The global ultrasound equipment market size was USD 7.26 billion in 2020. The market is projected to grow from USD 7.80 billion in 2021 to USD 12.93 billion in 2028 at a CAGR of 7.5% in the 2021-2028 period.This information is provided by Fortune Business Insights™, in its report, titled, “Ultrasound Equipment Market, 2021-2028.”
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According to our analysts, ultrasound utilizes high-frequency sound waves in order to take visuals of functional structures, which are then construed by healthcare experts to identify irregularities in a patient. This equipment is utilized to analyze numerous chronic conditions associated with crucial body parts such as blood vessels in the abdomen, heart, joints, and others.
Medical ultrasound is also popularly known as sonography and is measured to be one of the secure, non-invasive analytical procedures to inspect internal organs.
Ultrasound machines consist of a computer console, video monitor and an attached transducer. The transducer is a small hand-held device that resembles a microphone. Some exams may use different transducers
Asia Pacific held the maximum ultrasound equipment market shares and was worth USD 2.82 billion in 2020. The growth of this region is accredited to the incessant emphasis of key companies on novel product expansion in the region.
North America region held the second-highest global market share in 2020 owing to augmented sales quantities of these gadgets.
Europe is estimated to document a considerable CAGR during the forecast period owing to the broadening patient pool of the geriatric population going through prolonged conditions, coupled with the existence of well-established healthcare groundwork in nations such as the U.K., Germany, and other leading countries.
June 2020: Koninklijke Philips N.V., declared that the healthcare establishments in Japan permitted Lumify, which is its handheld solution. The company further intends to commercialize its great-quality transportable ultrasound device obtainable practically everywhere across Japan.
Drivers and Restraints
Introduction of Artificial Intelligence (AI) to Boost Ultrasound Equipment Market Potential
Few of the prominent market players are accentuating on developing progressive devices and systems incorporated with Artificial Intelligence (AI). This incorporation is being advocated to tackle and solve specific restrictions linked with orthodox devices such as long period of time consumed to carry out the investigation, poor image superiority in explicit cases, elevated reliance on operators to procure and deduce images, and so on.
Therefore, the presentation of innovative systems with artificial imaging by prominent players is anticipated to bolster the market growth during the upcoming years.
Developed economies account for a major share of the market, attributed to increasing prevalence of various diseases, well developed healthcare infrastructure, easy reimbursement, and government support for technological developments. Economic growth, increasing healthcare spending, improved standard of healthcare facilities are expected to fuel demand for new equipment in developing markets.
The insights for each vendor consists of:
- Company profile
- SWOT analysis
- Main market information
- Market share
On the basis of product, the ultrasound market is segregated into table-top & compact systems. The table-top segment held the maximum market share in 2020 owing to the greater rate of acceptance of table-top equipment in hospitals & clinics along with its moderately lesser cost than compact systems.
In terms of application, the global market is classified into radiology, gynecology, cardiology, Point of Care, Urology, Surgery, and others.
By end-user, the market is branched into hospitals and clinics.
With a geographical standpoint, the global market is further categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.