According to FutureWise analysis the market for ultrasound devices in 2023 is US$ 9.8 billion, and is expected to reach US$ 14.96 billion by 2031 at a CAGR of 5.4%.
Ultrasound is one of several medical imaging modalities available on the market. An ultrasound device employs high-frequency sound waves to see the body's interior organs. It is a gadget that uses high frequency sound waves to record photographs of interior organs. A transducer plus an ultrasonic detector, or probe, make up an ultrasound system. This minimally invasive diagnostic technology does not utilise ionising radiation to diagnose or cure bodily illnesses.
The impact of the COVID-19 pandemic on medical device businesses in the ultrasound equipment market is projected to be minimal. The firms have suffered a setback as a result of the lockdown, which has resulted in a dip in manufacturing and a significant reduction in patient flow. Furthermore, the need for ultrasound equipment has declined as the use of imaging systems has decreased owing to a lack of necessity for emergency treatment. However, the use of imaging systems in certain circumstances for COVID-19 diagnosis compensates for this deadly consequence.
The rise in prevalence of chronic ailments such as cancer tumours, gallstones, and fatty liver disease, among others, is driving market expansion, as is excessive expenditure in the healthcare business. Furthermore, rising awareness about early illness detection and technical advancements in ultrasonic imaging technologies are expected to fuel market demand during the projection period. The high cost of ultrasound equipment, on the other hand, is likely to limit their use and hamper the growth of the ultrasonic imaging devices market over the forecast period.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Ultrasound Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Ultrasound Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.