PUBLISHER: 360iResearch | PRODUCT CODE: 1500509
PUBLISHER: 360iResearch | PRODUCT CODE: 1500509
[182 Pages Report] The Ultrasound Device Market size was estimated at USD 1.08 billion in 2023 and expected to reach USD 1.16 billion in 2024, at a CAGR 7.92% to reach USD 1.85 billion by 2030.
Ultrasound devices are non-invasive medical equipment that utilizes sound waves with high-frequency to produce real-time images of internal organs and soft tissues in the human body. These devices operate on the principle of emitting sound waves, which penetrate through body tissues and reflect when they encounter a boundary between two different types of tissue further to generate an image by processing these returning echoes with computer systems. Ultrasound devices are increasingly benefiting in diagnostic imaging, musculoskeletal evaluation, cardiovascular assessment, guided procedures, and many more. Increasing chronic diseases in the aging population and awareness of early disorder detection drive the need for ultrasound devices. However, the limited availability of skilled labor to handle advanced equipment and operational limitations associated with ultrasound devices are restricting the market growth. On the other hand, new technology integration and advancements in ultrasound devices with a growing product approval rate are expected to create an opportunistic landscape for the market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 1.08 billion |
Estimated Year [2024] | USD 1.16 billion |
Forecast Year [2030] | USD 1.85 billion |
CAGR (%) | 7.92% |
Regional Insights
The ultrasound devices market in the Americas is witnessing significant growth and development due to various factors contributing to the increasing demand for ultrasound devices and services. Some of these factors include technological advancements, the growing prevalence of chronic conditions, and rising awareness about the benefits of early diagnosis. In recent years, significant improvements have been observed in ultrasound technology, including 3D and 4D imaging capabilities, the introduction of portable and handheld devices, and advancements in image quality. These developments enable healthcare providers to deliver more accurate diagnoses and enhance patient care. As a result, there has been a surge in demand for advanced ultrasound equipment across the Americas. The rapidly increasing patient population in the APAC region is one of the primary drivers for the growth of the ultrasound devices market.
Furthermore, the rising incidence of chronic diseases such as cardiovascular disorders, liver diseases, and cancer is rising in this region, increasing the need for early diagnosis and efficient treatment options, raising the need for advanced ultrasound systems. In recent years, the ultrasound devices market has experienced substantial growth within Europe, the Middle East, and Africa. The rise in healthcare spending across Europe and the Middle East positively impacts the demand for modern diagnostic equipment such as ultrasound devices. Governments within these regions are increasingly investing in healthcare facilities to provide better access to quality care for their citizens. Additionally, there is a notable shift toward privatizing healthcare services in the EMEA region, further promoting the adoption of advanced technologies such as ultrasound devices.
Market Insights
The market dynamics represent an ever-changing landscape of the Ultrasound Device Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Ultrasound Device Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Ultrasound Device Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Konica Minolta Business Solutions India Private Limited Launches New Handheld Ultrasound Device
Konica Minolta Business Solutions India Private Limited launched the handheld, wireless ultrasound device PocketPro H2. The ultrasound device reportedly facilitates rapid soft tissue assessment of ligaments, muscles, cartilage, inflammation, and joint instability. Additionally, the PocketPro H2 offers an ergonomic design and customized imaging presets that promote ease of use. [Published On: 2023-07-14]
UltraSight Inc. and EchoNous Partner to Enable More Accessible Cardiac Ultrasound for Patients
UltraSight Inc. partnered with point-of-care ultrasound innovator EchoNous, to enable more healthcare professionals to perform cardiac ultrasound and help increase patient access to cardiac care. The partnership enabled the companies to work toward offering remote clinicians the tools they need to make lifesaving diagnoses, cardiac monitoring and potentially improve cardiac care for patients in rural areas. [Published On: 2023-06-23]
Koninklijke Philips N.V. launches new compact ultrasound system at RSNA 2022, allowing first-time-right diagnosis for more patients
Koninklijke Philips N.V. launched a next-generation compact portable ultrasound solution at the annual Radiological Society of North America (RSNA) meeting. Philips' new Compact 5000 Series aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to more patients. [Published On: 2022-11-28]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Ultrasound Device Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Ultrasound Device Market, highlighting leading vendors and their innovative profiles. These include ALPINION MEDICAL SYSTEMS Co., Ltd., ASP Global Manufacturing GmbH, B. Braun SE, Bioevopeak Co., Ltd., BK Medical Holding Company, Inc., Canon Medical Systems Corporation, CHISON Medical Technologies Co., Ltd., CIVCO Medical Solutions, CS Medical LLC, EDAN Instruments, Inc., EDAP TMS SA, Esaote SpA, FUJIFILM SonoSite, Inc., GE HealthCare Technologies Inc., Germitec S.A., Hitachi Healthcare Americas, Hologic, Inc., Koninklijke Philips N.V., Lantheus Holdings PLC, Samsung Medison Co., Ltd., Shenzhen Anke High-tech Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare GmbH, SonoScape Medical Corp., SternMed GmbH, Stryker Corporation, TERASON DIVISION TERATECH CORPORATION, TOMTEC Imaging Systems GmbH, Verathon Inc., and Zimed Healthcare Inc..
Market Segmentation & Coverage