USD 8.90 billion
Ultrasound Equipment Market Size, Share, Growth Analysis, By Product (Compact, Table-top), By Application (Radiology, Cardiology), By End User (Hospitals, Clinics), By Region -Industry Forecast 2024-2031.
Report ID:
SQMIG35A2969 |
Region:
Global |
Published Date: November, 2024
Pages:
196
|Tables:
87
|Figures:
71
Ultrasound Equipment Market Insights
Global Ultrasound Equipment Market size was valued at USD 8.90 billion in 2022 and is poised to grow from USD 9.56 billion in 2023 to USD 16.92 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).
The rising prevalence of chronic and lifestyle diseases combined with the ever-increasing level of deployment of ultrasound equipment for diagnostic imaging and therapy is predicted to make the market continue growing further. Increasing demand for minimally invasive procedures combined with continued technological advancements in ultrasound imaging technology are other factors that drive growth for the market. Ultrasound technology offers cheap and faster diagnostics compared to other diagnostic imaging modalities within the medical imaging industry. Besides that, it is safer compared to other imaging techniques because it doesn't contain magnetic fields or ionizing radiation. Ultrasonic medical equipment has versatile uses in therapy as well as in diagnosis. The use of ultrasound in some medical conditions, such as cardiology and cancer, has become increasingly common. Key drivers of market growth are wirelessly coupled transducers, app-based ultrasound technology, laparoscopic ultrasound, fusion with CT/MR, and an increase in the use of ultrasound devices in shear wave elastography and 3D imaging. For instance, KronosMD, INC., a subsidiary of Kronos Advanced Technologies Inc., in March 2023, announced that it has acquired all the existing and future rights of all patents and all assets having to do with their disruptive 3D ultrasonic dental imaging and diagnostic equipment.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Radiology
Growth Rate
7.40%
Global Ultrasound Equipment Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Ultrasound Equipment Market Segmental Analysis
Global Ultrasound Equipment Market is segmented into Product, Application, End User, and region. By Product, the market is classified into Compact, and Table-top. Depending on the Application, it is categorized into Radiology, Gynecology, Cardiology, Point of Care, Urology, Surgery, and Others. According to End User, the market is divided into Hospitals, and Clinics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis By Product
The compact ultrasound device is in most demand in the market as it is cheap, mobile, and flexible. These systems are essentially used for point-of-care imaging and diagnostics at various clinics and hospitals and even emergency rooms. Notably, compact ultrasounds are best for bedside assessments, natural disasters, and marginalized and remote locations with little available space and resources. Their battery-operated mode, light, and low footprint make it possible for medical professionals to provide effective care in good time. Its low cost has made the small category highly penetrative for general and primary care medical clinics.
Table-top ultrasound equipment sector is showing growth the fastest, particularly with high-end technology models. It is driven by the high-frequency transducers and the capabilities of AI-enabled imaging for improved picture quality and diagnostic precision. Tabletop systems are increasingly being used in specialized medical professions such as radiology, obstetrics, and cardiology for complicated operations and high-end imaging. The demand is further increased due to use in interventional and surgical procedures. The tabletop segment is expected to grow along with the advancement of technology, as hospitals and research organizations will spend money on advanced tabletop ultrasounds so that they are not left behind by the times of medical advancement. Huge demand for critical imaging and diagnostics capabilities is expected to propel the expansion of this segment.
Analysis By Application
The radiology segment led the market in 2023, looking at the growing network of radiology facilities and increased application of ultrasound technology for general imaging and detecting various medical conditions. A study paper released by NCBI in November 2021 reported that in 2020 the radiology department at Poland University Hospital reported 86.5 ultrasound tests per 1000 patients. This shows that ultrasonography equipment plays a vital role in radiology, mainly for diagnosing various medical conditions such as cancer, musculoskeletal diseases, and cardiovascular diseases. The market is expanding, partly because of the growing need for accurate and minimally invasive diagnostic devices. The health infrastructure will continue to improve, and the radiology segment will be gaining ground as long as it does.
The gynecology segment is expected to advance beyond that of the average during the next few years, with an expected higher CAGR. The major cause for this advance would be the advanced technological development in ultrasound technology such as transvaginal ultrasound and 3D/4D imaging. Related to this are the increasing prevalence of diseases such as endometriosis, ovarian cysts, and cervical cancer. In June 2021, PLOS published an article that estimated the association of gynecologic disorders with diseases diagnosed around the world at 4.5%. Such high prevalence has made modern ultrasound technology in gynecology highly demanded, hence creating an effective need for diagnostic techniques. The growth in the market will be sustained with better patient outcomes and increased diagnostic accuracy.
Global Ultrasound Equipment Market By Product
To get detailed analysis on other segments, Request For Free Sample Report
Ultrasound Equipment Market Regional Insights
North America leads the way in the market with over 29.75% of revenue share in 2023. It is expected to grow highly from 2024-2031 because of several competitors within this region, and a fast-rising growth of cancer cases in this region. Increasing healthcare costs, improving diagnosis awareness, as well as encouraging reimbursement policies are factors promoting regional market growth. Consequently, the market is highly driven by the US, which has an advanced healthcare system and rapidly adopts emerging technologies. Moreover, government initiatives such as the National Cancer Moonshot project further support regional markets. Until spending on healthcare increases, North America is predicted to dominate the industry.
Supported by increasing demands for advanced imaging technologies, Asia Pacific is expected to register the highest Compound Annual Growth Rate (CAGR) of 4.90% during 2024 to 2031. The key players are strategizing ways to expand their presence in the region with factors such as low research costs and less stringent regulations. Countries, including China, Japan, and India attract research studies because of government funding to develop their R&D industries. Improving the economy of Southeast Asia, as well as improving healthcare systems, also propel the growth of the region. Increasing health consciousness, higher disposable income and large population in the region make this region suitable for the market's growth. The Asia Pacific market growth is expected to gain further momentum if the region's health infrastructure continues to upgrade.
Global Ultrasound Equipment Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Ultrasound Equipment Market Dynamics
Drivers
Increasing Prevalence of Chronic Diseases
- Ultrasound technology is very much in demand because chronic diseases such as cancer, heart disease, and obesity are on an increasing trend. Ultrasound technology plays a crucial role in the diagnosis and monitoring of these diseases since it can identify abnormalities and check the response of treatment. The rising aging populations and chronic diseases issues are much accelerated with a demand for more precise and non-invasive diagnostic technologies. With the emphasis on early detection and prevention in healthcare systems, ultrasound equipment is looking to be a driving factor for the expansion of the market. However, according to the United Nations Organization, the World Health Organization (WHO) projects the incidence of chronic conditions to rise, therefore, ultrasound technology being inevitable.
Technological Advancement and Imaging
- The usability of ultrasound machines has expanded because of technological advancements, hence ensuring better outcomes in patient care and higher diagnostic capabilities. Other innovations such as artificial intelligence-enabled imaging, contrast-enhanced ultrasonography, and 3D/4D imaging also increase the quality of images and diagnostic confidence. With such advances, complicated diseases can be detected much earlier by medical personnel, and appropriate action is thereby taken right away. Ultrasound can be combined with other imaging modalities such as CT and MRI to further enhance its diagnostic potential. Ultrasound equipment is rapidly becoming more available and affordable, hence very practical to use due to the advancement in technology, enhancing usage and further market growth. The point at which manufacturers emphasize R&D ensures there will be continuous advancement of better products.
Restraints
High Costs of Equipment Maintenance and Deployment
- High ultrasound equipment costs and maintenance costs, especially in resource-poor health institutions, are a major obstacle to uptake. It denies growth of the industry due to the high cost that is spent in acquiring and maintaining high-end ultrasound equipment. Moreover, there are direct costs that continuously divert funds away from health spending, such as software upgrades, technician training, and probe replacement. Small and medium-sized health providers cannot afford the costs and either delay upgrading their equipment or employ other diagnostic techniques. Although the producers are attempting to provide funding alternatives and cost-effective solutions, cost remains the largest deterrent.
Stringent Approval Procedures and Regulatory Frameworks
- There are several strict regulations applied to the industry for ultrasound equipment, however, the FDA certification and CE marking stand tall among them. These may even delay launch times and expansion opportunities for the business as they consume too much time and effort in abiding by them. The challenge facing manufacturers is the diversified regulatory regimes governing safety, effectiveness, and quality assurance for ultrasound equipment in different locations. Approval takes a long time in clinical trials, testing, and paperwork required before products reach commercialization. Continuous regulatory compliance obligations and post-market inspection add to this. The regulation hurdles that the manufacturers need to overcome ensure that they keep their competitive edge and hit the market on time.
Request Free Customization of this report to help us to meet your business objectives.
Ultrasound Equipment Market Competitive Landscape
Global ultrasound equipment market remains highly competitive, with major players such as GE Healthcare, Philips Healthcare, Siemens Healthineers, Canon Medical Systems, and Fujifilm Holdings. They have sustained their market dominance with strategic alliances, global expansion, and investments in R&D. They zero in on competitive pricing and digitization while bringing unique offerings to the marketplace. Upstarts such as Mindray and Samsung Medison are threats to established businesses as their creative products, low prices, and planned market penetration threaten the existence of long-established firms.
Top Player’s Company Profiles
- GE Healthcare
- FUJIFILM SonoSite, Inc.
- Esaote
- Siemens Healthineers AG
- Canon Medical Systems
- Konica Minolta Inc.
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- KoninKlijke Philips N.V.
- Hitachi
- Carestream Health
- Hologic Inc.
- Mindray
- Bard Access Systems
- ZONARE Medical Systems
- Neusoft Medical Systems
- Sonoscape
- B. Braun Melsungen AG
- Stryker Corporation
- DRE Medical
Recent Developments
- In June 2022, ImaCor Inc. Hemodynamic ultrasound company, and Clarius Mobile Health announced their partnership on developing a handheld transesophageal echocardiography (TEE) system designed to guide and control the care of the most seriously ill patients in an ICU.
- In February 2022, Koninklijke Philips N.V. rolled out Lumify, a portable point-of-care ultrasound device to broadened offerings and provide superior hemodynamic evaluation and measuring capabilities.
- In September 2021, Samsung released Versatile 8, an ultrahigh-end ultrasound system to improve picture quality, simplicity, and utility for medical professionals worldwide. It is ready for use in virtually every busy hospital.
Ultrasound Equipment Key Market Trends
- Rise in Handheld Ultrasound Devices: Portable ultrasound machines enjoy popularity for their portability, affordability, and recent technological improvements. Portability as an attribute allows for point-of-care diagnostics with portable ultrasound devices that enable decision-making in an efficient, expedient manner in a range of contexts-from the outpatient clinic to the ER or more distal sites. Improvements in the mobility and performance of the devices are enhanced through advancements in battery technology and downsizing, making them suitable for a range of medical uses. Another factor is emerging to support the advent of telemedicine, which supports portable ultrasonography that can provide remote consultations and diagnostics and, consequently, improve access to quality health services in disadvantaged regions.
- Artificial Intelligence (AI) Integration: Artificial intelligence (AI) is thus changing the game of ultrasound equipment, as it contributes better image quality, diagnostic accuracy, and workflow efficiency. AI algorithms are being used within ultrasound systems to help with image capture, interpretation, and analysis. Thus, smart technologies that enable automatically identifying and measuring anatomical features, detection of problems, and providing real-time decision support can reduce the requirement for human interference and thereby reduce error possibilities. Its use in ultrasound also allows for the integration of additional functionality, such as predictive analytics and auto-picture enhancement, which increase the accuracy of a diagnosis and allow for more customized treatment of a patient. This indicates the increased effort in healthcare to use AI to create better patient outcomes.
Ultrasound Equipment 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.
As per SkyQuest analysis, the ultrasound equipment market is dynamic, and it has been fluctuating due to shifts in clinical needs and technological breakthroughs. Growth in portable ultrasound equipment allows usability and flexibility to be highly valued as the medical professional strives to give agile, time-effective care in many circumstances. In parallel, AI is opening the way to increasingly accurate and automated imaging practice, new standards for diagnostic accuracy and efficiency in practice. These trends form part of a larger direction, implementing innovative concepts for better patient care. It can improve diagnostic performance, increase the range of treatments undertaken, and foster other innovations in medical imaging as these advances continue to shape the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.90 billion |
| Market size value in 2031 | USD 16.92 billion |
| Growth Rate | 7.40% |
| Base year | 2023 |
| 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 Equipment 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 Equipment 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 Equipment 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 Equipment 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 Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ultrasound Equipment 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
