Ultrasound Equipment Market to Grow by 2.98 billion by 2028, 5.76% YOY market growth recorded in 2023-2024, Technavio

NEW YORK, March 15, 2024 /PRNewswire/ -- The Global Ultrasound Equipment Market size is estimated to grow by USD 2.98 billion at a Compound annual growth rate (CAGR) of 6.25% between 2023 and 2028. The Ultrasound Equipment Market is set to experience a year-over-year growth rate of 5.76% from 2023 to 2024, reflecting sustained expansion and advancement within the industry.

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Market Insights:

• Vendors: 15+, Including Boston Scientific Corp., Canon Inc., Carestream Health Inc., Chison Medical Technologies Co. Ltd., ContextVision AB, Esaote Spa, FUJIFILM Corp., General Electric Co., GlobalMedia Group LLC, Healcerion Co. Ltd., Hitachi Ltd., Hologic Inc., Iljin Co. Ltd., Konica Minolta Inc., Koninklijke Philips N.V., Mindray Bio medical Electronics Co. Ltd., Samsung Electronics Co. Ltd., Shenzhen Bestman Instrument Co. Ltd., Siemens AG, SonoScape Medical Corp., Sonostar, Sumitomo Mitsui Financial Group, Telemed Ultrasound, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: End-user (Hospitals, Imaging centers, Research centers, and Others), Product Type (Stationary ultrasound equipment and Portable ultrasound equipment), and Geography (North America, Europe, Asia, and Rest of World (ROW)).

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Key Companies

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including -

Boston Scientific Corp.: The company offers ultrasound devices products, such as iLab ultrasound imaging system, that deliver excellent ivus images and intuitive, efficient operation.

Market Dynamics

Advancements in image quality, volumetric ultrasound, and new technologies drive ultrasound device market growth. Modern equipment offers improved resolution, transmission, optimization, noise reduction, elasticity, and automation, as is exemplified by Mindray's TE7 Max Ultrasound System. Additionally, emerging ultrasound methods enhance image quality and diagnoses, fueling market expansion.

• Integration of Artificial Intelligence (AI) into ultrasound is the primary trend shaping market growth.
• The high initial setup and maintenance cost is a challenge that affects ultrasound device market growth.

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Analyst Review:

The Ultrasound Equipment Market is experiencing significant growth due to advancements in medical imaging technology. Ultrasound machines play a crucial role in diagnostic procedures, offering non-invasive imaging of internal organs and tissues. With continuous innovation in ultrasound technology, these devices provide high-resolution images for accurate diagnosis across various medical specialties.

Ultrasound systems are versatile, offering a wide range of modalities including 3D ultrasound, Doppler ultrasound, and transvaginal ultrasound, among others. These modalities cater to specific medical needs, such as obstetric, cardiac, vascular, and musculoskeletal imaging. Additionally, portable ultrasound devices are gaining popularity, facilitating point-of-care ultrasound in diverse healthcare settings.

The ultrasound market is driven by the growing demand for diagnostic ultrasound services and the increasing prevalence of chronic diseases requiring ultrasound examinations. Moreover, the advent of point-of-care ultrasound is revolutionizing healthcare delivery, enabling real-time diagnosis and decision-making at the patient's bedside.

However, challenges such as cost constraints and the need for skilled sonographers may impede market growth. Despite these challenges, the ultrasound equipment market is expected to witness steady expansion, fueled by ongoing technological advancements and the rising demand for accurate and efficient medical imaging solutions.

Market Overview:

The Ultrasound Equipment Market is witnessing significant growth driven by advancements in ultrasound technology and the increasing demand for medical imaging solutions. Diagnostic ultrasound machines and ultrasound devices are at the forefront of this expansion, offering enhanced imaging capabilities and portability. The market for ultrasound systems, including portable ultrasound devices and 3D ultrasound machines, is expanding rapidly as healthcare providers seek versatile and efficient imaging solutions. Doppler ultrasound technology is also gaining traction, particularly in cardiac and vascular ultrasound applications. With growing demand for ultrasound imaging across various medical specialties, including obstetrics, musculoskeletal, and point-of-care ultrasound, the ultrasound equipment market is poised for substantial growth. Additionally, advancements in ultrasound technology are driving innovation and expanding the scope of ultrasound diagnostics and scanning services.

Related Reports: 

The food ultrasound market is estimated to grow at a CAGR of 7.06% between 2022 and 2027. The size of the market is forecast to increase by USD 98.44 million.

The Global 3D Ultrasound Market size is estimated to grow by USD 1.33 billion, exhibiting a compound annual growth rate (CAGR) of 6.82% between 2023 and 2028.

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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