A recent Reportlinker.com report indicates that the global ultrasound market is projected to reach $9.0 billion by 2026 from $6.7 billion in 2021. The report indicates growth at a compound annual growth rate (CAGR) of 6.3% during the forecast period.
Growth of the market is attributed to the technological advancements, increasing incidences of target diseases, rising patient preference for minimally invasive procedures and growing public and private investments. Also, funding and grants are driving the growth of the global ultrasound market.
However, stringent government regulations may restrict the growth of this market to a certain extent in the coming years.
On the basis of technology, the ultrasound market is segmented into diagnostic ultrasound and therapeutic ultrasound devices. The therapeutic ultrasound segment is expected to grow at a significant rate over the forecast period.
Therapeutic ultrasound technologies include focused ultrasound and shockwave lithotripsy. The growth of this market is driven mainly by ongoing technological innovations in the field of focused ultrasound as well as the expansion of its application horizons.
On the basis of device display, the ultrasound market is segmented into black and white ultrasound and color ultrasound devices. The color ultrasound devices segment is expected to grow at the highest CAGR during the forecast period owing to the benefits offered by these devices, such as better image quality and higher image resolution.
Also, the growing availability of advanced color ultrasound devices, coupled with the continuous decline in product cost across major countries and expanding distribution networks of major manufacturers across emerging countries, are expected to support the growth of this market segment during the forecast period.
Based on system portability, the ultrasound market is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems and point-of-care (PoC) ultrasound systems. In 2020, the trolley/cart-based ultrasound systems segment is expected to account for the largest market share due to the growing adoption of these systems across major markets (as a result of their increasing use in emergency care and acute care settings in hospitals and health care institutions).
On the basis of component, the ultrasound market is segmented into transducers/probes, workstations, and other components. The transducers/probes segment is further divided into curvilinear/convex array probes, liner array probes, phased array probes and other probes.
The transducers/probes segment accounted for the largest share of the ultrasound market in 2020. This can be attributed to technological advancements, the introduction of specially designed products, and the rising adoption of ultrasound technology for the diagnosis of various disease indications.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the increasing health care expenditure across the region’s major countries (especially India and China), growing public awareness about the therapeutic potential of ultrasound technologies, continuous decrease in device costs (due to growing localized manufacturing and the presence of global market players), rising prevalence of target diseases and the ongoing trend of device miniaturization.
In 2020, the ultrasound market was dominated by GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Hitachi Ltd. and Siemens Healthineers AG.
