Ultrasound Market CAGR To Exceed 5.4% by 2035 | Exclusive Report by Roots Analysis
The ultrasound market size was valued at USD 5.4 billion in the current year and likely to reach USD 16 billion by 2035, growing at a CAGR of 5.4% in the forecast period.
Since the discovery of ultrasound, the field of medical imaging has evolved significantly, offering non-invasive means for physicians to accurately visualize almost all major organ systems for diagnostic purposes. However, conventional medical imaging solutions are severely limited in terms of mobility, throughput and are usually dependent on stationary power sources.
As a result, they are impractical in situations characterized by low physician / pathologist to patient ratios. As a result, the MedTech industry is developing point-of-care / portable ultrasound devices that can increase diagnosis efficiency in order to relieve the overly-burdened global healthcare system. In addition to easy handling and portability, most such devices feature advanced computational features, which have made them attractive to the global medical community at large.
By device portability, trolley / cart-based ultrasound devices segment led the global market
Trolley / cart-based ultrasound devices hold a larger share within the market. This trend is unlikely to change in the near future. However, The handheld / point-of-care ultrasound devices segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of 9% during the forecast period. The growing emergence of point-of-care ultrasound devices is anticipated to drive the global ultrasound market. The increasing popularity of such systems has provided an expanded access to healthcare imaging (primarily in rural areas) while reducing the number of imaging tests required.
By device display, colored display holds a significant market share during the forecast period
It is worth mentioning that colored display segment occupies the largest share in the current and future market. Moreover, the CAGR will remain high for this sub-segment. It is interesting to note that, in recent years, the colored display segment has gained significant attention. This can be attributed to the invention of color doppler technology, which allows the sonographers to visualize the direction of blood flow within a patient.
Regional Analysis
Amongst the geographical regions, North America occupies the highest share in the ultrasound , followed by Europe. This can be attributed to the notable rise in patients with chronic illnesses (especially musculoskeletal and cardiovascular diseases), which has significantly heightened the demand for ultrasound devices. However, Asia-Pacific is expected to grow at higher CAGR. In recent years, we observed that there has been a rise in government initiatives aimed at raising awareness about the role of early diagnosis for improved patient outcomes. Further, there has been notable increase in elderly demographic in the Asia-Pacific region, which further necessitates the need for advanced healthcare solutions, further driving the need for ultrasound devices.
Key Market Players
Top manufacturers in ultrasound market are Canon Medical System, CHISON Medical Technologies, Clarius, Dawei Medical, Draminski, Edan Instruments, Esaote, FUJIFILM, GE HealthCare, Hologic, Konica Minolta Healthcare Americas, Lepu Medical, MedGyn, MEDITECH, Narang Medical, Philips, Promed Technology, Samsung Healthcare, Shenzhen Mindray Bio-Medical Electronics, Siemens Healthineers, SIUI, SonoScape
Ultrasound Market – Key Segments
by Type of Product Offered
· Diagnostic Ultrasound Systems
· Therapeutic Ultrasound Systems
by Device Portability
§ Trolley / Cart-Based Ultrasound Devices
§ Handheld / Point-of-Care Ultrasound Devices
by Device Display
§ Colored Display
§ Black / White Display
by Type of Technology Used
§ 2D Technology
§ 3D / 4D Technology
§ Doppler Imaging Technology
§ Contrast Enhanced Ultrasound Technology
§ High-Intensity Focused Ultrasound Technology
§ Extracorporeal Shock Wave Lithotripsy Technology
by Application Area
§ Radiology / General Imaging
§ Cardiology
§ Obstetrics / Gynecology
§ Urology
§ Musculoskeletal Ultrasound
§ Other Application Areas
by Geographical Regions
§ North America
§ Europe
§ Asia-Pacific
§ Middle East and North Africa
§ Latin America
About Roots Analysis
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Contact Details
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