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The global next-generation ultrasound systems market was valued at $8,246.8 million in 2020 and is anticipated to reach $21,079.7 million by 2031, growing at a CAGR of 9.3% during the forecast period 2021-2031.
The increasing demand for quality ultrasound systems for the medical field, availability of technologically advanced products in the field of 3D, 4D, and upcoming 5D ultrasound systems, the increasing incidences of targeted diseases, and government funding and R&D investments during COVID-19, are the major factors fueling the market growth. In addition to these factors, there are significant challenges and restraints, which are restricting the market growth. These challenges include the limitations of ultrasound systems, product recalls, shortage of trained technicians, growing end user preference for refurbished ultrasound systems, etc. Hence, it is anticipated that these factors will have a significant impact on the ultrasound systems market in the next five years, and the market will grow multifold.
Market Overview
Global next-generation ultrasound systems market is currently witnessing a significant change in the market landscape. There is rising investment in the development of healthcare infrastructure, increasing evidence for efficient and promising results in treatment and diagnosis assistance. Moreover, there is an extensive entry of emerging players developing advanced ultrasound systems into the healthcare space. All these predominant factors have led to a significant rise in sales of ultrasound systems across the globe.
Competitive Landscape
The global next-generation ultrasound systems market consists of numerous large-scale as well as small-scale manufacturers and vendors. Presently, the manufacturers in the market have ample opportunities to expand their offerings and to establish a strong foothold in the market.
During January 2017 - March 2021, the market witnessed approximately 48 joint ventures, collaborations, and partnerships, three funding and investments, 16 product approvals, 28 product launches and enhancements, and one merger and acquisition. Joint ventures, collaborations, and partnerships were among the most frequently followed strategies that were incorporated by numerous players to establish a strong foothold in the market.
Most of the manufacturers in the market are incorporating collaborations and partnerships not only with other companies but also the university and research institutions as the key strategies to develop next-generation ultrasound systems and attain a strong financial position in the market.
Key insights are drawn from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The key players profiled in the report include BK Medical ApS (Analogic Corporation), Butterfly Network Inc., Canon Inc., Clarius Mobile Health, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Healcerion Co. Ltd., Hitachi Ltd., Hologic Inc., Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Shimadzu Corporation, and Siemens Healthineers AG, among others.
The comprehensive study of global next-generation ultrasound systems market covers the following:
- Market numbers on micro-segments that are influencing the market
- More than 100 products present in the market
- Over 30 brands
- Market share analysis for more than 100 products
- Detailed global and regional market share analysis including the scrutiny of more than 14 countries
- Study of data of more than 30 companies
Besides these parameters, the study also encompasses the market growth drivers, opportunities, market restraining factors, competition mapping, segmental analysis, and vendor analysis.
The study indicates that the increasing demand for quality ultrasound systems for the medical field, and availability of technologically advanced products in the field of 3D, 4D, and upcoming 5D ultrasound systems, and the increasing incidences of targeted diseases, government funding and R&D investments during COVID-19, and the rising healthcare expenditure are the major factors fuelling the market growth.
The study highlights the various emerging opportunities, such as advancements in 3D ultrasound, 4D ultrasound, and improving the ultrasound are some of the opportunities that can be leveraged by players operating in the market.
The market intelligence additionally throws a spotlight on the key industry trends that have a humungous influence in shaping the industry going forward. Some of these trends include expanding applications of the ultrasound systems, teleoperated ultrasound systems, and several other key trends.
Data from different segments of the market has been analyzed minutely to gain a holistic view of the market. These segments include market share, and industry analysis, types of products offered, applications, and regions. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.
The industry analysis of the global market includes data analysis on the satisfaction level of different imaging modalities (by brand), regulatory scenario, and workflow. The study is majorly centered on the various applications, namely, general imaging, cardiology imaging, vascular imaging, obstetrics and gynecology imaging, lung imaging, urology imaging, orthopedics/musculoskeletal imaging, and other imaging, as well as product type, such as diagnostic and therapeutic ultrasound systems.
To emphasize the dominance of the 2D ultrasound systems segment under the technology category of the next-generation ultrasound systems market in 2020 and 2031, a lead analyst states, "The reason for market growth and the dominance of the 2D ultrasound segment can be attributed to its widespread use in almost all therapeutic applications related to the ultrasound market, processing speed, availability and cost of the 2D ultrasounds. It is anticipated that the consistent growth in the number of ultrasound examinations for early diagnosis, examination of the fetus, and lung scans during the novel coronavirus pandemic will be another reason for the segment to witness significant growth in the coming years."
The study also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by the analyst also offer bespoke research services to help organizations meet their objectives.
Key Questions Answered
- What is the current scenario of global next-generation ultrasound systems market?
- What is the total market size and forecast (until 2031) for the global next-generation ultrasound systems market?
- What is the addressable market size and forecast based on region?
- What are the key market dynamics (drivers, restraints, trends, and opportunities) for the global next-generation ultrasound systems market?
- What is the impact of different macroeconomic factors on the dynamics of the global next-generation ultrasound systems market?
- How would trends impacting the dynamics of the market evolve during the forecast period?
- What are the hidden factors that are driving the global next-generation ultrasound systems market through the iceberg analysis?
- What are the key strategies incorporated by the leading players of the global next-generation ultrasound systems market to sustain the competition?
- What are the market shares of key competitors in the global next-generation ultrasound systems market?
- What will be the revenue growth rate witnessed by each key player in the forecast period?
- What is the scale of impact on the dynamics of the market due to strategic decisions made by leading players in the market?
- What has been the funding scenario for the next-generation ultrasound systems from the past four years?
- What are the average selling prices of the next-generation ultrasound systems?
- What are the regulations impacting the global next-generation ultrasound systems market across different regions?
- What are the business models of key competitors in the global next-generation ultrasound systems market?
- What is the current brand value of key competitors in the global next-generation ultrasound systems market?
- What is the current total market size and forecast for different application categories available in the global next-generation ultrasound systems market?
- What are the current trends associated with each application categories?
- Which application category is anticipated to witness the highest growth rate during the forecast period?
- What is the current total market size and forecast for the global next-generation ultrasound systems market across different regions?
- What are the forward-looking trends associated with each region?
- What is the role of each company in the global next-generation ultrasound systems market?
- What is the revenue generated through the sales of next-generation ultrasound systems by each company?
- What are strengths, weaknesses, opportunities, and threats for each company in the global next-generation ultrasound systems market?
What is the estimated value of the Global Next-Generation Ultrasound Systems Market?
What is the growth rate of the Global Next-Generation Ultrasound Systems Market?
What is the forecasted size of the Global Next-Generation Ultrasound Systems Market?
Who are the key companies in the Global Next-Generation Ultrasound Systems Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 243 |
| Published | April 2021 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 8669.2 Million |
| Forecasted Market Value ( USD | $ 21079.7 Million |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
Table of Contents
i) Executive Summary
1 Product Definition
Samples
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Companies Mentioned
- BK Medical ApS (Analogic Corporation)
- Butterfly Network, Inc.
- Canon, Inc.
- Clarius Mobile Health
- Esaote S.p.A.
- Fujifilm Holdings Corporation
- General Electric Company
- Healcerion Co. Ltd.
- Hitachi, Ltd.
- Hologic, Inc.
- Koninklijke Philips N.V.
- Samsung Electronics Co. Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Shimadzu Corporation
- Siemens Healthineers AG
