Ultrasound Systems Market to Grow at a CAGR of 4.87% During the Forecast Period | TechSci Research

Rising demand for minimally invasive diagnostic processes to drive the growth of global ultrasound systems market in the forecast period, 2022-2026.

According to TechSci Research report, “Global Ultrasound Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave Lithotripsy (ESWL)}), By Display Type (Colored v/s Black & White), By Mobility (Fixed v/s Mobile), By Application (Obstetrics/ Gynecology, General Imaging, Cardiology, Urology, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, the global Ultrasound Systems market stood at USD10.67 billion in 2020 in terms of value and is expected to grow at a CAGR of 4.87% during the forecast period. This can be ascribed to growing prevalence of chronic diseases such as cardiovascular diseases, cancer, gastrointestinal & urological disorders, renal disorders, among others. Furthermore, growing geriatric population across the globe is further expected to positively influence the market growth through 2026. Also, government support towards the reimbursement of the diagnosis procedure and treatment plans will support the growth of the global ultrasound systems market in the next five years. However, high cost of ultrasound systems can restrict the market growth through 2026. Also, instances related to product recalls of ultrasound systems can hamper the market growth over the next few years. For instance, in May 2020, Koninklijke Philips N.V. received a class 2 product recall from Food & Drug Administration (FDA) for S83t compact ultrasound machine. This recall was due to the fault in the auto cool function of transesophageal transducer in the ultrasound system which could lead to injuries to the patient during ultrasound examinations. Also, the dearth of skilled professionals to carry out ultrasound procedures especially in the developing countries can slow down the market growth over the next few years.

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The global ultrasound systems market is segmented by technology, display type, mobility, application, end user, regional distribution, and competitive landscape. Based on mobility, the market can be split into fixed and mobile ultrasound systems. The mobile ultrasound systems segment dominated the overall market in 2020 with a share of 57.14%. This can be ascribed to the widespread use of mobile ultrasound systems in acute care settings, emergency care in hospitals, among others. Based on end user, the market can be categorized into hospitals & clinics, diagnostic centers and others. The hospitals & clinics segment dominated the overall market with a share of around 47.23% in 2020 and is expected to continue its dominance over the forecast period. This can be attributed to a large number of ultrasound procedures being carried out at hospital facilities.

Major companies operating in the global ultrasound systems market include Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic, Inc, Carestream Health, Inc., Hitachi Medical Corporation, Samsung Medison Co., Ltd., Analogic Corporation, Mindray Medical International Limited, United Imaging Healthcare Co., Ltd., CURA Healthcare Pvt. Ltd., Esaote S.p.A., among others. For instance, in 2020, Hitachi Medical Corporation launched ARIETTA 750, a new model in the ARIETTA diagnostic ultrasound series. Also, in 2020, Philips received US FDA approval for its wide range of ultrasound solutions—such as EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems— for the management of COVID-19-related lung and cardiac complications. Mindray Medical International Limited also introduced the novel ME series of portable ultrasound systems to fight the COVID-19 pandemic in 2020. These systems feature smart fluid management solutions, comprehensive disinfection solutions, convenient and agile mobility, intuitive interface, and flexible battery solutions to help clinicians address diagnostic challenges and make rapid decisions.

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“Asia Pacific is expected to register the highest growth in the global ultrasound systems market during the forecast period. This can be attributed to the growing geriatric population in the region especially in countries like China, Japan and India, as this population is susceptible to various chronic diseases and requires ultrasound systems for effective diagnosis and treatment. Additionally, improving healthcare infrastructure in the region is further expected to boost the market growth in the region.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Ultrasound Systems Market By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound} v/s Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU) v/s Extracorporeal Shockwave Lithotripsy (ESWL)}), By Display Type (Colored v/s Black & White), By Mobility (Mobile v/s Fixed), By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology, Others), By End User (Hospitals & Clinics, Diagnostic Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global ultrasound systems and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global ultrasound systems market.

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Diagnostic Ultrasound to Dominate the India Ultrasound Systems Market through FY2027 | TechSci Research

Rising geriatric population and increasing therapy techniques are expected to drive the demand for India ultrasound systems market in the forecast period.

According to TechSci Research report, “India Ultrasound Systems Market By Technology (Diagnostic Ultrasound v/s Therapeutic Ultrasound), By Display Type (Colored v/s Black & White), By Mobility (Fixed v/s Mobile), By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Company, By Region, Forecast & Opportunities, FY2027”, India Ultrasound Systems market is expected to witness steady growth for the next five years. Ultrasound uses high frequency waves to take images of internal organs, which are then interpretated by healthcare professionals to detect abnormalities in patient’s body. Earlier, application of ultrasound systems was limited to radiology, cardiology, gynecology, and from past few years it has expanded to clinical specialties such as musculoskeletal, surgery, among others. Introduction of government initiative Ayushman Bharat is expected to contribute to huge spike in the market demand. Introduction of 3D and 4D technology to provide real time enhanced images of fetus and improved image visualization power, in addition to increasing awareness about breast cancer and early diagnosis benefits is expected to bolster the ultrasound market demand.

Due to the sudden outbreak of COVID-19 pandemic in FY2020, lockdown was imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and avoided going out to avail healthcare facilities. Change in regulations and guidelines by leading authorities is impacting the market growth. Manufacturing units were shutdown which created a disruption in supply chains which hampered the market for ultrasound systems.

However, shortage of skilled technicians and initial high cost for ultrasound systems may hamper market growth in the forecast period.

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India ultrasound systems market is segmented into technology, display type, mobility, application, end user, region, and company. Based on technology, market is bifurcated into diagnostic ultrasound and therapeutic ultrasound. Diagnostic ultrasound uses high-frequency sound waves and comprises of 2D, 3D & 4D and doppler ultrasound techniques while therapeutic ultrasound uses sound wave above hearing range, and it does not produce image and includes shockwave lithotripsy and focused ultrasound techniques. Diagnostic ultrasound segment is expected to account for major market share as there is an increased demand for 2D ultrasound technology in determining the condition of women’s body. Technological advancements to upgrade the diagnostic ultrasound infrastructure is expected to fuel the market demand. Government initiative to provide reimbursement facility to avail diagnostic procedures is aiding to the market growth. On the basis of application, the market is divided into obstetrics/gynecology, general imaging, cardiology, and urology. General imaging segment is expected to hold lion’s share for the next five years. Increasing incidences of terminal diseases such as cancer and tissue biopsy is fostering the market demand. Rising adoption of focused ultrasound in disease therapies is also influencing the ultrasound systems market growth. Based on display type, market is fragmented into colored and black & white. Colored segment is expected to play a significant role during the predicted period. Accurate visualization and high-resolution images are the other two contributing factors. Color patterns help in identification of tissues based on color.  Based on end user, market is categorised into hospitals & clinics, diagnostic centers and others. Hospitals & clinics segment is expected to dominate the market for the forecast period owing to government initiatives to promote the healthcare sector. Growing number of hospitals across the country and substantial number of ultrasound procedures performed in hospitals is expected to contribute to the high market demand.

Philips India Limited, Wipro GE Healthcare Pvt. Ltd., Siemens Healthineers India, Fujifilm India Private Limited, Canon India Pvt. Ltd., Konica Minolta Healthcare India Pvt Ltd, Trivitron Healthcare Pvt. Ltd., Mindray Medical India Pvt Ltd, Hitachi India Pvt. Ltd., Carestream Health India Pvt. Ltd. are the leading players operating in India ultrasound systems market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several ultrasound systems manufacturers are coming up with their technologically advanced offerings.

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“Emerging technological inventions such as doppler ultrasound in vascular imaging and 3D/4D ultrasound technology is fueling the market demand. Image-guided procedures and minimally invasive therapies are in high demand from healthcare facilities. Growing demand for high intensity focused ultrasound for cosmetic treatment of skin, such as for face lifts and firm skin. Expansion in application of ultrasound systems and development of easy to operate systems is expected to propel the market demand until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Ultrasound Systems Market By Technology (Diagnostic Ultrasound v/s Therapeutic Ultrasound), By Display Type (Colored v/s Black & White), By Mobility (Fixed v/s Mobile), By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India ultrasound systems market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India ultrasound systems market.

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