New York, October 09, 2021 – Reports and Data has published its latest report titled “Ultrasound Market, By Technology (Therapeutic Ultrasound, Diagnostic Ultrasound), By Device Type (Stationary Ultrasound Systems, Portable Ultrasound Systems), By Device Display (Color Ultrasound, B/W Ultrasound), By Application (Cardiology Applications, Vascular Applications, Urology Applications, Radiology/General Imaging Applications, Pain Management Applications, Others), By End-use (Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Maternity Centers, Research and Academic Institutions, Others) And Region – Global Forecast To 2028”
Growing prevalence of chronic diseases such as cancer and rising demand for ultrasound imaging for disease diagnosis are major factors driving market revenue growth
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According to Reports and Data, the global ultrasound market size was USD 7.06 billion in 2020 and is expected to reach USD 11.02 billion in 2028 and register a revenue CAGR of 5.6% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Ultrasound imaging uses sound waves to create images of body organs and tissues, and the two main forms of ultrasound imaging are diagnostic ultrasound and therapeutic ultrasound. Growth of the global ultrasound market revenue is primarily attributed to rapid surge in geriatric population, rising prevalence of chronic and acute diseases globally, increasing cases of cancer, cardiovascular diseases, gastroenterological disorders, and orthopedic problems, and increasing volumes of diagnostic ultrasound procedures. Technological advances in ultrasound imaging techniques, surging need for early disease diagnosis and management, increasing research & development activities, and rising government investments in the healthcare sector are other major factors expected to drive the global ultrasound market revenue growth in the forthcoming years. Increasing gynecological applications of ultrasound, growing use of advanced therapeutic ultrasound systems in pain management, and increasing adoption of portable ultrasound systems, and emerging ultrasound techniques including 3D/4D ultrasound and Doppler ultrasound in oncology and vascular imaging further bolster the global market revenue growth.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Radiology/General Imaging Applications Segment to Account for Largest Revenue Share:
Based on application, the radiology/general imaging applications segment is projected to reach the largest revenue share in the global ultrasound market over the forecast period. Rising prevalence of different types of cancers worldwide, rapid adoption of technologically advanced ultrasound techniques for disease diagnosis and treatment, and growing use of therapeutic ultrasound in cancer management are major factors contributing to this segmnet’s growth.
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Diagnostic Centers Segment Dominated Other End-use Segments in 2020:
Among end-use segments, the diagnostic centers segment was the most dominant in terms of revenue share in the global ultrasound market in 2020. Robust growth of this segment is mainly attributed to increasing occurrence of cardiologic, oncological, and urological disorders, increasing prenatal care check-ups, rising volumes of diagnostic and therapeutic ultrasound procedures performed in hospitals. Growing demand for minimally invasive diagnostic procedures and rising adoption of advanced ultrasound systems in diagnostic centers further boost this segment’s growth.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America ultrasound market accounted for the largest revenue share in the global market in 2020. Surging prevalence of chronic and acute ailments, increasing need for early disease detection, increasing availability of advanced ultrasound technologies and their rapid adoption in healthcare facilities such as hospitals, diagnostic centers, and maternity care centers are major factors contributing to the North America market revenue growth.
Major Companies in the Market Include:
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Hitachi, Ltd.
- Siemens Healthineers AG
- Hologic, Inc.
- FUJIFILM Holdings Corporation
- Samsung Electronics Co., Ltd.
- Mindray Medical International Limited
- Analogic Corporation
- Esaote S.p.A
- Shimadzu Corporation
- Carestream Health
- CURA Healthcare
- Chison Medical Technologies Co., Ltd.
- Mobisante, Inc.
- Neusoft Corporation
- Clarius Mobile Health
- Medgyn Products, Inc.
- United Imaging Healthcare Co., Ltd.
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For the purpose of this report, Reports and Data has segmented the global ultrasound market based on technology, device type, device display, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Diagnostic Ultrasound
- 2D Ultrasound
- 3D & 4D Ultrasound
- Doppler Ultrasound
- Therapeutic Ultrasound
- High-intensity Focused Ultrasound (HIFU)
- Extracorporeal Shockwave Lithotripsy (ESWL)
Device Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Stationary Ultrasound Systems
- Portable Ultrasound Systems
Device Display Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Color Ultrasound
- B/W Ultrasound
Application Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Cardiology Applications
- Vascular Applications
- Urology Applications
- Radiology/General Imaging Applications
- Pain Management Applications
- Obstetrics/Gynecology Applications
- Orthopedic and Musculoskeletal Applications
End-use Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers
- Maternity Centers
- Research and Academic Institutions
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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