladder.
The cardiology segment is
projected to exhibit a steady CAGR during the forecast period, driven by the
rising prevalence of Cardiovascular Disorders (CVD) globally. According to the
World Health Organization (WHO), CVDs are the leading cause of death worldwide,
resulting in 17.9 million deaths annually. Furthermore, advancements in
ultrasound technology for cardiac applications are expected to fuel market
growth. For instance, in August 2020, Philips expanded its cardiovascular
ultrasound portfolio with the launch of Affiniti CVx. This system is designed
to enhance cardiology departments' capabilities, enabling improved patient
care, efficiency, and throughput.
End User Insights
Based on the end-user
segment, the hospitals and clinics segment has been the dominant force in the
market and held the largest revenue share in 2022. It is expected to maintain
its lead over the forecast period. The growth of this segment can be attributed
to the extensive use of ultrasound systemss in hospital settings and the
increasing number of patients with lifestyle-related disorders. The
introduction of portable systems is expected to further drive the demand for ultrasound systems in both outpatient and inpatient departments.
Moreover, the adoption of
technologically advanced imaging systems and the increasing number of mergers
and acquisitions between hospitals and market players are anticipated to
bolster the demand for new installations in the coming years. For instance, in
2020, Philips signed a multi-year contract to support the expansion and
improvement of Zhejiang University's First Affiliated Hospital, one of China's
leading hospitals. This contract includes Ultrasound, Image-Guided Therapy,
Monitoring Analytics, and Therapeutic Care systems, which integrate clinical
research and education.
Regional Insights
In 2022, the North American countries emerged as
dominant players in this industry, generating the highest revenue. The region
is expected to witness significant growth during the forecast period. One of
the key factors driving the regional market is the presence of a substantial
number of potential competitors, along with the increasing incidence of cancer
cases. With the growing demand for advanced imaging equipment, the Asia Pacific
market is projected to grow at a steady CAGR. Market players in the region are
also implementing various strategies to establish their position.
For instance, in June 2020, Philips obtained
approval from the Japanese healthcare authority to unveil its selection of
portable ultrasound systemss. The Southeast Asian countries, including Japan,
China, and India, with rapidly expanding economies and superior healthcare
systems, are expected to be the primary growth drivers in the region.
Recent Developments
- In February 2022, Butterfly
Network, Inc. and Ambra Health announced a strategic partnership aimed at
expediting and streamlining interoperability for bedside imaging data. This
collaboration reinforces the scalability of Butterfly Blueprint, Butterfly’s enterprise
platform, while facilitating improved accessibility and sharing of valuable
ultrasound information across hospitals and health systems.
- In December 2021, EagleView
ultrasound introduced its wireless portable ultrasound systems, offering
greater mobility for ultrasound imaging and enhancing affordability of
point-of-care solutions.
- GE Healthcare launched the
Vscan Air in March 2021, a portable pocket-sized ultrasound systems that offers
doctors the capability of whole-body scanning, clear image quality, and
user-friendly software. The Vscan Air simplifies the acquisition of
high-quality ultrasound images, demonstrating the company's commitment to
innovation and transforming clinical assessment.
Key Market Players
- 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.
|
By Technology
|
By Display
Type
|
By Mobility
|
By Application
|
By End User
|
By Region
|
|
- Diagnostic
Ultrasound
- Therapeutic
Ultrasound
|
|
|
- Obstetrics/Gynecology
- General
Imaging
- Cardiology
- Urology
|
- Hospitals
& Clinics
- Diagnostic
Centers
- Others
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Ultrasound Systems Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Ultrasound Systems Market, By Technology:
o Diagnostic Ultrasound
o Therapeutic Ultrasound
- Ultrasound Systems Market, By Display Type:
o Coloured
o Black & White
- Ultrasound Systems Market, By Mobility:
o Mobile
o Fixed
- Ultrasound Systems Market, By Application:
o Obstetrics/Gynaecology
o General Imaging
o Cardiology
o Urology
- Ultrasound Systems Market, By End User:
o Hospital & Clinic
o Home Care
o Ambulatory Surgical Centre
- Ultrasound Systems Market,
By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Ultrasound Systems Market.
Available Customizations:
Global Ultrasound Systems market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Ultrasound Systems Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]