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Ultrasound Devices Market Expected to Grow - with the rising prevalence of cardiac disorders expected to boost the market globally
Global Ultrasound Devices Market
Dublin, April 15, 2024 (GLOBE NEWSWIRE) -- The "Global Ultrasound Devices Market Size, Share & Trends Analysis Report by Application (Cardiology, Radiology), Portability (Handheld, Compact), End-use (Hospitals, Imaging Centers), Product (Therapeutic, Diagnostic), and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global ultrasound devices market size is expected to reach USD 13.07 billion by 2030, registering a CAGR of 4.24% from 2024 to 2030, according to the report. The market is expected to experience steady growth during the forecast period. This is attributed to several factors such as increased adoption of ultrasonography for diagnostic and therapeutic applications, rising technological advancements, as well an increase in the number of product launches by key players operating in the market.
Emerging innovations in ultrasound technology are expanding the market size. Hand-held ultrasound devices have made the technology more accessible for use in limited-resource communities globally. Furthermore, the introduction of 3D/4D ultrasound and the integration of artificial intelligence (Al) to automate time-consuming processes are expected to propel market growth during the forecast period. For instance, in July 2023, Sonosite ST was introduced by FUJIFILM Sonosite ST. It has a 21-inch touchscreen with an all-touch interface, a 10
The growing use of ultrasound equipment for diagnostic imaging and therapy, as well as the rising prevalence of chronic and lifestyle-related illnesses are the key factors anticipating the market's growth. Ultrasound technology is used in various application areas such as cardiology, obstetrics/ gynecology, vascular, orthopedic, and general imaging.
The rising prevalence of cardiac disorders is expected to boost the market globally. According to WHO, Cardiovascular diseases (CVDs) are the major cause of death globally, taking approximately 17.9 million lives each year. In addition, as per the Centers for Disease Control & Prevention, in the United States, every year about 805,000 people have a heart attack, and about 1 in 20 adults aged 20 and older has coronary artery disease (about 5%).
In June 2023, UltraSight and EchoNous announced a partnership that aimed to provide convenience to medical providers in performing cardiac ultrasounds and to assist patients in having more access to cardiac care. At ASE 2023, the primary convention for bringing together experts in echo, the new partnership was disclosed.
Ultrasound Devices Market Report Highlights
In terms of product, The diagnostic ultrasound devices segment accounted for the largest revenue share of more than 84.27% in 2023 owing to the rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 4.90% from 2024 to 2030.
Based on portability, the cart/trolley-based devices segment held the largest revenue share of over 67.83% in 2022. By transporting the device to the patient's location, whether it's an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients
In terms of application, the radiology segment held the largest revenue share of over 22.33% in 2023. The increasing application of artificial intelligence in the field of radiology boosts the segment growth. Moreover, the growing mergers and acquisitions among the industry's key players for expanding the product portfolio drive the market growth
In terms of end-use, The hospitals segment held the largest revenue share of over 40.45% in 2023 and is further expected to maintain its lead over the forecast period owing to the extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders
Based on region, North America dominated the market and accounted for the largest revenue share of over 29.75% in 2023. Asia Pacific is estimated to register the fastest CAGR of 4.90% from 2024 to 2030, owing to the increased demand for better imaging devices
Key Attributes
Report Attribute | Details |
No. of Pages | 190 |
Forecast Period | 2023 - 2030 |
Estimated Market Value (USD) in 2023 | $9.79 Billion |
Forecasted Market Value (USD) by 2030 | $13.07 Billion |
Compound Annual Growth Rate | 4.2% |
Regions Covered | Global |
Companies Profiled
Koninklijke Philips N.V.
GE Healthcare
Siemens Healthineers AG
Canon Medical Systems
Mindray Medical International Limited
Samsung Medison Co., Ltd.
FUJIFILM SonoSite, Inc.,
Konica Minolta Inc.
Esaote
For more information about this report visit https://www.researchandmarkets.com/r/n1u6kj
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