Ultrasound Devices Market
Ultrasound Devices Market (Technology: Diagnostic Ultrasound and Therapeutic Ultrasound; Portability: Trolley/Cart-based Ultrasound Devices and Compact/Handheld Ultrasound Devices; Application: Radiology/General Imaging, Cardiology, Gynecology, Vascular, Urology, and Others; and End User: Hospitals & Surgical Centers, Diagnostic Centers, Ambulatory Surgical Centers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Low Intensity Ultrasound Treatment Being Referred as Therapy for COVID-19 Pneumonia
Therapeutic ultrasound is being linked to the treatment of COVID-19 pneumonia. Giovanni Durando, a technologist from the National Institute for Metrological Research (INRIM) has been working closely with neurosurgeon Francesco Prada from the Istituto Neurologico Carlo Besta to gain findings about low intensity ultrasound treatment for COVID-19 pneumonia. Such research studies are translating into revenue opportunities for companies in the ultrasound devices market now and in the future.
The low intensity ultrasound treatment is being referred as therapy for interstitial pneumonia, which is found to be affecting some of the patients who have tested positive for coronavirus. This has led to the popularity of low intensity ultrasound treatment of pulmonary pathology. Stakeholders in the ultrasound devices market are taking advantage of this opportunity to gain a strong research base for ultrasound therapy in order to treat inflamed lung tissues, which become fibrotic due to interstitial pneumonia that affects patients.
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Therapeutic Ultrasound Program Activities by FDA Help Improve Frequency Measurement
The global ultrasound devices market is expected to surpass US$ 12.5 Bn mark by 2031. However, regulatory science gaps and challenges as stated by the Food & Drug Administration (FDA) such as lack of acoustic & thermal measurement and simulation techniques for therapeutic ultrasound device output characterization are affecting market growth. Hence, the U.S. Food & Drug Administration is creating awareness about Therapeutic Ultrasound Program Activities such as techniques for measurement of ultrasound power accurately over all frequencies of regulatory interest.
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App-based Handheld Ultrasound Gains Popularity as Life-saving Technology in Remote Villages
The innovative app-based handheld ultrasound technology is empowering healthcare professionals to gain diagnostic insight for point-of-care (POC) treatment and is gaining prominence in the emergency department (E.D). The Philips Lumify, a one-of-its-kind app-based handheld ultrasound is gaining popularity for the 2020 IEEE Spectrum Technology in the Service of Society Award, since the technology is benefitting E.D. in hospitals of remote villages. This explains why the ultrasound devices market is estimated to advance at a healthy CAGR of ~6% during the assessment period.
The app-based handheld ultrasound technology holds promising potentials to transform healthcare by generating diagnostic images with the help of an ultrasound transducer that is connected to a smartphone or a tablet.
FDA Clearance for Two-sided Probe Design in Handheld Devices Creates Revenue Opportunities
Although trolley or cart-based ultrasound devices are likely to dominate a high revenue share, the demand for compact or handheld ultrasound devices in the ultrasound devices market is projected to grow at an exponential rate during the forecast period. This is evident since GE Healthcare - a subsidiary of U.S. multinational conglomerate General Electric, has announced its first wireless portable ultrasound device Vscan Air, which is intended for use in diagnostic ultrasound imaging and fluid flow analysis.
In order to bolster their credibility credentials, med-tech companies in the ultrasound devices market are increasing their R&D muscle to gain FDA clearance for handheld devices. They are increasing efforts to develop battery-powered handheld ultrasound devices with two-sided probe design for quick swapping between shallow and deep exams.
Ultrasound Debridement Technology Exhibits Potential to Reduce Morbidity Rate Due to Chronic Wounds
Ultrasound devices have the potential to treat chronic wounds. Significant innovations in wound care are contributing to the growth of the ultrasound devices market, as companies are collaborating with researchers to innovate in the ultrasound debridement technology. This has led to advancements in non-contact low-frequency (NCLF) ultrasound, which demonstrates the potential of ultrasound debridement to effectively remove devitalized tissue, alleviate pain, and control bio-burden caused by chronic wounds.
Since chronic wounds lead to considerable morbidity and utilize significant healthcare resources, manufacturers in the ultrasound devices market are increasing the availability for ultrasound debridement technology, which is effective for expediting the healing process of wounds.
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POC ultrasound has acquired importance in the toolkit of clinicians to facilitate fast assessment of pulmonary symptoms of the disease, while minimizing the spread of the novel coronavirus. The app-based handheld ultrasound technology is gaining popularity in rural community settings to increase access to real-time clinical information. However, lack of regulatory tools for manufacturers to provide appropriate thermal safety data has limited the progress of the ultrasound devices market. Hence, manufacturers in the ultrasound devices market are gaining knowledge about FDA’s Therapeutic Ultrasound Program Activities that help to establish standards and guidance for thermal safety of therapeutic ultrasound devices. Manufacturers are increasing the availability for dual-headed probe design in wireless and portable ultrasound devices to help users quickly store and share auto-anonymized images.
Ultrasound Devices Market: Overview
- Ultrasound devices use ultra-frequency sound waves for visualization of internal organs of the body. A transmitter transmits the ultrasonic sound waves into a patient’s body, which, upon reflection, are detected by a detector.
- High-resolution images are produced by ultrasound devices, which are helpful in both diagnostic and therapeutic procedures. The global ultrasound devices market has experienced significant growth over the last decade due to increase in incidence of chronic disorders and trauma cases, and surge in the global geriatric population suffering from acute disorders.
- Ultrasound devices are used by hospitals & specialty clinics, diagnostic centers, ambulatory surgical centers, and others for diagnostic purposes
- Rise in the number of patients suffering from chronic disorders such as liver cancer, cysts, tumor, fatty liver disease, and gynecological problems is a major factor projected to drive the global ultrasound devices market
- Efficacy and accuracy of diagnosis achieved by ultrasound devices to produce precise images of affected body organs are the other factors that propel the ultrasound devices market
- Moreover, increase in demand and rise in research funding from governments and large corporate companies are anticipated to augment the global ultrasound devices market during the forecast period
Market Segmentation: Ultrasound Devices Market
- In terms of technology, the global ultrasound devices market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been split into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been segregated into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The diagnostic ultrasound segment dominated the global ultrasound devices market in 2020.
- Based on application, the global ultrasound devices market has been categorized into radiology/general imaging, cardiology, gynecology, vascular, urology, and others. The radiology segment dominated the global ultrasound devices market in 2020 due to rise in the number of patients.
- In terms of portability, the global ultrasound devices market has been classified into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. The trolley/cart-based ultrasound devices segment dominated the global ultrasound devices market in 2020.
- Based on end user, the global ultrasound devices market has been divided into hospitals & surgical centers, diagnostic centers, ambulatory surgical centers, and others. The diagnostic centers segment dominated the global ultrasound devices market in 2020.
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2030, considering 2020 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2021 to 2031, along with market size estimations.
Regional Overview: Ultrasound Devices Market
- In terms of region, the global ultrasound devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- The current and expected revenue (US$ Mn) of these regional markets and their major countries from 2021 to 2031, along with their CAGRs from 2021 to 2031 have been provided in the report
- The study also offers a list of recommendations, highlights, and useful insights of the global ultrasound devices market, which would help new companies willing to enter the market and existing companies to increase market shares, and in the decision-making process
- The ultrasound devices market report concludes with the company profiles section, which includes key information about major players in the global ultrasound devices market
- Leading players analyzed in the report are
- GE Healthcare
- Koninklijke Philips N.V
- Canon Medical Systems Corporation
- Hitachi Ltd.
- Siemens Healthineers
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- Fujifilm Holdings Corporation
- Esaote SpA
- Neusoft Corporation
- CHISON Medical Technologies Co., Ltd.
- Konica Minolta, Inc.
- Hologic, Inc.
- Shantou Institute of Ultrasonic Instruments Co., Ltd.
- Analogic Corporation
- Each of these players has been profiled in the ultrasound devices market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
Ultrasound Devices Market – Scope of the Report
TMR’s report on the global ultrasound devices market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators for the market during the forecast period from 2021 to 2031. The report provides revenue of the global ultrasound devices market for the period 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global ultrasound devices market from 2021 to 2031.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the ultrasound devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the ultrasound devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global ultrasound devices market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global ultrasound devices market.
The report delves into the competitive landscape of the global ultrasound devices market. Key players operating in the global ultrasound devices market are identified and each one of these has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global ultrasound devices market profiled in this report.
Key Questions Answered in Ultrasound Devices Market Report
- What is the sales/revenue generated by ultrasound devices across all regions during the forecast period?
- What are the opportunities in the global ultrasound devices market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which segment is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Ultrasound Devices Market – Research Objectives and Research Approach
The comprehensive report on the global ultrasound devices market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global ultrasound devices market in terms of technology, end user, application, portability, and region. Key segments under each criteria are studied at length, and the market share of each of these at the end of 2030 has also been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global ultrasound devices market.
Ultrasound Devices Market – Segmentation
TMR’s study on the global ultrasound devices market includes information divided into five segments: application, technology, portability, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global ultrasound devices market are discussed in detail.