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HEALTHCARE & PHARMACEUTICAL

Ultrasound Devices Market Segmentation by Application (Radiology, Gynecology, Cardiology, Urology, and Vascular); by Technology (2D Ultrasound Imaging, 3D and 4D Ultrasound Imaging, Doppler Imaging, and High-intensity Focused Ultrasound); and by End-User (Hospitals, Clinical Centers, and Research Centers) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • May 04, 2022: Penta Hospitals Internationals and Siemens Healthineers announce a new value partnership to enhance healthcare in Slovakia.

  • March 02, 2021: Philips joins hands with DiA Imaging Analysis for enhancing ultrasound with AI-based image quantification.

Global Ultrasound Devices Market Highlights Over 2022 - 2031

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.

Ultrasound Devices Market

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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.

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita, (USD), 2015-2018

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.

Global Ultrasound Devices Market Regional Synopsis

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.

Ultrasound Devices Market Share

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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 

Market Segmentation 

  • Our in-depth analysis of the global ultrasound devices market includes the following segments:  

By Application 

  • Radiology
  • Gynaecology
  • Cardiology
  • Urology
  • Vascular 

By Technology 

  • 2D Ultrasound Imaging
  • 3D and 4D Ultrasound Imaging
  • Doppler Imaging
  • High–Intensity Focused Ultrasound

By End-User

  • Hospitals
  • Clinical Centres
  • Research Centres

Growth Drivers  

  • Growing Worldwide Population
  • Increasing Number of Stomach and Lung Cancers

Challenges  

  • High Cost of the machine

Top Featured Companies Dominating the Market 

  • Koninklijke Philips N.V.,
  • Company Overview 
  • Business Strategy 
  • Key Product Offerings 
  • Financial Performance                            
  • Key Performance Indicators 
  • Risk Analysis 
  • Recent Development 
  • Regional Presence 
  • SWOT Analysis 
  • General Electric Company                
  • Siemens Healthcare GmbH
  • Canon Medical Systems Corporation
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Samsung Medison Co., Ltd.
  • FUJIFILM Sonosite, Inc.
  • Konica Minolta, Inc.
  • Shantou Institute of Ultrasonic Instruments Co.,
  • Terason Divison Teratech Corporatio

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