Ultrasound Equipment Market Size to Grow at a CAGR of 6.9% in the Forecast Period of 2023-2031
The ‘Global Ultrasound Equipment Market Share, Size, Price, Growth, Key Players, Analysis, Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global ultrasound equipment market, assessing the market on the basis of its segments like technology, device display, portability, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Ultrasound Equipment Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 7.72 billion
- Forecast CAGR (2023-2031): 6.9%
- Forecast Market Size (2031): USD 11.52 billion
The global ultrasound equipment market is expected to register growth during the forecast period on account of the evolving healthcare industry and the growing demand for minimally invasive procedures. An upsurge in the adoption of ultrasound equipment for diagnostic imaging as well as treatment, along with the surging incidences of lifestyle-related and chronic disorders is likely to propel the market growth of ultrasound equipment across the globe.
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With the growing technological advancements in ultrasound imaging technology and the increasing geriatric population, the ultrasound equipment market growth is expected to enhance over the coming years. The wide usage of ultrasound equipment in hospital settings coupled with the rise in the number of patients in hospitals with lifestyle-related disorders is expected to boost the market demand for ultrasound equipment globally.
The availability of portable ultrasound systems is likely to enhance the overall market demand from patient departments and OPD. Due to rise in the adoption of technologically advanced imaging systems and the increasing acquisitions and mergers among market players and hospitals, the demand for new ultrasound installations and the overall ultrasound equipment market is expected to bolster over the forecast period.
Ultrasound Equipment Industry Definition and Major Segments
Ultrasound machines are devices that utilise specific high-frequency sound waves that are sent in a targeted manner to different parts of the body. Based on the return path of the sound waves, interior structures of the body can be visualised. It is one of the most significant diagnostic devices in medical imaging as it is less expensive, fast, and relatively accurate. It is safer as compared to other imaging technologies because it does not use ionising radiation and magnetic fields.
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Based on technology, the market is segmented into:
- Diagnostic Ultrasound
- 2D Ultrasound
- 3D and 4D Ultrasound
- Doppler Ultrasound
- Therapeutic Ultrasound
- High-Intensity Focused Ultrasound (HIFU)
- Extracorporeal Shockwave Lithotripsy (ESWL)
By device display, the market is bifurcated into:
- Colour Ultrasound
- B/W Ultrasound
Based on portability, the market is classified into:
- Trolley/Cart-based Ultrasound Systems
- Compact/Handheld Ultrasound Systems
- Point-of-care (PoC) Ultrasound Systems
By application, the market is categorised into:
- Radiology/General Imaging
- Orthopaedic and Musculoskeletal
- Pain Management
Based on end use, the market is classified into:
- Hospitals, Surgical Centres, and Diagnostic Centres
- Maternity Centres
- Ambulatory Care Centres
- Research and Academics
On the basis of region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Ultrasound Equipment Market Trends
Geographically, the North American region is anticipated to drive the ultrasound equipment market growth on account of the strong presence of significant market players like GE Healthcare. The increasing number of new cases of cancer along with the increase in the adoption of advanced technology is further boosting the market demand for ultrasound equipment across the region.
With the emerging product innovations and launches in North America, especially in the United States, the market growth of ultrasound equipment is likely to fuel the over the upcoming years. The well-established healthcare infrastructure in the region and the increasing adoption of AI-assisted technology is further expected to aid the market growth of ultrasound equipment across North America.
Meanwhile, the Asia Pacific region is expected to gain momentum in the ultrasound equipment market share over the coming years on account of the rising demand for improved imaging devices. The growing healthcare industry along with improving healthcare services and emerging economies like Japan, India, and China are expected to fuel the market growth over the upcoming years in the region.
Key Market Players
The major players in the ultrasound equipment market report are:
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Hitachi, Ltd.
- Siemens Healthineers AG
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