(PharmaNewsWire.Com, June 12, 2021 ) The ultrasound market is projected to reach USD 8.2 billion by 2025 from USD 6.1 billion in 2020, at a CAGR of 6.1% during the forecast period. The growth of this market is mainly driven by the increasing prevalence of target diseases, which have supported the demand for effective diagnostic procedures. Furthermore, the preference for minimally invasive procedures has risen due to their benefits over traditional surgeries. The availability of funds for research and product commercialization has allowed for technological advancements in ultrasound systems. Lastly, the potential end-user base has expanded—increasing numbers of diagnostic centers are being set up across the world to cater to the needs of a growing patient population.
The 3D & 4D ultrasound subsegment of diagnostic ultrasound to register significant growth in the ultrasound market by 2025
Based on technology, the ultrasound market is segmented into diagnostic and therapeutic ultrasound. The diagnostic ultrasound segment is further categorized into 2D, 3D & 4D, and Doppler ultrasound. These technologies are used for the visualization and diagnosis of various medical conditions (such as gynecological disorders and neurological conditions), fetal imaging, and the imaging of organs. The growth of this market is driven by the rising preference for 3D/4D ultrasound across developed markets and their technological benefits as compared to 2D ultrasound.
The vascular applications segment is expected to register the highest growth rate during the forecast period
Based on application, the ultrasound market is divided into eight segments—radiology/general imaging applications, obstetrics/gynecology applications, cardiology applications, urological applications, vascular applications, orthopedic & musculoskeletal applications, pain management applications, and other applications. Vascular ultrasound is one of the fastest-growing application segments in the ultrasound market majorly due to the rising incidence of vascular disorders across the globe, coupled with the greater adoption of vascular ultrasound for the diagnosis of these disorders and technological advancements in the field of 3D/4D imaging.
Europe is expected to dominate the global ultrasound market in 2019
In 2019, Europe is expected to account for the largest share of the global ultrasound market. This can be attributed to the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound (and the early commercialization of these devices in Europe), and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain).
The analysis of market developments between 2017 and 2020 has revealed that several growth strategies, such as product launches, product approvals, acquisitions, partnerships, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the ultrasound market. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2019, the ultrasound market was dominated by GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), and Siemens Healthineers AG (Germany).
GE Healthcare (US): GE Healthcare (a key business division of General Electric Company) is among the top players engaged in the development and manufacturing of diagnostic ultrasound systems. The company focuses on maintaining its leadership position in the ultrasound market through pipeline development and product commercialization. From 2017 to 2020, the ultrasound market witnessed the commercialization of key ultrasound products by GE Healthcare, including the Versana Premier ultrasound system, Invenia Automated Breast Ultrasound (ABUS) 2.0 system, and Versana Essential ultrasound. Over the years, GE Healthcare has strengthened its customer base and increased its market penetration in major ultrasound markets, such as the US, Europe, Asia, and Africa. The company pursues inorganic growth strategies such as collaborations, agreements, and partnerships to expand its global presence in the ultrasound market. For instance, in 2018, Trice Imaging (US) expanded its partnership with GE for product enhancement for GE’s LOGIQ E10.
Philips (Netherlands): Philips focuses on developing and introducing technologically advanced products in the market to sustain its leading position and to further increase its share in the ultrasound market. The company has launched various novel ultrasound products in the market, such as the EPIQ Elite ultrasound system, as well as an integrated breast ultrasound solution for breast assessment. Also, the recent approvals from the US FDA for its EPIQ series, Affiniti series, Lumify, and CX50 and Sparq diagnostic ultrasound systems to be used for COVID-19 assessment will further boost the company’s share in the market.
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