Global Ultrasound Market to record 6.4% CAGR through 2027

December 02, 2020

According to the report titled ‘Global Ultrasound Market Size study, by Technology (Diagnostic (2D, 3D, Doppler), Therapeutic (HIFU, ESWL)), Display (Color, B&W), Portability (Trolley / cart-based, Compact/ handheld, Point Of Care), Applications (General Imaging, Gynecology, Urology, Cardiology, Orthopedic, Others), End user (Hospitals, Maternity Center, Ambulatory Care Centers) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global ultrasound market was worth USD 5.8 billion in 2019 and is anticipated to record a 6.4% CAGR during 2020-2027.

Increasing pervasiveness of chronic diseases such as cancer, heart ailments, and diabetes, leading to subsequent demand for organ visualization is primarily driving the growth of global ultrasound market. According to European Heart Network (EHN) report, cardiovascular diseases caused 3.9 million deaths in Europe in 2017, accounting for 45% of total mortality.

Notably, ultrasound technology generates diagnostic images using high frequency sound waves and is applied in medical science to visualize blood vessels, human fetus, liver, kidneys, and other organs.

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Ultrasound is a set standard for fetal screening worldwide, with increasing birth rate and surging in-vitro fertilization treatments stimulating global ultrasound industry expansion. Moreover, timely screenings suggested by governments such as mammographic screening for women above 40 years of age is also adding to the market outlook. Rising public & private investments, grants, and funds for expanding application and development of ultrasound devices further facilitates the business scenario.

However, lack of skilled professionals is likely to restrain the remuneration scale of the industry over the study period.

Based on technology, worldwide ultrasound market is split into therapeutic, and diagnostic. Speaking of display type, the industry is bifurcated into B&W and color. As per portability type, the market is classified into point of care (PoC), compact/handheld, and trolley/cart-based.

Elaborating on application spectrum, global ultrasound industry is categorized into orthopedic, cardiology, urology, gynecology, general imaging, and others. Moving on to end-user scope, the market is divided into ambulatory care centers, maternity center, and hospitals.

Citing the regional landscape, worldwide ultrasound market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America currently holds considerable market share and is slated to grow substantially over the estimated timeframe, on account of improved awareness regarding timely monitoring, and well-established healthcare infrastructure in the region.

Meanwhile, Asia Pacific ultrasound industry is reckoned to accrue notable gains by the year 2027, owing to rising cases of chronic disorders, and growing investments in medical infrastructure.

Major players impacting global ultrasound market trends are Shimadzu Corporation, Mindray Medical International Ltd., Esaote S.p.A., FUJIFILM Holdings Corporation, Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens Healthineers AG, Canon Medical Systems Corporation, Koninklijke Philips N.V., and GE Healthcare.

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