Ultrasound Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Compact, and Table-top), By Application (Radiology, Gynecology, Cardiology, Point of Care, Urology, Surgery, and Others), By End User (Hospitals & Clinics), and Regional Forecast, 2021-2028

 Market Overview

Pune, India, 2nd August 2021: The global ultrasound equipment market size was USD 7.26 billion in 2020. The market is projected to grow from USD 7.80 billion in 2021 to USD 12.93 billion in 2028 at a CAGR of 7.5% in the 2021-2028 period.

This information is provided by Fortune Business Insights™, in its report, titled, “Ultrasound Equipment Market, 2021-2028.” 

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COVID-19 Pandemic Set to Obstruct Sales of Ultrasound Equipment and Other Medical Devices

The outbreak of COVID-19 has had an overall negative effect on the market. The pandemic has produced commotions in the supply chain of medical devices across the globe. Few of the essential players functioning in the ultrasound market have confronted supply chain interferences, precisely from suppliers in relentlessly affected developing nations such as India, China, and Brazil, among others.

Report Coverage

The report presents a systematic study of the ultrasound equipment market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.

Segmentation

On the basis of product, the ultrasound market is segregated into table-top & compact systems. The table-top segment held the maximum market share in 2020 owing to the greater rate of acceptance of table-top equipment in hospitals & clinics along with its moderately lesser cost than compact systems.

Drivers and Restraints

Introduction of Artificial Intelligence (AI) to Boost Ultrasound Equipment Market Potential

Few of the prominent market players are accentuating on developing progressive devices and systems incorporated with Artificial Intelligence (AI). This incorporation is being advocated to tackle and solve specific restrictions linked with orthodox devices such as long period of time consumed to carry out the investigation, poor image superiority in explicit cases, elevated reliance on operators to procure and deduce images, and so on. 

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Regional Insights

Asia Pacific held the maximum ultrasound equipment market shares and was worth USD 2.82 billion in 2020. The growth of this region is accredited to the incessant emphasis of key companies on novel product expansion in the region.

Competitive Landscape

GE Healthcare to Dominate Market Backed by Strong Product Portfolio

GE healthcare controlled the industry and was responsible for the highest market share in 2020. The domination of GE healthcare is a consequence of holding a robust product portfolio and increasing the delivery network of the company, which offers a competitive edge to the company. The competitive landscape of the market for ultrasound equipment is combined owing to the reinforced collection and broad distribution network of prominent players in the market.

Industry Development

June 2020: Koninklijke Philips N.V., declared that the healthcare establishments in Japan permitted Lumify, which is its handheld solution. The company further intends to commercialize its great-quality transportable ultrasound device obtainable practically everywhere across Japan.

List of Key Players Covered in the Report

  • GE Healthcare (Chicago, U.S.)
  • Koninklijke Philips N.V. (Amsterdam, Netherlands)
  • CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)
  • Hitachi (Tokyo, Japan)
  • Siemens Healthcare (Erlangen, Germany)
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
  • Samsung Medison Co., Ltd. (Suwon-si, South Korea)
  • Esaote (Genoa, Italy)

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

 

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