The ultrasound equipment market size was valued at USD 8.70 billion in 2022 and is projected to reach a valuation of USD 9.32 billion in 2023. The market is expected to reach USD 15.21 billion by 2030 with a CAGR 7.3% during the forecast period. Ultrasound uses high frequency for taking images and then images are interpreted by the healthcare professionals. Recent advancements in this technology and introduction of innovative equipment, along with the developing healthcare facilities in emerging countries. Fortune Business Insights™ shares this information in its report titled “Ultrasound Equipment Market, 2023-2030.”
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Key Takeaways:
- Pandemic Hindered the Sales of Ultrasound Equipment amid Disruptions in Supply Chains
- Introduction of Artificial Intelligence in the Equipment to Fuel Market Growth
- Increasing Prevalence of Chronic Diseases and Rising Geriatric Population to Accelerate Market Growth
- Product Recalls and Shortage of Trained Technicians to Limit Adoption of these Systems
- Rising Focus of Established Key Players on New Product Launch to Boost Market Growth
Drivers and Restraints
Rise In The Cases of Chronic Diseases To Drive Market Growth
Rising cases of chronic diseases is anticipated to drive the ultrasound equipment market growth. Globally, there has been a rise in the chronic diseases which has led to increasing number of patient visits, hospital admissions, and surgeries. Rise in the geriatric population suffering from chronic disorders has led to rise in the demand for medical imaging equipment for diagnosis and treatment procedures.
However, product recalls and shortage in the number of trained technicians are expected to hamper the market growth.
COVID-19 Impact:
Pandemic Negatively Impacted The Market Due To Disruptions In The Supply Chains
The COVID-19 pandemic negatively impacted the market negatively due to disruptions in the supply chains. Some of the major players operating in the market have faced supply chain disruptions especially from distributors in severely impacted emerging countries such as China, India, Brazil, and others. CANON MEDICAL SYSTEMS CORPORATION reported a decline in revenues by -0.6% from its medical systems segment in 2020. The decline was predominantly due to the declining demand for the medical imaging equipment of the company.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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