Ultrasound Devices Market Growth Factors, Competitive Landscape and Forecast to 2027

[Priya Raut]

Market Scope
Market Research Future (MRFR) confirms that the Ultrasound Devices Market will reach USD 9,208.76 Million by 2027-end, while soaring at an incredible rate from 2020 to 2027.
Growth Boosters and Challenges
Mounting preference for minimally invasive therapeutic and diagnostic devices has acted in favor of the ultrasound devices market in recent years. The surging use of ultrasound method for treating kidney stones and prostate cancer has also rendered the market highly lucrative. Besides, ultrasound screening is deemed to be the basic necessity for accurate fetal screening worldwide, and therefore, the escalating birth rate along with the surge in in-vitro fertilization treatment rate has raised the demand for these devices.
Ultrasound technique and devices are increasingly being used for numerous therapeutic procedures supported by Extracorporeal Shockwave Lithotripsy (ESWL) and High Intensity Focused Ultrasound (HIFU) technology. This will help facilitate the growth of therapeutic ultrasound devices market. Moreover, frequent trials and researches to explore new applications of ultrasound for treatment of disorders like uterine fibroid and breast fibroadenoma will augment the use of these devices instead of the chemical and invasive methods generally used in healthcare.
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Major Players:
Fukuda Denshi (Japan), Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (The Netherlands), Fujifilm Holdings Corporation, (Japan), Canon Medical Systems Corporation (Japan), Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Esaote Spa (Italy), Siemens Healthineers (Germany), Trivitron Healthcare (India), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China), General Electric Company (U.S.), are the strongest contenders in the global industry for ultrasound devices.
Most of the players allocate large-scale budgets for research and development activities to focus on product innovation as well as new launches to foster brand awareness. A few other strategies employed by them are FDA approvals, joint ventures, acquisitions, expansions, and collaborations, to name a few.
Market Segmentation
End-user, application, technology, portability, and display are the major segments outlined in the MRFR study, in order to present a detailed understanding of the global industry for ultrasound devices.
Ambulatory centres, diagnostics and surgical centers, hospitals and others are the top end-users highlighted in the report. Hospitals along with diagnostics & surgical centers form the leading segments in the market and can capture a CAGR of 3.21% over the analysis period.
Applications of ultrasound devices are obstetrics/gynecology, radiology/general imaging and more.
Technologies covered in the MRFR market study include therapeutic and diagnostic.
Portability-wise, the key segments are handheld/compact and cart/trolley.
The display types considered in the MRFR report are black and white as well as color.

Regional Analysis
The key regions where the ultrasound devices industry will witness growth at varying rates include Europe, America, MEA or Middle East and Africa and Asia Pacific or APAC.
Europe is all set to be the market leader in the next few years and is presumed to touch USD 3,308.54 million by 2027. High healthcare spending along escalating cases of chronic disorders, especially among the growing elderly population will foster the market growth in the region.
North America is on track to secure the second highest position in the global market, thanks to the rapidly growing cases of chronic ailments and the consistently expanding geriatric patient base. The demand for ultrasound devices is also soaring, given the extensive pool of established manufacturers, especially in the United States. These players are actively seeking ways to uplift their market rankings and as a result, are indulging in fierce competition. This could in turn, be favorable for the regional market in the years to follow.
APAC should continue to soar at a fast pace in the following years, in view of the mounting focus on upgradation of healthcare infrastructure. The APAC market, as per MRFR, is likely to capture a CAGR of 3.76% by the year 2027, backed by the surging burden of chronic disorders. India, Japan and China are the leading contributors in the APAC market growth. The region is also witnessing increase in healthcare spending along with players constantly working on bolstering their consumer reach, which will further substantiate the market position in the years ahead. Government efforts and huge investments in advanced devices will also favor the regional market in the ensuing period.
To cite a reference, in May 2021, ALPINION MEDICAL SYSTEMS Co. Ltd, a renowned ultrasound firm, has launched X-CUBE 90, an advanced ultrasound diagnostic machine that offers a highly detailed image along with an efficient user interface. Additionally, the machine is based on X+ FIT, which is a hardware technology that boosts the data transmission rate, data processing speed and data transmission speed by 14 times as compared to other products.

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