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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.
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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.
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Table of Segmentation
Value (USD billion) and Volume (Units)