Ultrasound Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Compact, and Table-top); By Application (Radiology, Gynecology, Cardiology, and Others), By End User (Hospitals & Clinics), and Regional Forecast, 2020-2027

The global ultrasound equipment market size was USD 7.77 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with ultrasound equipment witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global ultrasound device market will exhibit a huge decline of -7.1% in 2020. The market is projected to grow from USD 7.25 billion in 2020 to USD 12.90 billion in 2027 at a CAGR of 7.4% in the 2020-2027 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Ultrasound uses high-frequency sound waves to take images of anatomical structures, which are then interpreted by healthcare professionals to detect abnormalities in a patient. This equipment is used to diagnose several chronic disorders related to vital body parts such as the heart, blood vessels in the abdomen, joints, and others. Medical ultrasound is also referred to as sonography and is considered to be one of the safest, non-invasive diagnostic procedures to examine internal organs.

Recent advancements in these systems, along with the developing healthcare infrastructure in emerging countries, have influenced market players to develop easier to operate ultrasound devices. Additionally, the growing prevalence of chronic diseases and the expansion of applications of ultrasound systems are some of the major factors anticipated to propel the growth of the market during the forecast period.

COVID-19 Pandemic to Hinder the Sales of Ultrasound Equipment amid Disruptions in Medical Supply Chains

The outbreak of COVID-19 has had an overall negative effect on the market. The pandemic has generated disruptions in the supply chain of medical devices worldwide. Some of the major players operating in the market have faced supply chain disruptions, especially from distributors in severely impacted emerging countries such as China, India, Brazil, etc. On the other hand, the manufacturing capacity of a few players has been affected due to the unavailability of locally sourced raw materials or parts.

This pandemic is further expected to compel manufacturers and suppliers to re-evaluate their traditional value chains and supply of medical devices. It is also expected that manufacturers would invest more through direct sales force or distribution through online channels. Trends such as relying on locally manufactured parts for the production of medical imaging equipment could emerge in the post-pandemic period.

LATEST TRENDS

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Introduction of Artificial Intelligence in Ultrasound Systems to Fuel Market Growth

Some of the leading market players are emphasizing developing advanced ultrasound equipment and systems integrated with artificial intelligence (AI). This step is being propounded to overcome certain limitations associated with the conventional systems, such as the long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images, etc. Thus, the introduction of advanced ultrasound systems with artificial imaging by key players is expected to boost the growth of the market during the forecast period. For example, in 2019, the Food and Drug Administration (FDA) approved the Koios DS, Breast 2.0, an artificial intelligence (AI) platform that assists physicians in the classification and diagnosis of breast cancer through diagnostic ultrasound.

DRIVING FACTORS

Increasing Prevalence of Chronic Diseases &  Rising Geriatric Population to Accelerate Market Growth

Globally, the rising prevalence of chronic diseases has resulted in an increase in the demand for healthcare services, such as the increasing number of patient visits, hospital admissions, and surgeries. For instance, in 2019, according to the data published by the CDC, there were more than 900 million physician office visits, 155 million visits to emergency departments, and 45 million outpatient surgeries performed in the U.S. This, along with the rise in the number of geriatric populations globally suffering from chronic disorders, has led to a significant rise in the demand for medical imaging equipment including ultrasound systems for diagnosis & treatment procedures.

Furthermore, over the past decade, applications of ultrasound technology have expanded to clinical specialties such as surgery, gastroenterology, and musculoskeletal. Earlier, these applications were limited to radiology, cardiology, obesity, and gynecology. Hence, recent developments and the launch of several products in the point-of-care (POC) segment and handheld systems have expanded the usage of these imaging systems in primary care, anesthesia, emergency medicine, and critical care applications.

RESTRAINING FACTORS

Product Recalls & Shortage of Trained Technicians to Limit the Adoption of Ultrasound Systems

The ultrasound device market is witnessing enormous developments owing to the advancements in the artificial imaging domain. However, recent recall instances of ultrasound devices are hampering the brand image of major companies operating in this market. For instance, in May 2020, Koninklijke Philips N.V. was given a class 2 product recall by the U.S FDA for its S83t compact. The recall was initiated owing to a faulty auto cool function of the transesophageal transducer that could cause possible injury to patients during ultrasound examinations. This, along with the shortage of trained technicians in countries such as Australia, the UK, and Canada, is expected to restrict market growth during the forecast period. For instance, according to various research studies, the sonographer vacancy rate in the UK is estimated to be between 12% and 18%, with the inability to find suitable candidates considered as one of the key reasons for the shortage.

SEGMENTATION

By Product Analysis

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Compact Ultrasound Systems Segment to Grow at a Fast Pace

Based on product, the market is segmented into table-top & compact ultrasound equipment. In terms of revenue, the table-top segment held the largest share in 2019. This is primarily attributed to the comparatively higher cost of table-top systems, leading to the segment’s higher revenue share in 2019.

On the other hand, the compact segment is expected to grow at a CAGR during the forecast period owing to advancing technologies and the launch of new products such as handheld and compact ultrasound systems by market players.

By Application Analysis

Radiology Segment to Dominate the Market

Based on application, the global ultrasound equipment market is segmented into radiology, gynecology, cardiology, and others. The radiology segment was one of the leading segments in 2019 owing to the increasing number of radiology centers and rising adoption of ultrasound in general imaging and diagnosis of medical complications.

On the other hand, the gynecology segment is anticipated to grow at a higher CAGR during the forecast period owing to the technological advancements in the ultrasound industry and the growing prevalence of gynecological disorders responsible for increasing the demand for efficient diagnostic systems.

By End-User Analysis

Clinics Segment to Register a Higher CAGR  

On the basis of end-user, the market includes hospitals and clinics. The hospitals segment dominated the market in 2019 on account of the increasing number of patient admissions in hospitals in developed and emerging economies suffering from chronic disorders, along with the well-established infrastructure of hospitals.

The clinics segment is expected to register a higher CAGR during the forecast period owing to the increased adoption of handheld and point-of-care (POC) ultrasound systems in these settings as they are easy to use, convenient, and cost-effective in nature.

REGIONAL INSIGHTS

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The ultrasound market size in North America stood at USD 2.39 billion in 2019. The growth of this region is attributed to the constant focus of market players on new product developments in the U.S and Canada. The U.S has witnessed new product launches and innovations in ultrasound equipment, predominantly driven by the recent COVID-19 outbreak.

Europe is expected to register a significant CAGR during the forecast period owing to the widening pool of geriatric patients suffering from chronic diseases, along with the presence of well-established healthcare infrastructure in countries such as the UK and Germany.

Asia Pacific dominated the ultrasound equipment market share in 2019, owing to the higher sales volume of ultrasound systems. Also, China is considered to be a major manufacturer of cost-effective ultrasound machines. This makes the region a lucrative market for these devices. 

On the other hand, Latin America and the Middle East & Africa accounted for a comparatively lower share of the global market owing to their developing healthcare infrastructure and the presence of a huge underpenetrated market.

KEY INDUSTRY PLAYERS

GE Healthcare Accounted for a Dominant Share of the Market in 2019

GE healthcare dominated the ultrasound industry and accounted for the largest market share in 2019. The dominance of GE is a result of its strong product portfolio and growing distribution network, which gives it a definitive competitive advantage. The structure of the market for ultrasound equipment is consolidated owing to the robust portfolio and wide distribution network of key players in major economies.

Players such as GE Healthcare, Koninklijke Philips N.V., and Canon Inc. accounted for a dominant share of the global market in 2019. Also, a few major players are utilizing the opportunities generated by the outbreak of the COVID-19 pandemic in order to further strengthen their market position.

• For instance, in August 2020, Koninklijke Philips N.V. launched a new dedicated cardiovascular ultrasound system called the Affinity CVx at the annual meeting of the European Society of Cardiology (ESC). This new system is specially designed to provide improved productivity to users, enabling cardiology departments to operate more efficiently.

In the competitive landscape of this market, other players such as Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote are constantly focusing on introducing therapeutic ultrasound systems with advanced technologies in this major market.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (Chicago, United States)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)


• Hitachi (Tokyo, Japan)


• Siemens Healthcare (Erlangen, Germany)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)


• Samsung Medison Co., Ltd. (Suwon-si, South Korea)


• Esaote (Genoa, Italy)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• December 2020 – Samsung Medison introduced its RS85 Prestige ultrasound diagnostic solution, designed to deliver efficient scanning performance, at the Radiological Society of North America (RSNA) 2020, with an aim to strengthen its position in the global market.


• February 2019 – Philips launched the EPIQ Elite ultrasound system in the market. This system is intended to be used for general imaging and obstetrics & gynecology in order to improve clinical confidence and patient experience.

REPORT COVERAGE

An Infographic Representation of Ultrasound Equipment Market

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The ultrasound equipment market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, applications, products, and end-users. Besides this, it offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

Report Scope & Segmentation