Pune, India, Jan. 18, 2021 (GLOBE NEWSWIRE) — The global ultrasound equipment market size is projected to reach USD 12.90 billion by 2027, exhibiting a CAGR of 7.4% during the forecast period. Increasing prevalence of chronic conditions worldwide will be principal force behind the growth of this market, predicts Fortune Business Insights™ in its report. Chronic diseases, which are known to slowly deteriorate the health of an individual over an extended period of time, have been deemed as the leading cause of disability and death worldwide by the World Health Organization (WHO).
According to the WHO, chronic conditions account for 43% of the global disease burden and are responsible for nearly 60% of all deaths globally. By 2020, the WHO estimates that these proportions will rise to 60% and 73%, respectively. Detection of internal anomalies caused by chronic diseases is made possible by ultrasound equipment as these systems allow health professionals to get a comprehensive imagery of the different organs. Thus, as the incidence of chronic diseases rises around the world, the adoption of ultrasound systems is likely to spike in the near future.
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High Potential of Lung Ultrasound in Detecting COVID Infection May Aid Market Growth
Increasing awareness about the efficacy of ultrasound equipment in identifying coronavirus-induced abnormalities in the lungs may create favorable conditions for this market. Lung ultrasound is commonly used in intensive care units and emergency wards at hospitals as it allows for a quick examination of the whole chest. In the UK, for example, healthcare workers are trained on the Focused Acute Medicine Ultrasound to enable them to make speedy assessments and diagnosis of severely ill patients. Since COVID-19 patients typically suffer from an acute form of pneumonia, chest ultrasound equipment can prove to be instrumental in providing immediate relief to such patients.
However, despite the vast benefits offered by these systems, the ultrasound market growth is set to decline to -7.1% in 2020 owing to the supply chain disruptions and reduction in production activities amid the current pandemic. The disturbances triggered by the coronavirus have led to falling sales revenues of major market players, which automatically affect the growth of this market.
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North America to Shine in the Market Supported by Robust Healthcare Infrastructure
The North America market size was USD 2.39 billion in 2019 and the region is expected to headline the global market through 2027 owing to the strong healthcare infrastructure and facilities in Canada and the US. Further, high investments in healthcare technologies and robust government spending on healthcare are allowing hospitals and clinics to quickly adopt advanced diagnostic equipment.
Asia Pacific led the ultrasound equipment market share in 2019 and is set to continue its dominance during the forecast period due to a steady rise in the prevalence of chronic diseases and cost-effective production of ultrasound systems in China and India. In Europe, high-quality healthcare facilities will drive the regional market.
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Release of Innovative Products by Key Players to Fuel Competition
The boundless scope for innovation present in this market is stoking the creative energies of key players, who, in turn, are ramping up their spending in R&D, enabling them to bring out new products in a timely manner. Besides this, companies are also receiving strong support from regulatory bodies, which is further encouraging innovation in the market.
- December 2020: Samsung Electronics unveiled RS85 Prestige, the company’s newest ultrasound system, at the Radiological Society of North America 2020 Annual Meeting. The product provides real-time images to health professionals and offers enhanced sensitivity for superior abdominal and breast examination.
- October 2020: The US Food and Drug Administration (FDA) granted a 501k clearance to GE Healthcare’s Ultra Edition variant of its Vivid cardiovascular ultrasound product suite. The new edition is equipped with artificial intelligence that allows clinicians to perform repetitive exams consistently.
List of Key Companies Identified in the Ultrasound Equipment Market Report:
- Esaote (Genoa, Italy)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- Hitachi (Tokyo, Japan)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Samsung Medison Co., Ltd. (Suwon-si, South Korea)
- Siemens Healthcare (Erlangen, Germany)
- CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)
- GE Healthcare (Chicago, United States)
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Value Chain
- Mergers, Acquisitions, Partnerships, etc.
- Covid-19 Impact on the Market
- Global Ultrasound Equipment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Product
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Application
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By End User
- Market Revenue (USD billion) and Volume (Units) Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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