USD 8.52 Billion
Ultrasound Market Size, Share, and Growth Analysis
Ultrasound Market By Technology (Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices), By Portability (Cart/Trolley-based Ultrasound Devices, Handheld Ultrasound Devices), By Display (Color Ultrasound Devices and Black & White Ultrasound Devices), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG45A2174 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
88
|Figures:
76
Format -
Ultrasound Market Insights
Ultrasound Market size was valued at USD 8.52 Billion in 2023 and is poised to grow from USD 9.06 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 6.34% during the forecast period (2025-2032).
The global ultrasound market growth is poised to be driven by the rising usage of ultrasound equipment for diagnostic imaging and treatment, along with the increasing prevalence of chronic and lifestyle disorders. Other factors influencing market growth include increased demand for minimally invasive surgeries and frequent developments in ultrasound imaging technology. Ultrasound is a leading diagnostic tool in medical imaging, compared to other diagnostic imaging systems, since it is less expensive and faster. Moreover, as it does not utilize ionizing radiation or magnetic fields, it is safer than other imaging technologies.
Furthermore, the growing inclination toward minimally invasive surgical procedures and continuous technological advancements in ultrasound imaging technology stand out as pivotal market drivers. Ultrasound has secured a prominent position in medical imaging, its safety underscored by its absence of ionizing radiation and magnetic fields. The ultrasonic medical devices wield a diverse spectrum of applications, spanning diagnostics and therapeutics, and have gained traction across fields from cardiology to oncology.
US Ultrasound Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Diagnostic Ultrasound Devices
Fastest Growth
Therapeutic Ultrasound Devices
Growth Rate
6.34% CAGR
Global Ultrasound Market ($ Bn)
Country Share for North America Region (%)
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Ultrasound Market Segments Analysis
Global Ultrasound Market is segmented by Technology, Display, Portability, Component, Application, End User, and Region. Based on Technology, the market is segmented into Diagnostic Ultrasound (2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound, Contrast-Enhanced Ultrasound), Therapeutic Ultrasound (High-Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy). Based on Display, the market is segmented into Color Ultrasound Devices, Black & White Ultrasound Devices. Based on Portability, the market is segmented into Trolley/Cart-Based Ultrasound Systems, Compact/Handheld Ultrasound Systems, POC Ultrasound Systems. Based on Component, the market is segmented into Transducers/Probes (Curvilinear/Convex Arrays, Linear Arrays, Phased Arrays, Other Array Types), Workstations, Other Components. Based on Application, the market is segmented into Radiological/General Imaging Applications, Cardiological Applications, Obstetric/Gynecological Applications, Urological Applications, Vascular Applications, Orthopedic & Musculoskeletal Applications, Pain Management Applications, Other Applications. Based on End User, the market is segmented into Hospitals, Surgical Centers, And Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research & Academia, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Ultrasound Market Analysis by Portability
As per the global ultrasound market forecast, the cart/trolley-based ultrasound devices segment accounted for the largest revenue share of over 67.75% in 2023. By transporting the device to the patient's location, whether it is an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients. Furthermore, it aids in rapid diagnosis, treatment decision-making, and administration, contributing to increased patient recovery and satisfaction. Their mobility enables healthcare providers to bring ultrasound equipment directly to patients in critical care settings, facilitating timely diagnosis and treatment. Cart-based systems often offer advanced capabilities, including integration with other imaging modalities, enhancing patient outcomes in hospitals and diagnostic centers.
Handheld ultrasound devices segment is the fastest growing in the market. The handheld ultrasound devices have proven efficient in monitoring critically ill patients. Thus, since the pandemic, the demand for handheld ultrasound devices has only been accelerating. Technological advancements are further expected to boost market growth. In January 2023, a novel cordless handheld ultrasonic device called the PocketPro H2 was introduced by Konica Minolta Healthcare Americas, Inc. for application in point-of-care settings for general screening. With the PocketPro H2, offering an entirely novel form of versatility and cost in ultrasound imaging, Konica Minolta Healthcare teamed up with Healcerion to offer it across the U.S. for use in human and animal purposes.
Ultrasound Market Analysis by Technology
As per the global ultrasound market analysis, the diagnostic ultrasound devices segment accounted for the largest revenue share of more than 84.27% in 2023 owing to the wide range of applications in obstetrics, cardiology, and oncology. The demand for diagnostic ultrasound devices is also anticipated to increase due to technological improvements and rising prevalence of various lifestyle-related diseases. The regulatory approvals of ultrasound devices are the main driver of the segment's growth. For instance, in September 2022, Koninklijke Philips N.V. declared that the Food & Drug Administration (FDA) 510(k) approval was successfully awarded for its cutting-edge 5000 Compact Series, the company's most recent tiny ultrasonic system.
As per the global ultrasound market outlook, the therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 4.90% from 2024 to 2031. This segment is further divided into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The high-intensity focused ultrasound segment held the largest revenue share in 2023 and is expected to grow significantly over the forecast period since these devices are highly effective in treating cancers and other related disorders. According to the American Cancer Society Journals, in 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the U.S.
Global Ultrasound Market By Technology (%)
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Ultrasound Market Regional Insights
As per the global ultrasound market outlook, North America is dominating. The presence of a significant number of competitors in the region and an increasing number of cancer cases are key factors contributing to regional market growth. Increasing expenditure on healthcare, a greater understanding of various methods of diagnosis, and favorable policies for reimbursement are projected to drive regional market growth. One of the main drivers of the regional market growth is the presence of a sizable number of market competitors in the region, as well as the rising incidence of cancer cases. National Cancer Institute states that 1,806,590 new cases of cancer are expected to be identified in the United States in 2022. The high rate of modern technology adoption in the area is also increasing the demand for ultrasound equipment.
Asia Pacific is estimated to register the fastest CAGR of 4.90% from 2024 to 2031 owing to the increased demand for better imaging devices. Furthermore, key players are adopting different strategies to strengthen their presence in this region. Factors, such as low research costs, less stringent regulatory guidelines, increased government funding for the R&D sector's development in the respective countries, are making the region attractive for research studies. Moreover, rapidly developing economies and improving healthcare services in Southeast Asian countries, such as China, Japan, and India, are expected to propel growth. Additionally, market participants are using a variety of tactics to establish their presence in the region.
Global Ultrasound Market By Geography
- Largest
- Fastest
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Ultrasound Market Dynamics
Ultrasound Market Drivers
Growing Demand for Non-invasive Diagnostics
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Growing preference for non-invasive diagnostic methods is a major driver of the ultrasound market. As healthcare systems and patients alike seek safer, faster, and more cost-effective diagnostic tools, ultrasound technology is gaining popularity due to its ability to provide real-time imaging without the need for surgical procedures. This increasing demand for non-invasive imaging procedures is common in various medical specialties such as musculoskeletal and diagnostics.
Advances in Ultrasound Technology
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Technological innovations and advancements in ultrasound equipment are fueling the ultrasound market. Advances in high-resolution imaging, handheld portable ultrasound devices, and the integration of artificial intelligence (AI) for advanced image analysis are changing the landscape of ultrasound diagnostics. These advancements are improving the accuracy, reliability, and efficiency of ultrasound procedures, making it an essential tool for a wider range of clinical applications.
Ultrasound Market Restraints
Product Recalls and Shortage of Trained Technicians
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Even though, the market is witnessing notable advancements in the ultrasound imaging equipment, certain factors such as product recalls, warnings from regulatory bodies, and defective products result in the hampering of the brand image of major companies operating in the market. This results in lesser sales of the product, impacting revenue generation in the market.
Regulatory Scrutiny and Its Impact on Ultrasound Market Expansion
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The market is experiencing tremendous growth as a result of innovations in the field of artificial imaging. However, recent recalls of these products are damaging the reputation of the major businesses selling ultrasound equipment. The U.S. FDA issued a class 2 product recalls for Koninklijke Philips N.V.'s S83t compact in May 2022. The transesophageal transducer's defective auto cool feature led to the recall because it posed a risk of patient damage during ultrasound exams. This is expected to limit the growth potential through the forecast period.
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Ultrasound Market Competitive Landscape
The global ultrasound industry is characterized by fierce competition among established players and an increasing number of new start-ups. Leading players such as GE Healthcare, Philips Healthcare, Siemens Healthiners, and Canon Medical Systems dominate the market with their extensive portfolio of advanced ultrasound systems. These companies focus on integrating cutting-edge technologies such as AI, 3D/4D imaging, and elastography to enhance diagnostic capabilities and maintain their competitive edge. Emerging players and startups are driving innovation in portable and handheld devices, catering to the rising demand for point-of-care and telemedicine applications.
Top Players in Ultrasound Market
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens AG
- Fujifilm Corporation
- Hologic, Inc.
- Samsung Electronics Co., Ltd.
- Mindray Bio-Medical Electronics Co., Ltd.
- Esaote SPA
- Chison Medical Technologies Co., Ltd.
- Neusoft Corporation
- Mobisante, Inc.
- Clarius
- Medgyn Products, Inc.
- Promed Technology Co., Ltd.
- White Eagle Sonic Technologies, Inc.
- Telemed Ultrasound
- Shenzhen Ricso Technology Co., Ltd.
- Guangdong Youkey Medical Co., Ltd.
- Echonus Inc.
- Shenzhen Biocare Bio-Medical Equipment Co., Ltd.
- Shantou Institute of Ultrasonic Instruments Co., Ltd. (SIUI)
- Butterfly Network, Inc.
- Alpinion Medical Systems Co., Ltd.
- Edan Instruments, Inc.
Ultrasound Market Recent Developments
- November 2023 - Samsung Madison Co. Ltd. Ltd. introduced V6, a new ultrasound system with 2D, 3D and color imaging characteristics.
- November 2023 – BD introduced a new and improved ultrasound system aimed at increasing clinical efficiency.
- August 2023- GE Healthcare introduced Vscan Air SL, a new wireless ultrasound imaging system for rapid diagnosis.
Ultrasound Key Market Trends
- Growing End-user Interest for Refurbished Equipment: Even though diagnostic ultrasound offers a wide range of applications vital for maternal and fetal health. Full-size ultrasound devices are prohibitively costly and extremely huge, rendering them unsuitable for use in community settings. The demand for Ultrasound devices is decreasing due to these factors. The demand for remanufactured ultrasound equipment has developed because of the high pricing of innovative ultrasound technologies (such as focused ultrasound), high expenses associated with the maintenance of the machine.
- Growing Adoption of Point-of-Care Ultrasound (POCUS) Devices: Point-of-care ultrasound has grown in popularity in recent years. POCUS uses ultrasound at the patient’s bedside, allowing doctors to make instant diagnostic decisions. Particularly useful in emergency, critical care, and primary care, handheld portable ultrasound devices are being sought to provide flexibility and mobility with real-time imaging that can guide treatment decisions and improve patient outcomes.
Ultrasound Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the ultrasound market is experiencing significant growth, driven by advances in imaging technology and increasing demand for non-invasive diagnostic methods and treatments. Ultrasound is widely used in various medical fields such as radiology, cardiology, obstetrics and gynecology due to its real-time imaging capabilities and safety compared to other diagnostic modalities. The major factors driving the market expansion include increasing prevalence of chronic diseases, increasing healthcare costs, increasing adoption of point-of-care ultrasound equipment. Technological innovations such as 3D /4D imaging, AI-driven systems and portable diagnostic devices have broadened the accuracy of diagnosis and scope of applications. The ultrasound market is also benefiting from the shift towards telemedicine and remote healthcare services, where portable handheld ultrasound devices play a key role.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.52 Billion |
| Market size value in 2032 | USD 0 Billion |
| Growth Rate | 6.34% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ultrasound Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ultrasound Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ultrasound Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ultrasound Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ultrasound Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ultrasound Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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