Diagnostic Ultrasound Market

Global Diagnostic Ultrasound Market is valued at USD 7.0 Billion in 2021 and is expected to reach USD 9.2 Billion by 2028 with a CAGR of 4.0% over the forecast period.

Global Diagnostic Ultrasound Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: The rising Geriatric Population,  increasing Prevalence of Chronic Diseases, and the Introduction of Artificial Intelligence in Diagnostic Ultrasound are some of the major factors driving the growth of the Global Diagnostic Ultrasound Market.

Scope-

A non-invasive diagnostic method for imaging within the body is diagnostic ultrasound. The sound waves that ultrasound probes, also known as transducers, emit are above the human hearing threshold (above 20 KHz), however, the majority of transducers now in use operate at significantly higher frequencies (in the megahertz (MHz) range). The majority of ultrasonic diagnostic probes are applied to the skin. However, probes may be inserted into the body via the gastrointestinal system, vagina, or blood arteries to improve picture quality. Additionally, ultrasound can be applied during surgery by inserting a sterile probe into the surgical site.

Anatomical and functional ultrasonography are subcategories of diagnostic ultrasound. Images of internal organs or other structures can be seen on anatomical ultrasonography. In order to build "information maps," functional ultrasonography combines anatomical pictures with data on the movement and velocity of tissue or blood, the softness or hardness of tissue, and other physical qualities. These maps help medical professionals in understanding functional variations or changes within a structure or organ.

COVID-19 Impact-

The Covid-19 epidemic has generally had a negative impact on the market. Worldwide interruptions in the medical equipment supply chain have been caused by the epidemic. Some of the top ultrasound market players have experienced supply chain interruptions, particularly as a result of distributors in badly affected growing nations like China, India, Brazil, and others. On the other hand, the lack of locally obtained raw materials or parts has had an impact on the manufacturing capability of a few businesses.

In 2020, Koninklijke Philips N.V. reported a -8.2% loss in sales from the ultrasound market. In 2020, the division brought in USD 1,858.0 million in sales for the company, down from USD 2,024.9 million in 2019. Additionally, In 2020, the medical systems division of CANON MEDICAL SYSTEMS CORPORATION had a fall in revenues of -0.6%. The company's medical imaging equipment's decreasing demand was the main cause of the drop.

Key Players-

In order to increase their client base and capture a significant proportion of the market, the key companies are working to enhance their product offerings by updating their products, using substantial cooperative efforts, and exploring acquisitions and government permissions. For example, in March 2021, GE Healthcare unveiled Vscan Air, a wireless pocket-sized ultrasound that offers physicians a whole-body scanning capability, crystal-clear picture quality, and user-friendly software, all in the palm of their hands.

Some of the prime players operating in this  business sphere are -

• GE Healthcare
• Koninklijke Philips N.V.
• CANON MEDICAL SYSTEMS CORPORATION
• Hitachi
• Siemens Healthcare
• Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
• Samsung Medison Co. Ltd.
• Esaote

Segmentation-

By Type:

• Stationary Ultrasound
• Portable Ultrasound

By Technology:

• 2D Ultrasound Imaging
• 3D and 4D Ultrasound Imaging
• Doppler Imaging
• High-intensity Focused Ultrasound

By Application:

• Anesthesiology
• Cardiology
• Gynecology/Obstetrics
• Musculoskeletal
• Radiology
• Critical Care
• Others

By End-user:

• Hospitals
• Imaging Centers
• Research Centers

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers-

The rising Geriatric Population and Increasing Prevalence of Chronic Diseases are Expected to Boost Diagnostic Ultrasound Market Growth:

The frequency of chronic illnesses is rising  globally, which has increased the demand for healthcare services like more patient visits, hospital admissions, and operations. For instance, the CDC's statistics from 2019 shows that there were more than 900 million doctor visits, 155 million trips to the ER, and 45 million outpatient procedures conducted in the United States. A large increase in the demand for medical imaging equipment, particularly ultrasound devices for diagnostic and treatment processes, has resulted from this as well as the development in the proportion of elderly populations worldwide that suffer from chronic diseases.

Applications of this technology have also grown over the past ten years to include clinical areas such as surgery, gastroenterology, and musculoskeletal. These applications were previously restricted to obstetrics, cardiology, obesity, and radiography. The employment of these systems in primary care, anesthesia, emergency medicine, and critical care applications has therefore increased as a result of recent innovations and the introduction of several products in the point-of-care (POC) sector and portable devices. This is anticipated to support market expansion during the forecast period.

Introduction of Artificial Intelligence in Diagnostic Ultrasound is Expected to Accelerate Diagnostic Ultrasound Market Development:

Leading market companies are placing a focus on creating cutting-edge products and systems that use artificial intelligence (AI). This step is being propounded to overcome certain limitations and drawbacks of conventional equipment, such as lengthy examination times, occasionally poor picture quality, reliance on experts for image acquisition and interpretation, and so on. Thus, it is anticipated that the market would rise at a faster rate during the projected period as a result of major players introducing improved systems with artificial imaging.

For instance, the Koios DS, Breast 2.0 artificial intelligence (AI) platform that helps doctors categorize and diagnose breast cancer through ultrasound scans was authorized by the Food and Drug Administration (FDA) in 2019.

Market Restraints-

Shortage of Trained Technicians & Product Recalls are expected to Hinder Diagnostic Ultrasound Market Growth:

The market is experiencing tremendous growth as a result of innovations in the field of artificial imaging. However, recent recalls of these products are damaging the reputation of the major businesses selling ultrasound equipment.  For instance, the U.S. FDA issued a class 2 product recall for Koninklijke Philips N.V.'s S83t compact in May 2020. The transesophageal transducer's defective auto cool feature led to the recall because it posed a risk of patient damage during ultrasound exams. 

This is anticipated to limit the growth potential over the forecast period, combined with the lack of skilled technicians in countries like Australia, the United Kingdom, and Canada. For instance, a number of studies have estimated the U.K.'s sonographer vacancy rate to be between 12% and 18%, with the inability to recruit qualified applicants being one of the major causes.

Geography Analysis-

North America is expected to Capture a Major Share of the Global Diagnostic Ultrasound Market:

North America is predicted to have a significant market share in the coming years, owing to the continual emphasis of key players on new product development in the U.S. and Canada. The recent COVID-19 epidemic, together with other product introductions and equipment advances, have been major driving forces in the U.S. Additionally, the presence of a significant number of market rivals in the area, the high rate of advanced technology adoption in the region, as well as the rising incidence of cancer cases are some of the major drivers of regional market growth. For instance, according to the National Cancer Institute, 1,806,590 new cases of cancer are expected to be identified in the United States in 2020.

Asia Pacific Diagnostic Ultrasound Market is Expected to Grow at A Considerable Pace Over the Forecast Period:

In Asia Pacific, the market is anticipated to hold a significant share during the forecast period due to the increased need for better imaging devices. Additionally, market players are using a variety of tactics to establish their presence in the region. For instance, the Japanese healthcare regulator authorized Philips to release the ultrasound solution for corresponding portable devices in June 2020. Rapidly growing economies and enhancing healthcare services in Southeast Asian countries, including Japan, China, and India, are anticipated to propel growth.

News-

• In February 2022, Ambra Health and Butterfly Network, Inc. signed a collaboration to speed up and streamline the interchange of bedside imaging data. Through this partnership, Butterfly Blueprint, the company's enterprise platform, will be able to scale more easily, and it will be easier for hospitals and health systems to access and share critical ultrasound data.
• In December 2020, in an attempt to solidify its position in the global market, Samsung Medison unveiled its RS85 Prestige ultrasound diagnostic solution at the Radiological Society of North America (RSNA) 2020. This device is designed to give efficient scanning performance.
• EagleView Ultrasound unveiled its wireless portable ultrasound equipment in December 2021. This technology gives ultrasound imaging far more freedom and lowers the cost of the point-of-care solution.

 

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 7.0 Billion
Base year considered	2021
Forecast Period CAGR %:	4.0%
Market Size Expected in 2028:	USD 9.2 Billion
Tables, Charts & Figures:	175
Pages	300
Companies	GE Healthcare, Koninklijke Philips N.V., CANON MEDICAL SYSTEMS CORPORATION, Hitachi, Siemens Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Samsung Medison Co., Ltd., and Esaote
Segments Covered	By Type, By Technology, By Application, By End-user
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa