The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Introduction The ultrasonic technology market has witnessed rapid expansion in recent years, driven by various factors. Let’s delve into the growth trajectory, key drivers, and emerging trends shaping this dynamic market.

Steady Growth Trajectory

• Market size surged from $2.12 billion in 2023 to $2.4 billion in 2024, boasting a remarkable compound annual growth rate (CAGR) of 13.3%.
• Projections indicate further acceleration, with the market poised to reach $4.1 billion by 2028, fueled by a robust CAGR of 14.3%.

Driving Forces Behind Growth

1. Medical Sector Demand Surge

• Increasing demand from the medical sector serves as a significant growth driver for ultrasonic technology.
• Ultrasound imaging plays a pivotal role in medical diagnostics, facilitating non-destructive testing in various applications.
• Global healthcare spending expected to reach $10 trillion by 2022, reflecting the sector’s substantial growth potential.

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2. Technological Advancements

• Integration of artificial intelligence (AI) emerges as a prominent trend, enhancing the capabilities of ultrasound technology.
• Samsung’s Hera W10 Elite ultrasound system exemplifies AI integration, offering advanced visualization and clinical applications.
• AI transforms medical images into mineable data, revolutionizing diagnostics and patient care.

Key Market Players

• Leading companies such as Emerson Electric, Siemens AG, and Koninklijke Philips N.V. are prominent players in the ultrasonic technology market.
• Diverse range of players contributing to market competitiveness and innovation through strategic partnerships and collaborations.

Recent Industry Developments

1. Bioventus Acquires Misonix

• Bioventus’ acquisition of Misonix expands its portfolio with regenerative medicine and ultrasonic technologies.
• Misonix’s expertise in therapeutic ultrasonic technologies complements Bioventus’ offerings, driving portfolio diversification.

Market Segmentation The ultrasonic technology market is segmented based on:

1. Type: Ultrasonic Proximity Sensor, Ultrasonic Retro-Reflective Sensor, Ultrasonic Through-Beam Sensor, Other Types
2. Technology: Ultrasonic Medical Technology, Ultrasonic Processing Technology, Ultrasonic Testing Technology, Other Technologies
3. Application: Welding, Cleaning, Inspections, Other Applications
4. End User: Automotive, Food and beverage, Medical and healthcare, Aerospace and Defense, Industrial, Other End Users

Regional Insights Asia-Pacific emerged as the largest region in the ultrasonic technology market in 2023, underscoring the region’s pivotal role in market growth and innovation.

Conclusion The ultrasonic technology market continues to expand rapidly, fueled by growing demand from the medical sector and technological advancements such as AI integration. With key players focusing on innovation and strategic partnerships, the market is poised for further growth and evolution in the coming years.

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