The ultrasound equipment market size is expected to reach valuation US$ 12.3 billion by 2028 from valued at US$ 7.58 billion in 2021, poised to grow at a noteworthy CAGR of 7.3% from 2021 to 2030.
The ultrasound equipment market size is expected to reach valuation US$ 12.3 billion by 2028 from valued at US$ 7.58 billion in 2021, poised to grow at a noteworthy CAGR of 7.3% from 2021 to 2030.
Growth Factors
With surging prevalence of chronic diseases among the global population and rapidly growing geriatric population, the demand for the ultrasound equipment is rising across the globe for the diagnosis of various diseases associated with important body parts such as joints, heart, abdomen, and blood vessels. The non-invasiveness, accurate results, and safe diagnostics of internal organs are the prominent factors that has propelled the growth of the ultrasound equipment market. The rising demand for the diagnosis of various diseases and the technological advancements in the field of diagnostics has positively favored the growth of the ultrasound market. The latest product launches loaded with innovative and advanced features is expected to augment the demand for the ultrasound across the healthcare sector.
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Report Highlights:
- Based on product, the table top segment dominated the market accounting for the largest share of revenue in 2020. The low-cost and suitability of the table top ultrasound equipment in the healthcare units has resulted in its increased adoption. The rising government expenditure on the development of advanced healthcare infrastructure and the adoption of advanced diagnostic equipment is expected to fuel the growth of the market during the forecast period.
- On the basis of end user, the hospitals was the leading segment in the ultrasound equipment market in 2020. This is solely attributed to the increased adoption of the ultrasound equipment in the hospitals across the globe owing to the higher number of patients preferring for hospital admissions and the demand for the ultrasound diagnosis is high. The rapidly growing number of private and multispecialty hospitals across the globe is further expected to boost the demand for the ultrasound equipment.
- By application, the gynecology is expected to be the fastest-growing segment during the forecast period. The rising infertility rates, growing complexities in the pregnancies, and rising demand for the ultrasound diagnosis during pregnancies is fostering the market growth. According to NCBI, in US, average number of ultrasound diagnosis operated during pregnancy had witnessed an increased from 1.5 in 1995 to 2.7 in 2006.
- North America was the leading ultrasound equipment market in 2020. The increased prevalence of various chronic diseases, higher geriatric population, increased demand for diagnosis, increased awareness regarding the benefits of early diagnosis, and higher healthcare expenditure are several prominent factors that has propelled the market growth in this region. Furthermore, the favorable government policies pertaining to the reimbursements has favored the growth of the ultrasound equipment market. The presence of top manufacturers and the higher volume of patients across the various healthcare units in the region has created a huge demand for the various ultrasound equipment.
- Asia Pacific is estimated to be the most lucrative market during the forecast period. Asia Pacific is witnessing a rising prevalence of chronic diseases, rising geriatric population, and growing number of hospitals, which is fueling the demand for the ultrasound equipment. Moreover, the higher preference for the ultrasound diagnosis owing to its low cost, safety, and non-invasiveness has spurred its demand across the Asia Pacific region. The rising government investments in the development of Smart hospitals are presenting a lucrative growth avenues for the market players.
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Future of Ultrasound Equipment Market
The introduction of latest technologies like artificial intelligence (AI) in the ultrasound equipment is shaping the future of the market. Samsung Medison introduced its RS85 Prestige ultrasound solution that hasenhanced and efficient scanning feature. This product was launched at the Radiological Society of North America that helped the company to strengthen its market position.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had a negative impact on the global ultrasound equipment market in 2020.
- The unfavorable changes in the government regulations has led to the decline of the market.
- The lower physician visits and increased focus on the COVID-19 patients led to the reduced usage of ultrasound equipment.
- The disruptions in the supply chain and challenges associated with the procurement of the raw materials hampered the production during the pandemic.
Key Developments in the Marketplace:
- In August 2020, Koninklijke Philips introduced its Affinity CVx, a cardiovascular system at the European Society of Cardiologyannual meet. Affinity CVx aimed at enhancing the operationsin the cardiology department of the healthcare units.
- In September 2021, GE Healthcare completed the acquisition of BK Medical. This acquisition was aimed at expanding the ultrasound equipment portfolio of GE Healthcare.
Segments Covered in the Report
By Product
- Table-top
- Compact
By End User
- Hospitals
- Clinics
By Application
- Gynecology
- Cardiology
- Radiology
- Urology
- Point of Care
- Surgery
- Others
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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