The global ultrasound equipment market is expected to grow at a CAGR of around 6.3% from 2019 to 2026 and expected to reach the market value of around US$ 10 Bn by 2026.
Ultrasound is a medical imaging technology that uses sound waves to produce pictures of body’s inside part. It helps to diagnose swelling, pain, and infection in internal organs and to examine a baby in pregnant women. Ultrasound is also assist in performing types of biopsy and for therapeutic purpose. The equipment has a small probe, a transducer and gel placed on the skin. High-frequency sound waves travel through the gel from the probe into the body. The probe collects the sounds that bounce back from the internal organs. A computer system uses these sound waves to create an image. The image produced by the system can be color or black & white based on the technology. Ultrasound does not use radiations as used in x-rays and hence the procedure is safe and painless.
Large number of technological advancements including 3D & 4D imaging in ultrasound equipment, entry of various regional market players that offers cost effective compact devices, increase in prevalence of chronic diseases such as heart disease, cancer, and diabetes, rise in awareness about early diagnosis, and demand for minimal invasive therapies are some of the key driving factors of the ultrasound equipment market.
Introduction of various innovative products by the multinational as well as regional players is anticipated to boost the market in coming years. Various regional players are present in the market, still GE Healthcare, Philips Healthcare, and Toshiba Medical captured about 55% of the overall ultrasound equipment market.
Based on portability, the ultrasound equipment market is segmented into trolley/cart based, compact, and handheld ultrasound. Trolley or cart based ultrasound equipment accounted for the largest share of the market in 2018. However, handheld ultrasound equipment segment is anticipated to grow at the fastest rate and will gain more share during the forecast period. Increasing interest in these devices due to ease of application and comparatively lower in cost than trolley & compact devices and introduction of several new products are the key factors for the growth of the segment during the forecast period. .
Based on application, the market has been segmented into obstetrics/gynecology, general imaging, vascular applications, cardiologic applications, orthopedic applications, urological applications, pain management, and other applications. General imaging accounted for the largest share of the market in 2018. Technological advancement, rising cancer incidence, and the increasing adoption of focused ultrasound for disease therapies are boosting the application of ultrasound equipment for general imaging.
Display Type Analysis
Based on the type of equipment display, the market is divided into black & white ultrasound equipment and color devices. This can be attributed to high adoption of technologically advanced ultrasound equipment and growing awareness about advantages associated with color equipment. Based on technology, the market is further divided into therapeutic ultrasound and diagnostic ultrasound. The diagnostic segment accounted for the largest share of the market in 2018 due to significant usage of 2D ultrasound in women’s health and the growing applications of emerging ultrasound techniques.
North America dominated the global ultrasound equipment market in 2018 and is anticipated to maintain its dominance during the forecast period. This can be attributed to local presence of major market players, technological advancement in the field increases the efficiency and accuracy of the test, high healthcare awareness, and supportive reimbursement for diagnostic testing. Furthermore, increasing demand from low and middle income countries from the regions of Asia Pacific and Latin America are likely to propel the market growth during the forecast period. Asia pacific is expected to grow at the fastest rate during the forecast period due to investment by market players, development by local companies, increasing awareness about ultrasound techniques, growing number of well-equipped hospitals and diagnostic laboratories, and large population base. India, China, and Japan are the major contributing countries in this region. However, distribution challenges and shortage of skilled medical personal are some of the limiting factors of this region.
The market research study on “Ultrasound Equipment Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global ultrasound equipment market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global ultrasound equipment market, its portability, its application, its display, technology, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global ultrasound equipment market size and segment markets by portability, by application, by equipment display, by technology, and geography along with the information on companies operating in the market. The ultrasound equipment market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
The players profiled in the report include GE Healthcare, Philips Healthcare, Toshiba Medical, Hitachi-Aloka Medical, Siemens Healthineers, Mindray, Samsung Medison, Fujifilm Sonosite, Esaote, and Analogic. Introduction of innovative devices and partnerships or collaborations for development, manufacture, and commercialization of devices are the key strategies being adopted by the competitors.
By Equipment Display
According to Acumen Research and Consulting, the ultrasound equipment market size is anticipated to be around US$ 10 Bn in 2026.
The ultrasound equipment market is anticipated to grow over 6.3% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for ultrasound equipment market.
Asia Pacific is projected to grow at a fast pace during forecast period in the ultrasound equipment market.
In 2018 general imaging segment accounted for the largest share of the market ultrasound equipment in 2018.
GE Healthcare, Philips Healthcare, Toshiba Medical, Hitachi-Aloka Medical, Siemens Healthineers, Mindray, Samsung Medison, Fujifilm Sonosite, Esaote, and Analogic are the top players operating in the ultrasound equipment market.