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

The 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 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 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. 'General Electric Company (GE Healthcare) (United States)', 'Siemens Healthineers AG (Germany)', 'Philips Healthcare (Netherlands)', 'Canon Medical Systems Corporation (Japan)', '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)'

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.

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.

North America has asserted its dominance in the 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.