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The Global Ultrasound Equipment Market size is estimated to grow by USD 2,346.7 million between 2022 and 2027 at a CAGR of 5.24%.
The expansion of the ultrasound devices market is contingent upon various factors, such as the increasing range of applications for ultrasound equipment, advancements in /image quality and volumetric ultrasound, the emergence of new technologies, and a growing emphasis on early diagnosis and preventive medicine. However, the market faces challenges such as high initial setup and maintenance costs. Nevertheless, market trends, including the introduction of wireless technologies and the integration of Artificial Intelligence (AI) into ultrasound technology, are expected to propel market growth.
This ultrasound equipment market research report extensively covers market segmentation by product type (stationary ultrasound equipment and portable ultrasound equipment), end-user (hospitals, imaging centers, research centers, and others), and geography (North America, Asia, Europe, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The focus on advancements in /image quality, volumetric ultrasound, and new technologies are notably driving the ultrasound device market growth. Modern ultrasound equipment has witnessed significant improvements, including enhanced high-contrast resolution, high-fidelity transmission, one-touch /image optimization, noise reduction, improved elasticity, stunning /image details, and automation. For instance, Mindray launched the TE7 Max Ultrasound System in October 2021, designed to maximize point-of-care (POC) applications. This system features a vertically oriented, high-definition LED display and a touch-based screen, offering clinicians a clearer /image for better visualization.
The growing utilization of ultrasound methods such as ABUS, contrast-enhanced ultrasound (CEUS), hybrid intravascular ultrasound, MRgFUS, and acoustic targeted drug delivery, along with sonoelastography, offers superior /image quality and detailed diagnoses of target areas. These advancements are expected to drive ultrasound devices market growth in the forecast period.
The use of wireless technologies is a key trend influencing the ultrasound device market growth. Portable ultrasound devices have integrated wireless features like Bluetooth and near-field communication, enabling sophisticated home-based healthcare for patients. These wireless devices enhance the mobility, connectivity, and portability of ultrasound equipment. Furthermore, advancements in technology allow medical devices to be powered or recharged remotely using fabrics and plastics. Researchers are actively developing next-generation portable ultrasound devices that can be seamlessly integrated with smartphones.
For example, the MobiUS SP1 System by MobiSante provides point-of-care imaging through smartphones, offering affordability and user-friendliness. In 2016, Clarius Mobile Health introduced the world's first handheld ultrasound equipment with a mobile app for iOS and Android devices. This increasing demand for portable ultrasound equipment, compatible with physicians' mobile phones for a specified duration, enables effective disease diagnosis and treatment, ensuring enhanced patient care. These factors will drive the growth of the ultrasound devices market.
The high initial setup and maintenance cost is challenging the ultrasound device market growth. The upfront cost of acquiring ultrasound equipment, particularly larger stationary units, can be prohibitively high, posing challenges for end-users seeking to upgrade to the latest available technology. In recent years, there has been a notable increase in the average selling price of ultrasound equipment, primarily driven by the introduction of Philips Healthcare's high-priced EPIQ ultrasound system, which subsequently raised the prices of premium ultrasound systems. On average, ultrasound equipment ranges from USD 20,000 to USD 200,000, excluding installation charges.
Moreover, hospitals encounter significant maintenance expenses, primarily associated with servicing ultrasound equipment and the need for skilled technicians and medical professionals, who command higher service fees. Maintenance agreements, encompassing cleaning, servicing, and repairs, typically amount to around 15% of the purchase price annually. Additionally, consumables like transmission lotion, gel, and pads need to be regularly replenished. Additional transducer probes can range from USD 500 to USD 5,000, with standard probes being less expensive (below USD 1,000) and high-end probes priced between USD 3,000 and USD 5,000. Ultrasound printers also contribute to costs, ranging from USD 600 to USD 2,000, with black and white printers being more affordable compared to thermal or color printers. Furthermore, delivery charges can add several hundred dollars to the overall expense.
The report includes the adoption lifecycle of the ultrasound device market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Ultrasound Equipment Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the ultrasound device market.
GlobalMed: The company offers different types of ultrasound equipment, such as iLab Ultrasound Imaging System with POLARIS Software.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The ultrasound devices market share growth by the stationary ultrasound equipment segment will be significant during the forecast period. This is the most common type of ultrasound equipment used in healthcare facilities, which is mounted on a platform or cart, or trolley and includes high-resolution systems that enable accuracy in real-time imaging.
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The stationary ultrasound equipment segment was valued at USD 5,771.09 million in 2017 and continued to grow until 2021. Stationary ultrasound machines are mounted on platforms, carts, or trolleys and high-resolution feature systems that enable precise real-time imaging. Some of the popular products in this category include SonoScapes SonoScape S22 and SonoScape S30 with color dopplers; Esaotes Mylab Eight; Alpinions E-CUBE 15 EX; Hitachi Medical Systems ARIETTA V70, V60, HI VISION Ascendus, and HI VISION Avius; GE Healthcare LOGIQ E9 with XDclear, LOGIQ C5 Premium with 4D; and Philips Healthcare HD11 XE and HD15 Ultrasound systems. Therefore, it is expected that this segment is likely to witness steady growth in turn, propelling the growth of the market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global ultrasound device market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America accounts for a large share of the market, with the United States being the largest contributor to the market. This is expected to continue during the forecast period due to the increasing use of portable ultrasound machines in both hospital and home care settings. The revenue generated by key players in the region, such as GE Healthcare and Siemens Healthineers, is a major reason for the US dominance in the North American ultrasound equipment market. Along with all this, the adoption of advanced ultrasound technologies such as Doppler, 3D, 4D, and 5D by medical professionals for obstetric and gynecological applications has resulted in improved female and fetal health. Hence, a steady increase in the fertility rate and easy access to medical services will drive market growth during the forecast period.
In 2020, the world was severely impacted by the COVID-19 pandemic. However, the rising demand for ultrasound procedures to diagnose the lung condition of patients diagnosed with COVID-19 subsequently increased the demand for ultrasound equipment from healthcare facilities across the world. Hence, the overall market for ultrasound equipment witnessed significant growth in the region during 2020. The growing adoption of wireless-based, portable ultrasound solutions and the increasing demand for certain patient monitoring systems in homecare settings are expected to fuel the growth of the ultrasound devices market during the forecast period.
The ultrasound equipment market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Ultrasound Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.24% |
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Market growth 2023-2027 |
USD 2,346.7 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.6 |
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Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BenQ Medical Technology Corp., Boston Scientific Corp., Canon Inc., Carestream Health Inc., Chison Medical Technologies Co. Ltd., ContextVision AB, EchoNous Inc., Esaote Spa, FUJIFILM Corp., General Electric Co., GlobalMed, Healcerion Co. Ltd., Hologic Inc., Iljin Co. Ltd., Konica Minolta Inc., Koninklijke Philips NV, MedGyn Products Inc., Samsung Electronics Co. Ltd., Shenzhen Bestman Instrument Co. Ltd., Mindray Bio medical Electronics Co. Ltd, Siemens AG, Telemed Ultrasound, Trivitron Healthcare, Wuhan Zhongqi Biomedical Electronics Co. Ltd., Sonostar, and BMV Medtech Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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