The global ultrasound equipment market size was USD 7.26 billion in 2020. The market is projected to grow from USD 7.80 billion in 2021 to USD 12.93 billion in 2028 at a CAGR of 7.5% in the 2021-2028 period.This information is provided by Fortune Business Insights™, in its report, titled, “Ultrasound Equipment Market, 2021-2028.”
According to our analysts, ultrasound utilizes high-frequency sound waves in order to take visuals of functional structures, which are then construed by healthcare experts to identify irregularities in a patient. This equipment is utilized to analyze numerous chronic conditions associated with crucial body parts such as blood vessels in the abdomen, heart, joints, and others.
Medical ultrasound is also popularly known as sonography and is measured to be one of the secure, non-invasive analytical procedures to inspect internal organs.
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June 2020: Koninklijke Philips N.V., declared that the healthcare establishments in Japan permitted Lumify, which is its handheld solution. The company further intends to commercialize its great-quality transportable ultrasound device obtainable practically everywhere across Japan.
Drivers and Restraints
Introduction of Artificial Intelligence (AI) to Boost Ultrasound Equipment Market Potential
Few of the prominent market players are accentuating on developing progressive devices and systems incorporated with Artificial Intelligence (AI). This incorporation is being advocated to tackle and solve specific restrictions linked with orthodox devices such as long period of time consumed to carry out the investigation, poor image superiority in explicit cases, elevated reliance on operators to procure and deduce images, and so on.
Therefore, the presentation of innovative systems with artificial imaging by prominent players is anticipated to bolster the market growth during the upcoming years.
COVID-19 Pandemic Set to Obstruct Sales of Ultrasound Equipment and Other Medical Devices
The outbreak of COVID-19 has had an overall negative effect on the market. The pandemic has produced commotions in the supply chain of medical devices across the globe. Few of the essential players functioning in the ultrasound market have confronted supply chain interferences, precisely from suppliers in relentlessly affected developing nations such as India, China, and Brazil, among others.
On the contrary, the production capability of some of the players has been influenced owing to the inaccessibility of domestically obtained raw materials or fragments.
The report presents a systematic study of the ultrasound equipment market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
On the basis of product, the ultrasound market is segregated into table-top & compact systems. The table-top segment held the maximum market share in 2020 owing to the greater rate of acceptance of table-top equipment in hospitals & clinics along with its moderately lesser cost than compact systems.
In terms of application, the global market is classified into radiology, gynecology, cardiology, Point of Care, Urology, Surgery, and others.
By end-user, the market is branched into hospitals and clinics.
With a geographical standpoint, the global market is further categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific held the maximum ultrasound equipment market shares and was worth USD 2.82 billion in 2020. The growth of this region is accredited to the incessant emphasis of key companies on novel product expansion in the region.
North America region held the second-highest global market share in 2020 owing to augmented sales quantities of these gadgets.
Europe is estimated to document a considerable CAGR during the forecast period owing to the broadening patient pool of the geriatric population going through prolonged conditions, coupled with the existence of well-established healthcare groundwork in nations such as the U.K., Germany, and other leading countries.
GE Healthcare to Dominate Market Backed by Strong Product Portfolio
GE healthcare controlled the industry and was responsible for the highest market share in 2020. The domination of GE healthcare is a consequence of holding a robust product portfolio and increasing the delivery network of the company, which offers a competitive edge to the company. The competitive landscape of the market for ultrasound equipment is combined owing to the reinforced collection and broad distribution network of prominent players in the market.
List of Key Players Covered in the Report
- GE Healthcare (Chicago, U.S.)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)
- Hitachi (Tokyo, Japan)
- Siemens Healthcare (Erlangen, Germany)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- Samsung Medison Co., Ltd. (Suwon-si, South Korea)
- Esaote (Genoa, Italy)
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Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Value Chain
- Mergers, Acquisitions, Partnerships, etc.
- Covid-19 Impact on the Market
- Global Ultrasound Equipment Market (Revenue & Volume) Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Application
- Point of Care
- Others (interventional radiology, veterinary)
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By End User
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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