USD 11 Billion
Ultrasound Devices Market Size, Share, Growth Analysis, By Display Device(Color Ultrasound Devices, Black & White (B/W) Ultrasound Devices), By Application(Radiology/General Imaging, Obstetrics/Gynecology, Cardiology, Urology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2023 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Ultrasound Devices Market Insights
The Global Ultrasound Devices Market size was valued at USD 11 Billion in 2022 and is poised to grow from USD 11.50 Billion in 2023 to USD 16.35 Billion by 2031, at a CAGR of 4.50% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
4.50% CAGR
Global Ophthalmic Ultrasound Devices Market ($ Bn)
Country Share North America for Region (%)
To get more reports on the above market click here to Buy The Report
Ultrasound Devices Market Segmental Analysis
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.
Global Ophthalmic Ultrasound Devices Market By End user
To get detailed analysis on other segments, Request For Free Sample Report
Ultrasound Devices Market Regional Insights
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.
Global Ophthalmic Ultrasound Devices Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Ultrasound Devices Market Dynamics
Ultrasound Devices Market Drivers
Growing Prevalence of Chronic Diseases
- The prevalence of chronic diseases such as cardiovascular diseases, cancer, and kidney disorders increased, driving the need for early and accurate diagnosis through ultrasound imaging.
Non-Invasive Nature
- Ultrasound devices are non-invasive and don't involve ionizing radiation, making them safer and more preferred for repeated imaging procedures compared to other imaging modalities.
Ultrasound Devices Market Restraints
Limited Imaging Depth and Resolution
- While ultrasound is versatile, it has limitations in terms of imaging depth and resolution compared to other imaging modalities like MRI and CT.
Operator Dependency
- The quality of ultrasound images can be influenced by the operator's skill and experience, potentially leading to variability in diagnostic accuracy.
Request Free Customization of this report to help us to meet your business objectives.
Ultrasound Devices Market Competitive Landscape
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
- General Electric Company (GE Healthcare) (United States)
- Siemens Healthineers AG (Germany)
- Philips Healthcare (Netherlands)
- Fujifilm Holdings Corporation (Japan)
- Samsung Medison Co., Ltd. (South Korea)
- Hitachi, Ltd. (Japan)
- Mindray Bio-Medical Electronics Co., Ltd. (China)
- ESAOTE S.p.A. (Italy)
- Analogic Corporation (United States)
- Toshiba Medical Systems Corporation (Japan)
- SonoScape Medical Corporation (China)
- Chison Medical Imaging Co., Ltd. (China)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Koninklijke Philips N.V. (Netherlands)
- Terason Corporation (United States)
- Esaote S.p.A. (Italy)
- Alpinion Medical Systems Co., Ltd. (South Korea)
- Supersonic Imagine (France)
- Exact Imaging Inc. (Canada)
Ultrasound Devices Market Recent Developments
- In March 2023, GE Healthcare announced the launch of its new ultrasound system, the LOGIQ Fusion.
- In February 2023, Philips announced the launch of its new ultrasound system, the EPIQ Elite.
- In January 2023, Siemens Healthineers announced the launch of its new ultrasound system, the Acuson Sequoia.
Ultrasound Devices Key Market Trends
- Miniaturization and Portability: The trend toward miniaturization and portability led to the development of handheld and portable ultrasound devices, expanding their use in various settings.
- Point-of-Care Applications: Point-of-care ultrasound gained prominence due to its utility in quick bedside diagnosis, especially in emergency and critical care settings.
- 3D/4D Imaging: Advancements in transducer technology enabled better 3D and 4D imaging capabilities, enhancing visualization for complex anatomical structures and fetal imaging.
Ultrasound Devices Market SkyQuest Analysis
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 Billion |
| Market size value in 2031 | USD 16.35 Billion |
| Growth Rate | 4.50% |
| Forecast period | 2024-2031 |
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Devices 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 Devices 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 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.
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 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.
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.
USA (+1) 351-333-4748
