SAN FRANCISCO, July 24, 2023 /PRNewswire/ -- The global ultrasound devices and accessories industry size was valued at USD 13.65 billion in 2022 and will exhibit a CAGR of 4.4% from 2023 to 2030, according to the "Ultrasound Devices and Accessories Industry Data Book, 2023 - 2030", published by Grand View Research. Promising opportunities in the healthcare sector with high-quality pictures, such as 3D images, have provided a fillip to the market growth. The diagnostic tool has become prominent during pregnancy and liver- and breast–biopsies as companies strive to foster their imaging technology.
Technological advancements have redefined ultrasound devices with compelling growth potentials stemming from artificial intelligence. The combination of medical imaging and AI has streamlined diagnosis and optimal treatment plans. AI-powered software solutions have gained ground to ramp up diagnoses, enhance workflows, minimize turnaround time, streamline ultrasound training and automate reporting.
In February 2023, GE Healthcare announced the purchase of an AI-enabled ultrasound company Caption Health to help in early disease detection and ultrasound scans. These trends have validated the valuation of the ultrasound device market size at USD 10.2 billion in 2022, poised to witness a 4.3% CAGR from 2023 through 2030. Soaring demand for point-of-care ultrasound devices, along with the penetration of AI technology, will augment the market revenue.
Order your copy of the Free Sample of "Ultrasound Devices and Accessories Industry Data Book - Ultrasound Device, Ultrasound Transducer and Ultrasound Gels Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
The healthcare sector has shown an inclination toward ultrasound transducers to boost surgical procedures, diagnostic testing and non-invasive procedures. Bullish demand for technologically advanced medical devices comes on the back of the rising prevalence of respiratory and cardiovascular diseases. Additionally, state-of-the-art devices are expected to help physicians overcome operational and clinical challenges. Of late, wireless ultrasound transducers have gained ground in imaging to enhance scanning and infection control. The global ultrasound transducer market size was pegged at USD 3.3 billion in 2022 and will depict a 4.8% CAGR through 2030.
Some megatrends and opportunities poised to reshape the ultrasound landscape are delineated below:
- Stakeholders have upped investments in ultrasound gels with colorless, odorless and formaldehyde-free attributes. The applications of corn starch, guar gum, saline, xanthan and glucomannan will be commercially pronounced.
- An uptick in the number of hospital visits has fueled the penetration of sonograms across emerging and advanced economies. The National Hospital Ambulatory Medical Care Survey 2020 found that around 131.3 million hospital visits were witnessed in the U.S.
- The North America market will observe investment galore in the wake of technological advancements and the prevalence of chronic diseases.
Industry leaders expect the Asia Pacific to be a happy hunting ground against the backdrop of advanced infrastructure, soaring healthcare budget and rising geriatric population. Physicians are counting on medical imaging and AI to boost the assessment of cardiology patients and automate complex medical imaging analysis. Emerging economies, such as China and India are poised to spearhead the adoption of ultrasound systems, including transducers for high-resolution, uniform and clear images. Besides, the booming medical tourism has provided a promising opportunity for stakeholders to elevate patient care.
The competitive landscape is such that key players will continue to infuse funds into strategies, including product offerings, innovations, technological advancements, collaboration, mergers & acquisitions and geographical expansion. Some recent industry developments are delineated below:
- July 2022: Siemens Healthcare announced the rollout of 12 transducers in the portfolio powered by AI tools.
- June 2022: Mindray introduced Imagyn ultrasound system to keep up with the demand for OB/GYN practices.
- May 2022: GE Healthcare inked a deal to pour USD 50 million into Pulsenmore, an Israeli startup, to underpin the homecare ultrasound solutions.
Expanding market coverage and investments in imaging technologies will redefine the global landscape and help well-established and emerging players stay ahead of the curve.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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