Global Ultrasound Workstation Market Size, Trends & Analysis - Forecasts to 2026 By Component (Visualization Software and Hardware Unit), By Application (Diagnostic Screening and Advanced Imaging), By End User (Multi-Specialty Hospitals, Maternity Centers, Diagnostic Centers, Research and Academia and Other End Users), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis
Ultrasound is one of the most vital diagnostic imaging systems and now has its application in therapeutics too. It is utilized to create an image of inner body parts like ligaments, muscles, joints, veins, and inner organs. Its major aim is to diagnose the root cause of the disease or to rule out the pathology step by giving confirm diagnostic results. The ultrasound system has a probe/ transducer, that produces sound waves with frequencies over the limit of human hearing (above 20KHz), which then helps to generate an image for diagnosis. However, most of the transducers in current use work at a lot higher frequencies in the megahertz (MHz) range.
This system is of two types namely, diagnostic and therapeutic ultrasound. The non-invasive technique to detect the root cause of any disease or disorder or the technique to image one's inner body organ is called diagnostic ultrasound. The market has the major shares of diagnostic ultrasound owing to its non-invasiveness in diagnosis and imaging procedures. Moreover, the major application of this segment is gynecology and obstetrics imaging where ultrasound is the first level diagnostic imaging tool used to monitor and image the fetus and other changes in the female reproductive organs.
Hence, increasing technical advancements made to the ultrasound machine like color Doppler type ultrasound, portable ultrasound and therapeutic ultrasound system, favorable reimbursement scenarios related to diagnostic imaging procedures, growing application of ultrasound other than gynecology or obstetric use, and rising lifestyle disorders across developing and developed regions will help the ultrasound market grow.
However, along with the ultrasound machine, the procedure room also has a workstation set up which is in association with the diagnostic equipment. An imaging workstation consists of visualization software that is connected with the US system and the hardware unit to process, store and present the diagnostic imaging reports. Most of the modalities work dependently with the workstation (Modalities such as CT, MRI, Mammography, and the Ultrasound system). The main function of the workstation is to re-process the DICOM raw data/ information which is acquired from different modalities including ultrasound. It also has access to an image that is remotely transferred to the system and also can analyze and interpret the images. Hence, the use of a workstation is dependent on the use of an ultrasound system.
Therefore, increasing incidence of lifestyle and targeted diseases, ovarian cancer and other cancer diseases, rising number of product launch (of 3D and 4D ultrasound systems) strategies by the major players, rising funding programs to support the research and development activity for diagnostic imaging analysis, a paradigm shift of user preference for digital platforms, rising demand for accurate and non-false positive report analysis, the launch of new hospitals and diagnostic centers and increasing medical data and the need to store it will help the workstation market grow rapidly.
Another major reason for the high adoption and rapid growth of this market is the rapid increase in the number of USG procedures. As per the data provided by NIH, the procedures conducted by ultrasound system have increased by 5% every year (which is a considerable jump considering other modalities and affordability of the procedure) Also, the US, states that there have been 225 examinations per 1000 American patients per year.
The market of ultrasound workstations can be segmented into visualization software and hardware unit based on the component outlook. The visualization software will be the largest segment and also the fastest-growing market segment from 2021 to 2026. Such software helps with an exact and precise comprehension of the complex information through the raw data/image uploaded by the ultrasound system. This includes gathering and presentation of the data in a reasonable style and understandable to the doctor as well as the patient. The increasing launch of advanced ultrasound systems will increase the demand for acquiring such type of software.
Based on the application of the workstation, the market can be segregated into diagnostic screening and advanced imaging. The diagnostic imaging segment will be the largest market from 2021 to 2026. This is mainly attributed to the ongoing launch and paradigm shift of clinical diagnostics from 2D to 3D and 4D imaging techniques. Also increasing interest of radiologists to integrate the healthcare infrastructure with cloud-based software, PACS, and thin-client platforms will help the segment be the dominant segment in the market. Moreover, due to the dominant share of diagnostic procedures over advanced procedures or therapeutic analysis, the market is ought to be high for diagnostic screening applications.
Multi-specialty hospitals, research and academia, diagnostic centers, maternity centers, and other end users are the key end-users of the market. However, the diagnostic centers will be the largest growing segment from 2021 to 2026. The increasing number of new centers and rising cases of infection and lifestyle disorders will help this market segment grow rapidly.
As per the geographical analysis, the market of ultrasound workstation can be classified into North America (the US, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa and Central South America. North American is the headquarter for the top medical imaging companies followed by increasing adoption of digital platforms in the healthcare fraternity will anticipate the market to be dominant throughout the forecast period of 2021 to 2026. However, on the other hand, the Asia Pacific will be the fastest-growing segment as this region is land to most of the targeted diseases with a growth rate higher than that of developed regions. Moreover, a high spike in COVID-19 cases and increasing population in these countries probe the use of ultrasound systems and ultimately the use of workstations. Hence, increasing infection cases and the birth rate will help the market grow rapidly. Also, with an increasing number of diagnostic centers in developing regions such as India, Indonesia, Malaysia, etc., the market for a workstation will grow the fastest.
GE (General Electric) Healthcare, MILLENSYS, Philips, Siemens, CareStream, Peridot Technologies, Hologic, Fujifilm, and Canon are the top players in the ultrasound workstation market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Ultrasound Workstation Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Ultrasound Workstation Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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