Global Medical Ultrasound Equipment Market to Reach $8.2 Billion by 2026
SAN FRANCISCO, May 27, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Medical Ultrasound Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Engagements: 3855
Companies: 74– Players covered include BK Medical APS; Canon Medical Systems Corporation; Esaote SPA; FUJIFILM SonoSite, Inc.; GE Healthcare; Hitachi Healthcare Manufacturing, Ltd.; Mindray Medical International Limited.; Misonix, Inc.; Philips Healthcare; Samsung Medison Co., Ltd.; Siemens Healthineers and Others.
Coverage: All major geographies and key segments
Segments: Type (Diagnostic, Therapeutic); End-Use (Hospitals, Diagnostic Laboratories, Other End-Uses); Application (Radiology, Obstetrics/Gynecology, Cardiology, Vascular, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Medical Ultrasound Equipment Market to Reach $8.2 Billion by 2026
Ultrasound continues to be one of the most compelling and extensively used medical imaging modality for the healthcare community owing to its comprehensive range of advantages in the field of radiology, emergency medicine and critical care. The method is non-invasive, repeatable and affordable as well as is quick to perform, can be performed at the bedside, and avoids patient exposure to ionizing radiations.
Growth in the market is backed by factors, such as aging population, shift from X-ray and CT due to radiation concerns towards ultrasound, advanced capabilities such as 3D and 4D imaging. Favorable demographic factors in developed regions, growing access to healthcare and rising income levels of the middle class population in developing regions are enabling ultrasound equipment gain positive momentum. Future growth in ultrasound equipment market would also be driven by the strong growth in demand for portable ultrasound devices, and increasing demand from clinical applications that require point-of-care (POC) imaging. The COVID-19 has underscored the significance of ultrasound in the healthcare arena. Lung Ultrasound (LUS) is perceived as an effective medical imaging modality as COVID-19 primarily targets the respiratory system of infected people. Medical practitioners are also leveraging the technique for diagnosing and monitoring other conditions related to the heart, airways and abdomen.
Amid the COVID-19 crisis, the global market for Medical Ultrasound Equipment estimated at US$6.1 Billion in the year 2020, is projected to reach a revised size of US$8.2 Billion by 2026, growing at a CAGR of 5% over the analysis period. Diagnostic, one of the segments analyzed in the report, is projected to record 4.8% CAGR and reach US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Therapeutic segment is readjusted to a revised 5.4% CAGR for the next 7-year period. The growth of ultrasound medical devices in the diagnostics arena can also be attributed to the benefits offered over computed tomography (CT), Magnetic Resonance Imaging (MRI) and other imaging tools, in terms of safety, price, and effectiveness. Ultrasound devices do not include any ionizing radiation, and are therefore much safer to use when compared to other imaging tools. An ultrasound also costs less when compared to a CT or an MRI. The technology also finds therapeutic applications, such as in tissue ablation, bone repair and growth, and cataract treatment. Researchers globally are using ultrasonic waves to perform non-invasive acoustic, or "bloodless" surgery, and to stop internal bleeding in trauma patients as well as to control the delivery of drugs or other molecules to targeted sites in the body.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $1.9 Billion by 2026
The Medical Ultrasound Equipment market in the U.S. is estimated at US$1.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2026 trailing a CAGR of 6.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. Strong economic growth, increasing healthcare spending, improved standard of healthcare facilities are expected to fuel demand for new equipment in developing markets. Aging population and rising incidence of chronic illnesses are driving demand for ultrasound systems in these markets. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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