From 2019 to 2024, the ultrasound market will grow by 4.2% to reach $7.94 Billion by 2024. Ultrasound uses high-frequency sound waves to see inside the body. The technique is used to image, but it also allows healthcare professionals to perform biopsies, monitor blood circulation, and assess the extent of damage following a heart attack. This industry has seen steady growth due to increasing incidences of internal injuries and orthopedics, a growing senior population and chronic illnesses. The adoption of ultrasound devices has been boosted by the emergence of point-of-care ultrasound devices and significant opportunities in emerging economies.
Shortly, the market for Ultrasound will continue to grow due to the ongoing development of ultrasound devices that are specific to particular applications. The steady growth of the ultrasound market is due to aging and chronic diseases, rising incidences of injuries to muscles, tendons and vessels, and an increasing number of healthcare centers and technological advances in ultrasound devices. The American Heart Association (AHA) estimates that there were 5.7 million Americans who had suffered from heart disease between 2009 and 2012. This is expected to increase to 9.4 million by 2030, generating demand for various medical devices, including Ultrasound.
Analysis of Market Segments
The global ultrasound market can be segmented by product (ultrasound device, probes and gels, other), technology (Diagnostic and Therapeutic Ultrasound), display colour (coloured Ultrasound, black-and-white ultrasound), Portability (trolley-based), Handheld/compact point of care ultrasound system), application (diagnostic or therapeutic applications), end-user (hospitals and diagnostic imaging centers, ambulatory treatment centers, etc.) and geography.
2-D Ultrasound is the preferred technology for diagnosing and identifying abnormalities. Because of its simplicity, low cost and mobile nature, 2D Ultrasound captured the largest global ultrasound market share in 2017.
Diagnostic applications held the largest share of the global ultrasound market based on their application. This segment has a large number of ultrasound diagnostic procedures that are used to detect various diseases.
The report also includes a competitive landscape and an analysis of the market share. This is based on an extensive evaluation of key strategic developments made by market leaders over the past five years (2014-2018). The global ultrasound market research report profiles GE Healthcare, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Healthineers, Analogic Corporation, Canon Inc., Esaote SpA, Hitachi Ltd., Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM sonority, Inc., Carestream Health, Hologic, Inc.
Future of Ultrasound Market
The latest technological developments in Ultrasound are leading to contrast-enhanced images, and with the advent of mobile technology, the Ultrasound will no longer be limited to hospital rooms. With the advancement in computing power, ultrasound fusion imaging techniques have gained significant traction. These will allow the effective exploration of anatomical organs and body parts using real-time ultrasound images. Manufacturers are also focusing on developing better ultrasound devices due to increasing awareness about radiation doses and the prevalence of heart disease.
Ultrasound Market Report Scope and Segmentation
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
Market Segmentation :
Ultrasound Market by Components
- Ultrasound device
Ultrasound Market by Technology
- Diagnostic Ultrasound
- 2D Ultrasound
- Ultrasound in 3D and 4D
- Doppler Ultra
- Color Doppler Imaging
- Continuous Doppler Imaging
- Pulse Wave Doppler Imaging
- Therapeutic Ultrasound
- High-Intensity Focused Ultrasound (HIFU).
- Extracorporeal Shock Wave Lithotripsy
- Shock Wave Lithotripsy
Ultrasound market by Display
- Coloured Ultrasound
- Ultrasound in Black and White (B/W).
Ultrasound market by Portability
- Trolley-based Ultrasound Systems
- Handheld/Compact Ultrasound Systems
- Point of Care Ultrasound Systems
Ultrasound market. By Application
- Diagnostic Applications
- General Imaging
- Therapeutic applications
- Delivery of drugs
- Physical Therapy
- Pain Management
Ultrasound Market by End User
- Diagnostic Imaging Centers
- Ambulatory Care Centers
Ultrasound Market by Geography
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
- North America
Market Key Players
- GE Healthcare
- Konica Minolta, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers (a subsidiary of Siemens AG)
- Analogic Corporation
- Canon Inc.
- Esaote SpA
- Hitachi Ltd.
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- FUJIFILM SonoSite, Inc. (a subsidiary under FUJIFILM Holdings Corporation).
- Carestream Health, Inc
- Hologic, Inc.
The report answers the following key questions:
The overall market for an ultrasound will grow with the increasing penetration of Ultrasound in developing nations.
- What is the difference between developing and developed countries in terms of penetration of ultrasound imaging
- What is the level of competition among the prominent local and global players in this market, and how do they compare
- What are the most lucrative market segments for product, technology and Display Portability Application End-users Regions
Hospitals make up the largest part of the global ultrasound market.
- What factors contribute to the high use of Ultrasound in hospitals
- Which region is expected to see the greatest growth in ultrasound usage in hospitals, diagnostic imaging centers, ambulatory care centres, and other end-users
- What is the difference between ultrasound penetration in hospitals and other end-users such as ambulatory care centers, diagnostic imaging centres, etc.
The ultrasound market favours local and larger manufacturers competing in multiple segments.
- Which are the most powerful competitors in this market What strategies do they use to win shares
- What are the main drivers of growth Which market segments offer the greatest potential for revenue expansion during the forecast period.
- How can new companies enter this market and compete effectively
- What are the main drivers, constraints, challenges, opportunities, trends, and threats to the ultrasound market
- Which countries have the largest players, and what percentage of the market are they holding
- What are the top growth areas/ countries, and what are their geographical trends
Recent partnerships, acquisitions, and expansions in the global ultrasound market have existed.
- How have mergers and acquisitions impacted the market for an ultrasound
- How have these companies formed partnerships
- What share do the top players have in the global ultrasound market
- How do local players compete with global players in the ultrasound market