Ultrasound Systems Market to Grow at a CAGR of 4.87% During the Forecast Period
Rising demand for minimally invasive diagnostic processes to drive the growth of global ultrasound systems market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Ultrasound Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave Lithotripsy (ESWL)}), By Display Type (Colored v/s Black & White), By Mobility (Fixed v/s Mobile), By Application (Obstetrics/ Gynecology, General Imaging, Cardiology, Urology, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, the global Ultrasound Systems market stood at USD10.67 billion in 2020 in terms of value and is expected to grow at a CAGR of 4.87% during the forecast period. This can be ascribed to growing prevalence of chronic diseases such as cardiovascular diseases, cancer, gastrointestinal & urological disorders, renal disorders, among others. Furthermore, growing geriatric population across the globe is further expected to positively influence the market growth through 2026. Also, government support towards the reimbursement of the diagnosis procedure and treatment plans will support the growth of the global ultrasound systems market in the next five years. However, high cost of ultrasound systems can restrict the market growth through 2026. Also, instances related to product recalls of ultrasound systems can hamper the market growth over the next few years. For instance, in May 2020, Koninklijke Philips N.V. received a class 2 product recall from Food & Drug Administration (FDA) for S83t compact ultrasound machine. This recall was due to the fault in the auto cool function of transesophageal transducer in the ultrasound system which could lead to injuries to the patient during ultrasound examinations. Also, the dearth of skilled professionals to carry out ultrasound procedures especially in the developing countries can slow down the market growth over the next few years.
Browse over 221 market data Figures spread through 110 Pages and an in-depth TOC on “ Global Ultrasound Systems Market”
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The global ultrasound systems market is segmented by technology, display type, mobility, application, end user, regional distribution, and competitive landscape. Based on mobility, the market can be split into fixed and mobile ultrasound systems. The mobile ultrasound systems segment dominated the overall market in 2020 with a share of 57.14%. This can be ascribed to the widespread use of mobile ultrasound systems in acute care settings, emergency care in hospitals, among others. Based on end user, the market can be categorized into hospitals & clinics, diagnostic centers and others. The hospitals & clinics segment dominated the overall market with a share of around 47.23% in 2020 and is expected to continue its dominance over the forecast period. This can be attributed to a large number of ultrasound procedures being carried out at hospital facilities.
Major companies operating in the global ultrasound systems market include Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc, Carestream Health, Inc., Hitachi Medical Corporation, Samsung Medison Co., Ltd., Analogic Corporation, Mindray Medical International Limited, United Imaging Healthcare Co., Ltd., CURA Healthcare Pvt. Ltd., Esaote S.p.A., among others. For instance, in 2020, Hitachi Medical Corporation launched ARIETTA 750, a new model in the ARIETTA diagnostic ultrasound series. Also, in 2020, Philips received US FDA approval for its wide range of ultrasound solutions—such as EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems— for the management of COVID-19-related lung and cardiac complications. Mindray Medical International Limited also introduced the novel ME series of portable ultrasound systems to fight the COVID-19 pandemic in 2020. These systems feature smart fluid management solutions, comprehensive disinfection solutions, convenient and agile mobility, intuitive interface, and flexible battery solutions to help clinicians address diagnostic challenges and make rapid decisions.
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“Asia Pacific is expected to register the highest growth in the global ultrasounds system market during the forecast period. This can be attributed to the growing geriatric population in the region especially in countries like China, Japan and India, as this population is susceptible to various chronic diseases and requires ultrasound systems for effective diagnosis and treatment. Additionally, improving healthcare infrastructure in the region is further expected to boost the market growth in the region.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Ultrasound Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave Lithotripsy (ESWL)}), By Display Type (Colored v/s Black & White), By Mobility (Mobile v/s Fixed), By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global ultrasound systems and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global ultrasound systems market.
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