PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443389
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443389
Ultrasound System Device Market size was valued at USD 8,700.29 Million in 2023, expanding at a CAGR of 7.1% from 2024 to 2032.
Ultrasound imaging, also referred to as sonography, utilizes high-frequency sound waves to generate images of internal body structures. These devices are commonly employed in different medical specialties for diagnostic purposes, such as obstetrics, gynecology, cardiology, urology, and musculoskeletal imaging. However, despite the familiarity with ultrasound examinations, only a few individuals possess a comprehensive understanding of how they work. Ultrasound systems come in various sizes and configurations, ranging from portable handheld devices used for point-of-care applications to larger, more advanced machines found in hospital imaging departments. These systems play a vital role in modern medicine due to their versatility, safety, and non-invasive nature. The market for ultrasound system devices is projected to continue expanding as technology advances, healthcare infrastructure improves, and the global demand for non-invasive diagnostic imaging solutions increases.
Ultrasound System Device Market- Market Dynamics
Rising usage of ultrasound equipment for diagnostic imaging and treatment, along with the increasing prevalence of chronic and lifestyle disorders are anticipated to drive the market growth
Healthcare providers are increasingly relying on imaging technologies to accurately diagnose and plan treatments. This has led to a growing demand for ultrasound systems. The prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and musculoskeletal disorders is increasing globally. Factors such as aging populations, sedentary lifestyles, unhealthy dietary habits, and environmental factors contribute to this rise. Ultrasound imaging plays a vital role in diagnosing, monitoring, and managing these conditions, which has resulted in a higher adoption of ultrasound systems. According to U.S. National Center for Health Statistics, Approximately 40 million Americans have limitations in their daily activities due to one or more chronic health conditions. These incurable and ongoing diseases affect around 133 million Americans, accounting for over 40% of the country's total population. By 2020, it is projected that this number will increase to an estimated 157 million, with 81 million individuals having multiple conditions. Additionally, ongoing advancements in ultrasound technology offer opportunities for the development of more advanced and sophisticated ultrasound systems. However, the high initial capital investment and ongoing maintenance costs may hinder the growth of the market.
Ultrasound System Device Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2024-2032)
Based on product type segmentation, Diagnostic Ultrasound Devices was predicted to show maximum market share in the year 2023
Based on Portability segmentation, Handheld was the leading type in 2023
Based on End-User segmentation, Hospital was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Ultrasound System Device Market is segmented on the basis of Product Type, Portability, End-User, and Region.
The market is divided into two categories based on product type: Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices. The market is currently dominated by Diagnostic Ultrasound Devices. Within the ultrasound system device market, there is a diverse range of ultrasound devices available. These devices, including diagnostic ultrasound devices, are utilized for medical imaging purposes to provide real-time visualization of internal structures within the body. Diagnostic ultrasound devices are of utmost importance in several medical specialties such as obstetrics and gynecology, cardiology, radiology, and emergency medicine
The market is divided into three categories based on Portability: Handheld, Compact and Cart/Trolley. The market is predominantly dominated by the handheld category. Handheld ultrasound devices find extensive usage in various medical specialties and clinical settings, such as emergency medicine, critical care, primary care, obstetrics and gynecology, musculoskeletal imaging, and veterinary medicine.
The market is divided into three categories based on End-user: Hospital, Imaging Centers and Research Centers. Hospital sector dominates the market. Hospitals play a significant role in utilizing ultrasound systems across various departments including radiology, obstetrics and gynecology, cardiology, emergency medicine, critical care, urology, gastroenterology, and more.
Ultrasound System Device Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is projected to dominate the growth of market, due to increasing number of cancer cases. Compared to other regions, North America has a relatively high incidence of cancer, with lung, breast, prostate, and colorectal cancers being the most common types. As the population ages and lifestyle factors such as smoking and obesity contribute to the risk of cancer, it is anticipated that the number of cancer cases will increase. According to the National Center for Health Statistics, it is projected that in 2023, there will be 1,958,310 new cancer cases and 609,820 cancer deaths in the United States. Europe holds the second largest region for market growth, driven by the increased demand for improved imaging devices.
The demand for ultrasound systems is influenced by various factors, including technological advancements, healthcare infrastructure development, demographic trends, and the increasing prevalence of chronic diseases. The ultrasound system device market is characterized by intense competition among key players striving to innovate and meet the evolving needs of healthcare providers and patients. The manufactures emphasizes technological advancements, incorporating features such as advanced imaging algorithms, automation, and workflow enhancements in its ultrasound platforms. The company focuses on research and development, collaborating with healthcare providers and research institutions to develop new imaging techniques and applications. For example, Canon Medical Systems Corporation (Canon Medical) and Olympus Corporation (Olympus), nowadays announced that they reached an agreement to collaborate on Endoscopic Ultrasound Systems. Canon Medical will create diagnostic ultrasound systems utilized in Endoscopic Ultrasonography1 (EUS), and Olympus will accomplish the sales and marketing efforts.
In October 2023, GE HealthCare made an announcement regarding its Venue Family point-of-care ultrasound systems. These systems will now include Caption Guidance, an AI-driven technology that offers real-time guidance to users for capturing high-quality cardiac images.
Canon Medical Systems USA has launched a new line of ultrasound systems called Aplio a-series. These systems, including the a550 and a450 models, have been designed for various clinical areas, ranging from cardiology to women's health, to ensure exceptional performance in day-to-day routine. The new ultrasound systems offer enhanced image quality and seamlessly integrate into workflow, meeting the daily imaging requirements with features like high-resolution 2D imaging and volumetric ultrasound.
GLOBAL ULTRASOUND SYSTEM DEVICE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GE Healthcare
Koninklijke Philips N.V.
Canon Medical Systems
Siemens AG
Samsung Medison
Esaote
Buterfly Network
ProDiagnose
eXo Imaging
Teenyco
Others