Ultrasound Market Study with data tracker, emerging trends, opportunities and forecast by 2031| Growth Plus Reports

According to the deep-dive market assessment study conducted by Growth+Reports, the global ultrasound market was pegged at ~US$ 5.85 billion in 2020. The market is expected to witness a CAGR of ~5.7 % from 2021 to 2031.

Technological advancements and new product launches are some of the key factors fueling the growth of the market. Moreover, the introduction of AI in ultrasound systems and increasing patient preference for minimally invasive diagnostic procedures are some of the other factors driving the ultrasound market. However, product recalls and the dearth of skilled professionals are likely to restrain market growth to a certain extent.

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Increasing public-private funds and grants for R&D for the development of advanced innovative ultrasound devices is playing a significant role in boosting market growth. For instance, in Feb 2020, Germany's Ministry of Health-funded researchers from Germany to create an app that guides at-home ultrasound scans for pregnant patients.

The app is part of a 2.5-year project that will help digitize maternal health in Germany. The project was provided funding of US$3.5 million (3.2 million euros) to pay for a 500-person clinical trial with obstetrics/gynecology patients. Similarly, in Aug 2020, Exo, a company developing handheld ultrasound devices, received US$40 million in new funding from GlaxoSmithKline (GSK). Such initiatives are encouraging researchers to study and develop innovative ultrasound devices.
Rising patient preference for minimally invasive diagnostic procedures and increasing application of ultrasound in disease diagnosis and therapy are triggering the growth of the ultrasound market.

Medical imaging such as ultrasound helps the doctor diagnose and plan the therapeutic procedure more accurately. Ultrasound is also used extensively in interventional radiology, such as for guiding biopsy procedures and to aid in fluid management. The major advantages of ultrasound are its real-time nature and it can be done at a lower cost compared to other imaging modalities.

Nowadays, researchers are focusing on developing technologies that create ease of use for healthcare professionals as well as improve patients’ outcomes. Recent advancements in Artificial Intelligence (AI) have made it possible to integrate

AI in medical imaging techniques including ultrasound. AI has helped in transforming the market as it helps to address the limitations associated with ultrasound. AI-based medical imaging guides ultrasound users with basic scanning skills to produce a precise diagnosis. AI in ultrasound helps improve efficiency issues such as enabling patient scheduling, reliable curation of data, patient outcome prediction based on the medical history, among others.

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Table of contents:
INTRODUCTION
o Market Ecosystem
o Geographic Scope
o Timeline Under Consideration
 Historical Years – 2018 & 2019
 Base Year – 2020
 Forecasted Years – 2021 to 2031
o Currency Used in the Report
• RESEARCH METHODOLOGY
o Research Approach
o Data Collection Methodology
o Data Sources
 Secondary Sources
 Primary Sources
o Market Estimation Approach
 Bottom Up
 Top Down
o Market Forecasting Model
o Limitations and Assumptions
• PREMIUM INSIGHTS
o Current Market Trend (COVID-19 Perspective)
o Key Players & Their Competitive Positioning (2020)
• MARKET DYNAMICS
o Drivers
o Restraints
o Opportunities
• GLOBAL ULTRASOUND MARKET - ANALYSIS & FORECAST, BY TECHNOLOGY
o Diagnostic Ultrasound
 2D Ultrasound
 3D & 4D Ultrasound
 Doppler Ultrasound
o Therapeutic Ultrasound
 High-Intensity Focused Ultrasound (HIFU)
 Extracorporeal Shockwave Lithotripsy (ESWL)

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Manan Sethi
Director, Market Insights
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