Ultrasound scans, or sonography, are much safer due to the exploitation of sound waves or echoes for image formation, instead of radiation. The demand for the Ultrasound market is increasing on account of the ongoing technological advancements in the field of therapeutic & diagnostic imaging, accessibility of medical reimbursements for diagnostic ultrasound procedures, and the rising applications of developing ultrasound techniques (for example 3D/4D ultrasound in oncology and Doppler ultrasound in vascular imaging)
Insights Presented in the Report
"Amongst Technology, Diagnostic Ultrasound segment holds the major share."
Based on Technology, the market is fragmented into Diagnostic Ultrasound and Therapeutic Ultrasound. The Diagnostic Ultrasound segment holds the largest share in 2020 and is expected to grow at lucrative during the forecasted period owing to high use of 2D ultrasound in women's health, ongoing technological advancements in the field of diagnostic ultrasound imaging, and availability of medical reimbursements for diagnostic ultrasound procedures in mature markets. As per breastcancer.org, approximately 281,550 new cases of invasive breast cancer and 49,290 new cases of non-invasive (in situ) breast cancer are estimated to be diagnosed in women in the U.S. in 2021.
"Amongst Device Display, Color Ultrasound segment is anticipated to grow at the highest CAGR during the analyzed period."
Based on Device Display, the market is fragmented into Color Ultrasound and B/W Ultrasound. The Color Ultrasound segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to its wide use of applications in various fields such as Vascular, Cardiology, Urology, Abdomen, and Others. As per WHO, Cardiovascular disease (CVD) causes more than half of all deaths across the European Region.
"Amongst Portability, Trolley/Cart-based Ultrasound Systems is anticipated to grow at the highest CAGR during the analyzed period."
Based on Portability, the market is fragmented into Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, and Point-of-care (POC) Ultrasound Systems. The Trolley/Cart-based Ultrasound Systems segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising adoption of these systems across major markets due to their increased usage in emergency care and acute care settings in hospitals.
"Amongst Application, Radiology/General Imaging Applications segment are anticipated to grow at the highest CAGR during the analyzed period."
Based on Application, the market is fragmented into Radiology/General Imaging Applications, Obstetrics/Gynecology Applications, Cardiology Applications, Urology Applications, Vascular Applications, Orthopedic Applications, Pain Management Applications, and Other Applications. The Radiology/General Imaging Applications segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising incidence of various cancers across major countries, rising use of ultrasound in cancer diagnosis and tissue biopsy, technological advancements in the field of ultrasound-based diagnosis and treatment. Cancer cases are continuously increasing on account of the lifestyle changes, rise in the geriatric population, and socioeconomic risk factors. Breast cancer accounts for the highest prevalence in the case of women owing to the genetic mutations in the BRCA1 and BRCA2 gene, radiation exposure, obesity, and postmenopausal hormonal therapy. As per the Centers for Disease Control and Prevention, Breast Cancer is the second most occurring cancer among women in the United States.
"Amongst End-user, Hospitals, Surgical Centers, and Diagnostic Centers segment are anticipated to grow at the highest CAGR during the analyzed period."
Based on End-user, the market is fragmented into Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia, and Other End Users. The Hospitals, Surgical Centers, and Diagnostic Centers segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising adoption of minimally invasive diagnostic & surgical, an increasing number of ultrasound-based medical procedures performed in hospitals, coupled with the growing number of hospitals across major markets. In 2018, there were a total of around 8,400 hospitals in Japan. In comparison, United States had around 6,210 hospitals.
"North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Ultrasound market."
For a better understanding of the market adoption of Ultrasound, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Ultrasound market on account of the increasing geriatric population coupled with the rising prevalence of diabetes diseases, favorable reimbursement policies, several Government initiatives to create awareness about injection techniques, and high healthcare spending. As per the World Bank, the North American health expenditure (% of GDP) was 16.42 in 2018. The Center for Disease Control and Prevention (CDC) estimates that over 34 million Americans suffer from diabetes, representing over a tenth of the population as of 2020. Moreover, as per the American Diabetes Association (ADA), there are over a million new cases of diabetes across the country annually. An estimated 88 million adults have prediabetes, accounting for 34.5% of the US adult population. Some of the major players operating in the market include GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Hitachi, Ltd., Samsung Electronics, Ltd., FUJIFILM Holdings Corporation, Mindray Medical International Ltd., Shimadzu Corporation, and Analogic Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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Ultrasound scans, or sonography, are much safer due to the exploitation of sound waves or echoes for image formation, instead of radiation. The demand for the Ultrasound market is increasing on account of the ongoing technological advancements in the field of therapeutic & diagnostic imaging, accessibility of medical reimbursements for diagnostic ultrasound procedures, and the rising applications of developing ultrasound techniques (for example 3D/4D ultrasound in oncology and Doppler ultrasound in vascular imaging). Moreover, the rising prevalence of chronic diseases such as Cancer, Cardiovascular, neurological, fatty liver disease, gallstones, Kidney Failure, high healthcare spending, and high awareness regarding early disease diagnosis. As per the International Agency for Research on Cancer (IARC) 1 in 5 people develop cancer during their lifetime globally and 1 in 8 men die from cancer. As per Union for International Cancer Control, Lung cancer and prostate cancer are the most commonly occurring cancer among men, together responsible for around one-third of all male cancers.
However, some of the restraints in the market include the high cost of Ultrasound devices and Unfavorable healthcare reforms in the US.
Based on Technology, the market is fragmented into Diagnostic Ultrasound and Therapeutic Ultrasound. The Diagnostic Ultrasound segment holds the largest share in 2020 and is expected to grow at lucrative during the forecasted period owing to high use of 2D ultrasound in women's health, ongoing technological advancements in the field of diagnostic ultrasound imaging, and availability of medical reimbursements for diagnostic ultrasound procedures in mature markets.
Based on Device Display, the market is fragmented into Color Ultrasound and B/W Ultrasound. The Color Ultrasound segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to its wide use of applications in various fields such as Vascular, Cardiology, Urology, Abdomen, and Others. As per WHO, Cardiovascular disease (CVD) causes more than half of all deaths across the European Region. CVD causes 46 times the number of deaths and 11 times the disease burden caused by AIDS, tuberculosis and malaria combined in Europe.
Based on Portability, the market is fragmented into Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, and Point-of-care (POC) Ultrasound Systems. The Trolley/Cart-based Ultrasound Systems segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising adoption of these systems across major markets due to their increased usage in emergency care and acute care settings in hospitals.
Based on Application, the market is fragmented into Radiology/General Imaging Applications, Obstetrics/Gynecology Applications, Cardiology Applications, Urology Applications, Vascular Applications, Orthopedic Applications, Pain Management Applications, and Other Applications. The Radiology/General Imaging Applications segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising incidence of various cancers across major countries, rising use of ultrasound in cancer diagnosis and tissue biopsy, technological advancements in the field of ultrasound-based diagnosis and treatment.
Based on End-user, the market is fragmented into Hospitals, Surgical Centers, and Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research and Academia, and Other End Users. The Hospitals, Surgical Centers, and Diagnostic Centers segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising adoption of minimally invasive diagnostic & surgical, an increasing number of ultrasound-based medical procedures performed in hospitals, coupled with the growing number of hospitals across major markets.
For a better understanding of the market adoption of Ultrasound, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe will dominate the Ultrasound market on account of the significant number of clinical research projects in the field of ultrasound, early commercialization of these devices in the region, expansions in the clinical applications of focused, and the significant healthcare expenditure across mature European countries. Some of the major players operating in the market include GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens Healthineers AG, Hitachi, Ltd., Samsung Electronics, Ltd., FUJIFILM Holdings Corporation, Mindray Medical International Ltd., Shimadzu Corporation, and Analogic Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Ultrasound Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Ultrasound Market
2.1.1. Main Objective of the Global Ultrasound Market
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL ULTRASOUND MARKET REVENUE (USD MN), 2019-2027F
6 Market Insight, by Technology
6.1. Diagnostic Ultrasound
6.2. Therapeutic Ultrasound
7 Market Insight, by Device Display
7.1. Color Ultrasound
7.2. B/W Ultrasound
8 Market Insight, by Portability
8.1. Trolley/Cart-based Ultrasound Systems
8.2. Compact/Handheld Ultrasound Systems
8.3. Point-of-care (PoC) Ultrasound Systems
9 Market Insight, by Application
9.1. Radiology/General Imaging Applications
9.2. Obstetrics/Gynecology Applications
9.3. Cardiology Applications
9.4. Urology Applications
9.5. Vascular Applications
9.6. Orthopedic Applications
9.7. Pain Management Applications
9.8. Other Applications
10 Market Insight, by End-User
10.1. Hospitals, Surgical Centers, and Diagnostic Centers
10.2. Maternity Centers
10.3. Ambulatory Care Centers
10.4. Research and Academia
10.5. Other End Users
11 MARKET INSIGHTS BY REGION
11.1. North America Ultrasound Market
11.1.1. United States
11.1.2. Canada
11.1.3. Rest of North America
11.2. Europe Ultrasound Market
11.2.1. Germany
11.2.2. United Kingdom
11.2.3. France
11.2.4. Spain
11.2.5. Rest of Europe
11.3. Asia Pacific Ultrasound Market
11.3.1. China
11.3.2. Japan
11.3.3. India
11.3.4. Australia
11.3.5. Rest of Asia Pacific
11.4. Rest of the World Ultrasound Market
12 DEMAND AND SUPPLY SIDE ANALYSIS
12.1. Demand Side Analysis
12.2. Supply Side Analysis
12.2.1. Top Product Launches
12.2.2. Top Business Partnerships
12.2.3. Top Business Expansions, Investments and Divestitures
12.2.4. Top Merger and Acquisitions
13 VALUE CHAIN ANALYSIS
14 GLOBAL ULTRASOUND MARKET TRENDS & INSIGHTS
15 GLOBAL ULTRASOUND MARKET DYNAMICS
15.1. Market Drivers
15.2. Market Challenges
15.3. Impact Analysis
16 GLOBAL ULTRASOUND MARKET OPPORTUNITIES
17 COMPETITIVE SCENARIO
17.1. Porter's Five Forces Analysis
17.1.1. Bargaining power of Supplier
17.1.2. Bargaining power of Buyer
17.1.3. Industry Rivalry
17.1.4. Availability of Substitute
17.1.5. Threat of new Entrants
17.2. Competitive Landscape
17.2.1. Company Shares, By Revenue
18 COMPANY PROFILED
18.1. GE Healthcare
18.2. Koninklijke Philips N.V.
18.3. Canon Medical SystAems Corporation
18.4. Siemens Healthineers AG
18.5. Hitachi, Ltd.
18.6. Samsung Electronics, Ltd.
18.7. FUJIFILM Holdings Corporation
18.8. Mindray Medical International Ltd.
18.9. Shimadzu Corporation
18.10. Analogic Corporation
19 DISCLAIMER
GE Healthcare
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Siemens Healthineers AG
Hitachi
Ltd.
Samsung Electronics
Ltd.
FUJIFILM Holdings Corporation
Mindray Medical International Ltd.
Shimadzu Corporation
and Analogic Corporation