Global Ultrasound Market Size, Share, Growth Analysis, By Type(diagnostic ultrasound systems and therapeutic ultrasound systems), By Device display(color ultrasound devices and black & white ultrasound devices), By Application(radiology, obstetrics) - Industry Forecast 2024-2031

Ultrasound Market size was valued at USD 9.78 billion in 2021 and is poised to grow from USD 10.2 billion in 2022 to USD 14.28 billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).

The global ultrasound market features a highly competitive landscape characterized by the presence of established market players and intense rivalry among them. These companies engage in strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to gain a competitive edge. With a focus on advanced technology and expanding applications, market players strive to capture a larger market share and meet the growing demand for diagnostic imaging solutions. Key market players invest substantial resources in research and development to introduce innovative ultrasound systems and technologies, incorporating features like improved image quality, portability, and enhanced functionality. These advancements enable healthcare professionals to provide accurate diagnoses and better patient care. Additionally, companies focus on expanding their global presence by establishing a strong distribution network, targeting emerging markets, and forming collaborations with local partners to gain a competitive advantage. The global ultrasound market presents a highly competitive landscape where companies leverage advanced technologies, strategic partnerships, and innovation to establish their dominance. The increasing demand for accurate and non-invasive diagnostic imaging solutions, coupled with the projected market growth, ensures that competition will continue to be fierce in the coming years. 'General Electric Company (US)', 'Koninklijke Philips N.V. (Netherlands)', 'Siemens Healthineers AG (Germany)', 'Canon Medical Systems Corporation (Japan)', 'Fujifilm Holdings Corporation (Japan)', 'Hitachi, Ltd. (Japan)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Esaote SpA (Italy)', 'Mindray Medical International Limited (China)', 'Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)', 'Hologic, Inc. (US)', 'Analogic Corporation (US)', 'Shimadzu Corporation (Japan)', 'Carestream Health, Inc. (US)', 'SuperSonic Imagine (France)', 'Samsung Medison Co., Ltd. (South Korea)', 'SonoScape Medical Corporation (China)', 'Terason Division of Teratech Corporation (US)', 'Shantou Institute of Ultrasonic Instruments Co., Ltd. (China)', 'Chison Medical Imaging Co., Ltd. (China)'

Technological advancements in ultrasound imaging, such as improved image quality, higher resolution, 3D/4D imaging capabilities, and portable systems, have expanded the applications and utility of ultrasound. These advancements drive the adoption of ultrasound technology in various medical specialties.

Point-of-care ultrasound has gained significant popularity in recent years. POCUS refers to the use of ultrasound at the patient's bedside, allowing physicians to make immediate diagnostic decisions. It is particularly useful in emergency medicine, critical care, and primary care settings, where real-time imaging can guide treatment decisions and improve patient outcomes.

North America is the largest regional segment in the ultrasound market. The region has a well-established healthcare infrastructure, advanced diagnostic facilities, and a high level of awareness regarding the benefits of ultrasound technology. The United States and Canada are major contributors to the ultrasound market in North America. Factors such as a large patient population, high healthcare expenditure, and favorable reimbursement policies drive the growth of the ultrasound market in this region. Additionally, ongoing advancements in ultrasound technology, increasing prevalence of chronic diseases, and the presence of key market players further contribute to the dominance of North America in the ultrasound market.