Ultrasound Device Market size is estimated to reach $9.1 billion by 2026, growing at a CAGR of 3.6% during the forecast period 2021-2026. Ultrasound is an imaging modality that provides cross-sectional images of the body by utilizing high-frequency sound waves. Ultrasonic devices have become an ideal front-line tool for diagnostic imaging as they are less expensive and safer than other diagnostic imaging modalities. Handheld ultrasonic devices are increasingly being adopted across the world owing to the growing demand for home healthcare and remote patient monitoring. The rise in the demand for Doppler imaging tests, increasing adoption of ultrasound devices for the treatment of extracorporeal shockwave lithotripsy, rise in the demand for handheld devices for nondestructive testing, and growing investment by the key players to develop advanced handheld ultrasound devices are the factors that are set to drive the growth of the Ultrasound Device Market for the period 2021-2026.
Ultrasound Device Market Segment Analysis-By Product Type
The Ultrasound Device Market based on the Product Type can be further segmented into Diagnostic Ultrasound Devices and Therapeutic Ultrasound Devices. The Diagnostic Ultrasound Devices segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 5.2% over the period 2021-2026. This growth is owing to the factors such as the rise in the adoption of diagnostic sonography devices and the growing investments by the key players in research and development activities for developing advanced products. The growing demand for Doppler imaging techniques is driving the growth of the Ultrasound Device Market. The Therapeutic Ultrasound Devices segment held the second largest share in 2020 owing to the factors such as the growing adoption of physical therapists to treat chronic pain and also to promote tissue healing and the rise in the product launches by key players.
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Ultrasound Device Market Segment Analysis – By Portability
The Ultrasound Device Market based on Portability can be further segmented into Handheld Ultrasound Devices and Cart based Ultrasound Devices. The Handheld Ultrasound Devices segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 4.7% over the period 2021-2026. This growth is owing to the factors such as the increase in the adoption of handheld devices for nondestructive testing and the rise in the investment by the key players to develop advanced handheld devices. The rise in the inclination towards home healthcare and remote patient monitoring in developed nations is driving the growth of the Ultrasound Device Market. The Cart based Ultrasound Devices held the second largest share in 2020 owing to the factors such as the rise in the adoption of cart/trolley based ultrasound devices for getting accurate raw data for post-processing and an increase in the demand for cart-based point-of-care ultrasound (POCUS) devices to combine the aspects of portable and conventional systems.
Ultrasound Device Market Segment Analysis – By Geography
The Ultrasound Device Market based on the Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 31% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the demand for handheld devices for nondestructive testing and the increase in the adoption of handheld ultrasonic devices for home healthcare. The rise in the demand for Doppler imaging tests is driving the growth of the Ultrasound Device Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the adoption of ultrasound devices for the treatment of extracorporeal shockwave lithotripsy and growing investment by the key players to develop advanced ultrasound devices.
Ultrasound Device Market Drivers
Increase in the Adoption of Ultrasound-guided Extracorporeal Shockwave Lithotripsy
Ultrasound devices are increasingly being adopted for the treatment of extracorporeal shockwave lithotripsy owing to their ability to localize radiolucent stones and differentiate the stone from a stent. The usage of ultrasound devices in extracorporeal shockwave lithotripsy reduces the radiation exposure to both the patient and operator, which is one of the major factors driving the growth of the Ultrasound Device Market.
Rise in the Demand for Doppler Imaging
Doppler imaging ultrasound tests are increasingly being used as an alternative to more invasive procedures owing to their ability to estimate the speed of blood flows by measuring the rate of change in its pitch. This Doppler imaging also helps the doctor to monitor certain treatments to veins and arteries, which is further propelling the growth of the Ultrasound Device Market.
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Ultrasound Device Market Challenges
Stringent Government Regulations
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced handheld ultrasound devices for the treatment of various diseases. However, the stringent government regulations for the approval of products is one of the major factors that is estimated to reduce the growth of the Ultrasound Device Market.
Ultrasound Device Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Ultrasound Device Market. Key companies of this market are Toshiba Medical Systems Corporation, Analogic Corporation, GE Healthcare, SonaCare Medical, Koninklijke Philips N.V., Siemens Healthcare GmbH, Mindray Medical International Limited, Neusoft Corporation, Samsung Medison, and Canon Medical Systems Corporation among others.
Acquisitions/Product Launches:
In March 2021, GE Healthcare has launched a handheld ultrasound device to offer whole-body scanning capabilities and an intuitive software platform delivered in a handheld device. It also has the ability to complete deep exams through a flip of the probe design.
In October 2020, Koninklijke Philips N.V. has launched the Ultrasound 3300 tailored for Obstetrics and Gynecology to offers clinicians and doctors a powerful workflow optimization for quick and efficient diagnosis with low operating costs.
In April 2019, Canon Medical Systems Corporation has launched New Ultrasound Product Line at AIUM for clinical use at an affordable price point. This product seamlessly integrates into workflow for high-resolution 2D imaging and volumetric ultrasound.
Key Takeaways
Geographically, North America Ultrasound Device Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of handheld ultrasonic devices for home healthcare and remote patient monitoring.
The increase in the adoption of handheld devices for nondestructive testing in developed nations is driving the Handheld Ultrasound Devices segment. However, the stringent government regulations for the approval of products is one of the major factors that is said to reduce the growth of the Ultrasound Device Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Ultrasound Device Market report.
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