Newly-released Ultrasound Devices Market analysis report by Future Market Insights shows that global sales of the Ultrasound Devices market in 2032 are to hit at USD 6.6 billion. With a CAGR of 7%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. Diagnostic ultrasound systems held the largest share in 2021 due to the system's advantage of providing significant soft tissue insights without exposing patients to ionizing radiation.
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As per the Ultrasound Devices market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Ultrasound Devices market increased at around 6.2% CAGR, wherein, countries such as the USA, China, Japan, the United Kingdom, and South Korea held a significant share in the global market.
The impact of COVID-19 on medical device companies in the ultrasound devices industry is expected to be moderate. The companies have suffered a setback as a result of the lockdown, which has resulted in a drop in manufacturing and a significant reduction in patient flow. Furthermore, as the use of imaging systems decreased due to a lack of need for emergency care, the demand for ultrasound devices decreased even more. However, in some cases, the use of an imaging system for COVID-19 diagnosis offsets this effect.
Ongoing growth in chronic disorders, such as cancer, gallstones, and fatty liver disease, with increasing healthcare spending, are the driving factors behind the global market growth. In the coming year, a growing number of new medical treatments and early diagnosis procedures involving ultrasound devices will boost market demand. High costs of ultrasound devices, on the other hand, are likely to limit the penetration of ultrasound imaging devices and prevent sustainable growth in the ultrasound imaging devices market during the evaluation period. Owing to this, the Ultrasound Devices market is projected to grow at a CAGR of 7% over the coming 10 years.
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North America stands as the most lucrative region for the ultrasound devices market. The region has a sound healthcare infrastructure, which is being upgraded periodically wherein technologically older devices are replaced with new devices. In 2021, the ultrasound devices market in North America stood at nearly USD 2 billion, growing at a CAGR of 6.4% from 2017 to 2021. The market in the region is projected to reach a valuation of USD 4.5 billion by the end of 2032. The market from 2022 to 2032 is projected to witness an absolute dollar opportunity of USD 2.3 billion, growing at a CAGR of 7.6% during the forecast period.
The presence of a large number of market competitors in the region, as well as an increase in cancer cases, are the key factors driving market growth in the country. The market for ultrasound devices in The USA was valued at USD 1.8 billion in 2021. The market in the country is projected to witness a CAGR of 7.5% from 2022 to 2032 and is estimated to reach a valuation of around USD 4 billion by 2032.
The market in China is projected to reach a valuation of USD 1.4 billion by 2032, growing at a CAGR of 7.1% from 2022 to 2032. Due to an increase in the geriatric population and chronic disease, as well as investments by Chinese governments in the development of healthcare infrastructure and increased demand for better imaging devices, the market in China is expected to grow at a significant pace during the forecast period.
The high market share of this segment can be attributed to a large number of ultrasound-based medical procedures performed in hospitals, as well as the growing number of hospitals in major markets and the rising adoption of minimally invasive diagnostic and surgical procedures in these facilities.
The Ultrasound Devices market in The United Kingdom was valued at USD 281.4 million in 2021. The market in the country is expected to reach nearly USD 572.9 million by 2032. From 2022 to 2032, the market is likely to witness an absolute dollar opportunity of USD 273.5 million, growing at a CAGR of 6.7%
The Ultrasound Devices market in Japan is projected to reach a valuation of USD 577.6 million by 2032, growing at a CAGR of 8% from 2022 to 2032. The market is likely to garner an absolute dollar opportunity of USD 308.8 million from 2022 to 2032.
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The general imaging segment generated the most revenue based on application. This is due to an increase in the number of abdominal examinations performed and the use of ultrasound devices to diagnose abdominal disorders. Furthermore, due to the preferred diagnostic modality for obstetrics and gynecological problems (pregnancy, reproductive and fertility problems, among others), the Obstetrics/Gynaecology segment is expected to grow at the fastest rate during the forecast period, propelling the industry forward.
The gynecological segment is expected to grow at a faster expansion rate over the coming decade due to stiffening technology and rising recognition of gynecological issues, both of which are spurring demand for efficient diagnostic tools.
In 2021, trolley/cart-based ultrasound devices accounted for the largest share, while compact/handheld ultrasound devices are expected to grow at a faster rate. The portable handheld ultrasound device segment is expected to grow at a high CAGR due to the fact that handheld ultrasound machines are being used more commonly for point-of-care applications. However, these tools will not have as much success in the market as trolley-cart-based ultrasound devices, which can provide better diagnostic capabilities and superior performance.
The growing adoption of these systems across prominent markets is attributed to their increased use in acute care settings and emergency care in hospitals and healthcare institutions, which accounts for a large share of this segment.
In 2021, diagnostic ultrasound is expected to account for the majority of the ultrasound market. A significant aspect of women’s health is the use of 2D ultrasound, the availability of medical reimbursements for imaging procedures measured in mature markets, ongoing technological improvements in the field of diagnostic ultrasound imaging, and the emerging applications of emerging ultrasound techniques that have contributed to this segment's considerable share.
Some of the key players operating in the ultrasound market are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems, Siemens AG, and Samsung Medison.
Some of the recent developments in the Ultrasound Devices Market are as follows:
The Ultrasound Devices market is worth USD 6.6 billion at present.
The value of the Ultrasound Devices market is projected to increase at a CAGR of around 7% from 2022 to 2032.
The value of the Ultrasound Devices market increased at a CAGR of around 6% from 2017 to 2021.
Over the period 2022 to 2032, Asia Pacific is expected to grow at the fastest rate.
The top 5 countries driving demand for Ultrasound Devices are the USA, The United Kingdom, Japan, China, and South Korea.
Some key players operating in the Ultrasound Devices market are Koninklijke Philips N.V, GE Healthcare, Siemens Healthineers AG, Canon Medical Systems and Samsung Medison.
1. Executive Summary | Ultrasound Devices Market 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 8.1. Diagnostic Ultrasound Devices 8.1.1. 2D 8.1.2. 3D/4D 8.1.3. Doppler 8.2. Therapeutic Ultrasound Devices 8.2.1. High-intensity Focused Ultrasound 8.2.2. Extracorporeal Shockwave Lithotripsy 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Portability 9.1. Handheld 9.2. Cart/Trolley 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 10.1. Cardiology 10.2. Obstetrics/Gynaecology 10.3. Vascular 10.4. Orthopaedics 10.5. General Imaging 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-User 11.1. Hospitals 11.2. Imaging Centres 11.3. Research Centres 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. Asia Pacific 12.5. Middle East and Africa (MEA) 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Key Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Market Structure Analysis 20. Competition Analysis 20.1. Koninklijke Philips N.V 20.2. GE Healthcare 20.3. Siemens Healthineers AG 20.4. Canon Medical Systems 20.5. Samsung Medison 21. Assumptions and Acronyms Used 22. Research Methodology
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Ultrasound Devices Market
