Dublin, Ireland, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global ultrasound systems market is expected to grow at over 6% CAGR through 2031. Rise in diverse applications in cardiology, vascular, radiology, and other sectors combined with high demand from diagnostic centers and hospitals are expected to fuel the growth of ultrasound systems market.
Rise in demand for tabletop, portable and standalone ultrasound systems are expected to witness an impressive growth during the forecast period of 2021 to 2031, expanding at a CAGR of over 6%.
Significant funding has been made in medical diagnostic industry across the globe. For instance, as per report published by the European Commission (EC), the European Union (EU) medical diagnostics industry is full of opportunities. European Commission launched an emergency call through which EUR 38.2 million was awarded to around 18 research projects in the healthcare sector. These initiatives indicate that ultrasound manufacturers are expected to witness lucrative opportunities during the forecast period.
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Besides this, governments across the globe are increasing public health spending and various ultrasound system suppliers are eyeing these opportunities to increase their sales footprint. For instance, the hospitals industry in India is expected to increase from US $ 61.79 Billion in FY17 to US $ 132.84 by FY22.
In addition to this, demand for ultrasound machines with high intensity focus has been witnessing a surge across the globe. Moreover, portable ultrasound machine manufacturers are expected to witness lucrative opportunities during the forecast period.
Key Takeaways:
- United States is expected to remain a prominent market for ultrasound systems since the past decade, is expected to witness rapid growth during the forecast period.
- Asia pacific is expected to witness rapid growth throughout the forecast period. Moreover, advanced healthcare techniques and growing requirement in diverse applications is boosting the sales in china market.
- China is expected to witness an impressive growth during the forecast period. As per a report titled “China-Healthcare”, published by the International Trade Administration, China is the world’s second-largest healthcare industry.
- India has emerged as another profitable market for ultrasound imaging systems, and is likely to sustain their position during forecast period. Moreover, highly developed manufacturing units and advanced technologies in the medical industry are boosting demand growth in India. Also, as per the report published by IBEF, the hospitals industry in India is forecast to increase to US$ 132.84 billion by FY22 from US$ 61.79 billion in FY17 at a CAGR of 16-17%.
Growth Drivers:
- Rise in technological advancements in hospitals and diagnostic centers and surge in preference for 3D and 4D ultrasound have led to impressive growth for the market during the last 5 years from 2016-2020.
- Ultrasound systems are rapidly used in the medical diagnostic sector for the medical diagnosis of various body parts and diseases, such as blockage in arteries, kidney stones, and cysts.
Restraints:
- Ultrasound system suppliers face a few restraining factors, such as expensive production process, complex process cycle, requirement for expert handling, additional operational & maintenance costs
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Competitive Landscape:
US market is highly competitive and ultrasound manufacturers are focusing on product innovation, the quality and quantity of their products.
For instance,
- Siemens AG recently launched diverse range of ultrasound systems that deliver good image quality, advanced technologies and better workflow efficiency.
- Hitachi Ltd. launched Aloka Arietta 850, the flagship model of the Arietta series diagnostic of ultrasound platforms. This model offers various diverse benefits such as superior image quality, advanced applications.
Key Companies Profiled by Fact.MR
- General Electric Company
- Koninklijke Philips N.V.
- Toshiba Corporation
- Siemens AG.
- Hitachi Ltd.
- Fujifilm Holdings Corporation.
- Esaote SpA.
- Shimadzu Corporation
- Analogic Corporation
- Samsung Electronics Co. Ltd.
More Valuable Insights on Ultrasound Systems Market
- Portability
- Standalone Ultrasound Systems
- Table-Top Ultrasound Systems
- Portable Ultrasound Systems
- End User
- Ultrasound Systems for Hospitals
- Ultrasound Systems for Diagnostic Centers
- Ultrasound Systems for Ambulatory Surgical Centers
- Others
- Application
- Ultrasound Systems for Cardiology Diagnostics
- Ultrasound Systems for Radiology Diagnostics
- Ultrasound Systems for Urology Diagnostics
- Ultrasound Systems for Vascular Diagnostics
- Ultrasound Systems for Gynecology Diagnostics
- Others
- Technology
- 2D Ultrasound Machines
- 3D Ultrasound Machines
- 4D Ultrasound Machines
- Doppler Ultrasound Systems
- High-intensity Focused Ultrasound Systems
- Extracorporeal Shockwave Lithotripsy Systems
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