The global ultrasound devices market is estimated to garner ~5% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to a rise in the occurrence of diseases such as tumours, cysts, abnormal enlargement of the spleen, gallstones, fatty liver, and abnormal growth in the pancreas. The Ultrasound device helps to diagnose the cause of swelling, infection, or pain in the internal organ of the body. The device also helps in examining an unborn child in pregnant women. It is estimated that there are approximately 250 babies born every minute. Moreover, according to a data published by Beth Israel Deaconess Medical Centre, most healthy women receive at least two ultrasound scans during pregnancy which is the reason why the global ultrasound devices market is expected to grow significantly over the forecast period.
Moreover, governments are investing heavily in developing their healthcare infrastructure and it is estimated that more than USD 50 billion has been invested in global health tech in the year 2021. Governments are trying to equip hospitals with proper equipment and machines, owing to which the global ultrasound devices market is projected to grow over the forecast period.
Get more information on this report: Request Sample PDF
The market is segmented by end-user into hospitals, clinical centers, and research centers, out of which, the hospitals segment is anticipated to hold the notable share in the global ultrasound devices market during the forecast period, on account of rising patient flow in the hospitals. The National Centre for Biotechnology Information states that 1 in 3 adults is suffering from multiple chronic conditions, which is the reason hospitals are witnessing unprecedented patient flow.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global ultrasound devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of the presence of well-established healthcare infrastructure and high expenditure on R&D activities which leads to technological advancements. American Cancer Society stated that Stomach Cancer accounts for about 1.5% of all new cancers diagnosed. The Ultrasound devices are efficient for stomach cancer diagnosis. Hence the global ultrasound device market is expected to grow on the back of prevailing stomach cancer patients in the region.
Furthermore, the global ultrasound device market in the Asia Pacific region is projected to grow significantly during the forecast period. The region consists of highly populous nations such as, China and India. According to data released by UNICEF, every day 67,385 babies are born in India. On account of the constantly rising population, the Asia Pacific region is estimated to witness substantial growth over the forecast period.
Get more information on this report: Request Sample PDF
The global ultrasound devices market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
The growing worldwide population and an increasing number of cancer patients are the major factors driving the growth of the global ultrasound devices market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
The major players in the market are Samsung Medison Co., Ltd., FUJIFILM Sonosite, Inc., ESAOTE SPA, KONICA MINOLTA, INC., and Shantou Institute of Ultrasonic Instruments Co.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, technology, end-user, and by region.
The hospital sub-segment is anticipated to hold the largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of ultrasound devices is estimated to hamper the market growth.
The North America region is estimated to provide more business opportunities for the growth of the global ultrasound devices market during the forecast period on the back of developed healthcare sector.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization