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Ultrasonic Technology Global Market Report 2023: Integration of Artificial Intelligence Presents Lucrative Opportunities

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Dublin, March 23, 2023 (GLOBE NEWSWIRE) — The “Ultrasonic Technology Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.

The global ultrasonic technology market grew from $1.86 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of 13.0%. The ultrasonic technology market is expected to grow to $3.3 billion in 2027 at a CAGR of 12.0%.

The ultrasonic technology market includes revenues earned by entities by cubic sensors, cylindrical sensors, chemically resistant ultrasonic sensors, hygienic sensors and double sheet sensors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Ultrasonic technology is the technique of transmitting digital data utilizing barely audible and inaudible sound waves. The ultrasonic technology is used to detect objects and measure distances.

Asia-Pacific was the largest region in the ultrasonic technology market in 2022. The regions covered in the ultrasonic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of ultrasound technology are ultrasonic proximity sensor, ultrasonic retro-reflective sensor, and ultrasonic through-beam sensor. The term ultrasonic proximity sensor refers to sensors that are utilized in a variety of packaging applications for object detection and distance measurement. The different technologies include ultrasonic medical technology, ultrasonic processing technology, and ultrasonic testing technology and are used in various applications such as welding, cleaning, inspections, and others. It is employed in several sectors including automotive, food and beverage, medical and healthcare, aerospace and defense, industrial, and others.

The growing demand from the medical sector is expected to propel the growth of the ultrasonic technology market going forward. Businesses that provide medical services, manufacture medical equipment or medications, provide health coverage, or otherwise enable the provision of healthcare to patients make up the healthcare sector.

In medicine, ultrasound imaging, also known as sonography, is employed frequently. Ultrasound is used to discover unseen faults in products and structures during non-destructive testing. For instance, according to PolicyAdvice, an insurance company, global healthcare spending is expected to reach $10 trillion by 2022. In addition, McKesson is the largest healthcare firm in the United States, with $208.3 billion in yearly revenue. Therefore, the growing demand from the medical sector drives the growth of the ultrasonic technology market.

The integration of artificial intelligence has emerged as a key trend gaining popularity in the ultrasonic technology market. Major companies operating in the ultrasonic technology sector are focused on incorporating artificial intelligence in ultrasonic devices to reinforce their position.

In October 2021, Bioventus, a US-based medical device company acquired Misonix for an undisclosed amount. Through this acquisition regenerative medicine and minimally invasive therapeutic ultrasonic technologies are added to the Bioventus portfolio. Misonix is a US-based company that provides ultrasonic technologies.

The countries covered in the ultrasonic technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia – Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Scope
Markets Covered

1) By Type: Ultrasonic Proximity Sensor; Ultrasonic Retro-Reflective Sensor; Ultrasonic Through-Beam Sensor
2) By Technology: Ultrasonic Medical Technology; Ultrasonic Processing Technology; Ultrasonic Testing Technology
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

Key Attributes:

Report Attribute Details
No. of Pages 200
Forecast Period 2023 – 2027
Estimated Market Value (USD) in 2023 $2.1 billion
Forecasted Market Value (USD) by 2027 $3.3 billion
Compound Annual Growth Rate 12.0%
Regions Covered Global

Key Topics Covered:

1. Executive Summary

2. Ultrasonic Technology Market Characteristics

3. Ultrasonic Technology Market Trends And Strategies

4. Ultrasonic Technology Market – Macro Economic Scenario

5. Ultrasonic Technology Market Size And Growth

6. Ultrasonic Technology Market Segmentation

7. Ultrasonic Technology Market Regional And Country Analysis

8. Asia-Pacific Ultrasonic Technology Market

9. China Ultrasonic Technology Market

10. India Ultrasonic Technology Market

11. Japan Ultrasonic Technology Market

12. Australia Ultrasonic Technology Market

13. Indonesia Ultrasonic Technology Market

14. South Korea Ultrasonic Technology Market

15. Western Europe Ultrasonic Technology Market

16. UK Ultrasonic Technology Market

17. Germany Ultrasonic Technology Market

18. France Ultrasonic Technology Market

19. Eastern Europe Ultrasonic Technology Market

20. Russia Ultrasonic Technology Market

21. North America Ultrasonic Technology Market

22. USA Ultrasonic Technology Market

23. South America Ultrasonic Technology Market

24. Brazil Ultrasonic Technology Market

25. Middle East Ultrasonic Technology Market

26. Africa Ultrasonic Technology Market

27. Ultrasonic Technology Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Ultrasonic Technology Market

29. Ultrasonic Technology Market Future Outlook and Potential Analysis

30. Appendix

A selection of companies mentioned in this report includes

  • GE Healthcare
  • Philips
  • Olympus Corporation
  • Siemens Healthineers
  • Hitachi
  • Canon Medical
  • Carestream
  • Mindray Medical
  • Samsung Electronics
  • Fujifilm
  • Esaote
  • Boston Scientific
  • Crest Group
  • Tokyo Keiki
  • Baumer Electric
  • Branson Ultrasonic
  • Cameron Measurement Systems
  • DPR Ultrasonic Technologies
  • MS Industries AG

For more information about this report visit https://www.researchandmarkets.com/r/m93cuf

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