Ultrasound Market size was valued at USD 7.24 Bn. in 2022 and the total Ultrasound revenue is expected to grow by 6.5% from 2023 to 2029, reaching nearly USD 11.25 Bn.
Ultrasound Market Overview:
The Ultrasound Market research study investigates and analyses the market’s position during the forecast period. It is comprehensive research that focuses on primary and secondary drivers, market dominance, important segments, and geographic analysis. The study also examines noteworthy personalities, big partnerships, mergers, and acquisitions, as well as current innovation and corporate strategy.
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Ultrasound Market Scope:
We looked at the Ultrasound Market from every perspective possible, using both primary and secondary research methods. This increased our understanding of current market dynamics such supply-demand imbalances, pricing trends, product preferences, and customer behaviour. The data is then compiled and assessed using a range of market estimates and data validation processes. Furthermore, we have an in-house data forecasting engine that forecasts market growth until 2027.
Ultrasound Market Segmentation:
With a 72% market share, the Diagnostic Ultrasound devices category leads the industry in terms of technology. This is due to the numerous uses in oncology, cardiology, and obstetrics. The need for diagnostic ultrasonography devices is also anticipated to increase due to technology improvements and the rising prevalence of numerous lifestyle-related illnesses. The desire for more advanced diagnostic tools, like miniaturized 2D and 3D/4D, is also expected to fuel the global market for diagnostic ultrasound devices. It is further divided into 2D, 3D/4D, and Doppler segments.
The Radiology/General Imaging Segment, which dominated the market by Application in 2022, is anticipated to continue to rule the market with a 29% share during the forecast period. A wide range of scans, including those of the abdomen, musculoskeletal system, small parts, urology, liver, thyroid, scrotum, bladder, pancreas, kidneys, spleen, and gallbladder, are all included in general imaging, which is less expensive than other applications.
The Hospital end-user category accounted for the largest revenue share of over 39.5% in 2022 and is anticipated to continue dominating the ultrasound device market with the highest CAGR over the course of the forecast period. Two elements that have contributed to the segment’s growth are the widespread use of ultrasound technology in medical settings and the rise in people seeking care for a variety of lifestyle-related illnesses. It is predicted that the demand for ultrasound technology in both outpatient and inpatient settings would increase as portable systems become more readily available. Due to the increased adoption of technologically advanced imaging systems and the rising number of hospital mergers and acquisitions with other market rivals over the course of the forecast period, the demand for new installations is also predicted to rise.
1 Global Ultrasound Market, by Technology (2022-2029)
• Diagnostic Ultrasound
o 2D Ultrasound
o 3D & 4D Ultrasound
o Doppler Ultrasound
• Therapeutic Ultrasound
o High-Intensity Focused Ultrasound (HIFU)
o Extracorporeal Shockwave Lithotripsy (ESWL)
2 Global Ultrasound Market, by Device Display (2022-2029)
• Color Ultrasound
• B/W Ultrasound
3 Global Ultrasound Market, by Portability (2022-2029)
• Trolley/Cart-based Ultrasound Systems
• Compact/Handheld Ultrasound Systems
• Point-of-care (PoC) Ultrasound Systems
4 Global Ultrasound Market, by Application (2022-2029)
• Radiology/General Imaging Applications
• Obstetrics/Gynecology Applications
• Cardiology Applications
• Urology Applications
• Vascular Applications
• Orthopedic and Musculoskeletal Applications
• Pain Management Applications
• Other Applications (hepatology, neurology, bariatric surgery, breast imaging, and emergency care, among others)
5 Global Ultrasound Market, by Component (2022-2029)
• Transducers/ Probes
o Curvilinear/ Convex Array Probes
o Linear Array Probes
o Phased Array Probes
o Other Probes
• Workstations
• Other components
6 Global Ultrasound Market, by End-User (2022-2029)
• Hospitals, Surgical Centers, and Diagnostic Centers
• Maternity Centers
• Ambulatory Care Centers
• Research and Academia
• Other End Users (physiotherapy clinics, independent associations, government organizations, and sports academies, among others)
7 Global Ultrasound Market, by Region (2022-2029)
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
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Ultrasound Market Key Players:
Primary and secondary research is used to identify market leaders, and primary and secondary research is utilized to calculate market revenue. In-depth interviews with important thought leaders and industry specialists such as experienced front-line staff, CEOs, and marketing professionals were conducted as part of the core research. Primary research comprised in-depth interviews with prominent thought leaders and industry specialists, such as experienced front-line staff, CEOs, and marketing professionals, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then compared to historical data. The players highlighted in this report are as follows:
1. GE Healthcare (US)
2. Hologic, Inc (US)
3. Integra Medical Systems LLC (US)
4. Analogic Corporation (US)
5. Carestream Health (US)
6. Medgyn Products, Inc (US)
7. United Imaging Healthcare Co., Ltd. (US)
8. Clarius Mobile Health (Canada)
9. Neusoft Corporation (China)
10. SonoScape Medical Corp. (China)
11. Mindray Medical International Limited (China)
12. Chison Medical Technologies Co., Ltd. (China)
13. CANON MEDICAL SYSTEMS CORPORATION (Japan)
14. Hitachi Ltd. (Japan)
15. FUJIFILM Holdings Corporation (Japan)
16. Konica Minolta, Inc (Japan)
17. Samsung Medison Co., Ltd. (South Korea)
18. CURA Healthcare (India)
19. Siemens Healthcare (Germany)
20. Esaote SpA (Italy)
21. Koninklijke Philips N.V. (Netherlands)
Regional Analysis:
The study takes an in-depth look at the local industry, using both qualitative and quantitative data. It gives a segment-by-segment overview and forecast of the worldwide Ultrasound market. It also offers market size and forecast estimates for five major regions, including North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, from 2021 to 2027. Each area’s Ultrasound market is further subdivided into regions and segments. The report investigates and forecasts many countries, as well as existing trends and prospects in the field.
COVID-19 Impact Analysis on Ultrasound Market:
We thoroughly researched and analyzed the Global Ultrasound Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the potential of the global Ultrasound industry, providing statistical data on market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The major purpose of the research is to offer industrial businesses a strategic analysis of COVID-19’s influence. Simultaneously, this investigation looked into the markets of major countries and highlighted their market potential.
Key Questions Answered in the Ultrasound Market Report are:
- What are the most promising high-growth opportunities in the global Ultrasound sector, as defined by product category, End User, and Region?
- Which Ultrasound market segments will expand the fastest, and why?
- Which areas will expand the fastest, and why?
- What are the primary elements influencing Ultrasound market dynamics? What are the primary drivers and obstacles in the Ultrasound market?
- What are the Ultrasound market’s business risks and dangers?
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