Factors Driving Worldwide Ultrasound Device Industry
Remarkably, the growth of the global ultrasound devices is majorly driven by the rise in prevalence of chronic disorders such as cancer tumors, gallstones, fatty liver disease, and high spending on the healthcare industry. The increase in awareness toward early disease diagnosis and technological advancement in ultrasound imaging devices are driving the growth of the ultrasound devices industry worldwide.
The Ultrasound Devices Industry is expected to grow with a CAGR of 4.73% from 2021 to 2027
The increasing number of pregnancies has generated demand for diagnostic ultrasound systems. It is one of the standard effective and dynamic imaging technologies used in pregnancy to monitor the growth and development of the fetus. Still, there are many other uses, including blood vessels, imaging the heart, eyes, thyroid, brain, breast, abdominal organs, skin, and muscles.
Ultrasound Image display further sub-divided into Color and Black & White (B/W). The color ultrasound devices held the highest market. An increase in advancements in technology, the incidence of chronic diseases, the surge in the number of diagnostic ultrasound devices in the obstetrics and gynecology field, and an increase in awareness for early disease diagnosis drive the Color ultrasound devices industry.
Ultrasound Market Size was US$ 7.2 Billion in 2021
Based on application, ultrasound devices are segmented into Cardiology/Obstetrics, Musculoskeletal, Radiology, Critical Care, etc. Critical Care holds the largest market share due to the rising prevalence of chronic diseases. The number of patients needing emergency care due to various health ailments such as urology problems, acute abdominal pain and immense chest pain would surge the demand for critical care devices. Further, the radiology application is one of the leading segments, owing to the increasing number of radiology centres and increasing adoption of this technology in general imaging and diagnosis of medical complications.
North America is the Leader in the Ultrasound Device Industry
North American has a large number of healthcare providers, the government and private funding for R&D in ultrasound imaging, the rising geriatric population, and the expanding incidence of chronic diseases increases the demand for ultrasound devices in this region.
In 2020, as per National Health Council, chronic diseases had affected 157 million Americans, with 81 Million having multiple conditions. Owing to the high prevalence of the disorders, this region has become the centre of the major players. Market Players have been making product improvements in North America to increase their market share in the ultrasound devices industry. Moreover, ultrasound is gaining acceptance in acute and primary care settings, both as a screening and diagnostic tool and for procedure guidance. With handheld ultrasound gaining pace, this will accelerate in the coming years.
COVID-19 impact on the Global Ultrasound Devices Market
The pandemic has negatively impacted the ultrasound market; unfavorable changes in regulations and guidelines hamper the growth of this market. The closing down of production facilities due to lockdowns, recruitment challenges for clinical trials and interruptions in supply chains have further affected the development of the overall ultrasound market.
Key Industry Players
Some of the companies investing in ultrasound devices are GE Healthcare, Siemens Healthcare, and Philips - Healthcare Sales, Hologic, Inc. These companies are investing in R&D to advance their technologies in ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Globally, portable technological devices are praised, and these key companies have a wide presence across the developed and emerging markets.
This report “Global Ultrasound Device Market, By Product Type (Diagnostics Ultrasound Systems, Therapeutic Ultrasound Systems), Display Type (Color Ultrasound Devices, Black & White (B/W) Ultrasound Device), Application (Cardiology/Obstetrics, Musculoskeletal, Radiology, Critical Care and others), Regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), company Analysis (GE Healthcare, Siemens Healthcare, Philips - Healthcare Sales, Hologic, Inc)” provides a detailed analysis of Global Ultrasound Device Market.
Product Type - Global Ultrasound Device Market has been covered from 2 viewpoints
1. Diagnostics Ultrasound Systems
2. Therapeutic Ultrasound Systems
Display Type- Global Ultrasound Device Market has been covered from 2 viewpoints
1. Color Ultrasound Devices
2. Black & White (B/W) Ultrasound Device
Application – Global Ultrasound Device Market has been covered from 5 viewpoints
1. Cardiology/Obstetrics
2. Musculoskeletal
3. Radiology
4. Critical Care
5. Others Applications
Regions – Global Ultrasound Device Market has been covered from 5 viewpoints
1. North America
2. Europe
3. Asia Pacific
4. South America
5. Middle East and Africa
Company Insights:
- Overview
- Recent Development & Strategies
- Financial Insights
Company Covered:
1. GE Healthcare
2. Siemens Healthcare
3. Philips - Healthcare Sales
4. Hologic, Inc
Table of Contents
Companies Mentioned
- GE Healthcare
- Siemens Healthcare
- Philips - Healthcare Sales
- Hologic, Inc
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 105 |
| Published | November 2021 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 7.2 Billion |
| Forecasted Market Value ( USD | $ 9.5 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 4 |
