Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Ultrasonic Technology Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global ultrasonic technology market grew from $1.86 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The ultrasonic technology market is expected to grow to $3.3 billion in 2027 at a CAGR of 12.0%.
The ultrasonic technology market includes revenues earned by entities by cubic sensors, cylindrical sensors, chemically resistant ultrasonic sensors, hygienic sensors and double sheet sensors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Ultrasonic technology is the technique of transmitting digital data utilizing barely audible and inaudible sound waves. The ultrasonic technology is used to detect objects and measure distances.
Asia-Pacific was the largest region in the ultrasonic technology market in 2022. The regions covered in the ultrasonic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of ultrasound technology are ultrasonic proximity sensor, ultrasonic retro-reflective sensor, and ultrasonic through-beam sensor. The term ultrasonic proximity sensor refers to sensors that are utilized in a variety of packaging applications for object detection and distance measurement. The different technologies include ultrasonic medical technology, ultrasonic processing technology, and ultrasonic testing technology and are used in various applications such as welding, cleaning, inspections, and others. It is employed in several sectors including automotive, food and beverage, medical and healthcare, aerospace and defense, industrial, and others.
The growing demand from the medical sector is expected to propel the growth of the ultrasonic technology market going forward. Businesses that provide medical services, manufacture medical equipment or medications, provide health coverage, or otherwise enable the provision of healthcare to patients make up the healthcare sector.
In medicine, ultrasound imaging, also known as sonography, is employed frequently. Ultrasound is used to discover unseen faults in products and structures during non-destructive testing. For instance, according to PolicyAdvice, an insurance company, global healthcare spending is expected to reach $10 trillion by 2022. In addition, McKesson is the largest healthcare firm in the United States, with $208.3 billion in yearly revenue. Therefore, the growing demand from the medical sector drives the growth of the ultrasonic technology market.
The integration of artificial intelligence has emerged as a key trend gaining popularity in the ultrasonic technology market. Major companies operating in the ultrasonic technology sector are focused on incorporating artificial intelligence in ultrasonic devices to reinforce their position.
In October 2021, Bioventus, a US-based medical device company acquired Misonix for an undisclosed amount. Through this acquisition regenerative medicine and minimally invasive therapeutic ultrasonic technologies are added to the Bioventus portfolio. Misonix is a US-based company that provides ultrasonic technologies.
The countries covered in the ultrasonic technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Scope
Markets Covered
1) By Type: Ultrasonic Proximity Sensor; Ultrasonic Retro-Reflective Sensor; Ultrasonic Through-Beam Sensor
2) By Technology: Ultrasonic Medical Technology; Ultrasonic Processing Technology; Ultrasonic Testing Technology
3) By Application: Welding; Cleaning; Inspections; Other Applications
4) By End User: Automotive; Food and beverage; Medical and healthcare; Aerospace and defense; Industrial; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.1 billion |
| Forecasted Market Value (USD) by 2027 | $3.3 billion |
| Compound Annual Growth Rate | 12.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Ultrasonic Technology Market Characteristics
3. Ultrasonic Technology Market Trends And Strategies
4. Ultrasonic Technology Market - Macro Economic Scenario
5. Ultrasonic Technology Market Size And Growth
6. Ultrasonic Technology Market Segmentation
7. Ultrasonic Technology Market Regional And Country Analysis
8. Asia-Pacific Ultrasonic Technology Market
9. China Ultrasonic Technology Market
10. India Ultrasonic Technology Market
11. Japan Ultrasonic Technology Market
12. Australia Ultrasonic Technology Market
13. Indonesia Ultrasonic Technology Market
14. South Korea Ultrasonic Technology Market
15. Western Europe Ultrasonic Technology Market
16. UK Ultrasonic Technology Market
17. Germany Ultrasonic Technology Market
18. France Ultrasonic Technology Market
19. Eastern Europe Ultrasonic Technology Market
20. Russia Ultrasonic Technology Market
21. North America Ultrasonic Technology Market
22. USA Ultrasonic Technology Market
23. South America Ultrasonic Technology Market
24. Brazil Ultrasonic Technology Market
25. Middle East Ultrasonic Technology Market
26. Africa Ultrasonic Technology Market
27. Ultrasonic Technology Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Ultrasonic Technology Market
29. Ultrasonic Technology Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes
- GE Healthcare
- Philips
- Olympus Corporation
- Siemens Healthineers
- Hitachi
- Canon Medical
- Carestream
- Mindray Medical
- Samsung Electronics
- Fujifilm
- Esaote
- Boston Scientific
- Crest Group
- Tokyo Keiki
- Baumer Electric
- Branson Ultrasonic
- Cameron Measurement Systems
- DPR Ultrasonic Technologies
- MS Industries AG
For more information about this report visit https://www.researchandmarkets.com/r/m93cuf
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