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3D/4D Ultrasound Equipment Market - Forecast(2024 - 2030)
3D/4D Ultrasound Equipment Market Overview
3D/4D Ultrasound Equipment Market size is estimated to reach $3.8 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2022-2027. Ultrasound can be delineated as a biomedical imaging technique that is taken into account to execute exhaustive scrutiny of organs and tissue present inside the body. Ultrasound equipment uses sound waves of high frequency to carve pictures (sonograms) of body internals. 3D/4D ultrasounds have completely revolutionized the entire imaging industry as they extend the conveniences of creating videos and ultra-clear pictures that give a sense of realism and a better shot at diagnosing the cause. 3D/4D ultrasound plays a decisive role in the examination of fetal movements and prenatal diagnosis during women's pregnancies, where doctors can even watch babies smiling. Nevertheless, due to countless diagnostic applications related to blood vessels, thyroid gland, gallbladder, and pancreas 3-dimensional and 4-dimensional ultrasound equipment have become an indispensable part of cardiovascular treatments. Generally, a transducer, pulse, and receiver are the foremost equipment for an ultrasound. The 3D/4D ultrasound equipment market outlook is exceptionally enchanting due to the rising demand for pinpoint diagnosis of various health complications. Innumerable advantages in pregnancies, growing chronic illnesses, and broadening health awareness among people are the factors set to drive the growth of the 3D/4D Ultrasound Equipment Market for the period 2022-2027.
Report Coverage
The report: “3D/4D Ultrasound Equipment Market
Forecast (2022-2027)”, by Industry ARC, covers an in-depth
analysis of the following segments of the 3D/4D Ultrasound Equipment Market.
Key Takeaways
- Geographically, the North America 3D/4D Ultrasound Equipment Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- Ascending disposable income and swell of health ailments is said to be a preeminent driver driving the growth of the 3D/4D Ultrasound Equipment Market. Extortionate cost if installation and retarded manufacturing due to Covid deterrents are said to reduce the market growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the 3D/4D Ultrasound Equipment Market report.
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3D/4D Ultrasound Equipment Market Segment Analysis-By Application
The 3D/4D Ultrasound Equipment Market based on the applications type can be further segmented into diagnostic, therapeutic, and surgical. The diagnostic segment held the largest share in 2021. Diagnosing body internals through the help of sound waves and fabricating pictures and videos for diagnostic purposes is the core application of imaging technologies like 3D/4D ultrasound. Examination of fetal movements and prenatal analysis is one of the fundamental applications as this technology assists in generating real-time visuals of the baby. Moreover, due to changing lifestyles all of a sudden people have turned more health cognizant which is driving the growth of the 3D/4D ultrasound equipment market in the respective segment. Nevertheless, the Surgical segment is estimated to be the fastest-growing with a CAGR of 5.6% over the forecast period 2022-2027. This growth is owing to augmenting the frequency of prevalence of various maladies. On another hand, technological breakthroughs attributed to all-embracing research and developmental activities have enlarged the applications of ultrasound in surgical procedures. High-Intensity ultrasound is being used widely in destroying the tissues in the area of interest. For instance, nowadays hypophysectomy and vestibular conditions such as Vertigo are treated with ultrasound. Therefore, the convenience of faster and less traumatic procedures is casting votes in favor of the surgical applications segment of the respective market.
3D/4D Ultrasound Equipment Market Segment Analysis-By End User
The 3D/4D Ultrasound Equipment Market based on Conveyance Mode can be further segmented into hospitals, ambulatory surgical center ASCs, diagnostic facilities, cancer treatment centers, and others. The hospital segment held the largest share in 2021. The growth is owing to a wide-ranging presence in both urban and bucolic areas. Hospitals are the first point of contact for patients and extend the one-stop solution to health complications. Moreover, better infrastructure, availability of necessary machinery and equipment, 24/7 access, and top-flight doctors and staff are the primary reasons that gravitate patients toward hospitals more than other facilities. Similarly, the hospital segment is estimated to be the fastest-growing with a CAGR of 5.1% over the forecast period 2022-2027. This growth is owing to intensifying cases of cancer, diabetes, obesity, HBT, and others. Besides, following the COVID-19 surge governments around the globe have mounted their overall health spending to better deal with possible contingencies which are further going to uplift the 3D/4D ultrasound equipment market in their respective segment.
3D/4D Ultrasound Equipment Market Segment Analysis-By Geography
The 3D/4D Ultrasound Equipment Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the factors such as the top-of-the-line healthcare infrastructure. U.S. healthcare is world-famous as the country is home to world-class hospitals and research laboratories. Moreover, high standards of living have played a significant role in augmenting health awareness among residents. Nevertheless, a jaw-dropping surge of breast cancer cases and other health complications like diabetes and obesity due to sedentary habits and poor intake has ensured a steady growth of the 3D/4D ultrasound equipment market. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to high fertility rates among countries like India and Pakistan. Moreover, the budding geriatric population of countries like China and Japan is putting extra weight on healthcare infrastructure.
3D/4D Ultrasound Equipment Market Drivers
Growing demand for diagnostic techniques due to augmenting illnesses is Anticipated to Boost Product Demand.
The overall demand for imaging techniques like ultrasound, CT, X-ray, and MRI have grown by a notch in recent years. The budding prevalence of complications like obesity, blood abnormalities, nephrolithiasis, diabetes, heart attack, and cancer has caught the world off guard. Poor ingestion habits and prolonged sittings are the primary cause behind the surge in these complications. For instance, more than 500,000 cases of nephrolithiasis are diagnosed worldwide every year. In addition to that, more than 30% of the reoccurrence rate of this complication is acting as an essential driver driving the growth in 3D/4D ultrasound equipment market.
Ameliorating healthcare infrastructure and budding disposable incomes are Expected to Boost Product Demand.
The governments of various countries have accrued the overall healthcare spending are providing great grounds for the growth of the 3D/4D ultrasound equipment market. For instance, in the union budget 2022-2023 with a 16% hike, the Indian government has proliferated health spending from 73,930 to 86,200 crore. Moreover, US healthcare spending is anticipated to reach 6 trillion by 2028. On another hand, escalating disposable income of people is allowing them to undergo such treatments at the drop of a hat.
3D/4D Ultrasound Equipment Market Challenges
The exorbitant cost of installation and hampered production are Anticipated to Hamper Market Growth.
Setting up necessary infrastructures such as machines and other necessary infrastructure doesn’t come easy as it’s a bit on the dear side. Generally, it cost around $20,000 to $200,000 in order to set up an ultrasound facility which may strangle the growth of the respective market as it is beyond the price range of many people. On another hand, hampered production processes and canceled procedures due to COVID restriction is anticipated to reduce the growth.
3D/4D Ultrasound Equipment Industry Outlook:
Product launches, mergers and acquisitions, joint
ventures, and geographical expansions are key strategies adopted by players in
the 3D/4D Ultrasound Equipment Market. Key companies in this market are-
- Philips Healthcare
- GE Healthcare
- Siemens Healthineers
- Carestream Health
- ContextVision
- Toshiba Medical Systems
- CHISON
- Samsung Medison
- Esaote
- Analogic
Recent Developments
- May 6, 2021, GE Healthcare, a subsidiary of New York, United States-based conglomerate company General Electric, publicized the successful acquisition of Paris, France-based company “Zionexa” which deals in molecular imaging technology. The financials of the transaction were not revealed by the company. However, the acquisition strengthens its diagnostic solutions portfolio.
- April 15, 2021, Erlangen, Germany-based medical device company “Siemens Healthineers” announced that it has successfully acquired Crawley, United Kingdom-based company “Varian Medical Systems.” A payment of $16.4 billion was made by siemens to wrap up the merger. Moreover, the transaction has strengthened the MedTech portfolio of Siemens.
- November 20, 2020, Illinois, United States-based healthcare company “GE Healthcare” (a subsidiary of General Electric) announced the successful acquisition of Linkoping, Sweden-based company “Prismatic Sensors AB” which develops medical devices. The acquisition strengthens the company’s (GE Healthcare) expertise in Photon-counting CT (PCCT).