Ultrasound Equipment for Medical Market was valued at USD 6.38 Billion in 2022 and is projected to reach USD 10.62 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030.
The global ultrasound equipment market is experiencing significant growth, driven by technological advancements, increasing prevalence of chronic diseases, and a rising demand for non-invasive diagnostic procedures. This article delves into the current market dynamics, future projections, and key factors influencing the ultrasound equipment industry.
As of 2023, the global ultrasound devices market was valued at approximately USD 9.79 billion and is projected to reach USD 13.07 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.24% during the forecast period. This growth is attributed to the expanding applications of ultrasound technology across various medical fields, including cardiology, radiology, and obstetrics/gynecology.
Technological Advancements: Innovations such as 3D and 4D imaging, portable ultrasound devices, and the integration of artificial intelligence have enhanced diagnostic accuracy and broadened the scope of ultrasound applications.
Rising Prevalence of Chronic Diseases: The increasing incidence of cardiovascular diseases, cancer, and musculoskeletal disorders necessitates advanced diagnostic tools, thereby propelling the demand for ultrasound equipment.
Preference for Non-Invasive Procedures: Ultrasound's non-invasive nature and real-time imaging capabilities make it a preferred choice for both patients and healthcare providers, fostering market growth.
Diagnostic Ultrasound Devices: Accounting for the largest revenue share in 2023, these devices are extensively used in obstetrics, cardiology, and oncology for diagnostic purposes.
Therapeutic Ultrasound Devices: Expected to register the fastest CAGR of 4.90% from 2024 to 2030, driven by their effectiveness in treating conditions like cancer and other related disorders.
Handheld Devices: Anticipated to witness the fastest growth rate of 5.73% from 2024 to 2030, owing to the growing trend of home healthcare and remote patient monitoring.
Cart/Trolley-Based Devices: Continue to be widely used in hospitals and diagnostic centers due to their comprehensive features and capabilities.
Obstetrics/Gynecology: Expected to grow at the fastest rate of over 4.92% from 2024 to 2030, driven by the increasing use of ultrasound in prenatal care and women's health.
Cardiology and Radiology: Significant segments due to the rising prevalence of heart diseases and the need for accurate imaging techniques.
North America: Dominated the market with a share of over 29.75% in 2023, attributed to the presence of major industry players and a high prevalence of chronic diseases.
Asia Pacific: Estimated to register the fastest CAGR of 4.90% from 2024 to 2030, driven by increasing demand for advanced imaging devices and supportive government initiatives.
While the ultrasound equipment market is poised for growth, it faces challenges such as regulatory hurdles and high costs associated with advanced devices. However, opportunities lie in emerging markets, technological innovations, and the expanding scope of ultrasound applications in medical diagnostics and treatment.
The ultrasound equipment market is on a robust growth trajectory, fueled by technological advancements and increasing healthcare needs. Stakeholders should focus on innovation, strategic partnerships, and expanding into emerging markets to capitalize on the opportunities in this dynamic industry.
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GE Healthcare
Philips
Fujifilm SonoSite
Clarius
Healcerion
Konica Minolta
MobiSante
Telemed
DGH
Micro Medical Device
Digicare Biomedical
Sonoscanner
MedGyn
Sonostar
Chison
LonShine Tech
Landwind Medical
Siemens Healthcare
Mindray Medical
Olympus Corporation
Canon Medical
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Ultrasound Equipment for Medical Market
Hospital
Clinic
Home Care
Others
Based on Types the Market is categorized into Below types that held the largest Ultrasound Equipment for Medical market share In 2023.
Cart
Portable
Handheld
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Ultrasound Equipment for Medical Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Ultrasound Equipment for Medical Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Ultrasound Equipment for Medical Market, By Type
6. Global Ultrasound Equipment for Medical Market, By Application
7. Global Ultrasound Equipment for Medical Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Ultrasound Equipment for Medical Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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