Ultrasound devices and accessories industry data book covers ultrasound device, ultrasound transducer and ultrasound gels market.
The global Ultrasound Devices and Accessories Industry was valued at USD 13.65 billion in 2022 and is anticipated to expand at a CAGR of 4.4% from 2023 to 2030.
Grand View Research’s Ultrasound devices and accessories industry databook is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Ultrasound Device Market Insights
The global ultrasound device market size was estimated at USD 10.2 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The market growth is anticipated to be driven by the rising use of ultrasound equipment for diagnostic imaging and treatment, as well as the rising prevalence of chronic and lifestyle-related diseases. A few of the major factors influencing the market include the increased demand for minimally invasive surgery and developments in ultrasound imaging technology. Ultrasound is considered one of the most valuable diagnostic tools in medical imaging when compared to other diagnostic imaging systems since it is both faster and less expensive. In addition, as it does not use magnetic fields or ionizing radiation, it is safer than other imaging technologies. Both diagnostic and therapeutic uses for ultrasonic medical devices are extensive. Specific therapeutic applications of ultrasound, from oncology to cardiology, have grown in popularity.
North America dominated the market in 2022 with the largest revenue share of over 30.04%. Over the forecast period, the region is expected to grow at a significant rate. The presence of a significant number of market competitors in the region and the increasing number of cancer cases are some of the key factors contributing to the regional market growth. Furthermore, increasing incidence of cancer cases drives the market growth in this region. For instance, as per the National Journal of Health Statistics, in 2023, in the United States, 195,831 additional cases of cancer and 60,982 fatalities due to cancer are anticipated. Furthermore, increasing expenditure on health care, greater understanding of various methods of diagnosis, and favorable policies for reimbursement are projected to drive market expansion in this area.
Ultrasound Transducer Market Insights
The global ultrasound transducer market size was valued at USD 3.3 billion in 2022 and is expected to expand at a CAGR of 4.8% from 2023 to 2030. Increasing applications of ultrasound devices in diagnostic imaging of various conditions and the introduction of advanced transducers are some of the major factors driving the growth.
The rising frequency of product launches is expected to propel the ultrasound transducer market. Key players are focusing on the development of high-powered, handheld, single-use ultrasound transducers. Moreover, companies are launching ultrasound devices incorporated with the advanced transducer. These advanced products are specially designed for various applications including vascular and muscular-skeletal. Introduction of novel devices such as EPIQ Elite ultrasound system, SiliconWave L38-22 linear array transducer, and mi-ultra with both linear & convex offering is anticipated to boost the market during the forecast period.
North America is anticipated to lead the market owing to the high adoption of ultrasound modality in general diagnostics and the rising prevalence of lifestyle-associated chronic diseases. Also, high demand for technologically advanced medical devices is expected to propel the market growth in the region.
The Asia Pacific is anticipated to grow significantly in the forthcoming years owing to the rapidly growing geriatric population, improving healthcare facilities for treating heart disorders, and growing healthcare expenditure. Blooming medical tourism in Asia Pacific economies is also expected to fuel the ultrasound transducer market in the region.
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
Ultrasound Gels Market insights
The global ultrasound gel market size was valued at USD 101.5 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 2.6% from 2023 to 2030. An aqueous media is required to be placed in between the ultrasound probe and the skin to obtain a clear image. Ultrasound gel is used as an aqueous media that acts as a coupling agent in these procedures. Its compositions are Carbopol, propylene glycol, phenoxyethanol, glycerin, dyes, perfume, and water. They are formulated in different proportions and compositions depending on the manufacturer, and the recipes are proprietary. Ultrasound gel, an inevitable component during the ultrasound scan, is facing high demand from healthcare facilities. Thus, the increasing procedural volume of ultrasound worldwide is expected to drive the market's growth. In addition, the rising adoption of ultrasound devices in point-of-care diagnostic and bedside monitoring can further propel the growth of this market.
North America dominated the market and accounted for the largest revenue share of 39.2% in 2022. The factors such as the presence of major market players, developed healthcare infrastructure, and streamlined reimbursement policies are expected to drive the regional market growth. In addition, the increasing acceptance of ultrasound at community-level clinics and home healthcare is expected to aid market growth.
Europe held the second-largest market share. Huge consumption of medical consumables, growing healthcare expenditure, and rising medical imaging procedures are anticipated to drive the market in the region. According to the annual statistics released by the National Health Service (NHS), from March 2022 to February 2023, over 43.0 million imaging tests were reported in England, out of which 3.33 million imaging tests were reported to have taken place in February 2023, and 0.78 million of these were diagnostic ultrasonography.
Asia Pacific is expected to grow at the fastest CAGR of 3.8% during the forecast period. Large unmet needs, developing healthcare facilities, and the presence of several small-scale domestic manufacturers, especially in countries such as China and India, are expected to boost market growth. TELE-PAPER Malaysia, one of Asia's largest thermal product manufacturers, introduced SONOMED ULTRASOUND GEL, a filtered water-based gel that can be used with any ultrasonic device
Go through the table of content of Ultrasound Devices and Accessories Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Ultrasound Devices and Accessories Industry Data Book Competitive Landscape
The major players are working to improve their product offerings by upgrading their products, taking advantage of important cooperation activities, and exploring acquisitions and government clearances in order to expand their customer base and gain a larger share of the overall market.
Key players operating in the ultrasound devices and accessories industry are –
• Compass Health Brands
• ECO-MED
• National Therapy Products
• H.R Pharmaceuticals Inc
• Tele-Paper Malaysia
• Sonogel Vertriebs
• Medline Industries, Inc
• Parker Laboratories
• Ultragel Kft.
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