The global ultrasound market is projected to reach USD 11.6 billion by 2028 from USD 8.5 billion in 2023, at a CAGR of 6.3% from 2023 to 2028. The growing target increasing number of non-invasive and radiation free procedures, technological advancements, a wide range of applications, and being versatile and patient-friendly are the key factors attributing to the market growth.
The ultrasound market is moderately competitive, with both established companies and upcoming competitors for the same market share. As of 2022, the key player operating in the global ultrasound imaging market are GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), Hologic, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), and Mindray Bio-Medical Electronics Co, Ltd (China) among others.
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The key strategies adopted by the top players in ultrasound market in the last four years include product launches & expansions, partnerships, acquisitions, and collaborations. In 2022, a major share of the Ultrasound imaging market was held by Stryker GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), Hologic, Inc. (US).
GE Healthcare (US):
GE Healthcare is a leading global medical technology and life sciences company, and a division of General Electric (GE). It is dedicated to providing a wide range of healthcare solutions, including medical imaging, monitoring, and diagnostics. One of its key focus areas is the development and advancement of ultrasound products. Ultrasound technology plays a crucial role in modern healthcare, enabling non-invasive imaging of internal organs and tissues, aiding in diagnosis, and guiding medical procedures. GE Healthcare has been at the forefront of ultrasound innovation, continuously striving to improve imaging capabilities, enhance ease of use, and increase the clinical utility of its ultrasound machines. GE Healthcare's commitment to research and development has driven the growth and success of its ultrasound products. Over the years, the company has introduced various cutting-edge ultrasound systems that cater to different medical specialties, such as radiology, cardiology, obstetrics, gynecology, and point-of-care applications. These systems have been designed to deliver high-quality images and provide clinicians with valuable diagnostic information. Additionally, GE Healthcare has emphasized the integration of artificial intelligence (AI) and machine learning technologies into its ultrasound systems. By harnessing the power of AI, these machines can assist clinicians in image analysis, automate repetitive tasks, and improve diagnostic accuracy.Furthermore, the company has expanded its ultrasound product portfolio to serve a broader range of healthcare settings. From large, high-end systems for hospitals and medical centers to compact and portable units for point-of-care applications, GE Healthcare has tailored its offerings to meet the diverse needs of healthcare providers worldwide. The company pursues inorganic growth strategies such as collaborations, agreements, and partnerships to expand its global presence in the ultrasound market. For instance, in 2018, Trice Imaging (US) expanded its partnership with GE for product enhancement for GE’s LOGIQ E10.
Koninklijke Philips N.V. (Netherlands):
Philips focuses on developing and introducing technologically advanced products in the market to sustain its leading position and to further increase its share in the ultrasound market. The company has launched various novel ultrasound products in the market, such as the EPIQ Elite ultrasound system, as well as an integrated breast ultrasound solution for breast assessment. Also, the recent approvals from the US FDA for its EPIQ series, Affiniti series, Lumify, and CX50 and Sparq diagnostic ultrasound systems to be used for COVID-19 assessment will further boost the company’s share in the market.
Siemens AG (Germany):
Siemens Healthineers holds a leading position in the global ultrasound imaging market. The company offers a wide range of ultrasound systems. It focuses on inorganic and organic growth strategies including new product launches, partnerships, and agreements to enhance and maintain its position in the market. The company has launched various products in ultrasound market during last three years and is constantly engaged in continuous product advancements. This becomes more apparent by the fact that the company spends more than 9% of its revenue on R&D activities. The company has a wide geographic presence in Europe, Africa, the Middle East, Asia, Australia, and the US, and is constantly engaged in strategic deals and partnerships to promote their growth in the market.
Ultrasound Market by Technology (2D, 3D, Doppler, Contrast-Enhanced, HIFU, ESWL), Component (Workstation, Probe), Type (Cart, Handheld, PoC), Application (OB/GYN, CVD, Urology, Ortho), End-user (Hospitals, Clinics, ASCs) & Region - Global Forecast to 2028
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