Ultrasound Market worth $11.6 billion by 2028
Ultrasound Market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of ultrasound for diagnostic imaging.
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Browse in-depth TOC on "Ultrasound Market"
179 - Tables
39 - Figures
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Technology segment to register significant growth rate
over the forecast period of 2023-2028
Based on technology, the global ultrasound imaging market is
segmented into diagnostic and therapeutic ultrasound. The therapeutic
ultrasound segment is anticipated to register the second highest growth rate
over the forecast period. The diagnostic ultrasound segment accounted for the
highest share of the ultrasound market in 2022.
Portability segment to register significant growth rate
over the forecast period of 2023-2028
Based on the portability, the ultrasound market is segmented
into trolly/cart-based ultrasound, compact/handheld ultrasound systems, and POC
ultrasound systems. The trolly/cart-based ultrasound segment is anticipated to
register the highest growth rate over the forecast period. The compact/handheld
ultrasound systems segment accounted for the highest share of the ultrasound
market in 2022.
Component segment accounted for the largest share of the
ultrasound market, by application in 2022.
Based on component, the global the ultrasound market is
segmented into transducers/probes, workstations, other components.
Transducer/probes segment accounted for the largest share of the market in 2022
and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of cancer cases, the
growing geriatric population, and the launch of integrated modalities drive the
growth of ultrasound products.
The hospital and clinics segment accounted for the
largest share of the ultrasound market, by end user, in 2022
Based on end user, the ultrasound market is segmented into
hospitals, surgical centres, diagnostic centres, maternity centres, ambulatory
centres, research and academia and other end users. The hospitals, surgical
centres, diagnostic centres segment accounts for the largest share of the
market in 2022. Factors attributing to the share of this particular are
increasing cancer incidences and increasing number of dermatological surgeries
performed in hospitals and clinics are driving the growth of this segment.
The Asia Pacific market to register a significant growth
in the market during the forecast period
The Asia Pacific ultrasound market is estimated to register
a significant growth from 2023 to 2028. The increasing patient population,
rising geriatric population, rapid economic growth and increasing disposable
income are driving the market growth in APAC countries. This region is having a
rise in healthcare investment and expenditure, offering significant growth
opportunities for the key players.
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Ultrasound Market Dynamics:
Drivers:
1. Increasing
prevalence of target diseases
Restraints:
1. Unfavorable
healthcare reforms in the US
Opportunities:
1. Expanding
applications of therapeutic ultrasound
Challenges:
1. Growing end-user
preference for refurbished equipment
Key Market Players:
As of 2022, prominent players in the ultrasound market are
GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical
Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation
(Japan), and Hologic, Inc. (US)
Recent Developments:
·
In February 2023, GE HealthCare has acquired
Caption Health, thereby expanding the capabilities of ultrasound technology to
assist new users through FDA-cleared, AI-powered image guidance. By leveraging
Caption AI applications, ultrasound examinations can be streamlined,
accelerating the process and empowering a wider range of healthcare
professionals to perform fundamental echocardiogram exams.
·
In November 2022, Canon Inc. revealed its plans
to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic
move, Canon intends to enhance its position within the influential American
medical market and expedite the expansion of its medical business.
·
In April 2022, The enhanced partnership between
GE HealthCare and Sinopharm focuses on the development and commercialization of
medical equipment designed to meet the specific healthcare requirements of
China.
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Ultrasound Market Advantages:
·
Non-Invasive: Ultrasound is a non-invasive
imaging technique, meaning it does not require any incisions or exposure to
ionizing radiation, making it safer for patients and reducing the risk of
complications.
·
Real-Time Imaging: Ultrasound provides real-time
imaging, allowing medical professionals to observe and assess dynamic processes
within the body, such as blood flow, organ movements, and fetal development.
·
Portability: Advancements in technology have led
to the development of portable and handheld ultrasound devices, enabling
point-of-care imaging in remote or resource-limited settings and increasing
accessibility to medical care.
·
Cost-Effective: Compared to other imaging
modalities like MRI or CT scans, ultrasound is generally more cost-effective,
making it a cost-efficient choice for both healthcare providers and patients.
·
No Ionizing Radiation: Ultrasound uses sound
waves instead of ionizing radiation, making it a safer option for imaging
pregnant women, children, and individuals who require frequent imaging studies.
·
Wide Range of Applications: Ultrasound has a
diverse range of applications across various medical specialties, including
obstetrics, gynecology, cardiology, radiology, gastroenterology, and more,
making it a versatile tool for healthcare professionals.
·
Real-Time Guidance: Ultrasound can be used in
real-time to guide medical procedures, such as needle biopsies, drain
placements, and catheter insertions, increasing accuracy and reducing the risk
of complications.
·
High Patient Tolerance: Patients generally find
ultrasound examinations comfortable and painless, contributing to improved
patient compliance and satisfaction.
·
Safe for Repetitive Use: Ultrasound can be used
repeatedly without any harm to the patient, making it suitable for monitoring
and follow-up examinations.
·
Accessibility: Ultrasound machines are widely
available in medical facilities, from large hospitals to smaller clinics, allowing
for prompt and convenient access to imaging services.
·
Overall, the advantages of ultrasound make it an
indispensable tool in modern medicine, facilitating early and accurate
diagnoses, improving patient care, and contributing to better health outcomes.
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