Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Ultrasound Device Market Size, Share & Trends Analysis Report By Portability (Handheld, Compact), By Application (Cardiology, Radiology), By Product, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global ultrasound device market size is anticipated to reach USD 13.07 billion by 2030. The market is projected to grow at a CAGR of 4.21% from 2023 to 2030
The forecast for the market indicates a consistent and robust growth trajectory in the coming years. Several factors contribute to this positive outlook, including the increasing adoption of ultrasonography for both diagnostic and therapeutic purposes, ongoing technological advancements, and a continuous stream of product launches by key market players.
Innovations in ultrasound technology play a pivotal role in expanding the market's scope. Hand-held ultrasound devices, for instance, have democratized access to this technology, making it available even in resource-constrained communities worldwide. Additionally, the introduction of 3D/4D ultrasound and the integration of artificial intelligence (AI) to automate time-consuming processes are poised to be significant drivers of market growth in the foreseeable future.
For instance, in July 2023, FUJIFILM introduced the Sonosite ST, featuring a 21-inch touchscreen with an intuitive all-touch interface, a spacious 10' by 7.5' image area, automated optimization settings for various types of examinations, and Auto Steep Needle Profiling (SNP). This addition complements the Sonosite PX and Sonosite LX, belonging to the same transducer family, ensuring seamless system compatibility.
The increasing utilization of ultrasound equipment in both diagnostic imaging and therapy, coupled with the growing prevalence of chronic and lifestyle-related diseases, stands out as a key driver for market growth. Ultrasound technology finds applications in various medical fields such as cardiology, obstetrics/gynecology, vascular, orthopedics, and general imaging. The rising incidence of cardiac disorders, in particular, is expected to drive market expansion on a global scale.
According to the World Health Organization (WHO), cardiovascular diseases (CVDs) remain the leading cause of death worldwide, claiming nearly 17.9 million lives annually. Furthermore, data from the Centers for Disease Control & Prevention (CDC) in the United States reveals that approximately 805,000 people experience heart attacks each year, with about 1 in 20 adults aged 20 and older suffering from coronary artery disease.
The market landscape features established industry leaders such as GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Mindray Medical International Limited, Samsung Medison Co., Ltd., and FUJIFILM SonoSite, Inc. These companies employ various strategies to maintain their market dominance.
However, emerging players like Butterfly Network, Clarius, EchoNous, Inc., Insightec, and Exo Imaging, Inc. are making significant strides in the point-of-care ultrasound devices sector through robust technological advancements and strategic initiatives. For example, in June 2023, UltraSight and EchoNous announced a partnership aimed at providing convenience to medical providers performing cardiac ultrasounds and increasing patient access to cardiac care. This partnership was revealed at ASE 2023, a prominent convention uniting echo experts.
Regarding product segments, the diagnostic ultrasound devices segment held the largest revenue share, exceeding 84.37% in 2022. This can be attributed to the growing demand for enhanced diagnostic tools, including miniaturized 2D and 3D/4D ultrasound devices.
The therapeutic ultrasound devices product segment is poised for significant growth in the forecast period, reflecting the increasing utilization of ultrasound for therapeutic applications.
In terms of portability, cart/trolley-based devices dominated with a revenue share of over 67.83% in 2022. These devices offer the advantage of mobility, eliminating the need to transport critical patients and enabling on-site examinations, whether in an Intensive Care Unit (ICU) or emergency department.
Within the application segment, radiology emerged as the leader with a revenue share of more than 22.31% in 2022. The integration of artificial intelligence into radiology practices is a driving force behind this segment's growth. Furthermore, the rising number of mergers and acquisitions among key industry players aimed at expanding product portfolios contributes to market expansion.
In terms of end-use, hospitals claimed the largest revenue share, accounting for 40.37% in 2022. This trend is expected to persist as ultrasound devices continue to play a pivotal role in hospital settings, serving a growing number of patients with various lifestyle-related ailments.
Geographically, North America held the largest revenue share of 30.04% in 2022, while the Asia Pacific region is anticipated to exhibit the fastest compound annual growth rate (CAGR) during the forecast period. This rapid growth is fueled by the increasing demand for advanced imaging devices in the region.
In summary, the ultrasound market's future looks promising, driven by technological innovations, expanding applications, and a growing demand for improved healthcare imaging solutions across the globe.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $9.42 Billion |
| Forecasted Market Value (USD) by 2030 | $13.07 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Market Dynamics
Market driver analysis
- Increasing adoption of ultrasound devices for diagnosis and treatment
- Rising demand for minimally invasive surgical procedures
- Technological advancements
Market restraint analysis
- Lack of skilled professionals
- Limitations of ultrasound imaging
Ultrasound Devices Market Analysis Tools
- Industry Analysis - Porter's
- PESTEL Analysis
- Major Deals & Strategic Alliances Analysis
- Market Entry Strategies
Competitive Landscape
- Koninklijke Philips N.V.
- GE Healthcare
- Siemens Healthineers AG
- Canon Medical Systems
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- FUJIFILM SonoSite, Inc.,
- Konica Minolta Inc.
- Esaote
For more information about this report visit https://www.researchandmarkets.com/r/tjxb65
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