Market Dynamics:
The global market for ultrasound devices exhibited significant strength in 2021 and is poised for rapid revenue growth throughout the forecast period. The primary drivers of this growth include the increased utilization of ultrasound equipment for both diagnostic imaging and therapy, along with a rising prevalence of chronic and lifestyle-related diseases.
Ultrasound devices, which produce images for viewing organs within the body, operate by emitting high-frequency sound waves. Unlike X-rays or CT scans, this diagnostic method does not involve ionizing radiation. It plays a crucial role in guiding healthcare professionals in procedures such as biopsies, blood flow monitoring, and assessing damage post-heart attack.
Ultrasound imaging, or sonography, involves the use of high-frequency sound waves to examine the interior of the body in real-time, capturing organ movement and blood flow through vessels.
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Factors Driving Market Growth:
Drivers:
- The increasing prevalence of target diseases is a major driver of market revenue growth.
- A growing preference for minimally invasive procedures and the expansion of diagnostic centers and hospitals contribute to market growth.
- Government and private investments, funding, and grants, coupled with a rise in pregnancies, are expected to drive market revenue growth.
- Ongoing advancements in ultrasound techniques for treating disorders, such as uterine fibroids, are significant contributors to market growth.
Restraints:
- Adverse healthcare changes, a shortage of skilled sonographers, and a demand for reconditioned equipment may impede market expansion.
- Unfavorable reimbursement scenarios, technology penetration challenges in developing economies, and high costs of ultrasound devices pose restraints.
- Regulatory gaps, such as the lack of tools for therapeutic ultrasound device output characterization, are expected to limit market growth.
Opportunities:
- Increased public-private funding for research, a rise in lifestyle-related diseases, and advancements in ultrasound applications present opportunities.
- Expanding ultrasound application areas, rising internet penetration, and mergers and acquisitions contribute to further market growth.
Geographic Market Scenario:
Region with the Largest Revenue Share: North America is anticipated to hold the largest revenue share, driven by the rising prevalence of chronic diseases in the growing elderly population. Established businesses and a high number of cancer patients further boost regional market growth.
Region with the Fastest Revenue Growth Rate: The Asia Pacific region is expected to register significant revenue growth due to healthcare facility upgrades and an increasing incidence of chronic diseases. Initiatives by market participants and the presence of growing countries like India, China, and Japan strengthen the market in this region.
Key Market Trends and Innovations:
Technological breakthroughs, particularly in the miniaturization of diagnostic and monitoring technologies, have been crucial for the medical industry. Ultrasound technology, utilizing sound frequencies beyond human auditory range, has seen innovations such as portable ultrasound equipment, enhancing its practical application.
Organic and Inorganic Strategies:
- Mindray North America released the TE7 Max Ultrasound System in October 2021.
- GE introduced the handheld ultrasound gadget, Vscan Air, in March 2021.
- Butterfly Network launched Butterfly iQ+ in October 2020.
- Canon Medical Systems USA released the Aplio a-series in April 2019.
Major Companies in the Market:
Key players include Konica Minolta Inc., General Electric Company, Hitachi, Ltd., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Medison Co., Ltd., Siemens Healthcare, Toshiba Corporation, Chison Medical Technologies Co., Ltd., Neusoft Corporation, Clarius Mobile Health, Medgyn Products, Inc., United Imaging Healthcare Co., Ltd., and Canon Medical Devices USA, Inc.
Product Types:
Diagnostic types include Doppler, 2D, 3D, and 4D, while therapeutic types include mechanical and thermal.
Applications:
Applications include cardiovascular, general imaging, obstetrics/gynecology, endoscopic, and others.
Portability:
Ultrasound devices are categorized as handheld or on trolley/cart.
End Users:
End users encompass hospitals, specialty clinics, maternity centers, ambulatory care centers, imaging centers, and others.
Regional Outlook:
Regions covered include North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Benelux, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America), and the Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa).
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