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2021
Ultrasound Devices Market

Ultrasound Devices Market by Product Type Diagnostic Ultrasound System, Therapeutic Ultrasound Systems), Application (Radiology/General Imaging, Obstetrics/Gynecology, Cardiology, Urology, Vascular and Others), device Display( Color Ultrasound Devices, Black & White (B/W) Ultrasound Devices and Device portability (Trolley/Cart-Based Ultrasound Devices, Compact/Handheld Ultrasound Devices): Global Opportunity Analysis and Industry Forecast, 2021-2028
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A01114
Pages: 225
May 2021 | 23974 Views
Author(s) : Surabhi Pandey , Onkar Sumant
Tables: 71
Charts: 61
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Ultrasound Devices Market Overview:

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. It can be described as the device that captures the internal organ images using high frequency sound waves.  Ultrasound system consists of a transducer and ultrasound detector, or probe. This diagnostic technique is minimally invasive and does not use the ionizing radiation to diagnose or treat the body ailments. 

Infographics_Ultrasound Devices Market

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The impact of COVID-19 pandemic is expected to remain moderate for medical device companies in the ultrasound devices industry. The companies are facing a setback, owing to the lockdown, which led to a drop in manufacturing and the patient flow reduced substantially. Also, the demand for ultrasound devices further reduced as the usage of imaging system decreased due to lack of need of emergency care. However, this lethal impact is being compensated by the use of imaging system in certain cases for diagnosis of COVID-19.

The growth of the global is majorly driven by rise in prevalence of chronic disorders such as cancer tumors, gallstones, and fatty liver disease among others, along with high spending on healthcare industry. Further, rise in awareness toward early disease diagnosis and technological advancement in ultrasound imaging devices are the major drivers that are anticipated to boost the demand of the market during the forecast period. However, the high cost of ultrasound devices is expected to restraint the usage of ultrasound imaging devices and is expected to slow down the growth of the ultrasound imaging devices market during the forecast period. 

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. By region, the ultrasound devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Product type segment review

By product type segment, the diagnostic ultrasound systems segment held the largest share in 2020 and is anticipated to maintain its dominance during the forecast period. This large share is due to advantage of the system that provides significant insights for the soft tissues without exposing patients to ionizing radiation. As a result, it is the most preferred medium of diagnosis in gynecology and obstetrics. It offers more realistic and complete imaging of internal organs. Moreover, ultrasound is less expensive as compared to CT, MRI and hysterosalpingogram, making ultrasound more accessible to a major share of patients.

Ultrasound Devices Market
By Product

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Diagnostic segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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Device portability segment review

Based on the device portability, the ultrasound devices market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices accounted for the larger share in 2020, whereas, compact/handheld ultrasound devices segment is the faster growing segment. Though the compact/handheld ultrasound devices segment is expected to grow at a high CAGR due to increased adoption of portable ultrasound devices for point-of-care applications, however, it cannot outpace the trolley/cart-based ultrasound devices as they offer more accurate diagnostic capabilities and high performance.

Ultrasound Devices Market
By Display Type

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Color ultrasound segment is projected as one of the most lucrative segment.

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Application segment review

On the basis of application, the radiology/general imaging segment contributed the highest revenue. This is owing to rise in number of abdominal examinations and increased adoption of ultrasound devices for diagnosis of abdominal disorders. In addition to this, the OB/GYN segment is expected to exhibit the fastest growth, during the forecast period due to the preferred diagnostic modality for obstetrics and gynecological problems (pregnancy, reproductive and fertility problems among others), which is expected to propel the industry growth.

Region segment review

By region, North America accounted for the largest 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, technological advancements, new products launch in the U.S., higher sale volume of ultrasound devices and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR during the forecast period owing to increase in geriatric population along with chronic disorder, and investments by the governments of Asian countries in the development of healthcare infrastructure.

Ultrasound Devices Market
By Country

2028
North America 
Europe
Asia-pacific
Lamea

Asia Pacific region would exhibit the highest CAGR of 6.4% during 2021-2028.

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List Of Key Companies

  • 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

Key Benefits For Stakeholders

  • This report entails a detailed quantitative analysis along with the current global ultrasound devices market trends from 2020 to 2028 to identify the prevailing opportunities along with the strategic assessment.
  • The ultrasound devices market forecast is studied from 2021 to 2028.
  • The ultrasound devices market size and estimations are based on a comprehensive analysis of key developments in the ultrasound device industry.
  • A qualitative analysis based on innovative products facilitates strategic business planning.
  • The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the ultrasound devices market.

Key Market Segments

By Device Display Type

  • Color Ultrasound Devices
  • Black & White (B/W) Ultrasound Devices

By product type 

  • Diagnostic Ultrasound Systems
    • 2D Imaging Systems
    • 3D & 4D Imaging Systems
    • Doppler Imaging
  • Therapeutic Ultrasound Systems
    • High-Intensity Focused Ultrasound (HIFU)
    • Extracorporeal Shockwave Lithotripsy (ESWL)

By Application 

  • Radiology/General Imaging
  • Obstetrics/Gynecology
  • Cardiology
  • Urology
  • Vascular
  • Others 

By Device Portability

  • Trolley/Cart-Based Ultrasound Devices
  • Compact/Handheld Ultrasound Devices

By Region 

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil 
    • South Africa
    • Saudi Arabia 
    • Rest of LAMEA
 

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The ultrasound devices market is expected to witness a steady growth in the future. The market has drawn the interest of the healthcare industry, owing to increase in prevalence of chronic disorders. The market growth is propelled by rising incidence and prevalence rate of chronic diseases that demand medical imaging for its diagnosis and treatment monitoring, which is one of the major factors that is driving the growth of the global ultrasound devices market. Further, owing to increase in technological advancements in ultrasound imaging such as 4D and high frequency focused ultrasound devices, a rising number of diagnostic imaging procedures, and increasing awareness among people regarding the importance of early disease diagnosis as a preventive measure are expected to drive the market growth. In addition, increase in product approval is expected to boost the market growth in the near future.

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FREQUENTLY ASKED QUESTIONS?

A. The key trends in the Ultrasound Devices Market are increase in adoption of ultrasound systems in obstetrics and gynaecology and increased prevalence and incidence rates of chronic diseases (such as heart disease, stroke, type II diabetes, and cancer)

A. No, there is no value chain analysis provided in the Ultrasound Devices Market report

A. The top companies that hold the market share in Ultrasound DevicesMarket are Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd and Koninklijke Philips N.V.

A. Yes, Ultrasound Devices Market companies are profiled in the report

A. The total market value of Ultrasound Devices Market is $8,475.8 million in 2020

A. The forecast period in the report is from 2021 to 2028

A. The market value of Ultrasound Devices Market in 2028 was $12,535.5 Million

A. The base year for the report is 2020

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