Pune, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ultrasound Equipment Market Growth Analysis:
“According to SNS Insider Research, The Ultrasound Equipment Market size was valued at USD 9.47 billion in 2023, and is expected to reach USD 15.22 billion by 2032, and grow at a CAGR of 5.43% over the forecast period 2024-2032.”
Ultrasound equipment can be considered as an obligatory attribute of up-to-date healthcare systems. These factors include; non intrusiveness, which offer real time imaging thereby creating a lot of demand across all disciplines of medicine. This market is currently in a phase of steady growth based on growth stimulants such as increased incidences of chronic diseases, aging populations, and technological changes. Moreover, embracing preventive care and the growth of new plans and programs by the government for improving healthcare facilities are other factors adding to the growth of the market.
The use of AI in convenient and portable equipment, 3D/4D imaging, and improved efficiency is shaping the future of ultrasound. They are increasing the efficiency of diagnostics, extending areas of usage, and bringing benefits to clients. Other factors such as the combination of ultrasound with other imaging techniques and the establishment of specific systems are also stimulating expansion.
“High incidence of chronic diseases, growing population that is aging, and advancements in technology are likely to drive demand for the market.”
The rise in incidences of chronic illness that includes cardiovascular disease, diabetes, and cancer will warrant the use of diagnostic imaging. This is also the case with an aging population is also helping to fuel increasing demand. Further, the improvements in image quality, and size and operating speeds are making ultrasound versatile in ways that were unimportant a few years past. This comes in very handy due to the fact that ultrasound is in most cases non-invasive which makes it very popular with both the patients and the practicing physicians. Furthermore, constant upgrades in portable ultrasound devices in point-of-care settings are other drivers to the market.
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Major Players Analysis Listed in this Report are:
- GE Healthcare
- Hitachi
- Siemens Healthcare
- Samsung Medison
- Esaote
- Canon Medical Systems Corporation
- Other Players
Ultrasound Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.47 Bn |
| Market Size by 2032 | US$ 15.22 Bn |
| CAGR | CAGR of 5.43% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Rising Prevalence of Chronic Diseases • Aging Population • Advancements in Ultrasound Technology |
Impact of Product Recalls and Technician Shortages on Market Growth
Recalls that may be compelled by regulatory bodies concerning product safety or performance problems hurt brands thereby diminishing customers’ confidence in them. Moreover, due to the scarcity of qualified technicians, it becomes quite challenging to address the issue of market with growth.
Table-Top Systems, Radiology Applications, and Hospital Usage Lead the Market in 2023
By Product: The table-top type holds a lion share of lion the market with 62% in 2023 because they are widely used in the hospitals and clinics to perform different diagnostic imaging procedures. This segment is dominant because an installation base of over 130000 table-top units, installed by ESAOTE SPA alone across the world is clear indication.
By Application: Thus, the segment of radiology became leading in 2023, taking up 43% of the market. This segment has been led by the rising number of radiology centers and use of ultrasound devices for regular imaging and detecting of the medical complications. As supported by a study, Poland revealed that the large percentage of ultrasound examination in radiology department justifies the segment’s significance.
By End User: The private sector accounted for 16% of the market share in 2023 because many patients were admitted to hospitals, owing to optimum facilities, a well-developed network of ultrasound procedures, and increased utility. For example, the U. S. alone admitted millions of patients and provided hundred million ultrasound scans alone in a year’s time.
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Ultrasound Equipment Market Key Segmentation:
By Product
- Compact
- Table-top
By Application
- Radiology
- Gynecology
- Cardiology
- Point of Care
- Urology
- Surgery
- Others
By End User
- Hospitals
- Clinics
Asia Pacific Leads, North America Innovates, and Europe Benefits from Established Healthcare Infrastructure
Asia Pacific is seen to have the largest market share for the ultrasound equipment accounting for 47% in 2023 because of high demand and cheap manufacturing centers in countries like China. However, despite occupying the second-largest market share, North America is the technological center where new products are often revealed. The other major market is Europe which is compelled by population factors, mainly aging people and the region also boasts good health care facilities.
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Recent Developments
- GE Healthcare launched its new LOGIQ E10 Series, featuring AI-driven image analysis to improve diagnostic accuracy and efficiency.
- Siemens Healthineers introduced the ACUSON Sequoia Crown Edition, offering enhanced imaging capabilities and integrated cloud services.
- Canon Medical Systems unveiled its Aplio i-series Prism Edition, designed with cutting-edge elastography and Doppler imaging technologies.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Ultrasound Equipment Market Segmentation, by Product
8. Ultrasound Equipment Market Segmentation, by Application
9. Ultrasound Equipment Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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