Ultrasound Market worth $11.6 billion by 2028

Ultrasound Market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of ultrasound for diagnostic imaging.

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Ultrasound Market Dynamics:

Drivers:

Increasing incidence of target diseases and subsequent rise in surgical procedures
Growing patient preference for minimally invasive surgeries
Rising technological advancements in ultrasound devices
Growing public-private investments for product commercialization
Increasing establishment of hospitals and diagnostic centers

Restraints:

Unfavorable reimbursements
High operating costs

Opportunities:

Growing applications of therapeutic ultrasound
High growth potential of emerging markets
Development of POC ultrasound systems

Challenges:

Growing end-user preference for refurbished equipment
Shortage of skilled sonographers

Key Market Players:

As of 2022, prominent players in the ultrasound market are GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), and Hologic, Inc. (US)

By region, North America is expected to be the largest region in the ultrasound industry during the forecast period

North America, comprising the US and Canada, accounted for the largest market share in 2022. The large share of ultrasound market can primarily be attributed to the high healthcare spending, rising geriatric population, the rising prevalence of target diseases, growing number of cosmetic surgeries, and rapid adoption of technologically advanced imaging systems.

Recent Developments:

In February 2023, GE HealthCare has acquired Caption Health, thereby expanding the capabilities of ultrasound technology to assist new users through FDA-cleared, AI-powered image guidance. By leveraging Caption AI applications, ultrasound examinations can be streamlined, accelerating the process and empowering a wider range of healthcare professionals to perform fundamental echocardiogram exams.
In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
In April 2022, The enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.

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Ultrasound Market Advantages:

Non-Invasive: Ultrasound is a non-invasive imaging technique, meaning it does not require any incisions or exposure to ionizing radiation, making it safer for patients and reducing the risk of complications.
Real-Time Imaging: Ultrasound provides real-time imaging, allowing medical professionals to observe and assess dynamic processes within the body, such as blood flow, organ movements, and fetal development.
Portability: Advancements in technology have led to the development of portable and handheld ultrasound devices, enabling point-of-care imaging in remote or resource-limited settings and increasing accessibility to medical care.
Cost-Effective: Compared to other imaging modalities like MRI or CT scans, ultrasound is generally more cost-effective, making it a cost-efficient choice for both healthcare providers and patients.
No Ionizing Radiation: Ultrasound uses sound waves instead of ionizing radiation, making it a safer option for imaging pregnant women, children, and individuals who require frequent imaging studies.
Wide Range of Applications: Ultrasound has a diverse range of applications across various medical specialties, including obstetrics, gynecology, cardiology, radiology, gastroenterology, and more, making it a versatile tool for healthcare professionals.
Real-Time Guidance: Ultrasound can be used in real-time to guide medical procedures, such as needle biopsies, drain placements, and catheter insertions, increasing accuracy and reducing the risk of complications.
High Patient Tolerance: Patients generally find ultrasound examinations comfortable and painless, contributing to improved patient compliance and satisfaction.
Safe for Repetitive Use: Ultrasound can be used repeatedly without any harm to the patient, making it suitable for monitoring and follow-up examinations.
Accessibility: Ultrasound machines are widely available in medical facilities, from large hospitals to smaller clinics, allowing for prompt and convenient access to imaging services.
Overall, the advantages of ultrasound make it an indispensable tool in modern medicine, facilitating early and accurate diagnoses, improving patient care, and contributing to better health outcomes.

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