The global Ultrasound Systems Market is estimated at USD 9.5 billion in 2022 and is projected to reach USD 13.2 billion by 2028, growing at a CAGR of 5.5% during the forecast period (2022 to 2028).
| Data Points | Market Insights |
|---|---|
| Market Value 2021 | USD 9.0 billion |
| Market Value 2022 | USD 9.5 billion |
| Market Value 2028 | USD 13.2 billion |
| CAGR 2022 to 2028 | 5.5% |
| Market Share of Top 5 Countries | 55.1% |
| Key Industry Players | GE Company; Fujifilm Holdings Corporation; Siemens AG; Koninklijke Philips N.V.; Toshiba Medical System Corp.; Hitachi Medical Corp.; Mindray Medical International Ltd; FUJIFILM Holdings Corporation; Samsung Medison Co., Ltd; Esaote SpA and Others |
Ultrasound imaging techniques in terms of image creation, have undergone variations and evolutions in engineering methods and technological incorporation over the past two decades.
The ultrasound systems market is expected to be driven by the advancements in contemporary imaging architecture to overcome the existing constraints of inherent data loss and poor image resolution with limited uniformity.
There is also a high significance of ultrasound procedures in medicine and biology, and the ultrasound systems market is a high contributing factor for propulsion of diagnostic imaging market.
Rising incidence of chronic diseases such as cancer, cardiovascular disorders and neurodegenerative disorders has promoted the applications of ultrasound systems for early diagnosis of disease and initiation of treatment and disease management plan.
The ultrasound systems market is expected to project a lucrative growth over the forecast period owing to the rising impact of increased disease burden over the globe, and the collaborative efforts by regional government bodies in prevention and control of maternal and infant mortality through increased awareness programs related to the benefits of ultrasound imaging on disease identification and management.
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| Particulars | Details |
|---|---|
| H1, 2021 | 5.62% |
| H1, 2022 Projected | 5.54% |
| H1, 2022 Outlook | 5.44% |
| BPS Change - H1, 2022 (O) – H1, 2022 (P) | (-) 10 ↓ |
| BPS Change – H1, 2022 (O) – H1, 2021 | (-) 18 ↓ |
The global ultrasound systems market is highly influenced by regulatory guidelines and medical device approvals in accordance with impact of macro, economic, and industry factors. The development of hand-held ultrasound machines and emergence of ultrasound-on-chip platform for medical imaging have brought in some of the significant breakthroughs in this market, as per Future Market Insights.
H1-2022 outlook period in comparison to H1-2022 projected period showed a negative growth in terms of Basis Point Share by 10 BPS. Based on a comparative analysis about the market growth rates and development prospects within this market, it was analysed that the global ultrasound systems market will decline by 18 Basis Point Share (BPS) in H1- 2022 (O) as compared to H1-2021.
Major reasons for this dip in BPS are attributed to the factor of purchasing of these devices to include departmental administration, IT incorporations, information governance and risk management, thus presenting regulatory and approval issues for in-clinical settings.
Other market segments are correspondingly set to perform objectively and attain promising growth prospects in the next half of projection period.
Despite these factors, there are some driving points that impact the industry growth, including the adoption of these devices in academic medical settings, cost-effectiveness, availability of AI incorporated solutions within device and negligible device boot time.
The market value for ultrasound systems holds nearly 58.5% of the overall USD 15.4 Billion medical imaging market in 2021.
The global ultrasound systems market is driven through advancements and technological developments in ultrasound devices which assist healthcare facilities such as hospitals and clinics with improved patient management and care. Ultrasound systems have provided valued and non-invasive imaging assistance for many decades.
The ultrasound systems market has witnessed advancements at a gradual pace in terms of improved image quality, development of biocompatible ultrasound gels and the introduction of portable ultrasound machines.
The advantages of ultrasound systems in diagnostic imaging is well established, however, the ultrasound systems are expensive and can be difficult to transport, thus limiting their availability to specialized wards in hospitals.
The inception of hand-held ultrasound systems has assisted physicians in aspects related to high costs associated with high-end ultrasound systems. These systems are more readily available and are useful in diagnosis and imaging in low resource economies.
The growing trend of point-of-care diagnostics by non-radiologists has led to increase in the adoption of hand-held ultrasound scanners, thus boosting the growth of ultrasound systems market.
Rising expenditure on ultrasound care, maximized therapy adherence, expanding third-party payer coverage, continuous development of innovative features in the device that appeal to the patients and maintenance of leadership in reimbursement support as well as growing institutional market share to sustain home care growth is further going to spur the revenue growth.
Integration of artificial intelligence (AI) by key market players into development of advanced ultrasound devices has emerged as the latest trend in the ultrasound systems market.
The development is associated with the aim to refine imaging techniques, as well as provide accurate diagnosis of affected areas in the body, such as soft tissues or tumours. The integration of AI is thus another factor responsible for the growth of the ultrasound systems market.
The global ultrasound systems market expanded at 5.3% CAGR over the past 9 years from 2012 to 2021. The market is expected to expand at a considerable growth rate over the next six years at a CAGR of close to 5.5%.
Principal Consultant
With the upcoming product revisions as well as novel advancements in ultrasound systems market, the compact ultrasound systems are exhibiting rapid development compared to other therapeutic imaging advances.
The opportunistic growth of ultrasound systems market is also associated with the rising adoption of minimally invasive therapies and image-guided procedures by healthcare professions as well as patients over the globe.
In addition, the ultrasound systems market has witnessed a substantial shift from being used as a conventional diagnostic modality for obstetrics and gynaecology imaging to therapeutic technique in cardiology, nephrology, oncology and pulmonology sectors.
This is expected to expand manufacture level intent in production of modulated devices/systems for such specialties, and thus regulate an increase in the growth of revenue production over the forecast period.
Innovations in the ultrasound systems market are not limited to the evolution of field of application, but also in the modality of the ultrasound devices.
The improvements in compact ultrasound frameworks such as the transmission of picture information to PACS has accounted for versatile innovations in the ultrasound systems market. This advancement in technology presents a persistent opportunistic growth of ultrasound systems market over the forecast period.
Moreover, the integration of artificial intelligence with ultrasound systems and linked applications over digital screen surfaces, such as mobile phones or monitor screens has increased the growth of the ultrasound systems market, owing to smart screening and better image resolution in non-invasive procedures.
Factors restraining the growth of ultrasound systems market are associated with stringent regulations by the FDA with concerns regarding the medical device and healthcare industry. The regulations for ultrasound devices are inflexible due to the potential harm such devices could inflict on the human body.
Handling ultrasound devices/systems needs presence of skilled personnel. This is a restrictive factor in many resource lacking economies, where there is not much adequate skilled labor available and the ultrasound technology is slowly gaining recognition.
Moreover, lack of reimbursement policies and effective insurance cover for automated ultrasound scanning discourages patients from deciding on these techniques as compared to conventional modalities. This eventually restricts market growth. This, combined with high cost of equipment and maintenance of ultrasound systems are responsible for restrained development of the ultrasound systems market over the globe.
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The USA dominates the North American region with a total market share of over 89.3% in 2021, and is projected to continue experiencing high growth throughout the forecast period. The growth of this market is driven by advanced healthcare systems in the region, growing establishment of ambulatory care centers and emergency services. Moreover, rising R&D expenditure and new product launches in the region have further augmented the demand of ultrasound systems market in the region.
UK exhibited a market value share growth of nearly 25.2% in the Western Europe ultrasound systems market in 2021 and is expected to hold a market value share of 40.6% by the end of 2028. The growth is associated with the presence of key players in the region, such as GE Healthcare, which is focused on novel innovations in medical device industry. One such innovation is the development of hand-held, portable ultrasound systems for point-of-care diagnostics. This factor has emerged as a preventive factor to a certain extent over female and infant mortality rate in the region owing to timely diagnosis with refined image resolution.
China holds 5.0% share in the global ultrasound systems market in 2021, and is projected to grow at a lucrative rate of CAGR 6.0% during the forecast period. The growth of the ultrasound systems market in the country is attributed to the rising adoption of micro-ultrasound technology systems in the country. The rate of adoption is aggravated by the establishing healthcare system and rising awareness among the population regarding pre-diagnostic imaging for chronic diseases such as cancer and some cardiovascular diseases. The high prevalence of geriatric population is a common driver for this growth.
Cart/trolley based ultrasound systems project a lucrative growth at a CAGR of 5.4% till the end of the forecast period, with the current market share of around 82.1% in 2021. This dominant market value is associated with the advancement of ultrasound systems as portable devices over the past decade. This growth, however is complimentary to the origination of application of hand-held ultrasound systems, and may observe a decline over the forecast period, owing to the rising adoption of hand-held and cost effective ultrasound systems by many point-of-care diagnostic centres.
Radiology sector accounts for 39.7% of global market value in 2021, and is expected to display growth rate at CAGR 6.2% by the end of the forecast period. The application of ultrasound systems in radiological interventions is beneficial and persistent as a basic form of imaging technique in majority of regions throughout the globe. Further variations in image resolution and the development of non-invasive methods of ultrasound imaging and sonography has further propelled the radiological use of ultrasound systems.
Hospitals and Clinics hold current global ultrasound systems market value share of 60.2% in 2021, and are projected to achieve an estimated growth CAGR of 5.4% by the end of the forecast period. This growth is linked with the increasing awareness about significance of early intervention and diagnosis of disease, thus resulting in reduced healthcare costs. This factor has given rise to an increased rate of installation of ultrasound systems in hospitals and clinics.
Through the onset of the COVID-19 pandemic, the frequency of infectious diseases demonstrated escalation in terms of intensity as well as the rate of spreading. There was a surge in the number of patients infected with the COVID-19 virus during the initial phase of the global pandemic. This led to the adoption of emergency procedures in hospitals as a priority with the aim to reduce and manage further transmission of the infection. This progressed into a reduction in the adoption of elective procedures requiring ultrasound evaluations.
Although there was a decline in elective ultrasound procedures, yet, the emergency procedures requiring imaging services had a large rate of adoption in terms of X-rays, CT scans and ultrasounds. The number of ultrasound procedures for lungs showed a rising trend during the initial term of the pandemic, and it is expected that the long term effects of COVID-19 are set to boost the adoption of ultrasound systems for specialized diagnosis, particularly for kidney and lungs.
Key players in the ultrasound systems market utilize strategies involving production and development of revised product portfolio and new product launch, industry expansions aimed at enhancing their business operations and existing services, acquisitions of major health businesses to rapidly grow their core offerings, and making distribution agreements with branded pharmaceutical manufacturers to engage larger consumer base.
Similarly, recent developments related to companies manufacturing ultrasound systems market services and technologies have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2012 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APECJ; Middle East and Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, Poland, Nordic Countries, China, Japan, India, ASEAN, Australia, New Zealand, South Africa and GCC Countries |
| Key Market Segments Covered | Modality, Application, End User and Region |
| Key Companies Profiled |
GE Company; Fujifilm Holdings Corporation; Siemens AG; Koninklijke Philips N.V.; Toshiba Medical System Corp.; Hitachi Medical Corp.; Mindray Medical International Ltd; FUJIFILM Holdings Corporation; Samsung Medison Co., Ltd; Esaote SpA; Others |
| Pricing | Available upon Request |
The global ultrasound systems market is worth USD 9.0 Billion in 2021.
The ultrasound systems market is expected to reach USD 13.2 Billion by the end of 2028, with sales revenue expected to register 5.5% CAGR.
From 2012-2021, the market for ultrasound systems expanded at the rate of 5.3%.
The US, Japan, China, UK and India are expected to drive demand for ultrasound systems market.
North America is one of the key segments for ultrasound systems market, with the US expected to account over 88.1% of the North American market during the forecast period.
Demand for ultrasound systems in Western Europe is expected to register growth of 6.0% over the forecast period.
The US, China and UK are key producers of ultrasound systems services.
China ultrasound systems market appears to uphold a share of 29.5% in the APEJ ultrasound systems market in 2021. Japan holds a revenue share of 8.5% globally in 2021, and is expected to grow at a CAGR of nearly 5.0% during the forecast period.
1. Executive Summary 2. Market Introduction 3. Ultrasound Systems Market Opportunity Analysis 4. Global Economic Outlook 5. Market Background 6. Macroeconomic Assumptions 7. Global Economic Outlook 8. Key Inclusions 9. North America Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 10. Western Europe Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 11. Eastern Europe Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 12. Latin America Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 13. Asia Pacific Excluding China & Japan Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 14. Japan Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 15. Middle East and Africa Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 16. Forecast Factors: Relevance and Impact 17. Forecast Assumptions 18. Market Structure Analysis 19. Competition Analysis 19.1. Philips Healthcare 19.2. Siemens Healthcare 19.3. General Electric 19.4. Analogic Corporation 19.5. Esaote S.p.A. 19.6. Samsung Medison Co. Ltd. 19.7. FUJIFILM Holdings Corporation 19.8. Mindray Medical International Limited 19.9. Toshiba Corporation 19.10. Hitachi Medical Corporation 20. Global Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 by Region 20.1. North America 20.2. Western Europe 20.3. Eastern Europe 20.4. Latin America 20.5. APECJ 20.6. China 20.7. Japan 20.8. MEA 21. Global Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028, By Product Type 21.1. Cart/Trolley Based 21.2. Compact/Hand Held 22. Global Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028, By Modality 22.1. Radiology 22.2. Obstetrics & Gynaecology 22.3. Cardiology 22.4. Gastroenterology 22.5. Others 23. Global Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028, By End User 23.1. Hospitals & Clinics 23.2. Diagnostic Imaging & Surgical Centers 23.3. ASCs 23.4. Others 24. Global Ultrasound Systems Market Analysis 2012 to 2021 and Forecast 2022 to 2028 25. Assumptions and Acronyms Used 26. Research Methodology
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