◆英語タイトル：Ultrasound Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The ultrasound devices market was valued at USD 7,455 million in 2020 and is expected to reach USD 9,265 million in 2026, registering a CAGR of nearly 3.69 % during the forecast period.
COVID-19 is having an unimaginable impact on the world and has altered almost every aspect of the healthcare industry. The pandemic has also had a complex and unprecedented effect on the ultrasound market. Healthcare providers are deploying the potential of ultrasound diagnosis, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As per an article published on BioMed Central Ltd in June 2020, lung ultrasound (LUS) has shown superior sensitivity when compared to X-ray in patients with acute respiratory failure and LUS may be a more feasible and practical alternative. Also, in Italy, LUS has been proposed as an alternative to CT Scan for suspected cases of COVID-19.
In November 2020, GE Healthcare expanded AI, Digital, and Imaging Solutions and unveiled a slate of new intelligently efficient solutions that includes LOGIQ E10 Series, ultrasound systems that harness artificial intelligence (AI) technology to drive workflow productivity during the Covid-19 Crisis.
The increasing government and private funding for R&D in ultrasound imaging, the growing number of healthcare providers, technological advancements, and increasing incidences of chronic diseases are the major factors propelling the growth of the ultrasound devices market.
The burden of chronic disease is rapidly increasing all around the world. Currently, affecting more than 14 million people around the world. For instance, in 2018, the University of California San Francisco stated that nearly 750,000 patients per year in the United States and an estimated 2 million patients worldwide are affected by kidney failure. The prevalence of various other chronic diseases, such as cardiovascular, neurological, cancer is becoming a major concern for the healthcare sectors across the world. According to a study published by the World Health Organization (WHO) in September 2018, cancer accounted for 9.6 million death in 2018 worldwide. Globally 1 in 6 death occur due to cancer and cancer is the second leading cause of death worldwide.
Also, Dementia Australia states that approximately 459,000 Australians are living with dementia in 2020, and almost 1.6 million Australians are involved in their center for care. It is estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058 and dementia will become the second leading cause of death in the country in the next five years. Focused ultrasound is the most preferred alternative to medicines for the treatment of dementia, as it is an early-stage, non-invasive, therapeutic technology that has shown potential in improving the quality of life and decrease the cost. Thus, owing to the increased occurrence of the disorder along with the demand for the early detection of disease and minimization of the cost of treatment is expected to increase the adoption of these ultrasound imaging devices. Moreover, as aging population is more prone to chronic diseases, the rising geriatric population across the globe is expected to boost the market.
The rising technological advancements supported by the novel launches of the products by the key players are also expected to take the market to new heights. For instance, in September 2020, Philips Healthcare introduced the latest addition of dedicated cardiovascular ultrasound solutions, the Affiniti CVx, to support cardiology departments in delivering better care to more patients with increased efficiency and throughput. Also, the shrinkage in the size of ultrasound devices has given the market a slight boost, if not a significant one. The devices have now become handy giving the healthcare facilities a chance to replace old heavy and technologically deemed devices with small and more advanced devices. With the reduction in the size of these devices, the problem of storage has also been resolved, enabling the facilities to operate more efficiently with a greater number of devices.
However, stringent regulation by the government regarding the operational concerns and regarding the approval of the new products along with the shortage of skilled labors to handle advanced machines are the factors restraining the market.
Key Market Trends
Stationary Ultrasound Segment is Expected to Hold Significant Market Share During the Forecast Period
Based on the type, the stationary ultrasound is expected to hold a significant market share. The significant market share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions. Also, these ultrasound systems undergoing major technological transformations since the last decade which is leading to increasing application of these ultrasound systems. For instance in May 2020, In 2020, Philips received United States Food and Drug Administration approval for its wide range of ultrasound solutions that includes EPIQ series, Affiniti series, Lumify, CX50, and Sparq diagnostic ultrasound systems for the management of COVID-19-related lung and cardiac complications. Besides, continuous technological advances, the increasing geriatric population around the globe is leading to an increased incidence of various chronic diseases, as the geriatric population is more susceptible to chronic diseases are the factors propelling the market growth.
North America Holds the Largest Market Share and is Expected to Continue doing so over the Forecast Period
When Covid -19 has created havoc in this region and various diagnostic imaging facilities going down, Intelligent Ultrasound Group took this as an opportunity to increase the ground of its Point-of-Care Ultrasound simulator in this region and launched a COVID-19 training module for its state of the art BodyWorks Point-of-Care Ultrasound simulator. To train healthcare providers to rapidly acquire and practice lung ultrasound skills in the diagnosis of COVID-19.
The factors responsible for the growth of the North American ultrasound market is the government and private funding for R&D in ultrasound imaging, the increasing number of healthcare providers, the increasing geriatric population, and rising incidences of chronic diseases. According to the National Health Council, by end of 2020 chronic diseases will affect approximately 157 million Americans, with 81 million having multiple conditions. About half of all adults in America have a chronic condition, and approximately 8 % of children aged 5 to 17 were reported by their parents to have limited activities due to at least one chronic disease or disability during that year. According to the study, this number will continue to increase, and more and more people are living with not just one chronic illness but with multiple such as diabetes, heart diseases, neurological disorders, and cancer. Also, in February 2019, the American College of Cardiology, reported that by the end of 2019 10,55,000 individuals would suffer from coronary events including 720,000 new and 335,000 recurrent coronary events.
Owing to the high prevalence of the diseases in this region, this region has also become the hub of the major players. Players have been doing product development in this region to grow. For instance, in April 2019, Canon Medical, Usa, Inc. launched the Aplio a-series, a new line of ultrasound systems delivering high performance for multiple clinical uses at an affordable price point. Also, rising health care expenditure, growing awareness for various diagnostic procedures, and favorable reimbursement policies are expected to fuel the market growth in this region.
Public and private companies are found investing in R&D to advance their technologies in the field of ultrasound imaging, as it is becoming one of the fundamental aspects of healthcare. Some of the major companies investing in ultrasound devices are Philips, Siemens, SonoSite Inc., and Clarius. Their updated technological portable devices are praised globally, and these companies have a wide presence across the developed and emerging markets.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Healthcare Providers
4.2.2 Technological Advancements
4.2.3 Increasing Incidences of Chronic Diseases
4.3 Market Restraints
4.3.1 Strict Regulations
4.3.2 Lack of Skilled Labor to Handle the Advanced Equipment
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.6 Critical Care
5.1.7 Other Applications
5.2 By Technology
5.2.1 2D Ultrasound Imaging
5.2.2 3D and 4D Ultrasound Imaging
5.2.3 Doppler Imaging
5.2.4 High-intensity Focused Ultrasound
5.3 By Type
5.3.1 Stationary Ultrasound
5.3.2 Portable Ultrasound
5.4.1 North America
188.8.131.52 United States (By Application, By Technology, and By Type)
184.108.40.206 Canada (By Application, By Technology, and By Type)
220.127.116.11 Mexico (By Application, By Technology, and By Type)
18.104.22.168 Germany (By Application, By Technology, and By Type)
22.214.171.124 United Kingdom (By Application, By Technology, and By Type)
126.96.36.199 France (By Application, By Technology, and By Type)
188.8.131.52 Italy (By Application, By Technology, and By Type)
184.108.40.206 Spain (By Application, By Technology, and By Type)
220.127.116.11 Rest of Europe (By Application, By Technology, and By Type)
18.104.22.168 China (By Application, By Technology, and By Type)
22.214.171.124 Japan (By Application, By Technology, and By Type)
126.96.36.199 India (By Application, By Technology, and By Type)
188.8.131.52 Australia (By Application, By Technology, and By Type)
184.108.40.206 South Korea (By Application, By Technology, and By Type)
220.127.116.11 Rest of Asia-Pacific (By Application, By Technology, and By Type)
5.4.4 Middle East and Africa
18.104.22.168 GCC (By Application, By Technology, and By Type)
22.214.171.124 South Africa (By Application, By Technology, and By Type)
126.96.36.199 Rest of Middle East and Africa (By Application, By Technology, and By Type)
5.4.5 South America
188.8.131.52 Brazil (By Application, By Technology, and By Type)
184.108.40.206 Argentina (By Application, By Technology, and By Type)
220.127.116.11 Rest of South America (By Application, By Technology, and By Type)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Analogic Corporation
6.1.2 Canon Medical Systems Corporation
6.1.3 Carestream Health
6.1.4 Chison Medical Technologies Co., Ltd.
6.1.5 Clarius Mobile Health
6.1.6 Cura Healthcare
6.1.7 Fujifilm Holdings Corporation
6.1.8 GE Healthcare
6.1.9 Hitachi Medical Corporation
6.1.10 Hologic Inc.
6.1.11 Koninklijke Philips NV
6.1.12 Mindray Medical International Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS