Ultrasound Equipment Market Analysis:
The market of ultrasound equipment is rapidly growing due to trends such as the rising incidence of chronic diseases, the growing interest in non-invasive diagnostic techniques, and the development of new technologies. The market is diversified across various applications such as cardiology, obstetrics/gynecology, orthopedics, and emergency medicine, with a significant shift towards point-of-care ultrasound systems. These systems offer imaging at the patient’s side and are useful in the intensive care units. The increased incidence of geriatric populations especially in the North America and Asia-Pacific region fuels the demand for diagnostic ultrasound devices. Moreover, the use of portable and handheld ultrasound devices has also increased, especially in the post COVID-19 scenario as most of the procedures can be done through teleconsultation.
Industry leaders in the ultrasound market such as Canon Inc., Siemens Healthineers, and Philips, are investing in new technologies to satisfy the need for better image resolution, device compactness, and cost-efficiency. As more money is being invested in healthcare in emerging economies and as new technologies like 3D/4D imaging and High Intensity Focused Ultrasound (HIFU) come into the market, the market continues to grow. Also, the encouragement of the governments and increasing knowledge of the early diagnostic methods are driving the growth of the ultrasound devices market across the world. Since care delivery models are shifting towards patient-centric models, the need for ultrasound technologies is expected to remain strong during the forecast period.
Key Points and Statistics on the Ultrasound Equipment Market:
· The ultrasound equipment market was valued at USD 8.7 billion in 2023, with a 6.5% CAGR from 2024 to 2032
· North America holds largest share of the ultrasound equipment market
· Asia-Pacific is the fastest-growing region, with a significant growth rate, presenting potential for industry participants
· By product, diagnostic ultrasound devices play a significant role in the ultrasound equipment market
· Based on portability, the cart/trolley based ultrasound segment is the key source of revenue development
· Growing demand for portable and handheld ultrasound devices is one leading ultrasound equipment market trend
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Ultrasound Equipment Market Dynamics
Rising Prevalence of Chronic and Lifestyle-Related Illnesses Drives the Ultrasound Equipment Market Growth
The increase in the incidence of chronic and life style diseases is a key factor for the growth of the ultrasound equipment market. Chronic diseases including cardiovascular diseases, diabetes, and musculoskeletal disorders are becoming prevalent globally due to increased and sedentary lifestyles, poor diets and aging populations. These conditions need to be diagnosed as early as possible and require constant supervision, which translates into the growing need for ultrasound devices in hospitals and portable and point-of-care settings. For example, due to increased incidences of heart diseases, there is need to use technologies like ultrasonic to diagnose the condition of the heart and other problems like coronary artery disease. This trend is significant most in the region such as North America and Europe where the healthcare facilities available enable the use of enhanced imaging systems.
Also, the growing use of ultrasound in monitoring and managing chronic diseases has been a factor to the market growth. Ultrasound is becoming more popular for non invasive diagnostic imaging techniques, where diseases can be diagnosed and followed without the need for more expensive or invasive procedures. Since more people are suffering from lifestyle diseases, there is need for accurate and timely diagnostic equipment such as ultrasonic imaging. In addition, the compact and mobile ultrasound machines are emerging in the market because of their advantages in terms of mobility in emergency, outpatient, and telemedicine applications. The increased use of ultrasound in the screening and diagnosis of various diseases in the normal population and in patients with chronic diseases will also support the expansion of the market.
Increase in Demand for Point-Of-Care Testing Offers Surplus Ultrasound Equipment Market Opportunities
The rising need for portable, handheld care testing equipment is also a driving force behind the growth of the ultrasound equipment market. Point-of-care testing provides accurate results instantly at the patient’s side or at different non-conventional settings such as emergency, outpatient, or even rural departments. Some of the benefits of ultrasound systems in POC applications include; real time imaging for the assessment of trauma, guidance during procedures and evaluation of patients’ response to treatment. These devices empower the healthcare professionals with a tool that helps them make quick and right decisions enhancing patient care and the functionality of the whole healthcare system. The growth of decentralized care models and a preference for portable ultrasound systems will also continue to fuel market expansion, especially in North America and the Asia-Pacific, where the need for faster and more efficient diagnostics is emerging.
Moreover, due to the outbreak of COVID-19, telemedicine and remote patient monitoring have become more popular, which will create the need for portable ultrasound devices. Mobile POC ultrasound systems are being incorporated in telehealth solutions where doctors can monitor patients and attend to them without physically examining them. This trend is expected to persist as healthcare organizations embrace the new paradigm of patient-centered health delivery. The consistent emphasis on enhancing the quality of healthcare services and optimizing the operational processes corresponds to the growing use of ultrasound devices in POCs, which can be regarded as growth prospects for the ultrasound equipment market.
Ultrasound Equipment Market Segmentation:
Ultrasound Equipment Market Based on Product
· Diagnostic Ultrasound Devices
o 2D
o 3D/4D
o Doppler
· Therapeutic Ultrasound Devices
o High-Intensity Focused Ultrasound
o Extracorporeal Shockwave Lithotripsy
Ultrasound Equipment Market Based on Portability
· Compact
· Handheld
· Cart/Trolley
o Point-of-Care Cart/Trolley Based Ultrasound
o Higher-end Cart/Trolley Based Ultrasound
Ultrasound Equipment Market Based on Application
· Anaesthesia
· Cardiology
· Critical Care
· Emergency Medicine
· Primary Care
· Obstetrics/Gynaecology
· Orthopaedic
· Radiology
Ultrasound Equipment Market Based on End-Use
· Hospitals
· Imaging Centres
· Research Centres
Ultrasound Equipment Market Based on Region
· North America
· Asia-Pacific
· Europe
· Latin America
· The Middle East & Africa
Ultrasound Equipment Market Regional Overview:
The market of ultrasound equipment in 2022 was dominated by North America due to the high healthcare spending, technological development, and developed healthcare facilities. The market characteristics are strong because the region is home to major players in the ultrasound segment, such as General Electric, Siemens Healthineers, and Philips. In addition, the increasing incidences of chronic diseases especially cardiovascular diseases in the North American region increase the need for ultrasound equipment for both diagnostic and monitoring. The enhancement of health care delivery systems and patient care, along with the rising trend of point of care ultrasound systems are also driving the market in this region.
The Asia-Pacific region, however, is expected to be the highest growing regional market in the forecast period due to factors such as a rapidly aging population, a rising incidence of chronic diseases, and an increased focus on healthcare. China, India, and Japan are now also using ultrasound devices, especially at the point of care and in telemedicine, to meet the needs of millions of people in each country. Besides, the efforts of the authorities to develop health care and increase the population’s awareness of early disease diagnosis are also driving the market in the region. Over the years, ultrasound systems have become an essential tool in the healthcare industry in Asia-Pacific and as these systems advance the market is also expected to grow in the future years.
Ultrasound Equipment Market Companies:
Ultrasound Equipment companies profiled in the report include Canon Inc., Fujifilm Corporation, ESAOTE SPA, General Electric Company, Koninklijke Philips N.V., Hitachi, Ltd., Mindray Medical International Limited, Siemens Healthineers AG, Samsung Healthcare, and Zimmer MedizinSysteme GmbH.
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