Ultrasound Market Grows at a CAGR of 6.3% – Research Provides Detailed Analysis of Trends, Growth and Forecast
“GE Healthcare (a key business division of General Electric Company) is among the major players engaged in the development and manufacture of diagnostic ultrasound systems. The Company is focused on maintaining its leadership position in the ultrasound market through pipeline development and product commercialization. From 2018 to 2021”,
In October 2020, GE Healthcare partnered with St. Luke’s University; GE has installed 76 ultrasound units to standardize care in radiology, vascular and echocardiography applications.
The Ultrasound Market is expected to reach USD 9.0 billion by 2026, from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period.
increased prevalence of target diseases;
The high and increasing incidence of targeted diseases and conditions will drive the adoption of effective diagnostic and therapeutic procedures. The burden of chronic and lifestyle-related diseases has increased in recent years. The burden of cancer, for example, was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020 (Source: GLOBOCAN, 2020).
As ultrasound technologies are cost effective, safer and offer earlier diagnosis and treatment of target diseases, their demand in disease management is expected to increase over the forecast period. Important statistics related to other major target diseases have been mentioned below:
– According to the American Heart Association, by 2030, approximately 41.4% of American adults will have hypertension (an increase of 8.4% from 2012)
– The burden of cancer, for example, is expected to increase from 14.1 million new cases to 18.1 million new cases between 2012 and 2018 (Source: GLOBOCAN, 2018).
– Worldwide, 415 million people had diabetes in 2015; by 2040, this figure will reach 642 million (Source: IDF Diabetes Atlas, 8th Edition). The number of diabetics in developing countries is expected to reach 228 million by 2025.
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The growth of this market is mainly driven by the increasing prevalence of target diseases, which has supported the demand for effective diagnostic procedures.
Ultrasound technology is traditionally used by healthcare professionals in OB/GYN applications for fetal imaging and diagnosis of fetal abnormalities (such as umbilical cord entanglement and developmental abnormalities). With technological advancements in the field of medical imaging as well as minimally invasive surgical procedures, ultrasound is becoming increasingly important in the diagnosis of disease and the treatment of various applications, such as cardiology, disorders vascular, urology, breast cancer, orthopedics and musculoskeletal injuries. This has led a number of independent manufacturers and researchers to focus on the development and marketing of application specific ultrasonic devices.
3D and 4D ultrasound sub-segment of diagnostic ultrasound to register significant growth in ultrasound market by 2026
Based on technology, the market is segmented into diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further classified into 2D, 3D, and 4D and Doppler ultrasound. These technologies are used for visualization and diagnosis of various medical conditions (such as gynecological disorders and neurological conditions), fetal imaging, and organ imaging. The growth of this market is driven by the growing preference for 3D/4D ultrasound in developed markets and their technological advantages over 2D ultrasound.
Based on system portability, trolley/trolley ultrasound systems segment is expected to account for the largest market share in 2020
On the basis of system portability, the ultrasound market is segmented into trolley/trolley ultrasound systems, compact/portable ultrasound systems, and point-of-care ultrasound systems. Trolley/trolley ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020. The growing demand for trolley/trolley ultrasound systems is mainly attributed to the increasing adoption of these systems in major markets in due to their increased use in acute care settings and emergency care in hospitals and healthcare facilities.
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Vascular applications segment is expected to register the highest growth rate during the forecast period
Based on application, the market is divided into eight segments: radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urology applications, vascular applications, orthopedic and musculoskeletal applications, pain and other applications. Vascular ultrasound is one of the fastest growing application segments in the ultrasound market, primarily due to the increasing incidence of vascular disorders across the globe coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advances in the field of 3D. /4D imaging.
Based on component, the market is segmented into transducers/probes, workstations and other components. The transducers/probes segment is further divided into curvilinear/convex array probes, linear array probes, phased array probes and other probes. The transducer/probe segment accounted for the largest market share in 2020. This can be attributed to advancements in technology, introduction of specially designed products, and increasing adoption of ultrasound technology for the diagnosis of various indications of diseases.
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Europe is expected to dominate the global ultrasound market in 2020
In 2020, Europe is expected to account for the largest share of the global ultrasound market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, the expansion of clinical applications of focused ultrasound (and the early commercialization of these devices in Europe) and the significant healthcare expenditure in the mature European countries (such as Germany, France, UK, Italy and Spain).
GE Healthcare (USA), Koninklijke Philips NV (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Siemens Healthineers AG (Germany), Hologic, Inc. (USA), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Korea), Mindray Medical International Limited (China), Analogic Corporation (USA), Esaote SpA (Italy), Carestream Health (USA), CURA Healthcare (India), Chison Medical Technologies Co., (China), Mobisante, Inc. (USA), Neusoft Corporation (China), Clarius Mobile Health (Canada), Medgyn Products, Inc. (USA) and United Imaging Healthcare Co., Ltd. (China), among others are some of the key players operating in the global ultrasound market.
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