Ultrasound Devices Market to Reach US$ 12.5 Billion by 2031: TMR Study

Posted on 2024-03-28 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-28 — /EPR Network/ — Transparency Market Research Inc. –

Ultrasound devices utilize high-frequency sound waves to visualize internal organs, with a transmitter emitting these waves into the body and a detector capturing their reflections. These devices provide high-resolution images crucial for both diagnosis and treatment. The global ultrasound devices market has surged due to rising chronic disorders, trauma cases, and a growing elderly population.

Used in hospitals, clinics, diagnostic centers, and ambulatory surgical centers, ultrasound devices aid in diagnosing conditions like liver cancer, cysts, tumors, fatty liver disease, and gynecological issues. Their ability to produce precise images of affected organs contributes to their efficacy and accuracy in diagnosis.

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Furthermore, increased demand and research funding from governments and corporations are expected to drive the ultrasound devices market further in the forecast period.

The ultrasound market is expected to surpass the US$ 12.5 Bn mark by 2031 it is projected to expand at a CAGR of 6% from 2021 to 2031.

App-based Handheld Ultrasound Gains Popularity as Life-saving Technology in Remote Villages

Innovative app-based handheld ultrasound technology is revolutionizing healthcare by providing diagnostic insights for point-of-care treatment, particularly in the emergency department (E.D). The Philips Lumify, a pioneering app-based handheld ultrasound device, has gained recognition, earning the 2020 IEEE Spectrum Technology in the Service of Society Award for its impact on E.D. settings, especially in remote village hospitals. This recognition underscores the significance of ultrasound technology in enhancing healthcare accessibility.

As a result, the ultrasound devices market is forecasted to grow at a robust CAGR of approximately 6% during the assessment period. The app-based handheld ultrasound technology has the potential to reshape healthcare delivery by generating diagnostic images through a connected ultrasound transducer linked to a smartphone or tablet device. This innovation is poised to improve diagnostic capabilities and expand access to quality healthcare services, particularly in underserved regions.

Major Players:

GE Healthcare,Koninklijke Philips N.V,Canon Medical Systems Corporation,Hitachi Ltd.,Siemens Healthineers,Mindray Medical International Limited,Samsung Medison Co., Ltd.,Fujifilm Holdings Corporation,Esaote SpA,Neusoft Corporation,CHISON Medical Technologies Co., Ltd.,Konica Minolta, Inc.,Hologic, Inc.,Shantou Institute of Ultrasonic Instruments Co., Ltd.,Terason,Analogic Corporation

Ultrasound Devices Market – Segmentation

Technology

Diagnostic Ultrasound
- 2D Ultrasound
- 3D & 4D Ultrasound
- Doppler Ultrasound
Therapeutic Ultrasound
- High-intensity Focused Ultrasound
- Extracorporeal Shockwave Lithotripsy

Portability

Trolley/Cart-based Ultrasound Devices
Compact/Handheld Ultrasound Devices

Application

Radiology/General Imaging
Cardiology
Gynecology
Vascular
Urology
Others

End User

Hospitals & Surgical Centers
Diagnostic Centers
Ambulatory Surgical Centers
Others

Market Drivers and Challenges:

Key drivers of the ultrasound devices market include increasing incidence of chronic diseases, growing geriatric population, technological advancements in imaging modalities, rising healthcare expenditure, and the growing demand for minimally invasive procedures. However, challenges such as reimbursement issues, high initial costs associated with ultrasound devices, and lack of skilled professionals might hinder market growth to some extent.

Market Trends:

The market is witnessing several notable trends including the integration of artificial intelligence (AI) in ultrasound imaging for enhanced diagnostics, the emergence of handheld/portable ultrasound devices for point-of-care diagnostics, and the development of 3D and 4D ultrasound imaging technologies for improved visualization and diagnosis.

Regional Overview:

The global ultrasound market has been categorized into distinct regions, encompassing North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions are further delineated into major countries and sub-regions to provide a comprehensive understanding of regional market dynamics.

The report furnishes current and anticipated revenue figures (in US$ Mn) for these regional markets, as well as for their major countries, spanning the period from 2021 to 2031. Additionally, the compound annual growth rates (CAGRs) from 2021 to 2031 are elucidated to delineate the anticipated growth trajectories across these regions.

Furthermore, the study extends beyond numerical data to offer a compendium of recommendations, highlights, and valuable insights into the global ultrasound devices market. These insights are tailored to assist both new entrants seeking to penetrate the market and existing companies aiming to augment their market shares. Additionally, these insights are instrumental in guiding stakeholders through the decision-making process, facilitating informed strategic initiatives within the ultrasound devices market.

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Future Outlook:

The future of the ultrasound devices market looks promising, with continued technological advancements, increasing adoption of ultrasound in emerging economies, and the integration of AI and machine learning algorithms expected to drive market growth. Additionally, the shift towards value-based healthcare and preventive medicine is likely to further boost the demand for ultrasound devices in the coming years.

Key Market Study Points:

Market size and growth projections
Regional analysis and growth opportunities
Market segmentation by service type, sourcing type, application, industry vertical, and region
Market drivers and challenges
Emerging trends and future outlook

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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