Contrast Enhanced Ultrasound Market Size, Share & Trends

Updated on : September 24, 2024

Overview of the Contrast Enhanced Ultrasound Market

Contrast enhanced ultrasound market forecasted to transform from $1.6 billion in 2023 to USD $2.1 billion by 2028, driven by a CAGR of 6.1%. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The rising use of contrast agents, increasing partnerships and collaborations, and the introduction of novel technologies are expected to drive the market during the forecast period. The technologically advanced systems come with improved features and higher sensitivity. The novel technology helps to gain accurate results and increases diagnostic confidence.

Global Contrast Enhanced Ultrasound Market

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e- Estimated; p- Projected

Contrast Enhanced Ultrasound Market Dynamics

Driver: Rising prevalence of chronic diseases

The global burden of chronic diseases is consistently increasing. For example, the burden of cancer was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020 (Source: GLOBOCAN, 2020). According to the American Cancer Society, breast cancer is the second-leading cause of cancer-related deaths in women across the globe. In Canada, as many as 28,300 women were diagnosed with breast cancer in 2022, representing 25% of new cancer cases (Source: Canadian Cancer Society (Source: Canadian Cancer Society). It is projected that nearly 60% of individuals aged 65 and above in the US will be living with more than one chronic condition by 2030 (Source: American Medical Association). As contrast-enhanced ultrasound procedures are cost-effective, safer, and offer earlier diagnosis and treatment of target diseases, their demand in disease management is expected to increase during the forecast period.

Restraint: Side effects of contrast agents

Ultrasound contrast agents consist of microbubbles enclosed with gas and an exterior covered with a lipid shell. The enclosed gas is usually sulfur hexafluoride or perfluorinated, having density and low solubility. The use of contrast agents is restricted if the patient is hypersensitive to perfluoro. The use of contrast agents carries a risk for the occurrence of serious cardiopulmonary reactions. It may also lead to headache, nausea, vomiting, and dizziness during or shortly after the administration. Hence, accurate laboratory tests are required to be performed before the administration of contrast agents to the patient. Few of the contrast agents available are not advised to be used for pregnant women. The clinical reports for the occurrence of these conditions after injecting the contrast agent restrict its use and are anticipated to affect the growth of the market.

Opportunity: Growth opportunities in emerging countries

Developing economies offer high growth opportunities for key players operating in the contrast-enhanced ultrasound market. Countries such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa offer a sustainable market for diagnostic imaging devices. Due to a consistent rise in the population, the demand for diagnostic imaging has significantly increased in emerging economies. This is further attributed to the rising prevalence of target diseases and increasing healthcare expenditure. The Indian government has launched the Ayushman Bharat program to provide an insurance scheme. Furthermore, the growth in emerging economies is accompanied by favorable government and private policies to enhance access to diagnostic imaging, including the provision of reimbursement.

Challenge: Shortage of skilled sonographers

Physicians largely depend on sonographers for the effective & accurate evaluation of ultrasound examinations. Technical skill and on-hand experience are critical to ensuring the optimal use of ultrasound devices for effective and accurate disease diagnosis. Poorly captured images may lead to incorrect interpretation or the unnecessary repetition of ultrasound examinations. Moreover, a well-trained sonographer is able to interpret the scanned image in order to document the presence of any medical abnormalities as mandated by relevant professional organizations. However, major healthcare markets (such as the US, the UK, Canada, and Australia) are witnessing a severe shortage of well-trained sonographers. According to the US Bureau of Labor Statistics, the demand for diagnostic medical sonographers is projected to grow 10% from 2021 to 2031, which is faster than the average for all other occupations.

Contrast Enhanced Ultrasound Market Ecosystem

By product, the contrast-enhanced ultrasound equipment segment accounted for the largest share of the contrast enhanced ultrasound industry in 2022.

Based on product, the global contrast enhanced ultrasound market is segmented into equipment, contrast agents, and software and services. In 2022, the equipment segment accounted for the largest market share. The rising use of advanced instruments supporting accurate diagnosis and the need for better sensitivity is driving segment growth.

By application, the therapeutic applications segment of the contrast enhanced ultrasound industry to register significant growth in the near future.

Based on application, the global contrast enhanced ultrasound market is segmented into diagnostic applications and therapeutic applications. The therapeutic applications segment registered the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the rising use of novel equipment that allows precise targeting of internal organs supporting real-time imaging.

By end user, the hospitals and surgical centers segment accounted for the largest share of the contrast enhanced ultrasound industry in 2022.

Based on end users, the global contrast enhanced ultrasound market is segmented into hospitals and surgical centers, diagnostic imaging clinics, ambulatory surgical centers, and other end users. In 2022, the hospitals and surgical centers segment accounted for the largest market share. The highest share of this segment is attributed to the rising utilization of contrast-enhanced ultrasound equipment for disease diagnosis and increasing awareness for early diagnosis. This is primarily attributed to the digitization of radiology patient workflow, the increasing number of contrast-enhanced ultrasound procedures performed in hospitals, and the rising adoption of advanced systems with improved features in hospitals to improve the quality of patient care.

By region, North America is expected to be the largest region of the contrast enhanced ultrasound industry during the forecast period.

North America, comprising the US and Canada, accounted for the largest share of the contrast enhanced ultrasound market in 2022. Factors such as increasing applications in the healthcare sector, favorable reimbursement policies for contrast-enhanced ultrasound procedures, and the presence of major players in the region are fueling the growth in North America. Rapid growth in the old age population in the region and significant utilization of contrast agents is supporting the growth of the market.

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As of 2022, prominent players in the market are GE Healthcare (US), Lantheus Holdings, Inc. (US),  Bracco Imaging SpA (Italy), and Koninklijke Philips N.V. (Netherlands).

Scope of the Contrast Enhanced Ultrasound Industry

This report has segmented the global contrast enhanced ultrasound market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Equipment
• Contrast Agents
• Molecule-targeted Microbubbles
• Nanoparticle Microbubbles
• Software and Services

By Application

• Diagnostic Applications
• Cardiology
• Hepatic/Liver
• Nephrology/Kidney
• Other Diagnostic Applications
• Therapeutic Applications
• Cardiology
• Vascular
• Oncology
• Other Therapeutic Applications

By End User

• Hospitals and Surgical Centers
• Diagnostic Imaging Clinics
• Ambulatory Surgical Centers
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Rest of the World

Recent Developments of Contrast Enhanced Ultrasound Industry

• In 2023, Esaote SpA launched a new premium ultrasound system, MyLab X90. This system has high contrast resolution and supports higher accuracy. It is equipped with augmented insight and can be utilized to contrast-enhanced ultrasound procedures.  It simplifies the workflow and delivers exceptional image quality.
• In 2021, Mindary launched the general imaging diagnostic ultrasound system. Resona I9 is equipped with the latest technologies and delivers improved efficiency. It supports precise analysis and provides accurate results. It can be efficiently used to perform contrast-enhanced ultrasound procedures and can be easily transported for mobile service.
• In 2021, Esaote SpA launched the MyLab X75 ultrasound system. This system can be effectively used for liver quantification. This system offers improved contrast resolution. It can be efficiently used to perform liver assessment.

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