"Designing Growth Strategies is in our DNA"
The global ultrasound equipment market size was USD 7.26 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with ultrasound equipment witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -7.4% in 2020. The market is projected to grow from USD 7.80 billion in 2021 to USD 12.93 billion in 2028 at a CAGR of 7.5% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Ultrasound uses high-frequency sound waves to take images of anatomical structures, which are then interpreted by healthcare professionals to detect abnormalities in a patient. This equipment is used to diagnosis several chronic disorders related to vital body parts such as the heart, blood vessels in the abdomen, joints, and others. This technology is considered to be one of the safest, non-invasive diagnostic procedures to examine internal organs.
Recent advancements in this technology and introduction of innovative equipment, along with the developing healthcare facilities in emerging countries, have influenced market players to develop easily operable devices. Additionally, the growing prevalence of chronic diseases and expansion of applications of these systems are some of the major factors anticipated to propel the growth of the market during the forecast period.
COVID-19 Pandemic to Hinder the Sales of Ultrasound Equipment amid Disruptions in Supply Chain
The outbreak of Covid-19 has had an overall negative effect on the market. The pandemic has generated disruptions in the supply chain of medical devices worldwide. Some of the major players operating in the ultrasound market have faced supply chain disruptions especially from distributors in severely impacted emerging countries such as China, India, Brazil, and others. On the other hand, the manufacturing capacity of a few players has been affected due to the unavailability of locally sourced raw materials or parts.
However, the decline in the segment was predominantly observed for table-top systems, whereas the compact systems including hand-held systems witnessed a comparatively lower impact on demand from healthcare settings globally.
Request a Free sample to learn more about this report.
Introduction of Artificial Intelligence to Fuel Market Growth
Some of the leading market players are emphasizing on developing advanced devices and systems integrated with artificial intelligence (AI). This step is being propounded to overcome certain limitations associated with the conventional devices such as the long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images, and so on. Thus, the introduction of advanced systems with artificial imaging by key players is expected to boost the growth of the market during the forecast period.
Increasing Prevalence of Chronic Diseases & Rising Geriatric Population to Accelerate Market Growth
Globally, the rising prevalence of chronic diseases has resulted in an increase in the demand for healthcare services such as an increasing number of patient visits, hospital admissions, and surgeries. For instance, in 2019, according to the data published by the CDC, there were more than 900 million physician office visits, 155 million visits to the emergency department, and 45 million outpatient surgeries performed in the U.S. This, along with the rise in the number of geriatric populations globally suffering from chronic disorders, has led to a significant rise in the demand for medical imaging equipment including ultrasound devices for diagnosis & treatment procedures.
Furthermore, over the past decade, applications of this technology have expanded to clinical specialties such as surgery, gastroenterology, and musculoskeletal. Earlier, these applications were limited to radiology, cardiology, obesity, and gynecology. Hence, recent developments and the launch of several products in the point-of-care (POC) segment and handheld systems have expanded the usage of these systems in primary care, anesthesia, emergency medicine, and critical care applications. This is expected to bolster the market growth during the forecast period.
Product Recalls & Shortage of Trained Technicians to Limit Adoption of these Systems
The market is witnessing enormous developments owing to the advancements in the artificial imaging domain. However, recent recalls of these devices is hampering the brand image of major companies operating in the market of ultrasound equipments.
For instance, in May 2020, Koninklijke Philips N.V. was given a class 2 product recall by the U.S FDA for its S83t compact. The recall was initiated owing to a faulty auto cool function of the transesophageal transducer that could cause possible injury to patients during ultrasound examinations.
This, along with the shortage of trained technicians in countries such as Australia, the U.K., and Canada is expected to limit the growth opportunities during the forecast period. For instance, according to various research studies, the sonographer vacancy rate in the U.K is estimated to be between 12% and 18%, with the inability to find suitable candidates considered as one of the key reasons.
To know how our report can help streamline your business, Speak to Analyst
Compact Systems to Grow at a Fast Pace
Based on product, the market is segmented into table-top & compact systems. The table-top segment held the largest ultrasound equipment market share in 2020 owing to the higher rate of adoption of table-top equipment in hospitals & clinics along with its comparatively lower cost than compact systems.
On the other hand, the compact segment is expected to grow at a higher CAGR during the forecast period owing to advancing technologies and the launch of new products in the handheld equipment by market players.
Radiology Segment to Dominate the Market
Based on application, the global market is segmented into radiology, gynecology, cardiology, point of care, urology, surgery, and others. The radiology segment is one of the leading segments in 2020 owing to the increasing number of radiology centers and increasing adoption of this technology in general imaging and diagnosis of medical complications.
On the other hand, the gynecology segment is expected to grow at a higher CAGR during the forecast period owing to technological advancements in the equipment and the growing prevalence of gynecological disorders responsible for increasing demand for efficient diagnostic systems.
Clinics Segment to Register a Higher CAGR
On the basis of end-user, the market is segmented into hospitals and clinics. The hospitals’ segment dominated the market in 2020 owing to the increasing number of patient admissions in hospitals in developed and emerging economies suffering from chronic disorders along with the well-established infrastructure of hospitals.
The clinics’ segment is expected to register a higher CAGR during the forecast period owing to the increased adoption of handheld and Point-of-Care (POC) ultrasound systems in these settings as they are easy to use, convenient, and cost-effective in nature.
Asia Pacific Ultrasound Equipment Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The ultrasound equipment market size in the Asia Pacific stood at USD 2.82 billion in 2020. The growth of this region is attributed to the higher sales volume of these devices in the region. Also, China is considered to be a major manufacturer of cost-effective equipment. This makes the region a lucrative market for these devices.
North America is anticipated to hold the second-highest market share in the global market in 2020 owing to the constant focus of market players on new product development in the U.S and Canada. The U.S has witnessed new product launches and innovations in the equipment predominantly driven by the recent COVID-19 outbreak.
Europe is expected to register a significant CAGR during the forecast period owing to the widening pool of geriatric patients suffering from chronic diseases, along with the presence of well-established healthcare infrastructure in countries such as the U.K, Germany, and others.
On the other hand, Latin America and Middle East & Africa accounted for a comparatively lower share of the global market owing to their developing healthcare infrastructure and the presence of a huge underpenetrated market.
GE Healthcare Accounted for a Dominant Share of Market in 2020
GE healthcare dominated the industry and accounted for the largest market share in 2020. The dominance of GE healthcare is a result of the strong product portfolio and growing distribution network of the company which provides a competitive advantage to the company. The competitive landscape of the market for ultrasound equipment is consolidated owing to the robust portfolio and wide distribution network of key players in major markets.
Players such as GE Healthcare, Koninklijke Philips N.V., and Canon Inc. accounted for a dominant share of the global market in 2020. Also, a few major players are utilizing the opportunities generated by the outbreak of the COVID-19 pandemic in order to further strengthen their market position.
Other players such as Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote are constantly focusing on introducing new systems with advanced technologies in the market.
An Infographic Representation of Ultrasound Equipment Market
To get information on various segments, share your queries with us
The global ultrasound equipment market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, applications, products, and end-users. Besides this, it offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
|
ATTRIBUTE |
DETAILS |
|
Study Period |
2017-2028 |
|
Base Year |
2020 |
|
Estimated Year |
2021 |
|
Forecast Period |
2021-2028 |
|
Historical Period |
2017-2019 |
|
Unit |
Value (USD billion), and Volume (Units) |
|
Segmentation |
Product; Application; End User; and Region |
|
By Product |
|
|
By Application |
|
|
By End User
|
|
|
By Geography |
|
Fortune Business Insights says that the global market size stood at USD 7.26 billion in 2020 and is projected to reach USD 12.93 billion by 2028.
In 2020, the market value stood at USD 7.26 billion.
The market will exhibit steady growth at a CAGR of 7.5% during the forecast period (2021-2028).
By product, the table-top segment will lead the market.
The rising prevalence of chronic diseases and the increasing geriatric population worldwide are the key drivers of the market.
GE Healthcare, Koninklijke Philips N.V., and Canon Inc. are the top players in the market.