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Ultrasound Devices Market Size Worth USD 14.2 Billion by 2030 at 4.1% CAGR – Report by Market Research Future (MRFR)

·7-min read
Market Research Future
Market Research Future

Ultrasound Devices Market Trends and Insights By Portability (Cart/Trolley, Handheld/Compact) By Display (Color, B&W), By Application (Radiology/General Imaging, Obstetrics/Gynecology), By Technology (Diagnostic Ultrasound), By End-user (Hospitals, Ambulatory Centers), Competitive Market Growth, Size, Share and Forecast to 2030

New York, USA, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Ultrasound Devices Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Ultrasound Devices Market Information By Portability, Display, Application, Technology, End User And Region - Forecast till 2030", the market will touch USD 14.2 Billion by 2030, an 4.1% CAGR.

Market Synopsis

Using high-frequency sound waves, ultrasound creates images of anatomical structures that medical professionals can assess for patient concerns. With the aid of this technology, several chronic disorders affecting vital body parts, including the heart, arteries in the abdomen, joints, and others, can be diagnosed. A transducer and an ultrasound probe make up an ultrasound system. This minimally invasive diagnostic method does not employ ionizing radiation to identify or treat physical illnesses in the body. This approach is one of the safest non-invasive diagnostic techniques for internal organ assessment. Due to its speed and low cost, ultrasound is regarded as one of the most useful diagnostic techniques in medical imaging. It is also safer than other imaging techniques because it doesn't use magnetic fields or ionizing radiation.

One of the many medical imaging modalities available on the market is ultrasound. An ultrasound machine uses high-frequency sound waves to see within the body's organs. A transducer and an ultrasound probe make up an ultrasound system. This minimally invasive diagnostic method does not employ ionizing radiation to identify or treat physical illnesses in the body. A few major factors influencing the market include the growing demands for minimally invasive surgery and developments in ultrasound imaging technology.

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Report Scope:

Report Attribute

Details

2030 Market Size

USD 14.2 Billion

CAGR

4.1%

Base Year

2021

Forecast Period

2022-2030

Historical Data

2020

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Portability, Display, Application, Technology and End User

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Drivers

Growing Demand for Minimally Invasive Diagnostics to Boost the Market

On-Going Developments in New Applications of Ultrasound Techniques to Offer Significant Market Opportunities

Ultrasound Devices Market Competitive Landscape:

The well-known companies in the ultrasound device market are:

  • Fukuda Denshi (Japan)

  • Samsung Electronics Co. Ltd. (South Korea)

  • Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China)

  • Canon Medical Systems Corporation (Japan)

  • Shantou Institute of Ultrasonic Instruments Co. Ltd. (China)

  • Esaote Spa (Italy)

  • Siemens Healthineers (Germany)

  • Analogic Corporation (U.S.)

  • Hitachi Ltd. (Japan)

  • Koninklijke Philips N.V. (The Netherlands)

  • Fujifilm Holdings Corporation (Japan)

  • Trivitron Healthcare (India)

  • General Electric Company (U.S.)

Ultrasound Devices Market USP Covered:

Market Drivers:

The growing demand for minimally invasive diagnostics is expected to be a major driver of the ultrasound device market. Another significant factor anticipated to boost the ultrasound market is the growing need for therapeutic gadgets. Another significant factor supporting the business in the analysis timeframe is the expanding tendency toward home healthcare and remote patient monitoring. Additionally, it is anticipated that the market will develop due to the incorporation of artificial intelligence to streamline time-consuming tasks like quantification and choosing the optimum image slice from a 3-D dataset. AI is present in many high-end ultrasound systems and will likely be in most new systems.

Increased frequency of chronic diseases like gallstones, cancer tumors, fatty liver disease, and others, along with excessive spending in the healthcare sector, are the main factors driving the global economy. The main factors projected to increase demand for the market during the forecast period include an awareness of early disease detection and technological advancements in ultrasound imaging technologies.

Market Restraints:

During the analysis period, it is anticipated that a significant barrier to the expansion of the ultrasound market will be a dearth of skilled technicians. However, it was in high demand due to the handheld ultrasound device's effectiveness in treating patients needing critical care in full hospitals and its portability, speed, and use. During the forecast period, it is anticipated that the high cost of ultrasound devices will limit their use and hinder the market's expansion for ultrasound imaging devices.

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Ultrasound Devices Market COVID 19 Analysis            

The COVID-19 pandemic has caused the healthcare sector to encounter great difficulty. Due to installation delays and a decline in manufacturing, there was an unequal demand for ultrasound devices during the epidemic. Manufacturers had to concentrate on producing COVID necessary devices and COVID prevention strategies like telemedicine services, staff immunization efforts, and others. Due to the COVID-19 pandemic's demonstration of the effectiveness of handheld ultrasound devices in monitoring severely ill patients, demand for these devices has only increased since the outbreak. The market size is anticipated to increase further due to technological developments.

Ultrasound Devices Market Segmentation

By End-User

The hospitals, diagnostics & surgical centers are foreseen to lead the overall market in the forecast period.

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By Application

The radiology/general imaging segment is estimated to attain significant command during the forecast period.

By Technology

The diagnostic ultrasound segment is projected to acquire a key stake in the coming period.

Ultrasound Devices Market Regional Insights

The market was led by North America, which also contributed the largest portion of revenue. The area is anticipated to experience significant growth during the predicted period. One of the main drivers of the regional market growth is the presence of a sizable number of market rivals in the area and the rising incidence of cancer cases. Another important factor that may improve the industry in the region is the involvement of well-known businesses. The U.S. is predicted to play the most significant role in the market's growth over the forecast period.

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Due to the growing number of senior patients with chronic conditions and a well-established healthcare system in nations like the U.K., Germany, and others, Europe is anticipated to have a high CAGR during the forecast period. In contrast, Latin America, the Middle East, and Africa made up a smaller percentage of the worldwide market due to their developing healthcare systems and sizable untapped markets. In the upcoming years, the demand for new installations is also projected to increase due to the rising acceptance of technically sophisticated imaging systems and the rising number of hospital mergers and acquisitions with other market competitors.

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