GE Healthcare (US) and Koninklijke Philips N.V. (Netherlands) are the Major Players in the Ultrasound Market
The global ultrasound market is projected to reach USD 9.0 billion by 2026 from USD 6.7 billion in 2021, at a CAGR of 6.3% during the forecast period. Factors such as the increasing prevalence of target diseases, rising patient preference for minimally invasive procedures, technological advancements, increasing number of diagnostic centers & hospitals, and the growing public and private investments, funding, and grants are driving the growth of the ultrasound market. However, stringent government regulations may restrict the growth of this market to a certain extent.
The analysis of market developments between 2018 and 2021 has revealed that several growth strategies, such as product launches, product approvals, acquisitions, partnerships, and agreements were adopted by market players to strengthen their product portfolios and maintain a competitive position in the ultrasound market. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the ultrasound market was dominated by GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), and Siemens Healthineers AG (Germany).
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GE Healthcare (a key business division of General Electric Company) is among the top players engaged in the development and manufacturing of diagnostic ultrasound systems. The company focuses on maintaining its leadership position in the ultrasound market through pipeline development and product commercialization. From 2018 to 2021, the ultrasound market witnessed the commercialization of key ultrasound products by GE Healthcare, including the Versana Premier ultrasound system, Invenia Automated Breast Ultrasound (ABUS) 2.0 system, and Versana Essential ultrasound. Over the years, GE Healthcare has strengthened its customer base and increased its market penetration in major ultrasound markets, such as the US, Europe, Asia, and Africa. 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. focuses on developing and introducing technologically advanced products 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, CX50, and Sparq diagnostic ultrasound systems to be used for COVID-19 assessment will further boost the company’s share in the market.
Siemens Healthineers holds a leading position in the global ultrasound 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 the ultrasound market in the 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 its growth in the market.
Related Reports:
Ultrasound Market by Technology (Diagnostic (2D, 3D, Doppler), Therapeutic (HIFU, ESWL)), Display (Color, B&W), Portability (Trolley, POC), Application (Gynecology, Cardiology, Orthopedic), Component (Probe), End user (Hospitals) - Global Forecasts to 2026
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