Ultrasound Devices Market Trends

Growth Drivers

• Rising Number of Hospitals – With the growing number of people suffering from one and more health conditions globally. The use of medical ultrasound imaging allows doctors to diagnose the sources of pain in patients’ bodies and the problems with internal organs. This diagnosis is useful for commencing treatments. Furthermore, the rising number of hospitals is responsible for driving the demand for various medical equipment along with ultrasound devices. Hence, the ultrasound devices market is projected to grow with the growing number of hospitals. As per 2020 data, it was found that there were over 6000 hospitals in United States.
• Growing Share of the Diagnostic Sector in the Healthcare Industry - Diagnostic services play the key role of an information intermediary in the healthcare sector. According to the findings, India’s imaging diagnostic services/radiology tests accounted for nearly 30% of the market share of its diagnostic services market.
• Increase in the Occurrences of Tumors Worldwide - In 2020, about 300,000 people were diagnosed with a primary brain or spinal cord tumor. The growth of the ultrasound devices market is majorly owing to its use to diagnose such types of tumors and cysts at the initial stages.
• Surge in the Prevalence of Cancer Cases - Ultrasound devices are efficient for cancer diagnosis, and as per the 2022 American Cancer Society’s estimates, every year stomach cancer accounts for around 1.5% of all new cancers diagnosed in United States. Hence, the ultrasound device market is expected to grow on the back of prevailing cancer patients globally.
• Increasing Investment in Healthcare Infrastructure - It was found that more than USD 50 billion was invested in global health tech in the year 2021.

Challenges

• High Maintenance Cost – The improper shutdown of the machine is expected to hinder market growth. It is observed that hardware failure may need replacement if they become faulty. Additionally, issues owing to software corruption followed by ultrasound transducer issues too result in machine breakdown which increases the overall cost of employing this machine.
• High Cost of the Machine
• Lack of Trained Professional