Global Mega Ultrasound Technology Market by Equipment (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices), By Application (Medical Imaging, Texturization of foods, Extraction of bioproducts, Defoaming), By End-user, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Mega Ultrasound Technology Market size is expected to be worth around USD 6.62 Billion by 2032 from USD 4.35 Billion in 2022, growing at a CAGR of 4.40% during the forecast period from 2023 to 2032.

Ultrasound is a mechanical sound wave produced by oscillating molecular motion within a propagating medium. These waves have frequencies above the audible range of the human ear above 20 kHz. As an ultrasonic wave propagates through a material, the particles of the medium undergo compression and decompression (thinning), generating large amounts of energy.

The basic principle of ultrasound is to use the interaction of high-frequency sound waves with matter to obtain information about the composition, structure, and dimensions of propagating matter.

Ultrasound is used in various food processing plants, both laboratory and commercial. This new technology is of great interest due to its green nature and non-thermal advantages, such as increased throughput, reduced cost, improved final product quality, process simplification, and reduced energy consumption. As it does not utilize ionizing radiation and magnetic fields, this technology is considered safer than other technologies.

Mega ultrasound technology operates above the frequency of 1MHz and is useful in different applications like clinical diagnostics, food processing, defoaming, and degassing, among other applications. Technological advancements in diagnostic and 3D imaging, the rising prevalence of chronic diseases, the high rate of target sicknesses, and the increasing demand for minimally invasive treatments are dynamic factors driving the market’s growth rate during the forecast period.

Key Takeaways

• Recent Advancements in Medical Imaging: The ultrasound technology market has experienced ongoing advancements, particularly within medical imaging. High-resolution imaging, 3D/4D ultrasound devices, and portable devices have enhanced diagnostic capabilities and led to their widespread use across healthcare settings.
• Non-Invasive and Safe Imaging Method: Ultrasound technology is non-invasive and does not involve any ionizing radiation, making it an attractive imaging choice for medical diagnosis and monitoring applications. This feature has contributed significantly to its popularity within this sector of medical practice.
• Diverse Applications: Ultrasound technology has multiple uses across healthcare settings and beyond healthcare environments, from traditional obstetrics and gynecology, cardiology, radiology and urology, industrial testing materials science, etc.
• Emerging Markets: The ultrasound device market is growing globally, with developing economies playing an increasing role. Improved healthcare infrastructure and greater access to medical services drive demand for ultrasound devices in these regions.
• Integrating Artificial Intelligence: Artificial intelligence (AI) is becoming more prominently integrated into ultrasound technology, aiding image analysis and interpretation as well as improving diagnostics and decision support services for ultrasound users. AI-enhanced ultrasound diagnostics have become integral features of today’s market for ultrasound services.

Driving Factors

Rising prevalence of chronic diseases

According to Johns Hopkins University, in 2000, 125 million Americans suffered from one or more chronic diseases. The University estimates that number is projected to grow by more than 1% each year through 2030. Between 2000 and 2030, the number of Americans with chronic diseases is estimated to increase by 37%.

Major chronic diseases vary by age group. The most common chronic diseases in people over the age of 65 are High blood pressure (60%), cholesterol disorders (41%), arthritis (28%), heart disease (25%), and eye disease (23%), followed by other chronic diseases. The most common chronic diseases between the ages of 18 and 64 are Hypertension (30%), cholesterol disorders (20%), respiratory disease (19%), and diabetes (12%).

According to the National Health Council (NHC), around 133 million Americans, which is more than 40% of the country’s total population, are affected due to various chronic diseases. By 2020, that number is expected to rise to around 157 million, out of which 81 million have multiple ailments. Thus, an increase in the prevalence of chronic diseases is likely to drive the demand for diagnostic ultrasound gadgets like mega ultrasound technology, which is a major factor driving the mega ultrasound technology market growth over the forecast period.

High R&D Spending

According to official data provided by the UN, the R&D spending by major countries reached a record high of about $1.7 trillion. About ten countries combined account for 80% of the overall R&D expenditure. Several countries, as a part of the Sustainable Development Goals (SDGs), have committed to significantly increasing public and private spending on research and development by 2030.

About 40% of global R&D investment is made by Asian countries (including China, Japan, India, and South Korea), while North America currently accounts for less than 30%, and Europe region accounts for just over 20%. Since the 1990s, China’s R&D investment has maintained an annual growth rate of over 10% until recently but slowed to less than 7% in 2016.

However, this modest growth rate is a multiple of both the US and China’s European growth rates, with annual growth rates ranging from 2% to 3%. The rest of the world (Russia, Africa, South America, and Middle East countries) together account for 8.8% of global R&D investment, with an average annual growth rate of about 1.5%.  Thus, high R&D spending by several nations is expected to boost the adoption of advanced diagnostic imaging techniques like mega ultrasound technology.

Restraining Factors

Maintenance Issues

The NCBI website lists the lifespan of a mega ultrasound machine may last typically for 7-9 years, but the lifespan of an ultrasound machine depends on several factors, including the quality of maintenance of the machine and the type of ultrasound machine used. High-tech ultrasound equipment requires a higher level of maintenance.

Also, the risk of wear and tear on the equipment may damage different parts or components, including probes, transducers, monitors, CPUs, and control panels. These are the most susceptible to probe/transducer damage due to high levels of contact with foreign particles and friction, resulting in decreased accuracy over time. Therefore, maintenance issues associated with mega ultrasound technology equipment may negatively impact the growth of the mega ultrasound technology market during the estimated period.

Lack of skilled professionals in developing nations

Digitalization and new advancements in technology are making it tough for workers to match their skills to the ones required by their employers. The extent of the problem varies from country to country, but it is especially acute in developing nations. According to recent OECD data, 81% of companies in Japan have trouble finding qualified employees.

Meanwhile, 45% of workers surveyed by the OECD believe they lack the skills to do their jobs effectively. In countries like Mexico, Japan, and South Korea, this has been highlighted as a key issue. Also, according to this OECD report, only 3 in 10 workers believe they have the right skills for more demanding jobs. In 2013, 40% of employers in Europe said they were having trouble finding people with the skills they needed.

According to the Talent Shortage Survey from global staffing firm ManpowerGroup, 45% of employers in the Asia-Pacific region were unable to fill vacancies due to talent shortages. In India, that number rose to 61% of employers, while in Brazil, 68% were having trouble recruiting the right workforce. Thus, a lack of skilled professionals in developing nations in Asia Pacific, Latin America, the Middle East & Africa, among other regions, is likely to restrain the adoption of the mega ultrasound technology market over the forecast period.

Growth Opportunities

Investment in healthcare

Several governments across the globe are investing extensively in the healthcare sector. The Australian government, as part of a strategy for a better future, announced that it will spend a record $132 billion in 2022–2023 and an additional $140 billion in 2025–2026 on a stronger health system, for a total commitment of $537 billion over the following four years.

According to the 2019–20 National Health Account Estimates, the Indian government spent 1.3% of the nation’s Gross Domestic Product (GDP) on healthcare during the year, recovering from a minor decline seen for a limited time in the financial year 2018–19. Thus, high investments in the healthcare sector by various governments worldwide are likely to provide promising growth opportunities for major players and key vendors operating in the mega ultrasound technology market.

Latest Trends

Demand for Ultrasonic and Megasonic Cleaning

The use of hash chemicals and, if necessary, physical scrubbing is usually required in normal cleaning procedures. It would be common to experience abrasion on parts and devices that are already cleaned. To comply with environmental law, these processes are not only limited in their application in case of delicate equipment but also require the use of an associated chemical disposal system. Instead, new ultrasound and mega ultrasound cleaners are gaining momentum.

The sound energy generated by the system reaches over corners after objects to be cleaned are placed in a bath of inert liquid. The cleaning process takes place efficiently without wear and tear on the part or component to be cleaned. No harmful chemicals are used, time is saved, and workers need only a small amount of special training. This is an emerging trend in the field of ultrasound technology and is likely to support the development of the mega ultrasound technology market.

By Type Analysis

Diagnostic Ultrasound Devices are witnessing high demand

Diagnostic ultrasound devices find use in a broad range of applications, such as cardiology, obstetrics, and oncology. These devices are likely to witness high demand due to a rise in the prevalence of various lifestyle-related diseases. As per the World Health Organization (WHO), the number of people suffering due to diabetes in 2014 increased to 422 million. This number was 108 million in 1980. 8.5% of adults above 18 years of age and above were suffering from diabetes in 2014.

Globally, 1.5 million deaths were caused due to diabetes, and 48% of all diabetes-associated deaths occurred in individuals below the age of 70. Thus, a rise in the prevalence of lifestyle-related diseases like diabetes is expected to drive the growth of the segment. Also, several technological advancements and the launch of new products by key companies are key factors that are expected to boost the demand for this equipment.

Also, a therapeutic ultrasound device is expected to witness high growth during the forecast period. Physiotherapists and a wide range of other healthcare professionals use therapeutic ultrasound devices to promote tissue healing and treat pain conditions. In the case of cancer and other related disorders, high-intensity focused ultrasound equipment is used on a large scale. Thus, the rise in cancer incidence is expected to drive the segment’s growth. For instance, according to the CDC, in 2019, 1,752,735 new cases of cancer were reported in the United States.

Also, the recorded number of deaths due to cancer was 599,589. Moreover, 439 new cases of cancer were reported for every 100,000 people and 146 people died of cancer. Thus, the high prevalence of cancer is likely to accelerate the demand for therapeutic ultrasound devices. Also, as three-dimensional ultrasound images are increasingly becoming popular in the diagnosis of complex types of cancers, it is likely to support the adoption of therapeutic ultrasound devices.

By Application Analysis

Medical Imaging application is expected to witness the highest growth

One of the most efficient and popular techniques for improving patient care is mega-ultrasound technology. As it is non-invasive, safe, and painless for patients, this imaging tool plays a key role in medicine, diagnostic care, and clinical applications. It is capable of providing images with high accuracy and precision without using radiation emitted by other imaging technologies like X-rays, CT scans, and others.

To obtain high-quality, real-time images from selected organs and tissues inside the body for diagnostic and therapeutic purposes to enhance patient care, the technology uses high-frequency sound waves. Ultrasound is far less expensive and more portable than CT scans, X-rays, and MRIs. Today, mega-ultrasound technology is used in diagnostic imaging in a variety of medical fields, including urology and anesthesia.

Its use also extends beyond diagnostics to include soft-tissue injury treatment, assisting medical professionals during operations like needle biopsies, delivering medications to precisely targeted regions, and dissolving kidney stones. It can also be used effectively in cardiac treatment. Thus, due to the broad range of applications offered by mega-ultrasound technology and the launch of innovative solutions by key players to boost their product portfolios, the medical imaging application segment trends show high growth.

Also, the texturization of the foods segment is anticipated to witness significant growth during the estimated time frame. Mega ultrasound technology can be swiftly used for the texturization of foods. Through the utilization of sound waves, this technique enables the preservation of nutritious elements and thermosensitive antioxidants while drying food products at low temperatures. The demand for advanced and breakthrough technologies has increased as a result of the mass customization of food based on different consumer groups such as children, mothers, athletes, etc.

The essential nutritional value, adjusted structural and chemical properties, and longer shelf life are key components required during the customization or texturization of these foods. Mega ultrasound technology can help to achieve it, and therefore, it is likely to find increasing demand for the texturization of foods. Also, major players are focusing on developing cost-effective solutions in food processing technology, which is a positive step towards implementing advanced technology like the mega ultrasound technique. These key factors are driving the growth of the segment.

By End-user Analysis

Hospitals, Surgical Centers, and diagnostic Centers are major end-users

High-frequency diagnostic ultrasound systems are used on a large scale in hospitals, surgical centers, & diagnostic centers. The rise in the prevalence of chronic diseases has led to an increase in demand for advanced medical imaging solutions like mega ultrasound technology in hospitals, diagnostic centers, specialty clinics, maternity centers, and surgical centers. According to the CDC, people with chronic diseases and mental health issues are responsible for 90% of the $3.8 trillion in annual healthcare costs in the United States.

According to a recent report by the Partnership to Fight Chronic Disease, by 2030, the expense of treating the seven most prevalent chronic diseases in the United States will total $2 trillion annually or $8,600 per person. According to the same report, changing harmful behaviors might prevent 1,100,000 deaths annually. Increasing prevention would result in significant cost savings because the treatment of chronic diseases accounts for a sizable amount of public insurance spending.

By raising the colorectal cancer screening rate to 70%, for instance, Medicare spending may be cut by $14 billion by 2050.  Thus, as the mega ultrasound technique may be considered a cost-effective alternative to other expensive diagnostic imaging techniques like MRI, CT scans, PET scans, etc., it is likely to witness high demand in the future. Also, the rise in demand for advanced ultrasound techniques is expected to drive the adoption of mega ultrasound techniques in hospitals, diagnostic centers, and surgical centers.

On the other hand, Ambulatory Care Centers are anticipated to grow at a high rate during the estimated period. A medical care facility offering outpatient services is called an ambulatory care center, sometimes known as an outpatient care center. These include services for diagnosis, therapy, consultation, and intervention. Some ambulatory care facilities provide specialized medical services and cutting-edge medical technology on par with or better than those provided by profitable hospital groups.

Due to technological advancements, instead of traditional techniques like 2D ultrasound systems, medical professionals prefer new and innovative solutions like three-dimensional ultrasound imaging and mega ultrasound technology. These diagnostic ultrasound methods are highly efficient and versatile and can be used in the treatment of critical conditions. Therefore, it can be effectively used in ambulatory surgical centers. It is a key factor driving the growth of the segment.

Market Segmentation:

By Equipment

• Diagnostic Ultrasound Devices
• Therapeutic Ultrasound Devices

By Application

• Medical Imaging
• Texturization of foods
• Extraction of bioproducts
• Defoaming

By End-user

• Hospitals
• Surgical Centers & Diagnostic Centers
• Ambulatory Care Centers
• Research & Academia

COVID-19 Impact Analysis

Experts in the healthcare sector recognize the potential of mega ultrasound technology for point-of-care (POC) diagnostic applications for the triage, monitoring, and diagnosis of COVID-19 patients. According to a March 2021 article published in Frontiers Media, lung ultrasound can identify symptoms of COVID-19 infection. Many aspects of mega ultrasound imaging make it suitable for everyday use. However, more research and detailed analysis are required in this domain.

Therefore, more healthcare companies are increasingly focusing on developing smart solutions that aid the adoption of mega ultrasound technology. For instance, in November 2020, GE Healthcare launched the LOGIQ E10 Series, a new series of intelligent solutions. It is an artificial intelligence (AI) technology-enabled ultrasound system that, during COVID-19, aims to improve workflow productivity. Thus, due to the launch of such technologically advanced solutions, the market is expected to witness lucrative growth opportunities in the upcoming years.

Regional Analysis

North America is expected to hold the highest share in the mega ultrasound technology market at 30% and revenue of USD 1305 million during the forecast period. Key factors driving market growth in the region are the increase in cancer cases presence of key players in the region. For example, an estimated 1,806,590 new cancer cases in the United States will be diagnosed in 2020, as indicated by the National Cancer Institute. Also, due to the high adoption of advanced technology in this region, there is a growing demand for mega ultrasound equipment.

The Asia Pacific market is likely to witness the fastest growth over the forecast period. The market growth in the region is driven by increased demand for better imaging equipment. In addition, different strategies are being implemented by key mega ultrasound technology market players to distinguish themselves in the region. For example, in June 2020, Philips received permission from Japan’s Health Authority to offer an ultrasound solution that can be used with similar handheld ultrasound devices.

Key Regions and Countries

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The global Mega Ultrasound Technology market can be regarded as significantly competitive. The market is witnessing growth at a high rate due to the adoption of advanced techniques in the medical diagnostics field, like the heart ultrasound technique, which has propelled several medical professionals to explore new solutions like mega ultrasound technology.

Also, investments in new technology by several industry professionals are likely to stimulate competition among major industry players. Moreover, a new business strategy is being implemented by key vendors, which is likely to positively impact the growth of the market in the foreseeable future.

Top Key Players in the Market:

• Kaijo Corporation
• Siansonic
• Koninklijke Philips N.V.
• Samsung Electronics Co.,
• Pioneer Food Solutions
• Shimadzu Corporation
• Fujifilm Holdings Corporation
• Canon Medical System Corporation
• Other Key Players

Recent Developments:

• March ’22: A new digital update was announced by GE Healthcare for Vscan Air, a handheld wireless pocket-sized ultrasound equipment providing full-body scanning capability and clear imaging quality. These new updates are aimed at improving workflow with high imaging quality, secure collaboration, and enhanced device management capability.
• September ’20: The release of the NEW Clarius L20 HD was announced by Clarius Mobile Health. It is a high-frequency ultrasound scanning device. NEW Clarius L20 HD is an affordable handheld ultrasound scanner that is designed specifically for superficial medical imaging applications.

Report Scope: