What Has Been Ultrasonic Technology Market in Recent Years?
The ultrasonic technology market has seen considerable growth due to a variety of factors.
• Over the past few years, the ultrasonic technology market has experienced swift expansion. Its value is projected to increase from $2.34 billion in 2024 to $2.64 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.5%.
Factors such as impressive economic development in emerging markets, increasing demand from the medical sector, implementation of government initiatives, and the swift industrialization coupled with growth in manufacturing industries have all contributed to the growth witnessed in the historical period.
What Are The Predictions for The Ultrasonic Technology Market Size In The Coming Years?
The ultrasonic technology market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the ultrasonic technology market, as it's projected to experience substantial expansion over the coming years. By 2029, the market is set to expand to a value of $4.71 billion, which represents a compound annual growth rate (CAGR) of 15.6%.
This robust growth during the forecast period is primarily driven by factors such as the growing cases of chronic disease, an increase in the aging population, expansion in the retail sector, and escalating public concern regarding food safety and quality. The main trends observed during this period are an emphasis on artificial intelligence (AI), a focus on 3D ultrasound technology, the introduction of portable ultrasound devices, enhanced investment activity, product innovation, and a surge in strategic partnerships and collaborations.
What Are The Key Drivers Fueling Growth In The Ultrasonic Technology Market?
The rise in demand from the healthcare industry is anticipated to boost the ultrasonic technology market's growth in the future. The healthcare sector comprises establishments that offer medical services, produce medical equipment or medications, provide health insurance, or facilitate patient healthcare. In the field of medicine, sonography, also referred to as ultrasound imaging, is widely utilized. Ultrasound technology is leveraged for unveiling hidden defects in products and structures in non-destructive testing. For example, PolicyAdvice, an insurance firm, forecasts global healthcare expenditure to reach $10 trillion by 2022. Moreover, with an annual revenue of $208.3 billion, McKesson stands as the largest healthcare company in the United States. As a result, the surging demand from the healthcare industry fuels the growth of the ultrasonic technology market.
What Are The Core Segments Of The Globa Ultrasonic Technology Market?
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
Subsegments:
1) By Ultrasonic Proximity Sensor: Non-Contact Ultrasonic Proximity Sensors, Short-Range Ultrasonic Proximity Sensors
2) By Ultrasonic Retro-Reflective Sensor: Fixed Ultrasonic Retro-Reflective Sensors, Adjustable Ultrasonic Retro-Reflective Sensors
3) By Ultrasonic Through-Beam Sensor: Transmitter-Receiver Through-Beam Sensors, Reflective Through-Beam Sensors
4) By Other Types: Ultrasonic Flow Meters, Ultrasonic Cleaning Equipment, Ultrasonic Thickness Gauges
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Which Emerging Trends Are Reshaping The Ultrasonic Technology Market?
The adoption of artificial intelligence is a primary driver fostering growth in the ultrasound technology sector. Medical images are transformed into a vast dataset by artificial intelligence. For instance, Samsung, a multinational manufacturing corporation based in South Korea, introduced a new ultrasound system specifically for women's health, called the Hera W10 Elite, in February 2023. This system incorporates visualization features, clinical applications, and tools assisted by artificial intelligence (AI) for Obstetrics and Gynecology practices. It enables 2D and 3D visualization of minute circulations and slow blood flow. The system is equipped with an Advanced MV (microvascular)-Flow feature and a larger organic light-emitting diode (OLED) display, enhancing the ultrasound image quality.
Who Are the Key Players in the Ultrasonic Technology Market?
Major companies operating in the ultrasonic technology market include:
• Emerson Electric
• Siemens AG
• Koninklijke Philips N.V.
• Olympus Corporation
• General Electric Company
• Crest Ultrasonics Corp.
• Honeywell International Inc
• Rockwell Automation Inc.
• Pepperl+Fuchs AG
• Omron Corporation
• Emcolite Ultrasonics
• Paavan Electronic Industries
• Nanjing AMIS Medical Technology Co. Ltd
• Novalion Medical Instrument Co. Ltd
• Guangzhou Happycare Electronics Co. Ltd
• Shenzhen Bondway Electronics Co. Ltd
• Guangzhou Medsinglong Medical Equipment Co. Ltd
• Hilsonic
• Canongate Technology Ltd
• Cambridge Ultrasonics
• Telsonic AG
• DGM
• Ultratecno
• Sonotec
• Roop Ultrasonic
• Elma Ultrasonic
• L&R Ultrasonics
• Coltene-Whaledent
• Omegasonics
• Ultrasonic Power Corporation
• Sonicor
• Gesswein
• Contrinex
• STULZ
• Abdul Latif Jameel Health
• PulseNmore
• Dallah Health Company
• Canon Medical Systems Corporation
• Fujifilm Holdings Corporation
• Mindray Medical International Limited
• Omega Africa Agencies (Pty) Ltd
• Specmed Medical Services
• Autowatch
• Selective Instrumentation
• Controlare and Diel (Pty) Ltd
What are the Regional Insights into the Ultrasonic Technology Market?
Asia-Pacific was the largest region in the ultrasonic technology market in 2024. The regions covered in the ultrasonic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
