The global ultrasound devices market size was valued at $8,475.8 million in 2020, and is projected to reach $12,535.5 million by 2028, registering a CAGR of 5.3% from 2021 to 2028.
Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high frequency sound waves to visualize the internal organs of the body. An ultrasound system is equipped with a probe, which transmits the high frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the body organs into the probe. These transmitted waves are then taken to a display machine that generates the image with the help of echoes. Ultrasound systems are used to visualize liver, kidneys, blood vessels, heart, human fetus and other organs.
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Some of the key players operating in the ultrasound devices market are Konica Minolta Inc., Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Medison Co. Ltd., Siemens Healthcare and Toshiba Corporation.
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- By product type, the diagnostic ultrasound systems segment occupied the largest market share in the global ultrasound devices market in 2020.
- By application, the radio/General imaging segment is anticipated to grow with the highest CAGR during the forecast period.
- By device portability, the trolley/cart-based ultrasound devices segment held the largest ultrasound devices market share in 2020, and is anticipated to maintain its dominance during the forecast period.
- The U.S. contributed the highest revenue in 2020 in the market.
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The COVID-19 pandemic is expected to remain moderate for ultrasound device market owing to lockdown, which reduced the patient flow and manufacturing process. But increase in demand for handheld ultrasound massively in 2020, with the technology becoming a frontline diagnostic tool for COVID patients. The availability of affordable and fit-for-purpose handheld ultrasound has helped hospitals to deal with more patients. Furthermore, imaging is a crucial component in the management of COVID-19 patients. Point-of-care ultrasound (POCUS) such as hand-carried ultrasound, emerged in the COVID-19 era as a tool that can simplify the imaging process of COVID-19 patients, and potentially reduce the strain on healthcare department. The growth of the ultrasound devices market growth is majorly driven due to rise in rapid technological advancements (such as 3D & 4D imaging, and Doppler imaging) in ultrasound systems. Moreover, increased prevalence and incidence rates of chronic diseases (such as heart disease, stroke, type II diabetes, and cancer), rise in birth rate, increasing number of ultrasound diagnostic imaging procedures, demand for minimal invasive therapies, and rise in awareness for early disease diagnosis is supplementing the market growth. However, there are few limitations of ultrasound imaging such as sensitivity limitations. The major drawback of ultrasound is that obesity limits the proper scanning of the organs, which hamper the ultrasound devices market growth in future.
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Ultrasound devices market is segmented on the basis of product type, device display, device portability, application, and region. Based on product type, the market is categorized into two major device segments, namely, diagnostic ultrasound systems and therapeutic ultrasound systems. Based on the type of device display, the market is categorized into two major devices, namely, color ultrasound devices and black & white (B/W) ultrasound devices. Based on device portability, the market is categorized into two major devices, namely, trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. Based on application, the market is categorized into six major segments, namely, radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular and other emergency clinical applications. Among these, the radiology/general imaging segment was the highest revenue contributor. This is owing to the rise in number of abdominal examinations and increased adoption of ultrasound devices for diagnosis of abdominal disorders. By region, the ultrasound devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for the largest market share in 2020, and is anticipated to maintain its dominance from 2020 to 2028 due to high expenditure on R&D, presence of major players & their product availability, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR during the forecast period as governments of Asian countries are investing in the development of healthcare infrastructure.
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