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Ultrasound Equipment Market to Rise at 7.4% CAGR till 2027; Growing Preference for Point of Care Ultrasound Devices to Aid Market Expansion

January 13, 2021 | Healthcare

The global ultrasound equipment market size is projected to reach USD 12.90 billion by 2027 owing to the increasing presence of clinics and specialty health facilities, states Fortune Business Insights™ in its report, titled 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 report further states that the value of the market stood at USD 7.77 billion in 2019 and it is expected to register a CAGR of 7.4% from 2020 to 2027.


The COVID-19 pandemic is set to negatively impact the ultrasound equipment market growth because of lockdowns, trade and travel restrictions, and social distancing measures that contracted revenues of leading market players. The pandemic is anticipated to reduce the market’s CAGR to -7.1% in 2020 and by 2021 the market is predicted to take off again as the effects of the pandemic start abating.


Philips Introduces Ultrasound Solution in Japan to Enable Bedside Diagnostics


In June 2020, Royal Philips announced the commercial launch of Lumify with Reacts, its flagship handheld tele-ultrasound offering, in Japan. Available through a novel subscription model, Philips’ Lumify aims to equip the country’s health professionals with high-quality and reliable portable ultrasound devices to aid quick diagnosis of diseases. The Japanese healthcare authorities have green lit the product’s integration with compatible handheld devices across the country. With this launch, Philips intends to capture the growing bedside diagnostic and treatment needs of Japan’s rapidly ageing population. Japan is also the world’s third-largest market for healthcare technologies after the US and China, a factor that Philips will look to capitalize in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/ultrasound-equipment-market-100515


Introduction of AI-based Ultrasound Systems to Power the Market


The arrival of artificial intelligence (AI) in the healthcare and medical industries has generated unprecedented opportunities for companies engaged in healthcare technologies. Ultrasound Equipment and systems powered by AI tools have gained traction in recent times and a few companies have been introducing new, advanced imaging solutions to support clinicians. For example, at the 2018 Radiological Society of North America Annual Meeting, UK-based Medaphor announced the development of a product that leverages deep learning and machine learning algorithms to study and assess ultrasound images automatically. More recently, in February 2020, the US Food and Drug Administration (FDA) approved the marketing of Caption Guidance, AI software developed by California-based Caption Health that is designed to be used in conjunction with cardiac ultrasound devices for improved heart examination. The incorporation of AI and related technologies in diagnostic equipment is, thus, making waves in the healthcare industry.   


Product Innovations to be the Central Focus Area for Market Leaders


The leading participants in the ultrasound market are singularly focused on designing and developing innovative products to bolster the efforts of doctors, surgeons, and other health professionals to deliver the best patient outcomes. The vitality of ultrasound equipment has never been direr than in the present health crisis created by the coronavirus. These machines can prove to be instrumental in providing quick detection of the presence of the disease through an examination of the lungs, which is the main organ that the virus is known to attack.


Industry Development:



  • April 2019: Canon Medical Systems USA launched the Aplio a-series, its new range of ultrasound systems with multi-clinical applications at an affordable price tag. The product series has been conceived to encompass a broad range of areas, from women’s health to cardiology to routine checkups.


List of Key Players Covered in this Market Report:



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

  • Siemens Healthcare (Erlangen, Germany)

  • CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)

  • GE Healthcare (Chicago, United States)

  • Esaote (Genoa, Italy)

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

  • Hitachi (Tokyo, Japan)

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


Further Report Findings:



  • North America is expected to occupy a prominent position in the Ultrasound Equipment market share during the forecast period as the region is home to some of the biggest global players in the healthcare technology domain. In 2019, the North America market size stood at USD 2.39 billion.

  • Extensive utilization of table-top ultrasound systems by hospitals and clinics will give the table-top segment a commanding lead in the foreseeable future.


Table of Segmentation











































ATTRIBUTES    



DETAILS        



Study Period



2016-2027



Base Year



2019



Forecast Period



2020-2027



Historical Period



2016-2018



Unit



Value (USD billion) and Volume (Units)



Segmentation




 



By Product



  • Compact

  • Table-top



By Application



  • Radiology

  • Gynecology

  • Cardiology

  • Others



By End-User



  • Hospitals

  • Clinics



By Geography



  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)


Ultrasound Equipment Market
  • PDF
  • 2019
  • 2016-2018
  • 165

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