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.

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.