In Oct 2020, GE Healthcare partnered with St. Luke’s University; GE has installed 76 ultrasound units to standardize the care in radiology, vascular, and echocardiography applications.
The global ultrasound market is projected to reach USD 9.0 billion by 2026 from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period
Factors Responsible for Growth and In-Depth Analysis?
Driver: increasing prevalence of target diseases
The high and increasing incidence of target diseases and conditions will boost the adoption of effective diagnostic and therapeutic procedures. The burden of chronic and lifestyle diseases has increased in recent years. The burden of cancer, for example, was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020 (Source: GLOBOCAN, 2020).
As ultrasound technologies are cost-effective, safer, and offer earlier diagnosis & treatment of target diseases, their demand in disease management is expected to increase during the forecast period. Important statistics related to other major target diseases have been mentioned below:
According to the American Heart Association, by 2030, about 41.4% of US adults will have hypertension (an increase of 8.4% from 2012)
The burden of cancer, for example, is expected to increase from 14.1 million new cases to 18.1 million new cases during 2012- 2018 (Source: GLOBOCAN, 2018).
Globally, 415 million people had diabetes in 2015; by 2040, this figure will reach 642 million (Source: IDF Diabetes Atlas, 8th Edition). The number of diabetics in developing countries is expected to reach 228 million in 2025.
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Leading Key Players and Analysis:
The major players in the ultrasound market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), and FUJIFILM Holdings Corporation (Japan). The other prominent players operating in this market include Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisnate (US), and Chison Medical Imaging (China).
GE Healthcare (a key business division of General Electric Company) is among the top players engaged in the development and manufacturing of diagnostic ultrasound systems. The company focuses on maintaining its leadership position in the ultrasound market through pipeline development and product commercialization. From 2018 to 2021, the ultrasound market witnessed the commercialization of key ultrasound products by GE Healthcare, including the Versana Premier ultrasound system, Invenia Automated Breast Ultrasound (ABUS) 2.0 system, and Versana Essential ultrasound.
Geographical Analysis in Detailed?
The report covers the ultrasound market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America and MEA. Europe is expected to command the largest share of the ultrasound market in 2020. Factors such as a large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound and the early commercialization of these devices in the region, and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain) are driving the growth of the ultrasound market in Europe.
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By technology, the 2D ultrasound segment to account for the largest share of the ultrasound market in 2020
Based on technology, the ultrasound market is segmented into diagnostic ultrasound (2D, 3D & 4D, and Doppler ultrasound) and therapeutic ultrasound (focused ultrasound and shockwave lithotripsy). The diagnostic ultrasound segment is expected to account for the larger share of the ultrasound market in 2020. The large share of this segment can be attributed to the significant usage of 2D ultrasound in women’s health, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, ongoing technological advancements in the field of diagnostic ultrasound imaging, and the growing applications of emerging ultrasound techniques.
Trolley/cart-based ultrasound systems segment to account for the largest share of the ultrasound market, by system portability, in 2020
On the basis of system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2020. The large share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions.
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