Market Overview
The global next-generation ultrasound systems market size was worth USD 9,010.52 million in 2022. It is anticipated to reach an expected value of USD 21,080.63 million by 2031 at a CAGR of 9.3% during the forecast period (2023-2031).
The medical imaging landscape has undergone numerous significant transformations since the beginning of the discovery of X-Ray by Wilhelm Roentgen in 1895. Ultrasound imaging has been used for a long for disease diagnosis to visualize anatomic structures and for guidance during therapeutic procedures. Benefits of ultrasound over other imaging methods include a lack of ionizing radiation and real-time dynamic Imaging. Moreover, it is the least expensive and the most widely used imaging technology. However, ultrasonography has mostly stayed the same since the 1970s. This technology assesses and obtains basic anatomic information such as organ length, cortical thickness, collecting system, or ductal dilatation. Doppler ultrasound allows assessment of vascular physiology, including blood flow velocity, which, in addition to the anatomical images, helps to determine the hemodynamic physiologic significance of a stenosis.
Highlights
- 2D ultrasound systems dominate the technology segment.
- Hospitals dominate the end-user segment.
- General imaging dominates the application segment.
- Asia Pacific is the highest contributor to the global market.
Market Dynamics
Market Drivers
Advent of Point-of-Care Ultrasound System
The Point-of-Care (PC) market rapidly expands as POC devices help quickly rule out potential cardiac and vascular issues. The Point-of-Care Ultrasound System (POCUS) is a small pocket-sized device that allows a quick look inside the patient for faster assessments or to determine if a higher level of Imaging is needed. The POCUS is mainly used in critical care, emergency medicine, internal medicine, and anesthesia.
Some institutions use complete ultrasound systems to do all their POC ultrasounds. Such institutions will be highly benefited, and the need for such portable devices will allow the technician/operator to go all over the hospital to do bedside ultrasounds. Many companies offer portable ultrasound products: Fujifilm Sonosite Inc., Healcerion Co. Ltd., Philips, Hologic Inc., Butterfly Network inc., and many others. The wireless handheld ultrasound system mainly uses a smartphone platform that helps users tag their colleagues for a quick consultation in or outside the hospital. The next-generation ultrasound systems are getting smaller and more affordable with increased capabilities. This technology is still in its infancy and can become very common in the future because of its application and demand.
Market Restraint
Increasing Prevalence of Chronic Diseases requiring Need for Examination
The increasing prevalence of the target diseases will boost the adoption of effective diagnostic and therapeutic procedures. The ultrasound technology is cost-effective, safe, and offers earlier diagnosis and treatment of the target diseases. As ultrasound is used to detect chronic diseases earlier, increasing the prevalence of such conditions will increase the demand for these systems. Following are some of the data:
- American Heart Association (AHA): In 2030, around 41.4% of adults in the U.S. will have hypertension.
- Globocan 2020: In 2040, the cancer burden is expected to be 28.4 million cases, which is a rise of 47% when compared to 2020.
- IDF Diabetes Atlas, 9th Edition 2019: There are 463 million adults globally who are living with diabetes at present. IDF estimates there will be around 578 million adults with diabetes by 2030 and about 700 million by 2045.
Furthermore, ultrasound technology has expanded to clinical specialties like gastroenterology, surgery, and musculoskeletal. Recent developments and the launch of POCUS have expanded the use of ultrasound systems, thus leading to increased demand.
Market Opportunities:
Advancements in Technology Promising a Strong Growth Potential
The manufacturers are consistently working on improving ultrasound technologies. The current evolution is in the 3D ultrasound. The framerate of the 3D ultrasound is currently slower when compared to that of the 2D ultrasound. The slower framerate and more considerable expense of 3D ultrasound have restricted its wide adoption. However, it has applications in some areas, such as transcatheter structural heart intervention. It helps guide catheter procedures in complex anatomy, thus making the 3D ultrasound critical for procedures such as structural heart evaluation as it offers a 'surgeon's view.'
The manufacturers of ultrasound systems are getting better with the increasing framerate, high resolution, and improved color doppler. Therefore, the market is headed toward 3D ultrasound and will overtake the 2D ultrasound market share. Some products with advancements in 3D technology are as follows:
- Siemen: eSie Flow valve analysis software, which is an ultrasound technology for 3D heart valve evaluation
- General Electric: cSound image reconstruction technology, which helps in improved image quality, workflow, volume framerate, and quantification on the Vivid E95 cardiac imaging system
- Toshiba: Introduction of a 3D version on Aplio 300 and 500 systems, which helps in displaying small vessels with Doppler flow in grayscale or false-color 3D reconstructions able to rotate for better visualization
Regional Analysis
Asia-Pacific Dominates the Global Market
Based on region, the global market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia Pacific is the most significant shareholder in the global market and is anticipated to exhibit a CAGR of 11.2% during the forecast period. Asia-Pacific is an emerging marketplace for next-generation ultrasound systems due to rising per capita income and rapid advancements in ultrasound technologies. Also, the Asia-Pacific region consists of economies such as China and India that account for 36.0% of the total world population or 67.0% of the total population in the Asia-Pacific region, thereby serving as practical emerging marketplaces. The Asia-Pacific market is the largest in the global market and is expected to maintain its lead till the end of the forecast period. The China market contributes the majority of the market growth. One of the critical drivers for the development of the market in China is the rising patient acceptance of advanced technologies, which can give more details and reduce the examination time. Developing countries are expected to register significant growth in adopting next-generation ultrasound systems.
North America is estimated to exhibit a CAGR of 8% during the forecast period. The North American area is one of the early adopters of advanced technologies for next-generation ultrasound systems. Many of the leading companies in the market are headquartered in this region and maintain a strong presence in the domestic market.
Europe is the third largest region. Europe is the second-highest region in the adoption of advanced ultrasound technologies. Some of the companies in the market are headquartered in this region and maintain a strong presence in the domestic market. The large base of early adopters of such systems is in Europe. During the forecast period, Europe is expected to remain one of the epicenters for innovations in the next-generation ultrasound systems market.
Segmental Analysis
The global next-generation ultrasound systems market is bifurcated by technology, end users, product types, application, portability, and region.
Based on technology, the global market has been segmented into 4D/3D ultrasound systems, 2D ultrasound systems, and others (fusion imaging, harmonic tissue imaging).
The 2D ultrasound systems segment accounted for the largest market share and is estimated to exhibit a CAGR of 9.4% during the forecast period. A 2D ultrasound system is the most common technology to record data in multiple 2D planes. Also, this technology's high-processing speed is due to less data processing. The 2D ultrasound helps diagnose heart defects, issues with kidneys, examine the fetus, and other internal problems. This is the most low-cost system widely used by every end user.
The 4D/3D ultrasound systems segment is the second largest. The 4D ultrasound system has the additional capability of providing live streaming of 3D images. The 4D ultrasound is 3D ultrasound in motion. This technology helps the user view the fetus's live motion, fetal valves, heart wall blood flow, and many other things. Also, the clinical applications of these applications are still under the investigational phase. 3D ultrasound system has more advanced development of ultrasound technology, which has provided the capability of recording the volume data or two different dimensional images created by reflected waves at an angle different from another. Also, the high-processing speed of the software integrates the data recorded to provide a 3D image. This system helps the operator to freely move the probe with or without the usage of the position sensors; the system relies on the mechanical sensor built into the probe and uses matrix sensors.
By end users, hospitals and the global next-generation ultrasound systems market have been segmented into diagnostic and ambulatory surgical centers (ASCs).
The hospital segment accounted for the largest market share and is estimated to exhibit a CAGR of 8.4% during the forecast period. The key reason for the growth in the hospital segment is private hospitals' uptake of 4D/3D, 2D, fusion imaging, and tissue harmonic imaging systems. Only some systems, such as 4D/3D, provide a tremendous advantage over 2D. Hence, only the high-end multispecialty private hospitals and clinics can afford these 4D/3D systems because public healthcare centers usually need financial help.
By product types, the global next-generation ultrasound systems market has been segmented into diagnostic and therapeutic procedures.
The diagnostic segment accounted for the largest market share and is estimated to exhibit a CAGR of 9.5% during the forecast period. Diagnostic ultrasound is also known as sonography. Diagnostic ultrasound is a method in which high-frequency sound waves provide images of the organs within the body. The ultrasound system consists of a small handheld transducer and a bit of gel to obtain the images. Then the produced images are shown on a monitor and used for diagnosing and treating different diseases. Currently, most all ultrasound scans use an ultrasound system that uses a transducer outside the patient's body. Still, some ultrasound systems require placing a device inside the body. It can evaluate and identify the source of pain, swelling, and infections, diagnose heart conditions, detect tumors, etc.
By application, the global market has been segmented into general Imaging, cardiovascular Imaging, obstetrics and gynecology Imaging, vascular Imaging, orthopedic/musculoskeletal Imaging, urology imaging, and other imaging.
The general imaging segment accounted for the largest market share and is estimated to exhibit a CAGR of 8.2% during the forecast period. General Imaging includes the evaluation of different areas of the body, such as the chest, spine, skull, hips, pelvis, and abdomen. General Imaging is predominantly employed to understand the cause of injury or abnormality. The dominant share of the next-generation ultrasound systems for general Imaging is mainly attributed to the presence of a wide variety of products catering to several imaging modalities. Leading companies such as Shenzhen Mindray Bio-Medical Electronics Co., Ltd., General Electric Company, Fujifilm Holdings Corporation, Esaote SPA, and Siemens Medical Solutions USA Inc offer next-generation ultrasound systems for general Imaging.
By portability, the global market has been segmented into cart/trolley-based systems, portable systems, and handheld devices and wearables.
The cart/trolley-based systems segment accounted for the largest market share and is estimated to exhibit a CAGR of 8.2% during the forecast period. The high market share of this segment can be attributed to the extensive product portfolios of some leading players, such as Siemens Healthineers, Hitachi Ltd., General Electric Company, and Fujifilm Holdings Company, which mainly comprise cart/trolley-based systems. Regarding functionality, cart/trolley-based systems combine the efficiency of both portable and standalone devices.
Top Key Players
Siemens Healthineers
Koninklijke Philips N.V.
General Electric Company
Shimadzu Corporation
Fujifilm Holdings Corporation
Samsung Electronics Co.Ltd.
Canon Inc.
Others
