Ultrasound Devices and Equipment Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery

Executive Summary

This report describes and explains the global ultrasound devices and equipment market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

The global ultrasound devices and equipment market reached a value of nearly $8,429.1 million in 2020, having decreased at a compound annual growth rate (CAGR) of -0.2% since 2015. The market is expected to grow from $8,429.1 million in 2020 to $11,124.2 million in 2025 at a rate of 5.7%. The market is then expected to grow at a CAGR of 3.7% from 2025 and reach $13,349.1 million in 2030.

Growth in the historic period resulted from rapid growth in aging population, changes in lifestyles, strong economic growth in emerging markets, increased healthcare expenditure and growth in the number of healthcare facilities. Factor that negatively affected growth in the historic period was privacy and security concerns, low healthcare access, low healthcare reimbursements and high prices of portable ultrasound devices.

Going forward, rising prevalence of chronic diseases, rise in healthcare expenditure, technology advances and increasing awareness about portable medical devices will drive the growth. Factors that could hinder the growth of the global ultrasound devices and equipment market in the future include rising interest rates, insufficient public health insurance coverage, challenges due to regulatory changes, counterfeits products, geo-political tensions and COVID-19 pandemic.

The ultrasound devices and equipment market is segmented by type into diagnostics and therapeutics. The diagnostics was the largest segment of the ultrasound devices and equipment market segmented by type, accounting for 74.9% of the total in 2020. Going forward, the therapeutics segment is expected to be the fastest growing segment in the ultrasound devices and equipment market segmented by type, at a CAGR of 6.9% during 2020-2025.

The ultrasound devices and equipment market is segmented by end-user into hospitals, diagnostic imaging & surgical centers, ambulatory surgical centers (ASCs) and clinics. The hospitals was the largest segment of the ultrasound devices and equipment market segmented by end-user, accounting for 53.5% of the total in 2020. Going forward, the clinics segment is expected to be the fastest growing segment in the ultrasound devices and equipment market segmented by end-user, at a CAGR of 6.1% during 2020-2025.
The ultrasound devices and equipment market is segmented by portability type into cart/trolley based and compact/handheld ultrasound devices. The cart/trolley based was the largest segment of the ultrasound devices and equipment market segmented by portability type, accounting for 90.4% of the total in 2020. Going forward, the compact/handheld ultrasound devices segment is expected to be the fastest growing segment in the ultrasound devices and equipment market segmented by portability type, at a CAGR of 28.0% during 2020-2025.

The ultrasound devices and equipment market is segmented by product into A-mode, B-mode or 2D mode, C-mode, M-mode, doppler mode, pulse inversion mode, harmonic mode and others. The B-mode or 2D mode was the largest segment of the ultrasound devices and equipment market segmented by product, accounting for 21.0% of the total in 2020. Going forward, the B-mode or 2D mode segment is expected to be the fastest growing segment in the ultrasound devices and equipment market segmented by product, at a CAGR of 8.0% during 2020-2025.

The ultrasound devices and equipment market is segmented by geography into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the ultrasound devices and equipment market, accounting for 33.2% of the total in 2020. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the ultrasound devices and equipment market will be South America, and Asia-Pacific, where growth will be at CAGRs of 11.6% and 7.6% respectively. These will be followed by Eastern Europe, and Middle East where the markets are expected to grow at CAGRs of 7.4% and 6.5% respectively.

The corona virus has disrupted supply chains of various industries across the globe including ultrasound devices and equipment. Closure of international borders, cargo transportation, major raw material and basic components production units in countries including China and India, and government measures towards import COVID-19 management equipment such as PPE and ventilators highly affected the supply chain of ultrasound devices and equipment. Eventually, the above factors led ultrasound devices manufacturing companies manufacture less units across the globe and significantly effecting the companies’ revenues.

Ultrasound devices and equipment manufacturers are increasingly adopting innovative strategies to overcome supply chain disruptions in the future including diversification of production facilities, establishing trusted networks of suppliers with the ability to adapt quickly to changes in demand, and employing new methods of decision making.
The ultrasound devices market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 74.6% of the total market in 2019. The market consolidation can be attributed to the high barriers to entry in terms of high fixed costs associated with the production of ultrasound devices and the stringent regulations set up by the regulatory authorities. Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration amongst the major players in the market. Major players in the market include General Electric Company, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Inc. and Hitachi, Ltd.

The top opportunities in the ultrasound devices and equipment market segmented by type will arise in the diagnostics segment, which will gain $1,861.3 million of global annual sales by 2025. The top opportunities in the ultrasound devices and equipment market segmented by end-user will arise in the hospitals segment, which will gain $1,458.7 million of global annual sales by 2025. The top opportunities in the ultrasound devices and equipment market segmented by portability type will arise in the compact/handheld ultrasound devices segment, which will gain $1,973.2 million of global annual sales by 2025. The top opportunities in the ultrasound devices and equipment market segmented by product will arise in the B-Mode or 2D Mode segment, which will gain $828.1 million of global annual sales by 2025. The ultrasound devices and equipment market size will gain the most in the USA at $448.0 million.

Market-trend-based strategies for the ultrasound devices and equipment market include employing artificial intelligence applications to build intelligent processes to optimize revenue gain, invest in advance technologies to sustain intense competition in the market, enhance workflow to improve devices’ operational efficiency and also to capitalize on the growing demand for this equipment, developing IoT enabled solutions in ultrasound machines to carry out operations without having to bring a heavy ultrasonic device and connecting to more than one location, and taking technology to the patient, exploring collaboration opportunities with other companies to boost revenues and new product launches and, establish category leadership and invest in portable ultrasound devices to improve devices’ operational efficiency and also to capitalize on the growing demand for the equipment.

Player-adopted strategies in the ultrasound devices and equipment market include expanding their business presence through development of launches of advanced ultrasonic devices, expanding their ultrasound devices portfolio through new product development, developing new products, enhancing their product features and expanding business through collaboration and integrating new technologies in their products.

To take advantage of the opportunities, the publisher recommends the ultrasound devices and equipment market companies to focus on artificial intelligence integration, enhancing security of devices, research and development, expand in emerging markets, leverage e-commerce to maximize reach and revenues, offer competitive pricing, leverage social media to maximize reach and target geriatric populations.

• General Electric Company
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Canon Inc.
• Hitachi, Ltd.

Methodology