Market Overview –
In 2022, the market for ultrasound devices was estimated to be worth USD 10.8 billion. The market for ultrasound devices is expected to expand at a compound annual growth rate (CAGR) of 4.1% between 2023 and 2032, from an estimated USD 11.2 billion in 2023 to USD 15.39 billion by 2032.
The Ultrasound Devices Market is witnessing significant growth driven by technological advancements, increasing prevalence of chronic diseases, and expanding applications in various medical fields. Ultrasound devices use sound waves to create images of internal body structures, aiding in diagnosis and treatment planning across multiple specialties.
The Ultrasound Devices Market is witnessing robust growth due to technological advancements and increased demand for non-invasive diagnostic procedures. Ultrasound devices offer real-time imaging capabilities, making them invaluable across various medical specialties. With the rising prevalence of chronic diseases and the expanding applications of ultrasound technology, the market for ultrasound imaging machines continues to expand.
The market offers a wide range of ultrasound devices tailored to specific clinical needs, including traditional cart-based systems, portable and handheld devices, and specialized equipment for cardiovascular, obstetrics/gynecology, and musculoskeletal imaging.
Segment Analysis
The ultrasound devices market is segmented by mobility, display, application, technology, end user, and region. Obstetrics/gynecology and radiology/general imaging are the two application segments of the ultrasound devices market. B&W and color displays are featured in the ultrasound devices industry. Diagnostic ultrasound and therapeutic ultrasound make up the technology segment of the ultrasound devices market. Ambulatory centers and hospitals constitute the end-user segment of the ultrasound devices market. The ultrasound equipment market's portability sector is divided into two types: cart/trolley and handheld/compact.
Regional Analysis
The regions incorporated in the review of the ultrasound device market are the Americas, Europe, Asia Pacific, Middle East, and Africa. North America is predicted to gain the second largest market share throughout the projection period. The rising frequency of chronic diseases among the world's aging population is expected to boost demand for ultrasound devices, resulting in the ultrasound device market expanding. APAC is expected to grow rapidly during the forecast period due to growth initiatives to update healthcare facilities. The region will increase at a CAGR of 3.76 percent by 2026. The prevalence of medical disorders is another major aspect expected to boost the market over the assessment period. During the forecast period, Europe is expected to remain the leading market. In the approaching years, the rising healthcare expense and the rising incidence of chronic illness among the growing senior population are likely to be important commercial drivers.
Competitive Analysis
The major concerns for businesses are future market access for competitors and the peer group's deep funds for acquiring market share. The company transformation's purpose was to maximize potential throughout the value chain. Despite their importance, companies' risk monitoring and mitigation strategies fall short of their board of directors' expectations. Organizations can benefit greatly from successful data, technology, and analytics integration. In order to develop a solid reporting and monitoring strategy, a combination of internal staff and external advisors must be used to integrate company knowledge with information about best practices. Organizations need to think about automating low-value, time-consuming manual processes. For executives improving customer experience is a top strategic priority, but rising expectations, fast-changing technologies, and market upheaval make it challenging to achieve. During this crisis, connectivity has been the most important enabler of social involvement. All stakeholders must work together to build the digital infrastructure to support new forms of remote working and advance the digital way of life.
Ultrasound devices companies include Fukuda Denshi (Japan), Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (The Netherlands), Fujifilm Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan), Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Esaote Spa (Italy), and Siemens Healthineers (Germany).
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