The Global Ultrasound Market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The increasing patient population, rising prevalence of chronic diseases, and rising focus on non-invasive procedures are expected to drive the market during the forecast period.
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Ultrasound Market Dynamics
Driver: Increasing prevalence of target diseases
The burden of chronic and lifestyle diseases has increased in recent years. The burden of cancer, for example, is expected to increase from 14.1 million new cases to 19.3 million new cases during 2012– 2020 (Source: GLOBOCAN, 2020). The number of new cases reported annually in India and Africa is expected to increase from 1.0 million to 1.2 million and 0.84 million to 1.05 million, respectively, during 2012–2020. According to the American Cancer Society and the National Cancer Institute, in 2018, over 265,000 new cases of invasive breast cancer were diagnosed among women in the US, with 63,960 new cases of non-invasive (in situ) breast cancer (Source: Breastcancer.org). In Canada, as many as 26,900 women were diagnosed with breast cancer in 2019. Breast cancer accounted for around 25% of new cancer cases and 13% of cancer deaths in women (Source: Canadian Cancer Society).
Restraint: Unfavorable healthcare reforms in the US
In August 2012, the US government planned to reduce Medicare spending by USD 716 billion over the next 10 years (until 2022). As part of this, a 2% cut was announced in Critical Access Hospitals (CAH) Medicare payments (effective from April 2013). The government also imposed a 2.3% excise duty on the domestic sales of taxable medical devices effective from 2013 (under PPACA, 2010). Many industry participants expect that this health reform will negatively affect the cash flow for medical device companies operating in the US (including those involved in the manufacturing and marketing of ultrasound systems). This may limit the adoption of such devices in the US, as a number of healthcare facilities depend on government funds for purchasing high-end, highly expensive instruments.
Since the US accounts for the second-largest share in the global ultrasound industry, ongoing healthcare reforms in the US can be expected to affect the market as a whole.
Opportunity: Expanding applications of therapeutic ultrasound
Minimally invasive therapies and image-guided procedures are increasingly being adopted by healthcare professionals and patients across the world. The ultrasound industry has witnessed a significant shift from being a conventional diagnostic modality for OB/GYN imaging to a therapeutic technique for renal stones, cancers, and other clinical conditions. This trend is expected to be further propelled by ongoing clinical studies to establish the efficacy & safety profile for ultrasound in specific applications.
Challenge: Growing end-user preference for refurbished equipment
Due to the high prices of novel ultrasound technologies (such as focused ultrasound) and budgetary constraints faced by small-sized healthcare providers, the preference for refurbished ultrasound equipment has grown. For instance, a typical 3D/4D ultrasound system costs USD 20,000–75,000 in North America, while a refurbished 3D/4D ultrasound system costs USD 5,000–40,000. The growing preference for refurbished systems is therefore expected to pose a significant challenge to market growth.
By technology, the NIR devices segment accounted for the largest share of the ultrasound industry in 2022
Based on technology, the global ultrasound market is segmented into therapeutic, diagnostic, and contrast enhanced ultrasound. In 2022, the diagnostic ultrasound segment accounted for the largest market share. The rising adoption for the non-invasive procedures and the need for better turnaround time, high-image resolution, real-time image guidance during surgeries and enhanced precision is driving the segment growth.
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By application, the preclinical applications segment of the ultrasound industry to register significant growth in the near future
Based on application, the ultrasound market is divided into eight segments—radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Major share of the segment is attributed to the increasing number of radiology centers and the growing use of ultrasound for general imaging and diagnosis purpose.
By end user, the hospitals and surgical centers companies segment accounted for the largest share of the ultrasound industry in 2022
On the basis of end user, the ultrasound market has been segmented into hospitals, surgical centers, and diagnostic centers; ambulatory care centers; maternity centers; research and academia; and other end users (including physiotherapy centers, independent industry associations, government organizations, and sports academies). However, the ambulatory care centers segment is estimated to grow at the highest CAGR during the forecast period.
By region, North America is expected to be the largest region in the ultrasound industry during the forecast period
North America, comprising the US and Canada, accounted for the largest market share in 2022. The large share of ultrasound market can primarily be attributed to the high healthcare spending, rising geriatric population, the rising prevalence of target diseases, growing number of cosmetic surgeries, and rapid adoption of technologically advanced imaging systems.
Prominent Players:
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), and Hologic, Inc. (US)
Recent Developments of Ultrasound Industry
- In February 2023, GE HealthCare has acquired Caption Health, thereby expanding the capabilities of ultrasound technology to assist new users through FDA-cleared, AI-powered image guidance. By leveraging Caption AI applications, ultrasound examinations can be streamlined, accelerating the process and empowering a wider range of healthcare professionals to perform fundamental echocardiogram exams.
- In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
- In April 2022, The enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.
Objectives of the Study
- To define, describe, and forecast the ultrasound market based on technology, display, component, portability, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
Report Link: ( Ultrasound Market )
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