Number of pages: 120 | Report Format: PDF | Published date: 27 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global ultrasound market was pegged at ~US$ 5.85 billion in 2020 and is expected to witness a CAGR of ~5.7% during the forecast period.
Ultrasound is an imaging technique that uses high-frequency sound waves to create images of structures within a personâs body. These images provide valuable information that can be used for diagnosis and treating various diseases and conditions. Ultrasound imaging is a non-invasive diagnostic method as it does not involve the use of any radiations. Diagnostic ultrasound scans are also known as sonography or diagnostic medical sonography.
Ultrasound can be used for examining various parts of the body such as kidneys, liver, brain, ovaries, pancreas, spleen, thyroid, uterus, among others. Ultrasound is also used to diagnose a variety of heart conditions, guide biopsy procedures, detection of tumors, monitor the growth and development of the fetus, among others. images are displayed in either 2D, 3D, or 4D. Doppler ultrasound is used for measuring and visualizing blood flow in vessels within the heart.
The global ultrasound market is mainly driven by the increasing incidence of chronic diseases coupled with a rising preference for minimally invasive diagnostic procedures among patients. Moreover, increasing applications of ultrasound in the early diagnosis of diseases, technological advancements, and new product launches are also playing a key role in driving the ultrasound market. However, the product recalls and dearth of skilled professionals are likely to restrain the market growth to a certain extent.
The global ultrasound market has been analyzed from six perspectives: Technology, Device Display, Portability, Application, End User, and Region.
Ultrasound Market by Technology
Based on the technology, the ultrasound market has been segmented into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment is further sub-segment into 2D ultrasound, 3D & 4D ultrasound, and doppler ultrasound. The therapeutic ultrasound segment is further bifurcated into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). The diagnostic ultrasound segment held the largest market share in the ultrasound market. Factors such as technological advancements and increasing applications of ultrasound in the diagnosis of various conditions such as tumors, cardiovascular diseases, pain management, among others are driving the growth of this segment.
Ultrasound Market by Device Display
Based on the device display, the ultrasound market has been segmented into black & white (B/W) ultrasound and color ultrasound. The color ultrasound segment is expected to hold the largest market share during the forecast period. Factors such as increasing awareness regarding the advantages of using color ultrasound in diagnosis and new product launches are driving the segmental growth.
Ultrasound Market by Portability
Based on the portability, the ultrasound market has been segmented into compact/handheld ultrasound systems and trolley/cart-based ultrasound systems. Trolley/cart-based ultrasound systems segment is anticipated to witness the highest CAGR during the forecast period. Advantages of cart-based ultrasound such as accurate and instant diagnosis, improved ease of operation, and convenience for patients has led to increasing adoption of trolley/cart-based ultrasound systems in point of care settings and played a key role in propelling the segmental growth.
Ultrasound Market by Application
Based on application, the market has been segmented into radiology, gynecology, cardiology, urology, oncology, and orthopedic & musculoskeletal, and other applications. Radiology application segment held the largest market share in the ultrasound market. Key factors driving the segmental growth include the growing adoption of focused ultrasound in therapies, the increasing number of image-guided surgical procedures, and the increasing application of general ultrasound imaging in the diagnosis of various diseases.
Ultrasound Market by End User
Based on end-user, the market has been segmented into hospitals & surgical centers, diagnostic centers, maternity centers, ambulatory care centers, and other end users. The hospitals & surgical centers segment held the largest market share owing to increasing patient admissions in hospitals for diagnosis and the increasing number of ultrasound-guided surgical procedures performed in hospitals and surgical centers.
Ultrasound Market by Region
Based on the region, the global ultrasound market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global ultrasound market. The U.S dominated the North American ultrasound market. Factors driving growth in this region include growing adoption of home healthcare and remote patient monitoring, rising awareness about early disease diagnosis, growing patient preference for minimally invasive procedures, incessantly rising incidence of chronic diseases (such as heart disease, stroke, type 2 diabetes, and cancer), rising geriatric population and well-developed healthcare infrastructure. Moreover, the increasing focus of players in the market to launch new ultrasounds has also played a key role in driving the growth of the ultrasound market in this region.
Some of the prominent players operating in the global ultrasound market includes:-