The ultrasound devices market size is expected to advance at a CAGR of 6.4% during 2021–2030, to reach $12,073.4 million by 2030.
The introduction of cutting-edge equipment and the growth of the healthcare infrastructure in emerging economies have led market players to create products that are ideal for a multitude of diagnostic and therapeutic purposes. Essentially, the rising prevalence of chronic diseases is projected to fuel the market expansion throughout the forecast period.
The increasing healthcare cost across countries is a major cause of concern among patients and insurance companies. The healthcare cost is high due to the use of expensive technologies and drugs, increasing cost of goods and services, high administrative cost, and excessive physician fees. According to the National Health Expenditure (NHE) report published in 2020, Medicare spending grew by 3.5%, to $829.5 billion, in 2020, due to the increase in the price of drugs, medical devices, and hospital care.
However, according to the World Health Organization (WHO), the healthcare expenditure is also increasing globally, which is leading to the improvement in the healthcare infrastructure and the affordability and accessibility of new diagnostic techniques and treatments for various conditions.
The rising spending by public and private healthcare and medical device organizations has led to the emergence of more-effective and, in some cases, cost-effective sonography equipment. This has made quality ultrasound procedures available at diagnostic imaging centers as well, which, additionally, charge lower fees than full-fledged tertiary-care hospitals.
Europe dominated the ultrasound devices market, with a share of around 40%, in 2021, due to the growing demand for minimally invasive procedures, rising number of products being commercialized, and increasing clinical application of HIFU. In addition, the increasing prevalence of chronic and lifestyle-associated diseases and the escalating healthcare costs are driving the growth of the market.
According to the WHO, in 2021, approximately 1,267,000 cancer deaths were reported in Europe. Similarly, the increasing prevalence of diabetes is a major concern in the continent. Therefore, the need for providing better diagnosis and treatment to the large population cost-effectively would raise the demand for ultrasound devices in Europe.
Aging is another key factor driving the growth of the market for ultrasound devices in Europe. The geriatric population is more susceptible to all kinds of diseases and hence, requires effective diagnosis and extensive care.
The most-significant ultrasound devices market players are General Electric Company, Koninklijke Philips N.V., Canon Inc., Hitachi Ltd., Siemens Healthineers AG, Hologic Inc., FUJIFILM Holdings Corporation, Samsung Electronics Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., and Analogic Corporation.