Technology

Ultrasound Market to be Worth $18.07 billion by 2031 – Exclusive Report by Meticulous Research®

Published

1 month ago

August 21, 2024

REDDING, Calif., Aug. 21, 2024 /PRNewswire/ — According to a new market research report, ‘Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC), Application (Cardiology, Therapeutic, Vascular) End User—Global Forecast to 2031,’ published by Meticulous Research®, the ultrasound market is projected to reach $18.07 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.

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The report offers a competitive landscape based on an extensive assessment of product offerings, geographical presence, and key growth strategies adopted by prominent market players over the past three to four years. The key players profiled in the ultrasound market study are GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation) (U.S.), and Hologic, Inc. (U.S.).

The growth of the ultrasound market is driven by the aging population with chronic disorders, advancements in ultrasound device technology, the rising number of diagnostic imaging centers and hospitals, the rising incidence of orthopedic injuries and musculoskeletal disorders, and the increasing public & private investments, funding, and grants for ultrasound device development. However, stringent government regulations for trading, manufacturing, distribution, and sales of ultrasound imaging products restrain the market’s growth.

Furthermore, the emergence of point-of-care ultrasound devices and the demand from emerging economies are expected to create market growth opportunities.

Technological Advancements in Ultrasound Devices

In earlier years, medical imaging primarily served as a diagnostic tool. However, due to technological advancements, it now plays a crucial role in treating, managing, and predicting diseases. Medical imaging has become indispensable for diagnosing and treating major medical conditions like cancer, cardiovascular disease, musculoskeletal issues, urological conditions, and more. Among these, ultrasound machines have gained widespread use in diagnostic medical imaging due to their safety compared to X-ray machines. Technological improvements in ultrasound machines have revolutionized patient care, enhanced diagnostic accuracy, and benefited individuals with chronic conditions.

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Ultrasound machines are becoming increasingly portable, lightweight, and compact. The integration of dual-probe technology, which combines two transducers into a single probe, has resulted in more accurate, dependable results, offering high-quality imaging and swift diagnostics at an affordable cost. These advancements empower medical professionals to view internal body structures and organs directly on smartphones.

3D/4D ultrasound has gained significant traction in maternity and obstetric scanning and is increasingly used for procedural planning and guidance. 3D imaging technology equips clinicians with clearer anatomical images, enhancing interventions and surgical planning. For instance, Philips TrueVue and GlassVue are advanced 3D ultrasound display methods that provide an early and photorealistic fetal image.

Furthermore, ultrasound machines have streamlined workflows through features like auto-image optimization, scan assistance, and automation of measurements. These enhancements bolster productivity and efficiency while reducing repetitive tasks, enabling less experienced physicians to conduct scans without the need for radiologists. As a result, these technical strides continue to drive the demand for ultrasound devices across various medical applications.

The ultrasound market is segmented by component [{ultrasound devices, transducers/probes, gels, and other components}, technology {diagnostic ultrasound (2D ultrasound, 3D and 4D ultrasound, doppler ultrasound (color doppler imaging, continuous doppler imaging, pulse wave doppler imaging), therapeutic ultrasound (high-intensity focused ultrasound, lithotripsy (extracorporeal shock wave lithotripsy, shock wave lithotripsy)}, display {colored display, black and white display}, portability {cart/trolley based ultrasound systems, handheld/compact ultrasound systems, point of care ultrasound systems}, applications {diagnostic applications (general imaging, cardiology, obstetrics/gynecology, vascular, urology, and other diagnostic applications), therapeutic applications (drug delivery, physical therapy, pain management, and other therapeutic applications)}, end user {hospitals and clinics, diagnostics imaging centers, ambulatory care centers, and academic and research institutes}], and geography. The study also evaluates industry competitors and analyzes their market share at the regional and country levels.

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Among the components studied in the report, in 2024, the ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to the growing prevalence of musculoskeletal and orthopedic injuries. Additionally, the high demand for handheld ultrasound devices due to their benefits, such as enhanced patient throughput, heightened patient engagement, simplified operation, and increased convenience, contribute to the significant market share of this segment.

Among the technologies studied in the report, in 2024, the diagnostic ultrasound segment is expected to account for the largest share of the ultrasound market. Clinicians prefer diagnostic ultrasound due to its inherent benefits, including safety, effectiveness, non-invasiveness, high flexibility as an imaging modality, dynamic and precise imaging capabilities, and its cost-effectiveness compared to alternative imaging methods.

Among the displays studied in the report, in 2024, the colored display segment is expected to account for the largest share of the ultrasound market. The significant share of this segment is attributed to the advantages of colored displays, including enhanced visualization of ultrasound images, minimizing the need for invasive procedures. These displays enable non-invasive imaging of internal structures, facilitating swift diagnosis and treatment while offering cost-effectiveness and mitigating risks associated with more invasive procedures.

Among the portability modes studied in the report, in 2024, the cart-based trolley ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of the segment is attributed to the accessibility and portability offered by these devices, making them adaptable for use wherever patients are situated. They offer enhanced versatility, safety, and non-invasiveness alongside user-friendliness, resulting in widespread adoption in healthcare facilities.

Among the applications studied in the report, in 2024, the diagnostic applications segment is expected to account for the largest share of 65% of the ultrasound market. Technological advances in modalities for specialized applications, the rising prevalence of chronic diseases, and increasing awareness among people regarding early diagnosis contribute to the significant market share of this segment.

Among the end users studied in the report, in 2024, the hospitals & clinics segment is expected to account for the largest share of 44.3% of the ultrasound market. The large market share of this segment is attributed to the increasing number of hospitals & clinics, both in urban and rural areas, equipped with ultrasound machines for medical diagnostics. Furthermore, a significant portion of the population has resumed seeking healthcare services in the post-pandemic era, resulting in increased hospital visits for routine checkups and tests. This increase in demand contributes to the significant market share of this segment.

Among the regions covered in this report, in 2024, North America is expected to dominate the global ultrasound market with a share of 34.9%. North America’s major market share is attributed to patient awareness regarding early diagnosis, the well-established healthcare system in the U.S. and Canada, and the widespread adoption of advanced technologies.

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Scope of the Report:

Ultrasound Market Assessment—by Component

Ultrasound DevicesTransducers/ProbesGelsOther Components

Note: The other components comprise probe racks, probe holders, disposable wipes, ultrasound needle guides, extender cables and adapters, and battery chargers & rechargeable batteries

Ultrasound Market Assessment—by Technology

Diagnostic Ultrasound2D Ultrasound3D and 4D UltrasoundDoppler UltrasoundColor Doppler ImagingContinuous Doppler ImagingPulse Wave Doppler ImagingTherapeutic UltrasoundHigh-Intensity Focused Ultrasound (HIFU)LithotripsyExtracorporeal Shock Wave Lithotripsy (ESWL)Shock Wave Lithotripsy (SWL)

Ultrasound Market Assessment—by Display

Colored DisplayBlack and White (B/W) Display

Ultrasound Market Assessment—by Portability

Cart/Trolley-based Ultrasound SystemsHandheld/Compact Ultrasound SystemsPoint of Care Ultrasound Systems

Ultrasound Market Assessment—by Application

Diagnostic ApplicationsGeneral ImagingCardiologyObstetrics/GynecologyVascularUrologyOther Diagnostic ApplicationsTherapeutic ApplicationsDrug DeliveryPhysical TherapyPain ManagementOther Therapeutic Applications

Note: Other diagnostic applications comprise abdominal and anesthesia.

Other therapeutic applications comprise thrombolysis and sonoporation.

Ultrasound Market Assessment—by End User

Hospitals and ClinicsDiagnostic Imaging CentersAmbulatory Care CentersAcademic and Research Institutes

Ultrasound Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalySpainRest of Europe (RoE)Asia-PacificJapanChinaIndiaRest of APAC (RoAPAC)Latin AmericaBrazilMexicoRoLATAMMiddle East & Africa

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Related Reports:

Portable Ultrasound Market by Product (POCUS, Handheld Ultrasound, Transducer, Gels), Technology (2D, 3D, 4D, Doppler), Display, Application (Breast Cancer, MSK, OB/GYN, CVD, Urology), End User (Hospitals, ACC, Imaging Center) – Global Forecast to 2031

Microbubbles/Ultrasound Contrast Agents Market by Application (Diagnostic Imaging [Cardiovascular, Renal, Abdominal, Breast] Therapeutics) Type (Lipid, Protein, Polymer) End User (Hospitals & Clinics, Diagnostics Laboratories) – Global Forecast to 2030

Ultrasound Transducers Market by Product (Convex, Linear, Endocavitary, Phased Array, CW Doppler), Application (Diagnostic [Cardiovascular, OB/GYN, Musculoskeletal), Therapeutic), End User (Hospitals, Diagnostic Centers, ASC) – Global Forecast to 2030

Veterinary Ultrasound Market by Animal Type [Small, Large (Equine, Farm)], Scanner [Cart-based, Handheld], Technology (2D, 3D/4D, Doppler), Application (Orthopedic, Cardiology, Obstetrics & Gynecology), End User (Clinic, Hospital) – Global Forecast to 2030

Artificial Intelligence in Medical Diagnostics Market by Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology, Oncology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) – Global Forecast to 2029

Medical Image Analysis Software Market by Software Type (Integrated, Standalone), Image (2D, 3D, 4D), Modality (X-ray, CT, Ultrasound, MRI), Application (Cardiology, Orthopedic, Neurology), End User (Hospital, Diagnostic Center)—Global Forecast to 2029

Diagnostic Imaging Market by Product (X-ray (Digital, Analog), MRI (Closed, Open), Ultrasound, CT, Nuclear Imaging (SPECT, PET), Application (Orthopedic, OB/GYN, MSK, Cardiology, Oncology), End User (Hospital, Imaging Centers) – Global Forecast to 2025

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Technology

3B Scientific Acquires Veterinary Simulator Industries

Published

52 mins ago

September 23, 2024

HAMBURG, Germany, Sept. 23, 2024 /PRNewswire/ — 3B Scientific, a global leader in the manufacturing and marketing of medical and scientific educational products, announced today that it has acquired Veterinary Simulator Industries (VSI), a leading developer of veterinary simulation models.

Founded with a commitment to advancing veterinary education, VSI has developed a range of highly realistic and effective veterinary simulators that are redefining how veterinary training is delivered. With a focus on quality and innovation, VSI’s products provide a practical, hands-on approach to veterinary education, meeting the diverse needs of educators and students around the world. “Veterinary Simulator Industries is widely recognized for its outstanding veterinary training solutions, which perfectly complement our extensive range of educational tools. We are thrilled to welcome VSI into the 3B Scientific family. By combining our strengths in product development, manufacturing, and global distribution, we aim to set new standards in veterinary education, offering unparalleled resources to training institutions and professionals worldwide” commented Todd Murray, CEO of 3B Scientific.

David Jackson, Managing Director of Veterinary Simulator Industries, added: “Joining forces with 3B Scientific is an exciting step forward for VSI. The global reach of the 3B Scientific Group and commitment to innovation will enable us to further develop our product line and deliver even greater value to the veterinary education community. Together, we look forward to creating more advanced, realistic simulators and expanding access to high-quality training tools.”

About the 3B Scientific Group

3B Scientific, established in 1948 in Hamburg, Germany, is a global provider of state-of-the-art medical simulators and educational products for healthcare and veterinary training. With a presence in over 120 countries, the 3B Scientific Group continues to drive its mission of advancing the delivery of medical and veterinary education worldwide.

For more information about 3B Scientific, visit www.3bscientific.com.

About Veterinary Simulator Industries

Veterinary Simulator Industries (VSI) is a leading developer of high-quality veterinary simulators, designed to offer realistic, hands-on training experiences that enhance veterinary education and training. VSI’s products are trusted by educators and professionals globally for their realism and educational effectiveness.

To learn more about VSI, visit www.vetsimulators.com.

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Technology

Reticulate Micro Demonstrates First-ever Live Video Streaming over MUOS Network for a U.S. Army Special Operations Organization

Published

53 mins ago

September 23, 2024

Demo Showcased VAST™Video Throughput, Augmenting MUOS SATCOM for Mobile Forces

PALM BAY, Fla., Sept. 23, 2024 /PRNewswire/ — Reticulate Micro, Inc. announced it successfully demonstrated what the Company believes to be the first-ever real-time video streaming over the Mobile User Objective System (MUOS) tactical satellite network for a U.S. Special Operations organization.

The joint U.S. Army live training exercise included Reticulate and its partners, NanTenna, LLC, a leader in antenna technology innovation, and Curtiss-Wright, a trusted, proven leader in communications and processing systems for the tactical edge as well as other highly engineered products and services for the aerospace/defense industry.

The teams integrated Reticulate Micro’s VAST video encoder and Curtiss-Wright Defense Solutions’ PacStar® Modular Radio Center to deliver live video for the first time over unbonded but Type 1 encrypted MUOS narrowband channels. Despite the constrained bandwidth, the combined solution delivered minimal delay and clear picture quality, demonstrating the potential of live video over MUOS SATCOM systems.

“We demonstrated a complete point-to-point, real-time full-motion video session over MUOS in both static and on-the-move scenarios,” noted Brian Hawkins, principal architect, Reticulate Micro, who conducted the video at a U.S. Army site. “Overall reactions from the customer were extremely positive, with invites back for follow-on exercises.”

“We are proud of our team that executed this powerful demonstration,” said Joshua Cryer, president and CEO, Reticulate Micro. “Along with our partners, NanTenna and Curtiss-Wright, we continue to make history together with low-latency and high-quality voice and video.”

Thomas Larkin, president of NanTenna, considers the MUOS demonstration a huge leap forward in narrowband SATCOM capabilities. “As more and more users are allocated MUOS connectivity, it is imperative that we, as an industry, offer end-to-end solutions to maximize its utility value to the warfighter. This demonstrates that our existing technologies can provide high-quality, low-latency video, even in the most challenging environments,” he said.

“Curtiss-Wright is dedicated to developing small form factor rugged tactical communications solutions for the US DOD and our allies,” said Brian Perry, senior vice president and general manager, Curtiss-Wright Defense Solutions Division. “By pairing our PacStar® Modular Radio Center and Modular Data Center with components from defense industry-leading partners like Reticulate Micro and NanTenna, we are able to extend C2 networks with simultaneous voice, video, and mission data anywhere within the worldwide coverage area of MUOS.”

The latest demonstration follows a U.S. Army demonstration of VAST over UHF TACSAT in February, conducted in partnership with NanTenna. Input from this and other demos is guiding Reticulate’s product roadmap, as it looks to add new features and functionality to meet the U.S. military’s mobile comms requirements.

About Reticulate Micro, Inc. 

Reticulate Micro Inc. (“Reticulate Micro,” “Reticulate” or the “Company”) is a commercial and defense software technology company dedicated to delivering trusted and resilient communications at the network edge. Reticulate specializes in software-defined video compression and streaming solutions and agile, simplified device monitoring and management. Led by tactical communications veterans and satellite and software visionaries, Reticulate delivers resiliency and intelligence on the ground for the military, first responders, critical infrastructure, and enterprise users. We work with an ecosystem of channel and technology partners to bring the most powerful solutions to market across electronic warfare, tactical communications and streaming media technology.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements that are subject to various risks and uncertainties. In addition, our representatives or we may make forward-looking statements orally or in writing from time to time. We base these forward-looking statements on our expectations and projections about future events, which we derive from the available information. Such forward-looking statements relate to future events or our future performance, including our financial performance and projections, revenue and earnings growth, and business prospects and opportunities. You can identify forward-looking statements by those that are not historical facts, particularly those that use terminology such as “intends,” “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms.

Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the U.S. Securities and Exchange Commission on July 31, 2024. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements except as may be required by law.

All trademarks, trade names, product names, or logos mentioned or used are the property of their respective owners.

Contact:

Media:
Reticulate Micro Media Relations
media@reticulate.io

Investor Relations:
Reticulate Micro Investor Relations
ir@reticulate.io

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SOURCE Reticulate Micro, Inc.

Technology

SeatBoost Secures Investment from International Airlines Group

Published

53 mins ago

September 23, 2024

LOS ANGELES, Sept. 23, 2024 /PRNewswire/ — SeatBoost, a startup that is transforming the air travel experience through dynamic seat upgrade solutions, is pleased to announce an investment from International Airlines Group (IAG). This funding marks an important milestone in SeatBoost’s mission to bring joy to travelers’ experiences while generating incremental non-dilutive revenue for partner airlines.

SeatBoost’s platform facilitates live auctions on mobile in the airport environment, offering passengers the chance to bid for premium seat inventory made available by the airlines. The platform not only provides passengers with a unique engaging experience, but it also generates incremental non-dilutive revenue on seat inventory that would otherwise spoil. Current partners include IAG portfolio brand Iberia, TAP Air Portugal, Condor, Avianca and LATAM. With support from IAG through its corporate venture capital arm, SeatBoost plans to expand its capabilities and further improve the travel experience for passengers around the world.

Kevin Stamler, CEO of SeatBoost, shared his thoughts on the investment: “We’re excited to partner with IAG at this important stage in our journey. This collaboration not only supports our vision but also helps us accelerate our growth and innovation. Our aim is to enhance data-driven insights to create personalized experiences for travelers while maximizing revenue for airlines. The investment from IAG validates our business model and underscores the potential of SeatBoost and the positive impact we can achieve together in the travel industry.”

Raza Ali, IAG’s Vice President – Innovation, commented, “Innovation is a core function at IAG, and through innovation we can deliver better customer experiences, more efficient operations, more sustainable aviation and a better-performing business overall. That’s why we think the creative approach of SeatBoost to unlock meaningful revenue from new sources of demand is aligned with our view.”

The partnership with IAG will enable SeatBoost to leverage technology and innovation, improving its current offerings and paving the way for additional solutions that prioritize customer needs and operational efficiency. As SeatBoost expands, it remains committed to setting high standards in the travel sector, ensuring passengers enjoy a seamless, personalized airport and flying experience.

About SeatBoost
SeatBoost is a travel technology startup dedicated to enhancing simultaneously the air travel experience and airline profitability through innovation. Our highly scalable and highly configurable platform is built to leverage the outcome-efficient revenue generating capability of auctions through interactive user engagement.

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About International Airlines Group (IAG)
International Airlines Group (IAG) is one of the world’s largest airline groups with 585 aircrafts flying to over 250 destinations and carrying more than 115 million passengers in 2023. The Group was created in 2011 and includes the airlines British Airways, Iberia, Aer Lingus, Vueling and LEVEL, and IAG Loyalty and IAG Cargo. It is a Spanish-registered company with its corporate office in London, United Kingdom. Its shares are listed on the London Stock Exchange and on the Spanish stock markets.

IAG’s vision is to be the leading airline group in sustainability. The group is proud to have been listed on the Carbon Disclosure Project’s A List for its commitment to sustainability and action on climate change.

Media contact
Marianna D’Amore
media@seatboost.com

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SOURCE SeatBoost, Inc.