Pune, India, July 27, 2023 (GLOBE NEWSWIRE) -- The ultrasound equipment market size was valued at USD 8.70 billion in 2022 and is projected to reach a valuation of USD 9.32 billion in 2023. The market is expected to reach USD 15.21 billion by 2030 with a CAGR 7.3% during the forecast period. Ultrasound uses high frequency for taking images and then images are interpreted by the healthcare professionals. Recent advancements in this technology and introduction of innovative equipment, along with the developing healthcare facilities in emerging countries. Fortune Business Insights™ shares this information in its report titled “Ultrasound Equipment Market, 2023-2030.”
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Key Industry Development
- March 2023- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched TE Air, a new handheld ultrasound device that offers enhanced point-of-care ultrasound imaging with an array of practical benefits for radiologists.
Key Takeaways:
- Pandemic Hindered the Sales of Ultrasound Equipment amid Disruptions in Supply Chains
- Introduction of Artificial Intelligence in the Equipment to Fuel Market Growth
- Increasing Prevalence of Chronic Diseases and Rising Geriatric Population to Accelerate Market Growth
- Product Recalls and Shortage of Trained Technicians to Limit Adoption of these Systems
- Rising Focus of Established Key Players on New Product Launch to Boost Market Growth
List of Key Players Profiled in the Market Report: -
- GE Healthcare (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Hitachi (Japan)
- Siemens Healthcare (Germany)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Samsung Medison Co., Ltd. (South Korea)
- Esaote SPA (Italy)
COVID-19 Impact:
Pandemic Negatively Impacted The Market Due To Disruptions In The Supply Chains
The COVID-19 pandemic negatively impacted the market negatively due to disruptions in the supply chains. Some of the major players operating in the market have faced supply chain disruptions especially from distributors in severely impacted emerging countries such as China, India, Brazil, and others. CANON MEDICAL SYSTEMS CORPORATION reported a decline in revenues by -0.6% from its medical systems segment in 2020. The decline was predominantly due to the declining demand for the medical imaging equipment of the company.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.3% |
| 2030 Value Projection | USD 15.21 Billion |
| Base Year | 2022 |
| Ultrasound Equipment Market Size in 2022 | USD 8.70 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 198 |
| Segments covered | By Product, Application and End User |
Drivers and Restraints
Rise In The Cases of Chronic Diseases To Drive Market Growth
Rising cases of chronic diseases is anticipated to drive the ultrasound equipment market growth. Globally, there has been a rise in the chronic diseases which has led to increasing number of patient visits, hospital admissions, and surgeries. Rise in the geriatric population suffering from chronic disorders has led to rise in the demand for medical imaging equipment for diagnosis and treatment procedures.
However, product recalls and shortage in the number of trained technicians are expected to hamper the market growth.
Segmentation
Table-Top Segment Dominated In 2022 Due To High Adoption
On the basis of product, the market is divided into table-top and compact systems. The table-top segment dominated the market in 2022 due to high adoption of table top in the hospitals & clinics. Compact segment is expected to grow at a higher CAGR during the forecast period owing to the adoption of advancing technologies.
Radiology Held Dominant Share Due Due To Increasing Number Of Radiology Centers
By application, the market is classified into radiology, gynecology, cardiology, point of care, urology, surgery, and others. Radiology segment held the largest market share in 2022 due to increasing number of radiology centers.
Hospitals Segment Held Dominant Share Due To Increasing Number Of Patient Admissions
By end-user, the market is classified into hospitals and clinics. Hospitals segment held the largest market share in the year 2022 due to increasing number of patient admissions in hospitals.
Based on the geography, the market is studies across into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
Asia Pacific Held The Largest Share Due To High Sales Of The Devices
Asia Pacific held the largest part in 2022 in ultrasound equipment market share due to high sales of the devices. The market is valued at USD 3.51 billion in 2022. China is one of the largest manufactures of the cost-effective equipment in the region.
North America market is set be the second-largest regional market due to focus of the market players on the development of new products in Canada and the U.S.
Competitive Landscape
GE Healthcare In 2022 Due To Strong Product Portfolio And Growing Distribution Network
The market is dominated by GE Healthcare in the year 2022 due to strong product portfolio and growing distribution network. The competitive landscape for the market is consolidated with key market players GE Healthcare, Koninklijke Philips N.V., and Canon Inc. They accounted for dominant share in the year 2022. Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote have been focusing on the introduction of new systems with advanced technologies.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Recent Product Launches, By Key Players
- Key Industry Developments - Mergers, Acquisition, and Partnerships
- Impact of COVID-19 on the Market
- Global Ultrasound Equipment Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast, 2019-2030
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
- Compact
- Table-top
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Application
- Radiology
- Gynaecology
- Cardiology
- Point of Care
- Urology
- Surgery
- Others (interventional radiology, veterinary)
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By End User
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
-
-
- Hospitals
- Clinics
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
-
- North America Ultrasound Equipment Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast, 2019-2030
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
- Compact
- Table-top
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Application
- Radiology
- Gynaecology
- Cardiology
- Point of Care
- Urology
- Surgery
- Others (interventional radiology, veterinary)
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By End User
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
-
-
- Hospitals
- Clinics
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
-
- Europe Ultrasound Equipment Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast, 2019-2030
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
- Compact
- Table-top
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Application
- Radiology
- Gynaecology
- Cardiology
- Point of Care
- Urology
- Surgery
- Others (interventional radiology, veterinary)
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By End User
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
-
-
- Hospitals
- Clinics
- Market Analysis, Insights and Forecast – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
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Toc Continue..
FAQs
How big is the Ultrasound Equipment Market?
=> The ultrasound equipment market size was valued at USD 8.70 billion in 2022 and is projected to reach a valuation of USD 9.32 billion in 2023. The market is expected to reach USD 15.21 billion by 2030 with a CAGR 7.3% during the forecast period.
What are the key factors driving the Ultrasound Equipment Market?
=> The rising prevalence of chronic diseases and the increasing geriatric population worldwide are the key drivers of the market.
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