Next Generation Ultrasound Systems Market Growth – at a CAGR of 7.4% During Forecast Period 2020-2028
Increasing prevalence of chronic diseases, growing demand for handheld scanners, and increasing awareness about early diagnosis and treatment are some key factors expected to drive global market growth
According to Emergen Research, the global next generation ultrasound systems market size was USD 3.66 billion in 2020 and is expected to reach USD 6.38 billion in 2028 and register a revenue CAGR of 7.4% during the forecast period, 2021-2028.
Market Dynamics:
Ultrasound imaging is one of the most used diagnostic procedures in the healthcare sector as it plays a vital role in diseases diagnosis, management, and treatment for almost all medical specialties from cardiology to obstetrics. Next generation ultrasound systems comprise devices with advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), 3D and 4D imaging, and point-of-care facilities. This has resulted in better patient outcomes, precise diagnoses, and improved workflow. Factors such as rapid advancements in ultrasound systems, rising demand for high-quality screening and diagnostic tools, high penetration of internet services, and increasing funds by public and private sectors are expected to fuel market revenue growth during the forecast period.
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In addition, increasing focus on developing next generation ultrasound devices at cost-effective prices and more features, improving overall healthcare infrastructure, and rising healthcare spending are other factors expected to boost global market growth going ahead. However, dearth of well-trained healthcare professionals to operate advanced systems, high cost of advanced systems, increasing use of refurbished ultrasound systems, and rising concerns about system malfunctioning and incorrect data interpretation are some key factors that can restrain market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Ambulance Surgical Centers Segment to Register Rapid Revenue CAGR:
The ambulance surgical centers segment is expected to register rapid revenue CAGR over the forecast period. Revenue growth can be attributed to factors such as increasing number of ambulatory surgical centers worldwide, rapid adoption of next generation ultrasound systems in ambulance surgical centers, and rising preference for outpatient services.
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Trolley Based Systems Segment to Account for Largest Revenue Share:
The trolley-based systems segment accounted for largest revenue share in 2020 and is expected to continue the leading position over the forecast period. Factors such as high usage of trolley based next generation systems in emergency and ambulatory care settings and growing preference for cost-effective, easily portable, and high-quality imaging systems are expected to drive revenue growth of the segment over the forecast period.
North America to Lead in Terms of Revenue:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to presence of well-developed healthcare infrastructure, rapid advancements in diagnostic and imaging technology, and growing demand for advanced devices such as handheld ultrasound scanners, wireless transducers among others. In addition, high healthcare spending, presence of leading manufacturers, and increasing investments in developing improved and pocket-friendly products and devices are expected to drive North America market growth going ahead.
Major Companies in the Market Include:
- Samsung Electronics Co. Ltd.
- General Electric Company
- Canon Medical Systems Corporation
- Hitachi Ltd.
- Siemens Healthineers AG
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- CHISON Medical Technologies Co. Ltd.
- Butterfly Network Inc.
- Medgyn Products Inc.
- Claruis Mobile Health Corporation
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For the purpose of this report, Emergen Research has segmented global next generation ultrasound system market on the basis of probability, product type, application, technology, end-use, and region:
Portability Outlook (Revenue, USD Billion; 2018–2028)
- Portable Systems
- Trolley Based Systems
- Hand Held and Wearable Devices
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Therapeutic Ultrasound
- Diagnostic Ultrasound
Application Outlook (Revenue, USD Billion; 2018–2028)
- General Imaging
- Vascular Imaging
- Cardiology Imaging
- Other Imaging
Technology Outlook (Revenue, USD Billion; 2018–2028)
- 2D Ultrasound System
- 3D/4D Ultrasound System
- Others
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals
- Ambulance Surgical Centers
- Diagnostic Centers
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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