USD 11 Billion
Report ID:
SQMIG55A2023 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Ultrasound Devices Market size was valued at USD 11.5 Billion in 2023 and is poised to grow from USD 12.02 Billion in 2024 to USD 17.09 Billion by 2032, growing at a CAGR of 4.50% during the forecast period (2025-2032).
The surge in the adoption of ultrasound devices for both diagnostic imaging and therapeutic interventions, combined with a rising prevalence of chronic and lifestyle-related ailments, is poised to propel market expansion.
Furthermore, the growing inclination toward minimally invasive surgical procedures and continuous technological advancements in ultrasound imaging technology stand out as pivotal market drivers. Renowned for its swiftness and cost-effectiveness, 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.
Notably, the market's trajectory remains intriguing with the expansion of ultrasound into realms like 3D imaging, shear wave elastography, wireless transducer innovations, app-centric ultrasound, and CT/MR fusion, along with laparoscopic ultrasound advancements. For instance, the partnership between Samsung Medison and Intel yielded NerveTrack, an ultrasonography technology facilitating real-time nerve tracking for precise and swift anesthesia delivery.
US Ultrasound Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11 Billion
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
4.50% CAGR
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The global ultrasound devices market is segmented on the basis of product type, display device type, device portability, application, region. By product type, the market is segmented into diagnostic ultrasound systems, 2d imaging systems, 3D & 4D imaging systems, doppler imaging, therapeutic ultrasound systems, high-intensity focused Ultrasound (HIFU), extracorporeal shockwave lithotripsy (ESWL). By display device type, the market is segmented into color Ultrasound Devices, Black & White (B/W) ultrasound devices. By device portability, the market is segmented into trolley/cart-based ultrasound devices, compact/handheld ultrasound devices. By application, the market is segmented into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Ultrasound Devices Market Analysis By Product
The diagnostic imaging ultrasound devices category emerged as the dominant force, capturing a substantial revenue share exceeding 72.0% in 2022. This dominance is attributed to its versatile applications spanning obstetrics, cardiology, and oncology. The surge in lifestyle-related ailments and technological progress further fuel the demand for diagnostic ultrasound devices. The global diagnostic ultrasound devices market is projected to gain traction from the escalating need for enhanced diagnostic solutions, including compact 2D and advanced 3D/4D options. Within this category, segmentation occurs into 2D, 3D/4D, and Doppler subsets, delineating the range of diagnostic capabilities.
In tandem, the therapeutic ultrasound devices segment is poised to exhibit a robust CAGR of 5.1% throughout the forecast period. Subdivided into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy, this segment's revenue was chiefly driven by high-intensity focused ultrasound applications in 2022. The projected growth stems from its efficacy in addressing cancer and related disorders. As underscored by the World Health Organization (WHO), cancer claimed a significant portion of global fatalities, resulting in approximately 10 million deaths in 2021. This highlights the crucial role therapeutic ultrasound devices play in tackling a pervasive health concern.
Ultrasound Devices Market Analysis By Application
The market landscape was notably led by the general imaging segment, which commanded a substantial revenue share exceeding 29.1% in 2022. This segment's prominence can be attributed to its dual advantages: it offers a more cost-effective option compared to other applications, while encompassing a broad spectrum of scans indispensable for clinicians' diagnostic and treatment processes. These scans include essential examinations like abdominal, musculoskeletal, small parts, urology, liver, thyroid, scrotum, bladder, pancreas, kidneys, spleen, and gallbladder assessments.
Concurrently, the cardiology segment is poised to exhibit a noteworthy compound annual growth rate (CAGR) surpassing 5.1% across the forecast period. This projection is underpinned by the escalating global prevalence of Cardiovascular Disorders (CVD). For instance, the World Health Organization (WHO) highlights CVDs as the foremost cause of worldwide mortality, attributing to approximately 17.9 million annual deaths. Advancements in ultrasound technology for cardiac applications are poised to bolster this segment's growth. A case in point is Philips' introduction of the Affiniti CVx, expanding their cardiovascular ultrasound portfolio. Engineered to enhance cardiology departments, the system aims to elevate patient care, operational efficiency, and throughput.
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North America has asserted its dominance in the global ultrasound device market, commanding a substantial revenue share exceeding 30.0% in 2022. Projections indicate that this region will continue its robust growth trajectory throughout the forecast period. A key driver of this expansion is the concentration of numerous market competitors within North America. Additionally, the escalating incidence of cancer cases bolsters regional market growth. For instance, the National Cancer Institute forecasts approximately 1,806,590 new cancer cases in the United States alone. The region's penchant for adopting advanced technology further propels the demand for ultrasound devices.
Conversely, the Asia Pacific region is anticipated to exhibit the swiftest compound annual growth rate (CAGR) during the forecast period. This projection stems from the burgeoning demand for enhanced imaging devices. Market players are strategically positioning themselves in the region to capitalize on this growth. Notably, Philips secured approval from Japan's healthcare authority to introduce ultrasound solutions compatible with handheld devices. The ascending economies and ameliorating healthcare services in Southeast Asian nations such as China, Japan, and India are primed to act as prime growth catalysts.
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Ultrasound Devices Market Drivers
Growing Prevalence of Chronic Diseases
Non-Invasive Nature
Ultrasound Devices Market Restraints
Limited Imaging Depth and Resolution
Operator Dependency
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The global ultrasound device market boasts a competitive landscape characterized by prominent players vying for market share and technological supremacy. Established industry giants like General Electric Company (GE Healthcare), Siemens Healthineers AG, and Philips Healthcare dominate the market, leveraging their extensive R&D capabilities and global reach to offer cutting-edge ultrasound solutions. These companies focus on innovation, investing in advanced imaging technologies, and integrating artificial intelligence for enhanced diagnostic accuracy.
Ultrasound Devices Market Top Player’s Company Profiles
Ultrasound Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global ultrasound devices market analysis, the global ultrasound device market presents a dynamic landscape with a blend of established industry leaders and emerging players. The market is driven by factors such as the increasing aging population, technological advancements, and the demand for non-invasive imaging solutions. Key players like GE Healthcare, Siemens Healthineers, and Philips Healthcare dominate the market, with a strong emphasis on innovation, AI integration, and expansion into new regions.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 11.5 Billion |
Market size value in 2032 | USD 17.09 Billion |
Growth Rate | 4.50% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Ultrasound Devices 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 Devices 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ultrasound Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ultrasound Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Report ID: SQMIG55A2023
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