Dublin, March 02, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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%
Growth of the market is mainly attributed to the technological advancements; increasing incidences of target diseases; rising patient preference for minimally invasive procedures; and growing public and private investments, funding, and grants are driving the growth of the global ultrasound market. However, stringent government regulations may restrict the growth of this market to a certain extent in the coming years.
Therapeutic ultrasound technology segment to register significant growth, during the forecast period
On the basis of technology, the ultrasound market is segmented into diagnostic ultrasound and therapeutic ultrasound devices. The therapeutic ultrasound segment is expected to grow at a significant rate over the forecast period. Therapeutic ultrasound technologies include focused ultrasound and shockwave lithotripsy. The growth of this market is driven mainly by ongoing technological innovations in the field of focused ultrasound as well as the expansion of its application horizons.
Color ultrasound devices segment is expected to witness the highest growth in the ultrasound market, by device display, during the forecast period
On the basis of device display, the ultrasound market is segmented into black & white ultrasound and color ultrasound devices. The color ultrasound devices segment is expected to grow at the highest CAGR during the forecast period owing to the benefits offered by these devices, such as better image quality and higher image resolution.
Also, the growing availability of advanced color ultrasound devices, coupled with the continuous decline in product cost across major countries and expanding distribution networks of major manufacturers across emerging countries, are expected to support the growth of this market segment during the forecast period.
Trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market, by system portability
In 2020, the trolley/cart-based ultrasound systems segment is expected to account for the largest market share due to the growing adoption of these systems across major markets (as a result of their increasing use in emergency care and acute care settings in hospitals and healthcare institutions).
Transducers/ Probes segment is expected to account for the largest share in the Component segment in 2021
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.
Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the increasing healthcare expenditure across the region's major countries (especially India and China), growing public awareness about the therapeutic potential of ultrasound technologies, continuous decrease in device costs (due to growing localized manufacturing and the presence of global market players), rising prevalence of target diseases, and the ongoing trend of device miniaturization.
Competitive Landscape
In 2020, the ultrasound market was dominated by GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), and Siemens Healthineers AG (Germany).
Premium Insights
- Technological Advancements and Increasing Prevalence of Target Diseases to Drive the Growth of the Ultrasound Market
- Germany is the Largest Market for Diagnostic Ultrasound in Europe
- Vascular Applications Segment to Register Substantial Growth in the Global Ultrasound Market
- China to Register the Highest CAGR During the Forecast Period
Market Dynamics
Drivers
- Increasing Prevalence of Target Diseases
- Rising Patient Preference for Minimally Invasive Procedures
- Technological Advancements
- Growing Public and Private Investments, Funding, and Grants
- Increasing Number of Diagnostic Centers & Hospitals
Restraints
- Unfavorable Healthcare Reforms in the US
Opportunities
- Expanding Applications of Therapeutic Ultrasound
- Emerging Markets
- Development of Poc Ultrasound Devices
Challenges
- Growing End-User Preference for Refurbished Equipment
- Dearth of Skilled and Well-Trained Sonographers
Industry Trends
- Development of Application-Specific Ultrasound Devices
- Growing Use of Ultrasound in Elastography
- Increasing Use of Mr-Guided Ultrasound Modalities in Neurology Applications
Company Profiles
Key Players
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens Ag
- Hitachi, Ltd.
- Hologic, Inc.
- Fujifilm Holdings Corporation
- Samsung Electronics Co., Ltd.
- Mindray Medical International Limited
- Analogic Corporation
- Esaote Spa
- Carestream Health
- Cura Healthcare
- Chison Medical Technologies Co., Ltd.
Other Companies
- Mobisante, Inc.
- Neusoft Corporation
- Clarius Mobile Health
- Medgyn Products, Inc.
- United Imaging Healthcare Co., Ltd.
- Promed Technology Co., Ltd.
- Cephasonics
- Uab Telemed
- Shenzhen Ricso Technology Co., Ltd.
- Wuhan Youkey Bio-Medical Electronics Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rkjeo3
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