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I AgreeAnalysis of Ultrasound Systems market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The ultrasound systems market is likely to register a Y-o-Y growth rate of 7.0% in 2022, closing at US$ 8.39 Billion. Furthermore, growth is expected to accelerate at a whopping 7.5% CAGR, reaching US$ 17.29 Billion during the period of assessment 2022-2032. The market reached a valuation of US$ 7.8 Billion in FY-2021.
An ultrasound system of machine makes images so that organs inside the body can be examined. The machine sends out high-frequency sound waves, which reflect off body structures. A computer receives the waves and uses them to create a picture. Unlike with an x-ray or CT scan, this test does not use ionizing radiation.
Report Attributes |
Details |
---|---|
Anticipated Base Year Value (2021) |
US$ 7.8 Billion |
Expected Market Value (2022) |
US$ 8.39 Billion |
Projected Forecast Value (2032) |
US$ 17.29 Billion |
Global Growth Rate (2022-2032) |
7.5% CAGR |
Expected Growth Rate of the US Market (2022-2032) |
7.3% CAGR |
Anticipated Growth Rate of India Market (2022-2032) |
7.2% CAGR |
Prominent Ultrasound Systems Service Providers |
|
Surging focus towards improving the condition of healthcare facilities and improving the overall healthcare infrastructure another important factor fostering the growth of the market. Rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
In addition, rising government initiatives to increase awareness about importance of early diagnosis is yet again bolstering the market growth rate. Ongoing technological advancements in the field of diagnostic & therapeutic ultrasound imaging, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, and the growing applications of emerging ultrasound techniques (such as Doppler ultrasound in vascular imaging and 3D/4D ultrasound in oncology) are driving the growth of ultrasound systems market.
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According to market research and competitive intelligence provider Fact.MR, the Ultrasound Systems market experienced noteworthy growth, growing at a value CAGR of 3.6% from 2017 to 2021.
Demand for ultrasound systems grew steadily over the past years, while the incorporation of cutting-edge technologies by manufacturers further catered to market growth. With advancements in hospitals and diagnostic centers and increase in preference for 2D, 3D, and 4D ultrasound, suppliers of ultrasound systems experienced significant growth during the last 4 years from 2017 to 2021.
As requirement in diverse application sectors such as cardiology, radiology, gynecology, and vascular, to name a few, is rising rapidly, profit for ultrasound system manufacturers is subject to rise further over the coming years. With demand for tabletop, standalone, and portable ultrasound systems predicted to rise further, the market is set to witness substantial growth during the forecast period of 2022 to 2032, expanding at a CAGR of over 7.5% over the next ten years.
Increasing Prevalence of Chronic Diseases to Bolster Market Growth Prospects
The rising prevalence of chronic diseases across the globe, 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.
Additionally, over the past decade, applications of this ultrasound systems 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.
Advent of Artificial Intelligence (AI) to Propel 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. For instance, in 2019, the Food and Drug Administration (FDA) approved the Koios DS, Breast 2.0, an artificial intelligence (AI) platform that assists physicians in the classification and diagnosis of breast cancer through ultrasound examinations.
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Product Recalls & Shortage of Trained Technicians to Hinder Prospects
The ultrasound systems market is witnessing enormous developments owing to the advancements in the artificial imaging domain. However, recent recalls of these devices are expected to hamper the brand image of major companies operating in the market of ultrasound equipment.
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.
Growing End-User Preference for Refurbished Equipment to Impede the Market Growth
Due to the high prices of novel ultrasound technologies (such as focused ultrasound) and budgetary constraints faced by small-sized healthcare providers, the preference for refurbished ultrasound equipment has grown.
For instance, a typical 3D/4D ultrasound system costs USD 20,000–75,000 in North America, while a refurbished 3D/4D ultrasound system costs USD 5,000–40,000. The growing preference for refurbished systems is, therefore, expected to pose a significant challenge to market growth.
Attributes |
Ultrasound Systems Market |
CAGR (2022-2032) |
7.5% |
Market Value (2032) |
US$ 17.29 Billion |
Growth Factor |
Advancements in the artificial imaging domain is a major factor that is expected to accelerate the growth of the Ultrasound Systems market. |
Opportunity |
an increase in the number of geriatric populations suffering from chronic diseases around the world, has resulted in a significant increase in demand for medical imaging equipment, such as ultrasound systems, for diagnosis and treatment procedures. |
Attributes |
Medical X-Ray Market |
CAGR (2022-2032) |
4.4% |
Market Value (2032) |
US$ 20.35 Billion |
Growth Factor |
The rising technological advancement such as computed radiography systems is one of the major factors that is expected to propel the market growth over the analysis period. |
Opportunity |
Increasing prevalence of chronic diseases to boost the growth of the Medical X-Ray market during the forecast period. |
Attributes |
Mechanical Ventilator Market |
CAGR (2022-2032) |
4.8% |
Market Value (2032) |
US$ 9.7 Billion |
Growth Factor |
A rise in the incidence of Chronic Obstructive Pulmonary Disease (COPD), and technological innovation are major factors likely to drive the market over the forecast period. |
Opportunity |
Rapid growth in the elderly population is one of the major factors that is expected to offer lucrative opportunities for the growth of the Mechanical Ventilator Market over the analysis period. |
High Demand from Hospitals and Diagnostics to Broaden Growth Prospects
As per Fact.MR, the U.S. Ultrasound Systems Market is slated to flourish at a CAGR of 7.3% until 2032. The United States has been a prominent market for ultrasound systems since the past decade, and is expected to exhibit hegemony throughout the forecast period. High demand from hospitals and diagnostic centers and increase in application in diverse sectors are spurring the growth of ultrasound system manufacturers in the country.
According to a report titled “Industries at a Glance- Hospitals”, published by the Bureau of Labor Statistics, the United States hospitals industry is highly progressive and is set to expand further over the coming years. As stated in the report, employment in US hospitals grew to 5,174.8 thousand in December 2020, and is likely to grow further. This indirectly indicate the lucrative growth scope for ultrasound system providers in the US.
Highly Developed Manufacturing Units in India to Boost the Market Growth
According to Fact.MR’s projections, deployment of Ultrasound Systems across India is forecast to expand at an impressive 7.2% value CAGR from 2022 to 2032. India has emerged as another lucrative market for ultrasound imaging systems, and is likely to sustain this position in the near future. Highly developed manufacturing units and advanced hospitals are augmenting demand growth in India.
According to a report published by IBEF, the hospitals industry in India is forecast to increase to US$ 132.84 billion by FY22 from US$ 61.79 billion in FY17 at a CAGR of 16-17%. As stated in the report, the Government of India is planning to increase public health spending to 2.5% of the country’s Gross Domestic Product (GDP) by 2025. This explains why suppliers are eyeing India in order to increase their sales footprint.
Country | CAGR |
U.S |
7.3% |
U.K |
7.1% |
India |
7.2% |
China |
7.3% |
Germany |
7.0% |
High Demand for Table-Top Equipment Systems to Enhance Growth Prospects
By portability, demand for table-top ultrasound systems segment is likely to accelerate the fastest, documenting a value CAGR worth 7.4% from 2022 to 2032, according to Fact.MR.
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.
Hospitals Segment to Dominate the Ultrasound Systems Market
According to projections published by Fact.MR, by end-users, the hospitals’ segment is forecast to register a 7.2% value CAGR across the 2022-2032. The growth of the hospitals’ segment is anticipated to represent a significant market share, 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 increased adoption of handheld and Point-of-Care (POC) ultrasound systems in hospitals is expected to boost the segment’s growth, as they are easy to use, convenient, and cost-effective in nature.
High Demand for Radiology to Enhance Growth Prospects
By application, demand for radiology segment is likely to accelerate the fastest, documenting a value CAGR worth 7.3% from 2022 to 2032, according to Fact.MR, owing to the increasing number of radiology centers and increasing adoption of this technology in general imaging and diagnosis of medical complications.
Ultrasound Systems Market players such as Butterfly Network, Clarius, Exo, EchoNous, Caption Health, iSono Health, Neural Analytics, Encord, iThera Medical, HeartLab, Nerveblox, Dileny Technologies, Emagine Solutions TechnologyMEDO.ai, Elesta, Ultrasound AI, and Tucson, among others, are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
Prominent players in the Ultrasound Systems Industry are taking advantage of the rapidly increasing demand for the Ultrasound Systems in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
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The ultrasound systems industry is poised to flourish at a 7.5% CAGR from 2022 to 2032.
By 2032, the ultrasound systems landscape is slated to reach a valuation of US$ 17.29 Billion.
According to Fact.MR, a CAGR of 3.6% was recorded for the ultrasound systems market from 2017-2021.
As of 2022, Fact.MR expects the ultrasound systems industry to be valued at US$ 8.39 Billion.
Table-top ultrasound systems are expected to grow the fastest, at a CAGR of 7.4%.
As of 2021, the ultrasound systems market was valued at US$ 7.8 Billion.
By End-User, the hospitals’ segment is expected to dominate the market, documenting a 7.2% value CAGR.
As per Fact.MR’s projections, the market for ultrasound systems in the U.S will likely expand at a 7.3% CAGR.
India is poised to yield a CAGR of 7.2% Billion with respect to ultrasound systems in 2032.