Canada Ultrasound Devices Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 6.15% from 2023 to 2033
• The Canada Ultrasound Devices Market Size is expected to hold a significant share by 2033

The Canada Ultrasound Devices Market is anticipated to hold a significant share by 2033, growing at a CAGR of 6.15% from 2023 to 2033. The increasing prevalence of chronic diseases, rising number of healthcare providers, and technological advancements are driving the growth of the ultrasound devices market in the Canada.     

Market Overview

Ultrasound devices are diagnostic devices that use sound waves to make images of the body’s internal organs for examination. These devices create real-time pictures or videos of the soft tissue inside the body. These devices use high-frequency sound waves, to offer real-time, detailed views of organs, tissues, and blood flow. By generating images through the use of sound waves and detecting the echoes that are returned, ultrasound technology provides vital diagnostic information to medical professionals. Ultrasound equipment is frequently used in many medical specialties, including radiology, cardiology, obstetrics and gynecology, and others, to evaluate and monitor disorders, guide surgical treatments, and follow fetal development during pregnancy. The integration of advanced technologies in ultrasound device systems for high-quality images of body parts is anticipated to provide lucrative market growth opportunities.

Report Coverage

This research report categorizes the market for the Canada ultrasound devices market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada ultrasound devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada ultrasound devices market.

Driving Factors

The increased cases of chronic diseases such as cancer, cysts, obstructions, or infections within or around the kidney owing to the rising population ages and growing risk factors associated with these diseases are driving the market demand for ultrasound devices. In the year 2022, there were over 47.8 thousand medical specialists across Canada. Further, the steadily increasing number of physicians in the country is contributing to driving the market growth for ultrasound devices. Further, the technological advancements in ultrasound devices such as real-time 3D/4D imaging capabilities, artificial intelligence integration for automated analysis, and the development of smaller, portable, and wireless ultrasound devices are driving the market growth.

Restraining Factors

The strict regulations regarding new product launches as well as the lack of skilled labor to handle the advanced equipment are restraining the Canada ultrasound devices market.

Market Segmentation

The Canada Ultrasound Devices Market share is classified into portability, product, application, and end-use.

• The cart/trolley-based ultrasound devices segment dominated the market with the largest market share in 2023.

The Canada ultrasound devices market is segmented by portability into handheld, compact, and cart/trolley. Among these, the cart/trolley-based ultrasound devices segment dominated the market with the largest market share in 2023. Cart/trolley based ultrasound devices are designed to be mounted on a wheeled cart so that they can be moved around. They can offer the best image quality and functionality, having extended battery life and the largest storage capacity. Thus, the versatility and adaptability of cart/trolley-based ultrasound devices are driving the market.

• The diagnostic ultrasound devices segment accounted for the largest market share in 2023.

The Canada ultrasound devices market is segmented by product into diagnostic ultrasound devices and therapeutic ultrasound devices. Among these, the diagnostic ultrasound devices segment accounted for the largest market share in 2023. Diagnostic ultrasound devices are widely used for the diagnosis of medical conditions that involve various body parts such as the heart, heart valves, and blood vessels and organs in the abdomen (belly) like the liver, gallbladder, pancreas, or spleen. The rising prevalence of lifestyle-related chronic diseases and technological advancement in the device are driving the market.   

• The radiology segment dominated the Canada ultrasound devices market with the largest market share in 2023.       

Based on the application, the Canada ultrasound devices market is divided into cardiology, obstetrics/gynecology, radiology, orthopaedic, anaesthesia, emergency medicine, primary care, and critical care. Among these, the radiology segment dominated the Canada ultrasound devices market with the largest market share in 2023. Ultrasound scanners enhance diagnosis with improved imaging performance. The integration of artificial intelligence (AI) in radiology to assist scanning and growing merger & acquisition activities of device manufacturers are driving the market growth.

• The hospitals segment accounted for the largest revenue share of the Canada ultrasound devices market in 2023.

Based on the end-use, the Canada ultrasound devices market is divided into hospitals, imaging centers, and research centers. Among these, the hospitals segment accounted for the largest revenue share of the Canada ultrasound devices market in 2023. Ultrasound devices are increasingly used in hospital settings. The increasing number of hospital visits of chronic disease patients and merger & acquisition activities between hospitals and market players are propelling the market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada ultrasound devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Canon Medical Systems Corporation
• GE Healthcare
• Koninklijke Philips NV
• Siemens Healthineers
• Fujifilm Holdings Corporation
• Samsung Electronics Co. Ltd
• Carestream Health Inc.
• Hologic Inc.
• Mindray Medical International Limited
• Esaote SpA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, Schulich prof developed AI-powered bedside lung ultrasound. Point-of-care lung ultrasound, performed right at the bedside, can be life-saving for critically ill patients. It can help diagnose several medical conditions such as pneumonia, pleural effusion and pneumothorax much faster than traditional methods and with little discomfort to the patient.

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Ultrasound Devices Market based on the below-mentioned segments:

Canada Ultrasound Devices Market, By Portability

• Handheld
• Compact
• Cart/Trolley

Canada Ultrasound Devices Market, By Product

• Diagnostic Ultrasound Devices
• Therapeutic Ultrasound Devices

Canada Ultrasound Devices Market, By Application

• Cardiology
• Obstetrics/Gynecology
• Radiology
• Orthopaedic
• Anaesthesia
• Emergency Medicine
• Primary Care
• Critical Care

Canada Ultrasound Devices Market, By End-Use

• Hospitals
• Imaging Centers
• Research Centers