USD 9.78 billion
Ultrasound Market Size, Share, Growth Analysis, By Technology(Diagnostic Ultrasound (2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound, Contrast-Enhanced Ultrasound)), By Display(Color Ultrasound Devices, Black & White Ultrasound Devices), By Portability(Trolley/Cart-Based Ultrasound Systems, Compact/Handheld Ultrasound Systems, POC Ultrasound Systems), By Component(Transducers/Probes (Curvilinear/Convex Arrays, Linear Arrays, Phased Arrays, Other Array Types)), By Application(Radiological/General Imaging Applications, Cardiological Applications, Obstetric/Gynecological Applications, Urological Applications), By End User(Hospitals, Surgical Centers, And Diagnostic Centers, Maternity Centers), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45A2174 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
88
|Figures:
76
Ultrasound Market Insights
Ultrasound Market size was valued at USD 8.52 Billion in 2023 and is poised to grow from USD 9.06 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 6.34% during the forecast period (2025-2032).
It is anticipated that market expansion would be aided by the rising use of ultrasound equipment for diagnostic imaging and therapy, as well as the rising prevalence of chronic and lifestyle-related illnesses. A few of the major factors influencing the market furthermore include the increased demand for minimally invasive surgery and developments in ultrasound imaging technology.
The market is expected to remain enthusiastic in the near future thanks to the expansion of ultrasound device applications in 3D imaging, shear wave elastography, the development of wireless transducers, app-based ultrasound technologies, fusion with CT/MR, and laparoscopic ultrasound.
For instance, Samsung Medison and Intel worked together to develop Nerve Track, a real-time nerve tracking ultrasonography technology that enables anesthesiologists to quickly and precisely administer anesthesia by enabling them to identify nerves in a patient's arm.
Additionally, it is anticipated that the market would develop due to the incorporation of artificial intelligence (AI) to automate time-consuming tasks like quantification and choosing the best image slice from a 3-D dataset. AI is now present in many high-end ultrasound systems, and it will likely be present in the majority of new systems going forward. Due to the handheld ultrasound system's quickness, mobility, and simplicity of use, it was in great demand for treating critically ill patients in packed hospitals.
US Ultrasound Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
diagnostic ultrasound system
Fastest Growth
Hospitals
Growth Rate
4.3% CAGR
Global Ultrasound Market ($ Bn)
Country Share for North America Region (%)
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Ultrasound Market Segmental Analysis
Global Ultrasound Market is segmented by Technology, Display, Portability, Component, Application, End User, and Region. Based on Technology, the market is segmented into Diagnostic Ultrasound (2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound, Contrast-Enhanced Ultrasound), Therapeutic Ultrasound (High-Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy). Based on Display, the market is segmented into Color Ultrasound Devices, Black & White Ultrasound Devices. Based on Portability, the market is segmented into Trolley/Cart-Based Ultrasound Systems, Compact/Handheld Ultrasound Systems, POC Ultrasound Systems. Based on Component, the market is segmented into Transducers/Probes (Curvilinear/Convex Arrays, Linear Arrays, Phased Arrays, Other Array Types), Workstations, Other Components. Based on Application, the market is segmented into Radiological/General Imaging Applications, Cardiological Applications, Obstetric/Gynecological Applications, Urological Applications, Vascular Applications, Orthopedic & Musculoskeletal Applications, Pain Management Applications, Other Applications. Based on End User, the market is segmented into Hospitals, Surgical Centers, And Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research & Academia, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Ultrasound Market Analysis By Product
The diagnostic ultrasound segment is the largest segment in the ultrasound market. Diagnostic ultrasound uses high-frequency sound waves to create real-time images of internal organs, tissues, and blood flow. It is widely used in medical settings for applications such as obstetrics and gynecology, cardiology, radiology, and general imaging. Diagnostic ultrasound offers non-invasive and safe imaging capabilities, making it a valuable tool for diagnosing and monitoring a wide range of medical conditions. The increasing prevalence of chronic diseases, technological advancements in imaging quality, and the growing adoption of ultrasound in point-of-care settings contribute to the dominance of the diagnostic ultrasound segment.
The therapeutic ultrasound segment is the fastest growing segment in the ultrasound market. Therapeutic ultrasound utilizes focused or pulsed sound waves to generate heat or mechanical vibrations in targeted tissues for therapeutic purposes. It has applications in areas such as physical therapy, rehabilitation, pain management, and aesthetics. Therapeutic ultrasound can promote tissue healing, reduce inflammation, and provide pain relief. The rising demand for non-invasive and drug-free treatment options, coupled with advancements in therapeutic ultrasound technology, is driving the growth of this segment. Additionally, the expanding applications of therapeutic ultrasound in fields like sports medicine and cosmetics contribute to its fast-paced growth in the ultrasound market.
Ultrasound Market Analysis By Application
The obstetrics and gynecology segment is the largest segment in the ultrasound market. Ultrasound technology plays a crucial role in prenatal care, allowing healthcare professionals to monitor the development and health of the fetus during pregnancy. It is used to visualize the fetus, assess fetal growth, detect abnormalities, determine the baby's position, and evaluate the health of the mother's reproductive organs. Ultrasound is considered a safe and non-invasive imaging modality for assessing various obstetric and gynecological conditions. The widespread use of ultrasound in prenatal care, routine check-ups, and fertility clinics contributes to the dominance of the OB/GYN segment in the ultrasound market.
The cardiovascular segment is the fastest growing segment in the ultrasound market. Ultrasound technology is widely used in cardiology for assessing the structure and function of the heart and blood vessels. It helps in diagnosing cardiovascular conditions such as heart disease, valve disorders, congenital heart defects, and vascular diseases. The non-invasive nature of ultrasound imaging makes it a preferred choice for evaluating cardiac anatomy, blood flow patterns, and identifying abnormalities or blockages. The increasing prevalence of cardiovascular diseases, the need for early and accurate diagnosis, and the advancements in cardiac ultrasound technology contribute to the rapid growth of the cardiovascular segment in the ultrasound market.
Global Ultrasound Market by type
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Ultrasound Market Regional Insights
North America is the largest regional segment in the ultrasound market. The region has a well-established healthcare infrastructure, advanced diagnostic facilities, and a high level of awareness regarding the benefits of ultrasound technology. The United States and Canada are major contributors to the ultrasound market in North America. Factors such as a large patient population, high healthcare expenditure, and favorable reimbursement policies drive the growth of the ultrasound market in this region. Additionally, ongoing advancements in ultrasound technology, increasing prevalence of chronic diseases, and the presence of key market players further contribute to the dominance of North America in the ultrasound market.
Asia Pacific is the fastest growing regional segment in the ultrasound market. The region encompasses countries such as China, India, Japan, South Korea, and Australia. Factors driving the growth of the ultrasound market in Asia Pacific include the rising healthcare expenditure, improving healthcare infrastructure, increasing patient awareness, and a growing geriatric population. The region also experiences a high burden of chronic diseases, driving the demand for advanced diagnostic imaging technologies such as ultrasound. Moreover, the expanding focus on providing affordable and accessible healthcare services, government initiatives to improve healthcare infrastructure, and the presence of a large patient pool contribute to the rapid growth of the ultrasound market in Asia Pacific.
Global Ultrasound Market By Geography
- Largest
- Fastest
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Ultrasound Market Dynamics
Ultrasound Market Drivers
Advancements in Technology
- Technological advancements in ultrasound imaging, such as improved image quality, higher resolution, 3D/4D imaging capabilities, and portable systems, have expanded the applications and utility of ultrasound. These advancements drive the adoption of ultrasound technology in various medical specialties.
Ultrasound Market Restraints
Regulatory Challenges
- Compliance with regulations and obtaining necessary approvals for ultrasound devices and applications can pose challenges for manufacturers. Stringent regulatory requirements and lengthy approval processes may hinder the introduction of new ultrasound technologies or limit their availability in certain markets.
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Ultrasound Market Competitive Landscape
The global ultrasound market features a highly competitive landscape characterized by the presence of established market players and intense rivalry among them. These companies engage in strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to gain a competitive edge. With a focus on advanced technology and expanding applications, market players strive to capture a larger market share and meet the growing demand for diagnostic imaging solutions. Key market players invest substantial resources in research and development to introduce innovative ultrasound systems and technologies, incorporating features like improved image quality, portability, and enhanced functionality. These advancements enable healthcare professionals to provide accurate diagnoses and better patient care. Additionally, companies focus on expanding their global presence by establishing a strong distribution network, targeting emerging markets, and forming collaborations with local partners to gain a competitive advantage. The global ultrasound market presents a highly competitive landscape where companies leverage advanced technologies, strategic partnerships, and innovation to establish their dominance. The increasing demand for accurate and non-invasive diagnostic imaging solutions, coupled with the projected market growth, ensures that competition will continue to be fierce in the coming years.
Ultrasound Market Top Player’s Company Profiles
- GE Healthcare
- Koninklijke Philips N.V.
- Canon Medical Systems Corporation
- Siemens AG
- Fujifilm Corporation
- Hologic, Inc.
- Samsung Electronics Co., Ltd.
- Mindray Bio-Medical Electronics Co., Ltd.
- Esaote SPA
- Chison Medical Technologies Co., Ltd.
- Neusoft Corporation
- Mobisante, Inc.
- Clarius
- Medgyn Products, Inc.
- Promed Technology Co., Ltd.
- White Eagle Sonic Technologies, Inc.
- Telemed Ultrasound
- Shenzhen Ricso Technology Co., Ltd.
- Guangdong Youkey Medical Co., Ltd.
- Echonus Inc.
- Shenzhen Biocare Bio-Medical Equipment Co., Ltd.
- Shantou Institute of Ultrasonic Instruments Co., Ltd. (SIUI)
- Butterfly Network, Inc.
- Alpinion Medical Systems Co., Ltd.
- Edan Instruments, Inc.
Ultrasound Market Recent Developments
- In Sep 2021, GE Healthcare acquired BK Medical which extended GE Healthcare’s ultrasound portfolio into surgical visualization and boosted its growth in precision health.
Ultrasound Key Market Trends
- Point-of-care ultrasound has gained significant popularity in recent years. POCUS refers to the use of ultrasound at the patient's bedside, allowing physicians to make immediate diagnostic decisions. It is particularly useful in emergency medicine, critical care, and primary care settings, where real-time imaging can guide treatment decisions and improve patient outcomes.
- There is a growing demand for portable and handheld ultrasound devices that offer flexibility and mobility. Portable ultrasound devices are particularly beneficial in resource-limited settings, remote areas, and emergency situations. These devices are becoming smaller, more affordable, and easier to use, expanding their adoption across various healthcare settings.
Ultrasound Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Deployment mode 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 analyses, The global ultrasound market is poised for robust growth in the foreseeable future. The market analysis reveals that factors such as the increasing adoption of cloud computing, the rising sophistication of cyber threats, and the growing emphasis on data security are driving the demand for Cloud Workload Protection solutions. The market is witnessing a shift towards hybrid and multi-cloud environments, further boosting the need for comprehensive security measures that can ensure the protection of workloads across diverse cloud platforms. Additionally, regulatory compliance requirements and the need to safeguard sensitive data are compelling organizations to invest in robust Cloud Workload Protection solutions. The market analysis suggests a promising future for the Cloud Workload Protection market, with substantial growth potential driven by evolving security needs and the continued expansion of cloud-based operations.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.98 billion |
| Market size value in 2 | USD 13.93 billion |
| Growth Rate | 6.34% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| 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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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 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 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 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 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 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ultrasound 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.
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