Ultrasound is an imaging modality that utilizes high-frequency sound waves to visualize organs inside the body. Apart, from imaging, the technique also guides health care professionals to conduct biopsies, monitor blood flow and assess the extent of damage after a heart attack.
It is an industry that has witnessed steady growth in part because of the growing incidences of orthopedic and other internal injuries; an increasing geriatric population coupled with chronic illness; a steady increase in the number of hospitals; technological advancements in the development of ultrasound devices; and growing government, public and private investments for the development of new ultrasound devices. Further, significant opportunities from emerging economies and emergence of point of care ultrasound devices have boosted the adoption of ultrasound devices among health care facilities worldwide.
The global ultrasound market will increase at a compound annual growth rate (CAGR) of 4.2% from 2019 to 2024 to reach $7.94 billion by 2024, according to a report from Meticulous Research.
The ongoing trend of the development of application-specific ultrasound devices is among factors expected to boost the growth of the ultrasound market in near future.
The global ultrasound market is segmented by product (ultrasound devices, probes, gels, others), technology (diagnostic ultrasound, therapeutic ultrasound), display (colored ultrasound, black and white ultrasound), portability (trolley-based, handheld/compact, point of care ultrasound systems), application (diagnostic and therapeutic applications), and end user (hospitals, diagnostic imaging centers, ambulatory care centers and others), and geography.
On the basis of technology, 2D ultrasound is identified as the most preferred standard technology for the diagnosis and identification of abnormalities. The report states that 2D ultrasound commanded the largest share of the global ultrasound market in 2017 owing to simplicity of procedure, low cost, mobile nature and provision of real-time images.
On the basis of application, diagnostic application commanded the largest share of the global ultrasound market. The high share of this segment is attributed to the large volume of ultrasound diagnostic procedures performed for detection of various diseases.
Recent technological trends in ultrasound are leading to contrast-enhanced imaging and with the advent of mobile technologies, the ultrasound will not remain confined inside hospital premises. Further, with the increase in computational power, ultrasound fusion imaging techniques are gaining significant traction, which will effectively explore the anatomical body parts and organs with the help of real-time ultrasound images. The increasing prevalence of heart diseases, gynecological disorders, and an increasing awareness regarding the harmful effects of radiation dose is driving the interest of manufacturers toward the development of more advanced ultrasound devices.
A report from MarketsandMarkets also predicts growth.
The report states that the ultrasound market is projected to reach $8.2 billion by 2025. Ongoing technological advancements in the field of diagnostic and therapeutic ultrasound imaging, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets and the growing applications of emerging ultrasound techniques (such as Doppler ultrasound in vascular imaging and 3D/4D ultrasound in oncology) are driving the growth of ultrasound market.