The global ultrasound device market is projected to grow at a CAGR of 4.54% from the market size of US$6.532 billion in 2020 to US$8.913 billion in 2027 owing to the technological developments in the medical field, and expansions in applications of ultrasound techniques in diagnostic and therapeutic imaging.
Ultrasound is a technique that pictures the internal organ of a human body or internal body movements by using the sound wave. It helps to find out the cause of pain or swelling, diagnose the infection in the internal organs, and examine the fetus in pregnant women as well. Detection of cancer is also carried out with the help of ultrasound techniques. This technique is safer as compared to other conventional techniques. They are cost-effective and consume less time for detection. It can be carried out on the targeted organs rather than examining the whole body. Due to these factors, the implementation of these technologies is increasing in hospitals and healthcare centers. It is also expected to rise in upcoming years.
Rising prevalence of chronic diseases
The population with chronic diseases such as cardiovascular disorders, cancer, diabetes, and others is increasing day by day. This rise is mainly due to changing lifestyle, change in diet, the consumption of junk food, and overall underestimating the body health by a major part of the world population. This mainly includes the millennials. However, with the knowledge of the existence of such diseases, the health checkup is preferred by many individuals. This requires an overall diagnosis of the body. Moreover, due to the safe and cost-effective properties of ultrasound technology, health professionals prefer using it for checkups in therapeutic procedures.
As per the report by World Health Organization, in 2020, nearly 10 million deaths were caused due to cancer, among which lung cancer is termed to be one of the most common cancers. Furthermore, the new case of cancer includes breast cancer, skin cancer, colon, and rectum. The report also states that the availability of comprehensive treatment is in more than 90% of high-income countries. Yet it is available in less than 15% of low-income countries. Whereas a report by the World Health Organization in June 2021, 32% of death globally in 2019 were caused due to cardiovascular diseases. Among these, 85% were due to stroke and heart attack. To tackle this problem, the inclination toward prior check-ups increased. This expects an increase in demand for ultrasound technology.
The image-guided and minimally invasive therapies are increasingly adopted by many health professionals worldwide. The ultrasound industry is becoming a therapeutic technique for cancer, renal stones, and many other clinical conditions. It has been estimated that such efforts and developments will open new opportunities for the manufacturers of the ultrasound industry. And many success rates due to early treatments with the help of ultrasound check-up has also led to the implementation of ultrasound technology worldwide.
Despite expansion in advanced technologies, underdeveloped countries are still away from such developments due to low-economic income. The low demand from these countries is resisting the growth of ultrasound worldwide. Additionally, recent recalls of many ultrasound devices are also one of the resistances to the market growth. For example, a class 2 product that was a recall given by Koninklijke Philips in 2020 had a faulty cool function that could cause injury to a patient during the examination. This has created a threat to opt for a new recall in ultrasound devices.
Moreover, not every technician can handle the ultrasound equipment professionally; it requires proper training. The lack of trained technicians in many parts of the world is also predicted to hamper the growth of ultrasound technology expansion globally.
Europe is predicted to hold a major share
With the ongoing research and developments in the field of ultrasound, expansions in the clinical applications, and early commercialization of ultrasound devices in the countries such as France, Germany, the UK, and Italy, Europe is expected to hold a significant share in the ultrasound market in 2026.
The market players are implementing various strategies to boost market growth. One example is the emphasis on developing devices with artificial intelligence. For instance,
|Market size value in 2020||US$6.532 billion|
|Market size value in 2027||US$8.913 billion|
|Growth Rate||CAGR of 4.54% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Imaging, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Koninklijke Philips N.V., GE Healthcare, CANON MEDICAL SYSTEMS CORPORATION, Hitachi, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare, Samsung Meidson Co., Ltd., Esaote, Hologic Inc., Shimadzu Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the ultrasound device market size by 2027?
A1. The global ultrasound device market is projected to reach a market size of US$8.913 billion by 2027.
Q2. What is the size of the global ultrasound device market?
A2. Ultrasound Device Market was valued at US$6.532 billion in 2020.
Q3. What are the growth prospects for the ultrasound device market?
A3. The ultrasound device market is projected to grow at a CAGR of 4.54% during the forecast period.
Q4. What factors are anticipated to drive the ultrasound device market growth?
A4. The rising prevalence of chronic diseases is expected to drive the ultrasound market growth in the future.
Q5. Which region holds the largest market share in the ultrasound device market?
A5. Europe is expected to hold a significant share in the ultrasound device market owing to the ongoing research and developments in the field of ultrasound, expansions in clinical applications, and early commercialization of ultrasound devices.
Koninklijke Philips N.V.
CANON MEDICAL SYSTEMS CORPORATION
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Samsung Medison Co., Ltd.
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