Ultrasound Devices Size, Share & Trends Analysis Report By Product (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices), By Portability (Handheld, Compact, Cart/Trolley), By Application (Cardiology, Obstetrics/Gynaecology, Radiology, Orthopaedic, Anaesthesia, Emergency Medicine, Primary Care, Critical Care) By End-use (Hospitals, Imaging Centres, Research Centres) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America), Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2031.

The report offers the value (in USD Billion) for the above segments.

Region: Global | Format: Word, PPT, Excel | Report Status: Published

 

Market Overview:
According to a new report by IMIR Market Research on Global the market for Ultrasound Devices was valued at approximately USD 9.79 billion in 2023. Over the course of the forecast period (2024–2031), it is expected to increase at a compound annual growth rate (CAGR) of 4.24%, reaching a valuation of USD 13.54 billion by 2031.

The increasing prevalence of chronic and lifestyle illnesses, together with the growing use of ultrasound equipment for diagnostic imaging and therapy, is expected to fuel market expansion. Increased demand for minimally invasive procedures and regular advancements in ultrasound imaging technology are additional factors impacting market growth. Compared to other diagnostic imaging technologies, ultrasound is a more cost-effective and speedier diagnostic tool in the medical imaging field. Furthermore, it is safer than other imaging technologies because it doesn't use magnetic fields or ionizing radiation.

The ultrasonic medical gadget has several applications in both therapy and diagnosis. The use of ultrasound for some medical conditions, such as cardiology and oncology, has become more common. The market is anticipated to rise as a result of the creation of wireless transducers, app-based ultrasound technology, laparoscopic ultrasound, fusion with CT/MR, and an increase in the uses of ultrasound devices in shear wave elastography and 3D imaging. For example, KronosMD, INC., a part of Kronos Advanced Technologies Inc., announced in March 2023 that it had acquired all present and future rights to all patents and properties pertaining to their revolutionary 3D ultrasonic dental imaging and diagnostic equipment.

The goal of the deal is to accelerate the manufacturing of the S-WAVE ultrasonic imaging equipment and system as it gets closer to completion. Radiology is the current area of focus for manufacturers looking to increase their product applications. Even though 4-DUS imaging and 3-D/4-D volume imaging are utilized to see heart wall motions in obstetrics and gynecology, radiologists still perform tests using 2-D ultrasound imaging. Improved image quality and workflow, as well as rising awareness of radiation dose concerns with other imaging modalities, have piqued the interest of manufacturers and scientists in the industry. In the developing field of fusion imaging, real-time ultrasound imaging can play a significant role.

The radiology industry needs to establish ultrasonic fusion imaging more firmly because radiologists tend to choose modalities like CT and MRI. Because of increased worries about radiation exposure and current advancements in ultrasonic imaging technology, radiologists are focusing more on the market. The COVID-19 epidemic has caused a number of challenges for the healthcare industry. Ultrasound device demand was inconsistent during the pandemic due to delayed installations and manufacturers' focus on providing COVID-critical devices. However, because of its efficiency, portability, speed, and ease of use in treating patients in congested hospitals who required critical care, handheld ultrasound machines were in high demand.

Market Dynamics:
Market Drivers-

Technological Advancements and Innovations

  • The continuous improvements in technology & advances in ultrasound imaging are driving the market for ultrasonography devices. Ultrasound equipment has significantly improved in terms of utility, mobility, resolution, and image quality throughout time. Ultrasound imaging modalities have improved in terms of accuracy in diagnosis, efficiency, and variety due to technological breakthroughs such portable ultrasound equipment, high-frequency transducers, sophisticated signal processing algorithms, and 3D/4D imaging capabilities. Improvements in to this point allow medical practitioners to see more clearly and accurately inside tissues, organs, or structures, which aids in diagnosis, treatment planning, and overall status monitoring. Advances in therapy & diagnostic applications, including medicine administration, ablations, & biopsies, have led to an increase in the use of ultrasonography technology across many medical specialties. The increasing market, encouragement of product innovation, and continuous investment in R&D to upgrade ultrasound technology enhance the ultrasound machinery's competitive edge in the healthcare sector.

Increasing Incidence of Chronic Diseases and Aging Population

  • The aging global population and the rising prevalence of chronic illnesses. The aging population's high rate of chronic medical conditions is driving up demand for imaging modalities, particularly ultrasound. The conditions include musculoskeletal injury, cancer, heart disease, and digestive problems. One well-liked non-invasive technique for identifying a variety of health problems is ultrasound technology. The method offers a perceptive diagnosis without the need for invasive procedures or ionizing radiation. In order to facilitate early identification, treatment optimization, & management of diseases, there is a growing demand for prompt and accurate diagnostic imaging services as the world's population ages & the number of chronic illnesses rises. Medical ultrasound equipment is essential in the disciplines of cardiology, obstetrics, emergency medicine, primary care, and other specializations. It helps doctors make judgments regarding patient treatment, track the course of illnesses, and conduct thorough examinations. Due to the increasing need for ultrasound imaging services, which is being driven by demographic changes and the prevalence of illness, the market for ultrasound equipment offers potential for both revenue growth and market expansion.
Market Trends-

Point-of-Care Ultrasound (POCUS) Adoption

  • The growing use of Point-of-Care Ultrasound (POCUS) in a range of healthcare environments. The highest the point of care Ultrasonography describes the fast diagnosis, procedural advice, and treatment decisions that healthcare providers assist at the bedside or during patient care through the use of ultrasonography imaging. With its many benefits, including as its non-invasiveness, mobility, and real-time imaging capabilities, POCUS is a great fit for medical emergencies, critical care, primary healthcare, and outpatient clinics. POCUS integration improves the treatment of patients & clinical outcomes by allowing medical professionals to conduct focused examinations, evaluate organ function, spot anomalies, and direct actions in real time. Moreover, POCUS is now easier to adopt and use across a variety of medical specializations thanks to the development of portable and handheld ultrasound devices with wireless connection, intuitive user interfaces, and advanced imaging functions. The ultrasound equipment market is expanding and fostering innovation due to the increasing recognition of POCUS as a useful diagnostic tool, as well as ongoing healthcare education initiatives & certification programs.

Emergence of Artificial Intelligence (AI) and Machine Learning in Ultrasound Imaging

  • The advancement of artificial intelligence (AI) and machine learning (ML) technology to enhance ultrasonic imaging capabilities and workflow efficiency. AI and ML algorithms are being integrated into ultrasound equipment and software platforms to enhance image quality, automate collecting images, and facilitate diagnostic interpretation. Modern ultrasonography systems come with state-of-the-art technology that enables them to analyze vast amounts of imaging data, spot patterns, and generate insightful reports that help with clinical decision-making. Healthcare professionals can improve diagnostic accuracy and reduce interpretation variability by utilizing AI-powered ultrasound systems for a variety of applications, such as tissue characterisation, automated measurements, picture reconstruction, and pathology identification. Additionally, AI-powered ultrasound devices can improve efficiency, optimize workflow, and facilitate the provision of more individualized patient care. The manufacturers of ultrasound equipment are spending money on R&D to capitalize on the increasing adoption of AI and ML technologies in healthcare and provide next-generation ultrasound solutions that satisfy evolving consumer demands and clinical requirements.  The Ultrasound Devices Market is expected to be significantly shaped by the incorporation of artificial intelligence and machine learning into ultrasound imaging.
Market Restraining Factors-

High Cost of Advanced Ultrasound Systems

  • The expensive cost of high-tech ultrasonography equipment. Even though CT and MRI scans are often more expensive that ultrasound imaging, medical facilities may find it difficult to afford the initial cost of modern ultrasound equipment, especially in resource-constrained settings or places with little healthcare funding. The cost of advanced ultrasound equipment with features like Doppler capabilities, 3D/4D imaging, and specialist transducers can be prohibitive for many healthcare providers due to their higher price points. Moreover, over the period of an ultrasound device's operating lifespan, additional expenses include transducer replacements, software updates, and continuous maintenance. Particularly in situations when funds are scarce, the high expense of purchasing and maintaining cutting-edge ultrasound systems may discourage medical facilities from investing in new technology or modernizing their current setups. The market dynamics & purchasing decisions in the ultrasonic device business are influenced by budgetary constraints and cost variables. These factors also have an impact on the adoption rates of the products as well as the chance for revenue growth for ultrasound device producers.
Report Coverage:

The report will cover the qualitative and quantitative data on the global Ultrasound Devices Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Study Period

2024-31

Base Year

2023

Estimated Forecast Year

2024-31

Growth Rate

CAGR of 4.24% from 2024 to 2031

Segmentation

By Product, By Portability, By Application, By End-use, By Region

Unit

USD Billion

By Product

  • Diagnostic Ultrasound Devices
  • Therapeutic Ultrasound Devices

By Portability

  • Handheld
  • Compact
  • Cart/Trolley

By Application

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

By End-use

  • Hospital
  • Imaging Centres
  • Research Centres

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)
 
Ultrasound Devices Market Players Analysis:
  • Fujifilm Holdings Corporation
  • GE Healthcare
  • Hitachi Medical Corporation
  • Mindray Medical International Ltd
  • Koninklijke Philips NV
  • Hologic Inc.
  • Samsung Electronics Co. Ltd.
  • Siemens Healthineers
  • Esaote Spa
  • Fukuda Denshi
  • Canon Medical Systems Corporation
  • Trivitron Healthcare
  • ALPINION MEDICAL SYSTEMS
  • EDAN Instruments
  • CHISON
  • Mobisante
  • SonoScape Medical Corp.
  • SAMSUNGHEALTHCARE
Key Industry Developments:
  • In July 2023, Canon Medical Systems Corporation has announced the release of their latest high-end compact ultrasound devices, the Aplio flex and Aplio go. In an ultramodern, stylish design, the new devices offer outstanding agility and clinical usage. User comfort and productivity are enhanced by a new line of lightweight transducers featuring an ergonomic design and good use. These products can be used for both mobile and stationary daily use.
  • In June 2023, The Ultrasound Compact 5500CV was on display by Koninklijke Philips N.V. during the American Society of Echocardiography Event (ASE 2023, June 23–26, National Harbour, Maryland, U.S.). The next-generation system helps to increase clinical confidence and efficiency in the diagnosis and treatment of cardiac disease by providing a single point of access to pictures and information, anytime, anywhere. It converts cart-based systems' outstanding image quality and echocardiogram operations into a portable, small unit.
Ultrasound Devices Market Segmentation Analysis:

By Product

  • Diagnostic Ultrasound Devices
  • Therapeutic Ultrasound Devices

By Portability

  • Handheld
  • Compact
  • Cart/Trolley

By Application 

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

By End-user

  • Hospital
  • Imaging Centres
  • Research Centres

The report also helps in understanding Global Ultrasound Devices Market dynamics, structure by analyzing the market segments, and project the Global Ultrasound Devices Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Ultrasound Devices Market make the report investor’s guide.

Global Ultrasound Devices Market Segmentation Insights:

The market scope is segmented because of by Product, by Portability, by Application, by End-use.

By Product

Based on the Product of the market is categorised into Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices.

The category of diagnostic ultrasound equipment topped the market in 2023 with a revenue share of over 84.27% because of its many uses in obstetrics, cardiology, and cancer. The need for diagnostic ultrasonography equipment is predicted to rise in response to advancements in technology and the rise in the prevalence of various lifestyle-related illnesses. Ultrasonic device approvals from regulators are the main driver of the segment's growth. For instance, Koninklijke Philips N.V. declared in September 2022 that the FDA had approved 510(k) certification for its cutting-edge 5000 Compact Series, the business's newest compact ultrasonic system.

The most recent authorization improves the efficiency of ultrasound accessibility by leveraging the most recent developments in Philips ultrasound technology to produce high-quality, small-format images on a cart. This includes a range of ultrasound diagnosis solutions that meet the needs of numerous medical specialties, including obstetrics, general imaging, cardiology, and gynecology. The market for diagnostic ultrasound equipment is anticipated to develop as a result of the growing need for sophisticated diagnostic tools, such as miniature 2D and 3D/4D systems. There are three divisions within the segment: 2D, 3D/4D, and Doppler.

Based on projections, the therapeutic ultrasound device market is expected to expand at the fastest rate (4.90%) between 2024 and 2030. This category is further expanded by high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. High-intensity focused ultrasound was the category with the largest revenue share in 2023. Given the devices' exceptional effectiveness in treating cancer and related illnesses, it is expected to expand significantly over the course of the projection period. According to the American Cancer Society Journals, 609,820 cancer deaths and 1,958,310 new instances of cancer are predicted for the US in 2023.

By Application

Based on the Application of the market is categorised into Cardiology, Obstetrics/Gynaecology, Radiology, Orthopaedic, Anaesthesia, Emergency Medicine, Primary Care, Critical Care.

In 2023, the radiology segment accounted for the highest revenue share, with about 22.33%. The segment is growing as artificial intelligence (AI) is used in radiology more and more. Additionally, growing M&A activity among major firms to broaden their product offerings propels market expansion. For example, GE HealthCare announced in February 2023 that a contract to acquire Caption Health, Inc. had been executed. This privately held AI health services company creates medical gadgets that aid in the early diagnosis of diseases, including the use of AI to help with ultrasound scanning.

The ability of Caption AI to expedite and simplify ultrasonic investigations will enable a greater number of medical professionals to do basic echocardiography evaluations. This device can reduce the need for hospital stays and enhance patient outcomes by identifying illness indicators in at-risk patients in homes, hospitals, and alternative care settings. Heart failure is one of the disorders it can identify, for instance. The fastest growth rate of almost 4.92% is anticipated in the obstetrics and gynecology area between 2024 and 2030. Gynecology and obstetrics have evolved because of ultrasound technology.

Obstetric ultrasound is used to monitor fetal development and assess the health of the mother throughout pregnancy. Utilizing gynecological ultrasound, issues like endometriosis, uterine fibroids, and ovarian cysts can be detected. For example, Mindray introduced the ultrasonic device Imagyn I9 in June 2022, designed to meet the unique requirements of OB/GYN environments. This device was created to satisfy the exacting requirements imposed by OB/GYN clinics. With its entirely free-floating user interface, improved transducer ports, and exclusive E-Ink keys, the newly introduced system emphasizes ergonomics and accessibility in the OB/GYN setting.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America led the industry in 2023 with a market share of more than 29.75%. The region is expected to grow at a considerable rate between 2024 and 2030. The growth of the regional market is primarily being driven by the presence of multiple competitors in the area and an increase in the prevalence of cancer. Expanding healthcare spending, better understanding of various diagnosis methods, and favorable reimbursement practices are anticipated to drive regional market growth.

Asia Pacific is predicted to grow at the fastest rate (4.90%) between 2024 and 2030 due to the growing need for high-quality imaging devices. Furthermore, well-known organizations are employing unique strategies to strengthen their position in this field. Due to variables including lower research expenses, less restrictive laws, and increased government funding for the development of the R&D industries in the various countries, the region is becoming more and more attractive for research projects. Additionally, countries in Southeast Asia like China, Japan, and India are expected to see faster growth due to their advanced healthcare systems and rapidly rising economies.

Ultrasound Devices Market Report is also available for below Regions and Country Please Ask for that

North America

  • U.S
  • Canada

Europe

  • Switzerland
  • Belgium
  • Germany
  • France
  • U.K
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Rest of Europe

Asia-Pacific

  • India
  • Australia
  • Philippines
  • Singapore
  • South Korea
  • Japan
  • China
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Argentina
  • Peru
  • Colombia
  • Brazil
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA
Points Covered in the Report:
  • The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
  • The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
  • The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
  • Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
  • The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions:
  • How much the global Ultrasound Devices Market valued?
  • Which region has the largest share in 2024 for the global Ultrasound Devices Market?
  • What are the driving factors for the market?
  • Which is the leading segment in the global market?
  • What are the major players in the market?
Research Scope of Ultrasound Devices Market:
  • Historic year: 2019-2022
  • Base year: 2023
  • Forecast: 2024 to 2031
  • Representation of Market revenue in USD Million

Ultrasound Devices Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:

  • PUBLISHED ON : March, 12:00 PM 29-Mar
  • BASE YEAR : 2022
  • STUDY PERIOD : 2020-2032
  • COMPANIES COVERED : 20
  • COUNTRIES COVERED : 25
  • NO OF PAGES : 200

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