Contrast Enhanced Ultrasound Market by Product (Equipment, Nanoparticle & Molecule-targeted Microbubbles, Software], Application (Diagnostic, Therapeutic, CVDs, Liver, Kidney, Oncology), End User (Hospital, Clinics, ASCs) & Region - Global Forecast to 2028
The global contrast enhanced ultrasound market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $2.1 billion by 2028, growing at a CAGR of 6.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rising use of contrast agents, increasing partnerships and collaborations, and the introduction of novel technologies are expected to drive the market during the forecast period. The technologically advanced systems come with improved features and higher sensitivity. The novel technology helps to gain accurate results and increases diagnostic confidence.
Global Contrast Enhanced Ultrasound Market
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e- Estimated; p- Projected
Contrast Enhanced Ultrasound Market Dynamics
Driver: Rising prevalence of chronic diseases
The global burden of chronic diseases is consistently increasing. For example, the burden of cancer was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020 (Source: GLOBOCAN, 2020). According to the American Cancer Society, breast cancer is the second-leading cause of cancer-related deaths in women across the globe. In Canada, as many as 28,300 women were diagnosed with breast cancer in 2022, representing 25% of new cancer cases (Source: Canadian Cancer Society (Source: Canadian Cancer Society). It is projected that nearly 60% of individuals aged 65 and above in the US will be living with more than one chronic condition by 2030 (Source: American Medical Association). As contrast-enhanced ultrasound procedures are cost-effective, safer, and offer earlier diagnosis and treatment of target diseases, their demand in disease management is expected to increase during the forecast period.
Restraint: Side effects of contrast agents
Ultrasound contrast agents consist of microbubbles enclosed with gas and an exterior covered with a lipid shell. The enclosed gas is usually sulfur hexafluoride or perfluorinated, having density and low solubility. The use of contrast agents is restricted if the patient is hypersensitive to perfluoro. The use of contrast agents carries a risk for the occurrence of serious cardiopulmonary reactions. It may also lead to headache, nausea, vomiting, and dizziness during or shortly after the administration. Hence, accurate laboratory tests are required to be performed before the administration of contrast agents to the patient. Few of the contrast agents available are not advised to be used for pregnant women. The clinical reports for the occurrence of these conditions after injecting the contrast agent restrict its use and are anticipated to affect the growth of the market.
Opportunity: Growth opportunities in emerging countries
Developing economies offer high growth opportunities for key players operating in the contrast-enhanced ultrasound market. Countries such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa offer a sustainable market for diagnostic imaging devices. Due to a consistent rise in the population, the demand for diagnostic imaging has significantly increased in emerging economies. This is further attributed to the rising prevalence of target diseases and increasing healthcare expenditure. The Indian government has launched the Ayushman Bharat program to provide an insurance scheme. Furthermore, the growth in emerging economies is accompanied by favorable government and private policies to enhance access to diagnostic imaging, including the provision of reimbursement.
Challenge: Shortage of skilled sonographers
Physicians largely depend on sonographers for the effective & accurate evaluation of ultrasound examinations. Technical skill and on-hand experience are critical to ensuring the optimal use of ultrasound devices for effective and accurate disease diagnosis. Poorly captured images may lead to incorrect interpretation or the unnecessary repetition of ultrasound examinations. Moreover, a well-trained sonographer is able to interpret the scanned image in order to document the presence of any medical abnormalities as mandated by relevant professional organizations. However, major healthcare markets (such as the US, the UK, Canada, and Australia) are witnessing a severe shortage of well-trained sonographers. According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations.
Contrast Enhanced Ultrasound Market Ecosystem
By product, the contrast-enhanced ultrasound equipment segment accounted for the largest share of the contrast enhanced ultrasound industry in 2022.
Based on product, the global contrast enhanced ultrasound market is segmented into equipment, contrast agents, and software and services. In 2022, the equipment segment accounted for the largest market share. The rising use of advanced instruments supporting accurate diagnosis and the need for better sensitivity is driving segment growth.
By application, the therapeutic applications segment of the contrast enhanced ultrasound industry to register significant growth in the near future.
Based on application, the global contrast enhanced ultrasound market is segmented into diagnostic applications and therapeutic applications. The therapeutic applications segment registered the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging.
By end user, the hospitals and surgical centers segment accounted for the largest share of the contrast enhanced ultrasound industry in 2022.
Based on end users, the global contrast enhanced ultrasound market is segmented into hospitals and surgical centers, diagnostic imaging clinics, ambulatory surgical centers, and other end users. In 2022, the hospitals and surgical centers segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of contrast-enhanced ultrasound equipment for disease diagnosis and increasing awareness for early diagnosis. This is primarily attributed to the digitization of radiology patient workflow, the increasing number of contrast-enhanced ultrasound procedures performed in hospitals, and the rising adoption of advanced systems with improved features in hospitals to improve the quality of patient care.
By region, North America is expected to be the largest region of the contrast enhanced ultrasound industry during the forecast period.
North America, comprising the US and Canada, accounted for the largest share of the contrast enhanced ultrasound market in 2022. Factors such as increasing applications in the healthcare sector, favorable reimbursement policies for contrast-enhanced ultrasound procedures, and the presence of major players in the region are fueling the growth in North America. Rapid growth in the old age population in the region and significant utilization of contrast agents is supporting the growth of the market.
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As of 2022, prominent players in the market are GE Healthcare (US), Lantheus Holdings, Inc. (US), Bracco Imaging SpA (Italy), and Koninklijke Philips N.V. (Netherlands).
Scope of the Contrast Enhanced Ultrasound Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$1.6 billion |
|
Projected Revenue by 2028 |
$2.1 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 6.1% |
|
Market Driver |
Rising prevalence of chronic diseases |
|
Market Opportunity |
Growth opportunities in emerging countries |
This report has segmented the global contrast enhanced ultrasound market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Equipment
- Contrast Agents
- Molecule-targeted Microbubbles
- Nanoparticle Microbubbles
- Software and Services
By Application
- Diagnostic Applications
- Cardiology
- Hepatic/Liver
- Nephrology/Kidney
- Other Diagnostic Applications
- Therapeutic Applications
- Cardiology
- Vascular
- Oncology
- Other Therapeutic Applications
By End User
- Hospitals and Surgical Centers
- Diagnostic Imaging Clinics
- Ambulatory Surgical Centers
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Rest of the World
Recent Developments of Contrast Enhanced Ultrasound Industry
- In 2023, Esaote SpA launched a new premium ultrasound system, MyLab X90. This system has high contrast resolution and supports higher accuracy. It is equipped with augmented insight and can be utilized to contrast-enhanced ultrasound procedures. It simplifies the workflow and delivers exceptional image quality.
- In 2021, Mindary launched the general imaging diagnostic ultrasound system. Resona I9 is equipped with the latest technologies and delivers improved efficiency. It supports precise analysis and provides accurate results. It can be efficiently used to perform contrast-enhanced ultrasound procedures and can be easily transported for mobile service.
- In 2021, Esaote SpA launched the MyLab X75 ultrasound system. This system can be effectively used for liver quantification. This system offers improved contrast resolution. It can be efficiently used to perform liver assessment.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global contrast enhanced ultrasound market?
The global contrast enhanced ultrasound market boasts a total revenue value of $2.1 billion by 2028.
What is the estimated growth rate (CAGR) of the global contrast enhanced ultrasound market?
The global contrast enhanced ultrasound market has an estimated compound annual growth rate (CAGR) of 6.1% and a revenue size in the region of $1.6 billion in 2023.
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The study involved four major activities in estimating the current size of the contrast-enhanced ultrasound market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial contrast-enhanced ultrasound market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the contrast-enhanced ultrasound market. The primary sources from the demand side include medical OEMs, CDMOs, and service providers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2021, Tier 1 = >USD 1,000 million, Tier 2 = USD 500–1,000 million, and Tier 3 = <USD 500 million.
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Market Estimation Methodology
In this report, the contrast-enhanced ultrasound market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the contrast-enhanced ultrasound market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/product category)
- Revenue mapping of major players to cover a major share of the global market share as of 2021
- Extrapolating the global value of the contrast-enhanced ultrasound aging market industry
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Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global contrast-enhanced ultrasound market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the contrast-enhanced ultrasound market was validated using top-down and bottom-up approaches.
Market Definition
Contrast-enhanced ultrasound involves the use of contrast agents to achieve clear images of internal structures. Contrast agents such as microbubbles are injected into the veins through an intravenous (IV) tube. These microbubbles vibrate due to sound waves coming from the ultrasound. The reflection of these sound waves from the contrast bubbles creates an area in the image. Contrast-enhanced ultrasound equipment is primarily used in hospitals and surgical centers, diagnostic imaging clinics, and ambulatory surgical centers.
Key Stakeholders
- Senior Management
- End Users
- R&D Department
- Finance/Procurement Department
Objectives of the Study
- To define, describe, and forecast the size of the contrast-enhanced ultrasound market based on product, application, end-user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global contrast-enhanced ultrasound market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global contrast-enhanced ultrasound market.
- To analyze key growth opportunities in the global contrast-enhanced ultrasound market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to three major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC).
- To profile the key players in the contrast-enhanced ultrasound market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global contrast-enhanced ultrasound market, such as product launches; agreements; expansions; and mergers & acquisitions.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global contrast-enhanced ultrasound market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe's contrast-enhanced ultrasound market into Italy, Spain, Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others.
- Further breakdown of the Rest of Asia Pacific contrast-enhanced ultrasound market into Australia, New Zealand, Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries.
Growth opportunities and latent adjacency in Contrast Enhanced Ultrasound Market