NEW YORK, May 3, 2021 /PRNewswire/ -- Fact.MR's recent study on global ultrasound systems market forecasts a healthy growth outlook through 2031. The market is expected to exceed the valuation of US$ 8.5 Bn in 2031. It will be primarily driven the surge in applications in cardiology, radiology, urology, and other sectors.
According to Fact.MR, growing demand from the hospitals and diagnostic centers due to the rise in prevalence of cardiovascular diseases will give impetus to the market. Also, backed by the growing adoption of cutting-edge technologies, medical diagnostic centers are using advanced ultrasound systems for the diagnosis of ailments affecting different parts of the body. Increasing demand for stand-alone and portable ultrasound system to detect blockage in arteries and other cardiovascular disease is expected to register substantial growth over the forecast period.
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For instance, according to the recent report by the World Health Organization (WHO), cardiovascular diseases are the number one cause of death across the globe. It is estimated around 17.9 million people die every year from cardiovascular disease. This gives an estimation of the surging demand for ultrasound systems from cardiology segment.
Based on these factors, the market is poised to expand at over 6% CAGR through the forecast period of 2021 and 2031.
"Technological advancement and surging demand from the diagnostic centers for the accurate diagnosis of diseases such as kidney stones, cysts and peripheral arterial diseases are expected to cater the industry growth," says a Fact.MR analyst.
Key Takeaways
- Surging application in cardiology and urology to improve the market growth
- Stand-alone ultrasounds systems are expected to dominate the market through 2031
- In terms of technology, high-intensity focused ultrasound machines are expected to be one of the most lucrative segment
- Surge in demand for 2D ultrasound systems to provide growth opportunities for market players
- India is expected to be the lucrative market backed by the highly developed hospitals
- China to be the epicenter of world's fastest growing ultrasound systems industry in Asia Pacific
- Germany is expected to lead the European ultrasound sounds market owing to the growing adoption of cutting-edge technologies
- United States expected to be the most lucrative market for ultrasound systems market through 2021
Competitive Landscape
Fact.MR has profiled some of the prominent manufacturers operating in the ultrasound systems market include General Electric Company, Koninklijke Philips NV, Toshiba Corporation, Siemens AG, Hitachi Ltd., Fujifilm Holdings Corporation, Esaote SpA, Shimadzu Corporation, Analogic Corporation and Samsung Electronics Co. Ltd among others. According to Fact.MR, key players are focusing on developing product quality to expand their footprints in the regional market.
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For instance, in April 2020, Mindray Medical, a leading global provider of medical devices and solutions, announced the launch of new portable ultrasound systems ME series to combat Covid-19 which is available across Europe and other selected countries.
Also, on 16th March 2021, GE Healthcare announced its first wireless portable ultrasound devices which comes from a long heritage of handheld imaging devices.
Additionally, in May 2020, HOYA and Hitachi announced the long term collaboration and supply agreement regarding Endoscopic Ultrasound Systems.
More Valuable Insights on Ultrasound systems market
In its latest report, Fact.MR provides a detailed analysis of the global ultrasound systems market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of portability (standalone systems, table-top ultrasounds systems, and portable ultrasound systems), by end-user (hospitals, diagnostic centers, ambulatory centers, and others), by application (cardiology, radiology, urology, vascular, gynecology, and others), technology (2D ultrasound, 3D & 4D ultrasound, doppler ultrasound, high-intensity focused ultrasound, and extracorporeal lithiotripsy), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Key Questions Covered in the Report
- What will be the future outlook for the global ultrasound system through 2031?
- Which region is the most lucrative for the ultrasound systems market?
- What are the major trends and challenges expected to prevail the global ultrasound system market?
- Which technology for ultrasound systems market will create demand over the upcoming years?
- What are the key challenges faced by ultrasound systems manufacturers?
- What is the impact of Covid-19 on ultrasound systems market?
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