The Global Ultrasound Market in terms of revenue was estimated to be worth $6.7 billion in 2021 and is poised to reach $9.0 billion by 2026, growing at a CAGR of 6.3% from 2021 to 2026. Ongoing technological advancements in the field of diagnostic & therapeutic ultrasound imaging, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, and the growing applications of emerging ultrasound techniques (such as Doppler ultrasound in vascular imaging and 3D/4D ultrasound in oncology) are driving the growth of market.
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Diagnostic Ultrasound Industry Growth Dynamics
Market Growth Drivers
- Increasing prevalence of target diseases
- Rising patient preference for minimally invasive procedures
- Technological advancements
- Growing public and private investments, funding, and grants
- Increasing number of diagnostic centers & hospitals
Market Growth Opportunities
- Expanding applications of therapeutic ultrasound
- Emerging markets
- Development of POC ultrasound devices
Market Challenges
- Growing end-user preference for refurbished equipment
- Dearth of skilled and well-trained sonographers
RESTRAINTS
- Unfavorable healthcare reforms in the US
Key Market Players:
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), and FUJIFILM Holdings Corporation (Japan). The other prominent players operating in this market include Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisnate (US), and Chison Medical Imaging (China)
Ultrasound Market Segmentation:
By Technology
- Diagnostic Ultrasound
- Therapeutic Ultrasound
By Device Display
- Color Ultrasound
- B/W Ultrasound
By Portability
- Trolley/Cart-based Ultrasound Systems
- Compact/Handheld Ultrasound Systems
- Point-of-care (PoC) Ultrasound Systems
By End User
- Hospitals, Surgical Centers, and Diagnostic Centers
- Maternity Centers
- Ambulatory Care Centers
- Research and Academia
- Other End Users (physiotherapy clinics, independent associations, government organizations, and sports academies, among others)
Recent Developments
- In Sep 2021, GE Healthcare acquired BK Medical which extended GE Healthcare’s ultrasound portfolio into surgical visualization and boosted its growth in precision health.
- In Mar 2021, Koninklijke Philips N.V. partnered with DiA Imaging Analysis Ltd.; Philips will utilize/integrate DiA’s automated solutions with ultrasound systems to deliver operational efficiency and access to care for POC customers in and out of hospitals.
- In Dec 2020, Koninklijke Philips N.V. partnered with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery applications.
- In Oct 2020, GE Healthcare partnered with St. Luke’s University; GE has installed 76 ultrasound units to standardize the care in radiology, vascular, and echocardiography applications.
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