Ultrasound Device Market Size, COVID19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI452
Ultrasound Device Market Size will witness robust expansion with increasing burden of chronic ailments, including vascular disorders and hypertension, and the consistently expanding geriatric population. The surge in the number of healthcare providers and technological advancements has paved the way for rising public and private investments for R&D in ultrasound imaging, further fueling the market growth.
Ultrasound or ultrasonography is a painless and safe technique employed to create images of interior body parts by using sound waves. It makes use of a small transducer as well as ultrasound gel, which is directly applied over the skin to transmit high-frequency sound waves into the body to collect the sounds on the computer and generate the images. As the procedure does not harness harmful ionizing radiations, it offers safety to the patient.
Sonography, an ultrasound technique for diagnostic imaging and therapeutic modality is also making its mark on conditions related to kidney, liver, and abdominal areas. It has prolific applications in the medical field for the diagnosis of chronic ailments, such as asthma, heart diseases, cancer, and diabetes.
3D/4D imaging is showcasing a rise in demand across breast cancer screening to offer better imagining of the coronal plane in breasts that have dense tissues. Whereas mammographic testing is popular across organizations, including the American Cancer Society, to aid women who are aged above 40 years in breast cancer detection.
2D segment is expected to pick up steam with increasing concerns over women's health and the ease of access to medical reimbursements for diagnostic ultrasound procedures across the developing economies. Emerging applications of advanced ultrasound techniques will also contribute to shaping the market revenue curve.
Regionally, Europe ultrasound device market share will expand on account of the growing commercialization, the mount in clinical research projects, and the expansion of clinical applications. Rising preference for minimally invasive procedures is further adding to substantial growth in the region.
While North America is set to emerge as a profitable revenue source for the market, given the presence of healthcare providers and globally operating business participants.
Leading industry players significantly contributing to the market include General Electric Company, Toshiba Corporation, Samsung Electronics (Samsung Group), Mindray Medical International, Analogic Corporation (Altaris Capital Partners), Esaote (Chinese investor group), and Siemens AG.
These manufacturers of ultrasound devices are actively indulging in strategic decisions, such as acquisitions, partnerships, and mergers, and specifically bringing innovations in their offerings to gain competitive advantages.
For instance, in July 2020, Royal Philips, launched its handheld tele-ultrasound solution, Lumify with Reacts for the Japanese market to offer high-quality portable ultrasound solutions and enhanced Diagnostic Imaging Experience to patients and staff.
Similarly, in December 2019, FUJIFILM Corporation, inked an acquisition deal with Hitachi to purchase its Diagnostic Imaging-related Business to consolidate its presence across the healthcare sector.
Impact of COVID-19 on the ultrasound device market forecast
The ongoing COVID-19 pandemic drastically slowed down the global economic dynamics as it laid substantial effects on several industries across the world on account of the shuttering of most non-essential businesses. Given the severity and implications of the crisis, several governments are coming up with stimulus packages, to inject money into specific markets.
However, the spike in the infection count has triggered an unprecedented effect on the market as healthcare providers are increasingly adopting ultrasound systems to triage, monitor, and diagnose COVID-19 patients. Despite the non-recommendation of ultrasound systems as primary diagnostic imaging tools by specialized agents like WHO, government healthcare relief funds are significantly allocating money to avail the devices for the diagnosis of the affected individuals.
On the flip side, the stringent government regulations imposed due to operational concerns and the approval of new devices could post a relative hindrance on the market demand.
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