The Ultrasonic Technology by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ultrasonic Technology, The ultrasonic technology market size has grown rapidly in recent years. It will grow from $2.12 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in demand from the medical sector, growth in government initiatives and the rapid industrialization and growth in manufacturing industries.
The ultrasonic technology market size is expected to see rapid growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to the increasing prevalence of chronic illness, the increasing aging population, the growth in the retail sector and the rising public concerns related to optimal food safety and quality. Major trends in the forecast period include focus on use of artificial intelligence (ai), focus on 3d ultrasound technology, launch of compact portable ultrasound, increasing investments, product innovations and strategic partnerships and collaborations.
The growing demand from the medical sector is expected to propel the growth of the ultrasonic technology market going forward. Businesses that provide medical services, manufacture medical equipment or medications, provide health coverage, or otherwise enable the provision of healthcare to patients make up the healthcare sector. In medicine, ultrasound imaging, also known as sonography, is employed frequently. Ultrasound is used to discover unseen faults in products and structures during non-destructive testing. For instance, according to PolicyAdvice, an insurance company, global healthcare spending is expected to reach $10 trillion by 2022. In addition, McKesson is the largest healthcare firm in the United States, with $208.3 billion in yearly revenue. Therefore, the growing demand from the medical sector drives the growth of the ultrasonic technology market.
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The ultrasonic technology market covered in this report is segmented –
1) By Type: Ultrasonic Proximity Sensor, Ultrasonic Retro-Reflective Sensor, Ultrasonic Through-Beam Sensor, Other Types
2) By Technology: Ultrasonic Medical Technology, Ultrasonic Processing Technology, Ultrasonic Testing Technolog, Other Technologies
3) By Application: Welding, Cleaning, Inspections, Other Applications
4) By End User: Automotive, Food and beverage, Medical and healthcare, Aerospace and defense, Industrial, Other End Users
Top Major Players
Emerson Electric
Siemens AG
Koninklijke Philips N.V.
Olympus Corporation
General Electric Company
The use of artificial intelligence is a key trend gaining popularity in the ultrasound technology market. Artificial intelligence transforms medical images into high-throughput mineable data. For example, in February 2023, Samsung, a South Korea-based manufacturing conglomerate, launched a new women’s health ultrasound system, the Hera W10 Elite, which offers visualization features, artificial intelligence (AI)-aided tools and clinical applications for Obstetrics and Gynecology. It provides 2D and 3D visualizations of microcirculatory and slow blood. It features an Advanced MV (microvascular)-Flow feature and a larger organic light-emitting diode (OLED) display that provides an improved characterization of diverse ultrasound images.
The ultrasonic technology market report table of contents includes:
1. Executive Summary
2. Ultrasonic Technology Market Characteristics
3. Ultrasonic Technology Market Trends And Strategies
4. Ultrasonic Technology Market – Macro Economic Scenario
5. Global Ultrasonic Technology Market Size and Growth
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32. Global Ultrasonic Technology Market Competitive Benchmarking
33. Global Ultrasonic Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ultrasonic Technology Market
35. Ultrasonic Technology Market Future Outlook and Potential Analysis
36. Appendix
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