Ultrasound Market to Hit USD 9.0 billion by 2026 to Grow Steady at 6.3% CAGR


Posted December 20, 2022 by Healthcare101

The global ultrasound market is projected to reach USD 9.0 billion by 2026 from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period.
 
The report "Ultrasound Market by Technology (Diagnostic (2D, 3D, Doppler), Therapeutic (HIFU, ESWL)), Display (Color, B&W), Portability (Trolley, POC), Application (Gynecology, Cardiology, Orthopedic), Component (Probe), End user (Hospitals) - Global Forecasts to 2026" The global ultrasound market is projected to reach USD 9.0 billion by 2026 from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period. The growth of this market is mainly driven by the increasing prevalence of target diseases, which have supported the demand for effective diagnostic procedures.

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Key Industry Players
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), and FUJIFILM Holdings Corporation (Japan). The other prominent players operating in this market include Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisnate (US), and Chison Medical Imaging (China)

Ultrasound technology has been traditionally used by healthcare professionals in OB/GYN applications for fetal imaging and the diagnosis of fetal abnormalities (such as tangled umbilical cord and developmental abnormalities). With technological advancements in the field of medical imaging as well as minimally invasive surgical procedures, ultrasound is increasingly gaining prominence in disease diagnosis and the treatment for various applications, such as cardiology, vascular disorders, urology, breast cancer, orthopedics, and musculoskeletal injuries. This has led a number of manufacturers and independent researchers to focus on the development and commercialization of application-specific ultrasound devices.

The 3D & 4D ultrasound subsegment of diagnostic ultrasound to register significant growth in the ultrasound market by 2026
Based on technology, the ultrasound market is segmented into diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further categorized into 2D, 3D & 4D, and Doppler ultrasound. These technologies are used for the visualization and diagnosis of various medical conditions (such as gynecological disorders and neurological conditions), fetal imaging, and the imaging of organs. The growth of this market is driven by the rising preference for 3D/4D ultrasound across developed markets and their technological benefits as compared to 2D ultrasound.

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Based on system portability, the trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound industry in 2020
On the basis of system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020. The growing demand for trolley/cart-based ultrasound systems is mainly attributed to the growing adoption of these systems across major markets due to their increased use in acute care settings and emergency care in hospitals and healthcare institutions.

The vascular applications segment is expected to register the highest growth rate during the forecast period
Based on application, the ultrasound market is divided into eight segments—radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Vascular ultrasound is one of the fastest-growing application segments in the ultrasound market majorly due to the rising incidence of vascular disorders across the globe, coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advancements in the field of 3D/4D imaging.

On the basis of component, the ultrasound market is segmented into transducers/probes, workstations, and other components. The transducers/probes segment is further divided into curvilinear/convex array probes, liner array probes, phased array probes, and other probes. The transducers/probes segment accounted for the largest share of the ultrasound market in 2020. This can be attributed to technological advancements, the introduction of specially designed products, and the rising adoption of ultrasound technology for the diagnosis of various disease indications.

Europe is expected to dominate the global ultrasound market in 2020
In 2020, Europe is expected to account for the largest share of the global ultrasound market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).

Recent Developments
• In Sep 2021, GE Healthcare acquired BK Medical which extended GE Healthcare’s ultrasound portfolio into surgical visualization and boosted its growth in precision health.
• In Mar 2021, Koninklijke Philips N.V. partnered with DiA Imaging Analysis Ltd.; Philips will utilize/integrate DiA’s automated solutions with ultrasound systems to deliver operational efficiency and access to care for POC customers in and out of hospitals.
• In Dec 2020, Koninklijke Philips N.V. partnered with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery applications.
• In Oct 2020, GE Healthcare partnered with St. Luke’s University; GE has installed 76 ultrasound units to standardize the care in radiology, vascular, and echocardiography applications.

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Issued By Healthcare101
Country United States
Categories Health , Medical , Research
Tags ultrasound market , 2d ultrasound market , 3d ultrasound market , doppler ultrasound market
Last Updated December 20, 2022