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Ultrasound holds the major market as a medical imaging instrument in the market. It is a kind of imaging method that uses high-frequency sound waves to produce images of structures within the body. The images created by ultrasound imaging provide valuable information about diagnosing and treating a variety of diseases and conditions. Therefore, most of the ultrasound examinations are done using an ultrasound device outside the body, also some involve placing device inside the body. Although ultrasound is used for many reasons, including:
Ultrasound imaging is easier to handle and is effectively performed by health practitioners. Ultrasound travels through the blood in the heart chamber, but when it hits the heart valve, it echoes or bounces back. For imaging stones in the gallbladder it travels straight to the gallbladder, and if there are stones, it bounces back. Ultrasound images get their features by echo or bouncing back. Although high frequency sound waves are being used by the ultrasound system in order to visualize the internal organs of the body, using these high frequency sound waves can clearly capture internal organs of the body. It contains a transducer and an ultrasound detector or probe. This technique does not use ionizing radiation to diagnose or treat body ailments and is minimally invasive.
Over the years, the use of ultrasound has gradually expanded beyond radiology and cardiology to a wide range of clinical specialities, including surgery, musculoskeletal, and gastroenterology, to name a few, expanding the customer base and driving additional revenue growth. The trend particularly started out in developed countries, but recently and gradually it has grown in developing markets, particularly India and China, where speciality departments at larger hospitals now have their own budgets to buy ultrasound. Also, the customer base for ultrasound usage has increased over the years. Therefore, imaging modalities such as MRI and CT are a lower-cost and radiation-free alternative.
Based on the product, the market is segmented into table top and compact systems. Therefore, the market share of ultrasound is highly shared by table top equipment’s being used in hospitals and clinics at a lower cost in comparison to compact systems. In the coming time, it is expected that the compact system market may grow due to the new product launches in handheld equipment by market players.
The applications in the ultrasound market cover radiology, gynaecology, cardiology, point of care, urology, surgery, and many others. Radiology seems to be the leading area in the ultrasound market based on growth in radiology centre openings and the diagnosis of medical complications. But it seems that gynaecology can be a growing segment in the ultrasound market in the coming years.
The end user ultrasound market is segmented into hospitals and clinics. The hospital segment is the dominant segment in the market due to the increased number of patient admissions in hospitals and the infrastructure provided by them. In the coming years, clinic segment may overpower the ultrasound market as adoption of handheld and point-of-care ultrasound systems are easy to use, convenient and cost effective in nature.
In accordance with the geography area of the ultrasound market, Asia Pacific stood out as the highest, and the growth of this region depends on the higher sales volume of the devices in this region. China is considered a major manufacturer of cost effective equipment, making the market competitive for these devices. On the other hand, North America holds the second highest market share in the global market, with a constant focus on new product developments in the US and Canada markets.
Thus, the US witnessed new product launches and innovations in equipment, predominantly driven by the recent COVID-19 outbreak.
Europe may, in the coming time, register a significant CAGR owing to the widening pool of geriatric patients suffering from chronic diseases and the presence of well-established healthcare infrastructure in countries such as the UK, Germany, and others.
Other countries, like Latin America and the Middle East and Africa, have accounted for a comparatively lower share of the global market owing to their developing healthcare infrastructure.
S.No | Companies | Product | Description |
1. | GE Healthcare | 3D/4D ultrasound equipment | Manufactures market of patient monitoring, diagnostic imaging systems, cardiac devices, and healthcare IT solutions. |
2. | Philips Healthcare | Diagnostic imaging systems and patient monitoring devices | It works in the healthcare, consumer lifestyle, lightning, innovation, and other service segments. The healthcare segment offers imaging systems; patient care and monitoring solutions; customer service; and healthcare informatics, solutions, and services sub-segments. |
3. | Toshiba Medical Systems | 3D/ 4D ultrasound | Toshiba Medical Systems dominates the market in Japan and is steadily increasing its global market share. Also, this is the only major company in the healthcare industry that provides diagnostic ultrasound systems, diagnostic X-ray systems, MRI systems, and diagnostic nuclear medicine systems. |
4. | Siemens Healthineers | medical imaging, diagnostics | Healthineers is one of largest suppliers of medical imaging, diagnostics, and health IT to the healthcare industry worldwide. The company is also prominent in the digital and enterprise services fields as well as molecular diagnostics. The company offers medical technology and software solutions as well as clinical consulting services, supported by a complete set of training and service offerings. |
The ultrasound market has been under consideration for a very long time, with increasing focus on therapeutic applications of ultrasound with advancements in technology such as high intensity focused ultrasound (HIFU) and micro bubble assisted delivery of drugs and genes, thus providing significant opportunities for ultrasound device manufacturers. Ultrasound imaging for breast examinations for women with higher risks of cancer, which are often missed through mammograms, is propelling the growth of the ultrasound device market. Therefore, there is also an increasing scope of mobile phones that may provide point-of-care ultrasounds and there are also many other possibilities hitting the global ultrasound market.
