Portland, OR, June 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Ultrasound Devices Market generated $8.47 billion in 2020, and is expected to garner $12.53 billion by 2028, witnessing a CAGR of 5.3% from 2021 to 2028. The report offers an extensive analysis of changing market trends, top investment pockets, value chain, key segments, and competitive landscape.
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Increase in incidence of chronic diseases, advancements in technology, surge in number of diagnostic ultrasound devices in obstetrics and gynecology field, and increase in awareness for early disease diagnosis drive the global ultrasound devices market. However, lack of skilled sonographers and limitations of ultrasound imaging hinder the market growth. On the other hand, prospects in emerging economies, miniaturization of ultrasound devices, and emergence of point-of-care ultrasound devices create new opportunities in the market.
Covid-19 Scenario:
- The outbreak of covid-19 pandemic led to hindrances in manufacturing processes and supply chain management. In addition, the patient flow as well has reduced substantially.
- The demand for ultrasound devices has been decreased during the initial phase of lockdown, as the usage of imaging system witnessed a fall due to lack of need of emergency care.
The report provides detailed segmentation of the global ultrasound devices market based on product type, device display, device portability, application, and region.
Based on product, the product type, the market is categorized into two major device segments, namely, diagnostic ultrasound systems and therapeutic ultrasound systems. The diagnostic ultrasound system segment contributed to the largest market share, accounting for 97% of the total share in 2020, and will maintain its highest contribution during the forecast period. However, the therapeutic ultrasound system segment is estimated to witness the highest CAGR of 8.7% from 2021 to 2028.
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Based on the type of device display, the market is bifurcated into color ultrasound devices and black & white (B/W) ultrasound devices. The color ultrasound devices segment held the highest market share with 90% of the total market share. The segment is expected to lead the trail throughout the forecast period. In addition, the segment is expected to exhibit the fastest CAGR of 5.5% throughout the forecast period.
Based on region, North America contributed to the highest share in 2020, holding around one-third of the total market share, and will maintain its dominance in terms of revenue by 2028. However, the Asia-Pacific region is estimated to manifest the highest CAGR of 6.4% during the forecast period. The report also studies regions including LAMEA and Europe.
Leading players of the global ultrasound devices market analyzed in the report include Konica Minolta Inc., Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Medison Co. Ltd., and Siemens Healthcare and Toshiba Corporation.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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