Diagnostic Ultrasound Market size worth over $9.3bn by 2027
Published Date: November 2, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Diagnostic Ultrasound Market size is set to exceed USD 9.3 billion by 2027, according to a new research report by Global Market Insights Inc.
Growing number of healthcare providers, technological advancements such as availability of high-contrast resolution ultrasound devices, and one-touch image optimization feature will foster the market growth. In addition, rising birth rates across the globe will fuel the demand for diagnostic ultrasounds for accurate and timely diagnosis.
Increasing government and private funding will accelerate the diagnostic ultrasound market expansion
Increasing government and private funding for medical devices including ultrasound devices is expected to influence the industry growth. Several medical devices such as diagnostic ultrasound are a crucial part of the healthcare system to accurately diagnose large number of diseases. Hence, the government and private organizations are investing in medical devices to benefit their citizens. Moreover, these organizations undertake various initiatives to develop improved as well as better healthcare infrastructure aimed at providing safe and cost-effective medical products to the general public. The funding provided by other organizations and the government helps opening of new medical imaging facilities. However, dearth of skilled professionals in developing economies may hinder the business growth to a certain limit.
Higher demand for 3D and 4D ultrasounds in gynecology field will spur the market progression
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3D and 4D segment was valued at USD 1.9 billion in 2020. Surging demand for advanced ultrasound devices with different features such as improved image quality and volumetric ultrasound among other factors are poised to impel the industry expansion. Similarly, 3D and 4D ultrasound imaging modalities have higher demand in the field of gynecology, as these images offer a detailed study of the embryo and the fetus as compared to two-dimensional (2D) ultrasound. Furthermore, the ability of 3D ultrasound to detect fetal face defects including neural tube defects and cleft lip further enhances its adoption and overall market demand. Moreover, 4D ultrasound same as 3D allows healthcare professionals to monitor and study the motions of numerous moving organs of the body that propel the industry size.
Growing preference for handheld diagnostic ultrasound devices in various healthcare settings will enhance the market revenue
The handheld segment in the diagnostic ultrasound market is predicted to witness 4.5% growth rate through 2027, as the demand for compact ultrasound devices have increased over the past few years. Handheld devices are affordable as compared to trolley devices. Additionally, COVID-19 has surged the demand for compact/handheld ultrasound devices as it was used as a diagnostic tool for COVID-19 patients. Owing to its small and compact nature, handheld devices are also used in ambulances to send scans to hospitals or healthcare professionals in emergency cases. These devices help physicians and other surgeons in making prompt medical decisions for critically ill patients, thereby favoring the industry demand. Furthermore, the growing popularity of handheld devices in ambulatory surgical centers and home care settings for better patient management and care will stimulate the overall market value.
Browse key industry insights spread across 210 pages with 105 market data tables & 15 figures & charts from the report, “Diagnostic Ultrasound Market Size By Technology (2D, 3D and 4D, Doppler), By Portability (Trolley, Compact/Handheld), By Application (General Imaging, Cardiology, Obstetrics/Gynecology), By End use (Hospitals, Maternity Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Various applications of ultrasound devices in obstetrics and gynecology will boost the business expansion
The diagnostic ultrasound market for obstetrics and gynecology segment captured USD 1.5 billion in 2020. The demand for diagnostic ultrasound has increased in the field of obstetrics and gynecology because it is a safe, painless, and non-invasive procedure for the visualization of the fetus, uterus, and placenta. Also, it helps in determining the age of fetus at the time of the scan and determines large-scale abnormalities in fetal development along with possible problems in the mother’s reproductive system. Similarly, diagnostic ultrasound is a cost-effective procedure as compared to any other imaging technique that secures the industry progression.
Increasing demand for ultrasound systems in hospitals to propel the market growth
The hospital segment dominated more than 49% of the diagnostic ultrasound market share in 2020 due to strong demand for ultrasound devices in the hospital settings. Hospitals are well equipped with trained medical professionals and advanced equipment such as ultrasound systems for effective treatment and diagnosis. Moreover, maximum number of deliveries are carried out in hospital settings under the presence of skilled healthcare professionals.
Favorable reimbursement policies in European nations will boost the industry revenue
Europe diagnostic ultrasound market is estimated to attain a CAGR of over 3.9% till 2027 led by the favorable reimbursement policies and the presence of advanced healthcare infrastructure. Establishment of R&D units and rising healthcare funding to develop technologically advanced and non-disruptive ultrasound technologies will secure the industry value. In addition, the growing number of maternity centers and hospitals in this region for providing better patient management and access is the major aspect proving beneficial for the regional expansion.
Strategic initiatives undertaken by market participants will provide them a competitive advantage
Some of the prominent companies operating in the diagnostic ultrasound market include Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, FUJIFILM Holdings Corporation, Canon Medical Systems Corporation, Mindray Medical International Limited, Samsung Electronics Co., Ltd., Konica Minolta, Inc., ESAOTE SPA and Hologic, Inc. These market leaders are involved in strategic partnership agreements, collaborations and mergers to strengthen their market position.