The global ultrasound market is projected to reach USD 9.0 billion by 2026 from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period.
increasing prevalence of target diseases;
The high and increasing incidence of target diseases and conditions will boost the adoption of effective diagnostic and therapeutic procedures. The burden of chronic and lifestyle diseases has increased in recent years. The burden of cancer, for example, was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020 (Source: GLOBOCAN, 2020).
As ultrasound technologies are cost-effective, safer, and offer earlier diagnosis & treatment of target diseases, their demand in disease management is expected to increase during the forecast period. Important statistics related to other major target diseases have been mentioned below:
– According to the American Heart Association, by 2030, about 41.4% of US adults will have hypertension (an increase of 8.4% from 2012)
– The burden of cancer, for example, is expected to increase from 14.1 million new cases to 18.1 million new cases during 2012- 2018 (Source: GLOBOCAN, 2018).
– Globally, 415 million people had diabetes in 2015; by 2040, this figure will reach 642 million (Source: IDF Diabetes Atlas, 8th Edition). The number of diabetics in developing countries is expected to reach 228 million in 2025.
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The 3D & 4D ultrasound subsegment of diagnostic ultrasound to register significant growth in the ultrasound market by 2026
Based on technology, the ultrasound market is segmented into diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further categorized into 2D, 3D & 4D, and Doppler ultrasound. These technologies are used for the visualization and diagnosis of various medical conditions (such as gynecological disorders and neurological conditions), fetal imaging, and the imaging of organs. The growth of this market is driven by the rising preference for 3D/4D ultrasound across developed markets and their technological benefits as compared to 2D ultrasound.
Based on system portability, the trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020
On the basis of system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020. The growing demand for trolley/cart-based ultrasound systems is mainly attributed to the growing adoption of these systems across major markets due to their increased use in acute care settings and emergency care in hospitals and healthcare institutions.
The vascular applications segment is expected to register the highest growth rate during the forecast period
Based on application, the ultrasound market is divided into eight segments-radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Vascular ultrasound is one of the fastest-growing application segments in the ultrasound market majorly due to the rising incidence of vascular disorders across the globe, coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advancements in the field of 3D/4D imaging.
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Europe is expected to dominate the global ultrasound market in 2020
In 2020, Europe is expected to account for the largest share of the global ultrasound market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).
GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Siemens Healthineers AG (Germany), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Korea), Mindray Medical International Limited (China), Analogic Corporation (US), Esaote S.p.A (Italy), Carestream Health (US), CURA Healthcare (India), Chison Medical Technologies Co., Ltd. (China), Mobisante, Inc. (US), Neusoft Corporation (China), Clarius Mobile Health (Canada), Medgyn Products, Inc. (US), and United Imaging Healthcare Co., Ltd. (China), among others are some of the major players operating in the global ultrasound market.
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