Rising Diagnostic Awareness Propels Ultrasound Market, Projected to Reach USD 11.6 Billion by 2028

DUBLIN, Aug. 28, 2023 /PRNewswire/ -- The "Ultrasound Market by Technology (2D, 3D, Doppler, Contrast-Enhanced, HIFU, ESWL), Component (Workstation, Probe), Type (Cart, Handheld, PoC), Application (OB/GYN, CVD, Urology, Ortho), End User (Hospitals, Clinics, ASCs) & Region - Global Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global ultrasound market is on a robust growth trajectory, projected to achieve USD 11.6 billion by 2028, from USD 8.5 billion in 2023, with a remarkable Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.

Several factors including the prevalence of target diseases, increasing awareness about early disease diagnosis, the proliferation of diagnostic imaging centers, and rapid adoption of advanced ultrasound features drive this market expansion.

Premium Insights:

1. Surge in Surgical Procedures Propels Market Growth
2. Diagnostic Ultrasound Claims the Lion's Share
3. Dominance of Hospitals, Surgical Centers, and Diagnostic Centers
4. Color Ultrasound Devices Maintain Market Supremacy
5. China Displays Highest Growth Potential

Market Dynamics:

Drivers:

• Rise in Target Diseases and Corresponding Surgeries
• Patient Preference for Minimally Invasive Procedures
• Technological Advancements in Ultrasound Devices
• Public-Private Investments in Product Commercialization
• Growing Hospital and Diagnostic Center Establishments

Restraints:

• Unfavorable Reimbursement Policies
• Elevated Operating Costs

Opportunities:

• Expanding Therapeutic Ultrasound Applications
• Untapped Potential in Emerging Markets
• Evolution of Point-of-Care (PoC) Ultrasound Systems

Challenges:

• Shift in End-User Preference to Refurbished Equipment
• Shortage of Skilled Sonographers

Segment Breakdown:

Technology: The ultrasound market segments into diagnostic ultrasound, therapeutic ultrasound, and contrast-enhanced ultrasound. Among these, diagnostic ultrasound encompasses 2D, 3D, 4D, Doppler, and contrast-enhanced ultrasound. The 2D diagnostic ultrasound sub-systems hold the largest market share due to their real-time imaging, non-invasiveness, high-resolution images, and portability advantages.

Portability: Ultrasound's portability options include trolley/cart-based, compact/handheld, and point-of-care (PoC) ultrasound systems. While trolley/cart-based systems dominated in 2022, the point-of-care (PoC) ultrasound segment is expected to register the highest CAGR during the forecast period. Trolley/cart-based systems find favor in acute care settings, emergency care, and hospitals.

Device Display: The market's device display is categorized into black & white ultrasound and color ultrasound devices. The color ultrasound devices segment held the largest market share in 2020, attributed to their superior image quality, higher resolution, cost reductions, and broader distribution networks in emerging markets.

North America Leads Growth:

North America's ultrasound market is set to register a CAGR during the forecast period. This growth is driven by extensive healthcare spending, rising prevalence of target diseases, technological innovations, and increased cosmetic surgeries.

Leading the Industry:

The ultrasound market is advanced by pioneering companies including:

• Alpinion Medical Systems Co. Ltd.
• Butterfly Network, Inc.
• Canon Medical Systems Corporation
• Chison Medical Technologies Co. Ltd.
• Clarius
• Esaote Spa
• Echonous Inc.
• Edan Instruments, Inc.
• Fujifilm Corporation
• GE Healthcare
• Guangdong Youkey Medical Co. Ltd.
• Hologic, Inc.
• Koninklijke Philips N.V.
• Mindray Bio-Medical Electronics Co. Ltd.
• Mobisante, Inc.
• Medgyn Products, Inc.
• Neusoft Corporation
• Promed Technology Co. Ltd.
• Siemens Ag
• Samsung Electronics Co. Ltd.
• Shenzhen Ricso Technology Co. Ltd.
• Shenzhen Biocare Bio-Medical Equipment Co. Ltd.
• Shantou Institute of Ultrasonic Instruments Co. Ltd. (Siui)
• Telemed Ultrasound
• White Eagle Sonic Technologies, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/ugzyce

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