The Ultrasound Devices Market was valued for $9,277.73 million in 2022 and is estimated to reach $15,411.40 million by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032.
Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high-frequency sound waves to visualize the internal organs of the body. An ultrasound system is equipped with a probe, which transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the body organs into the probe. These transmitted waves are then taken to a display machine, which generates the image with the help of echoes. Ultrasound systems are used to visualize the liver, kidneys, blood vessels, heart, human fetus, and other organs.
Chronic diseases such as cardiovascular diseases, cancer, urological disorders, and others have become increasingly prevalent due to factors such as lifestyle changes and aging populations. For instance, according to the National Breast Cancer Coalition, in 2022, there were an estimated 287,850 new cases of invasive breast cancer diagnosed in women in the U.S. with an incidence rate of 1 in 8 women (12.9%). In addition, the geriatric population is at a higher risk of developing cancer compared to younger populations. According to a report in 2021 of the National Cancer Institute, more than 1,000 per 100,000 people in the age group of 60 years and older are at risk of cancer. Thus, ultrasound devices play a pivotal role in diagnosing and monitoring these conditions, offering a safe, radiation-free, and cost-effective imaging solution. Thus, the growth in demand for accurate and early diagnosis of chronic diseases drives the adoption of ultrasound devices in diverse medical specialties.
Ultrasound devices have become indispensable tools in managing the rise in burden of chronic diseases and thereby anticipated to drive the market growth as healthcare systems focus on preventive care and improved patient outcomes.
Moreover, the continuous evolution of ultrasound technology has been a major driver of growth in the ultrasound devices market. Innovations in transducer design, imaging algorithms, and hardware components have collectively enhanced image quality, resolution, and diagnostic accuracy. High-frequency transducers enable detailed visualization of anatomical structures, while advanced Doppler techniques provide insights into blood flow dynamics. Furthermore, the integration of AI and machine learning has revolutionized image analysis, enabled automated detection of abnormalities, and improved diagnostic efficiency. These technological strides not only enhance the capabilities of ultrasound devices but drive their adoption across a wider range of medical specialties, from cardiology and radiology to obstetrics and point-of-care settings.
However, limited reimbursement policies and inadequate insurance coverage for certain ultrasound procedures can hinder patient access and adoption. In addition, the high initial costs associated with acquiring and maintaining advanced ultrasound equipment pose challenges for healthcare facilities, particularly in resource-constrained settings.
The ultrasound devices market is segmented based on product type, device display, portability, application, and region. On the basis of product type, the market is bifurcated into diagnostic and therapeutic ultrasound systems. The diagnostic ultrasound system is further segmented into 2D imaging systems, 3D & 4D imaging systems and Doppler imaging. The therapeutic ultrasound systems segment is further segmented into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL).
On the basis of the type of device display, the market is categorized into color ultrasound devices and black & white (B/W) ultrasound devices. On the basis of portability, the market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. On the basis of application, the market is categorized into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical applications. On the basis of region, the ultrasound devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players that operate in the ultrasound devices market include Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Konica Minolta Inc., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Healthcare, Siemens Healthineers AG and Canon Medical Systems Corporation.
Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high-frequency sound waves to visualize the internal organs of the body. An ultrasound system is equipped with a probe, which transmits high-frequency ultrasonic sound waves into the body of the patient. These sound waves are then reflected by the body organs into the probe. These transmitted waves are then taken to a display machine, which generates the image with the help of echoes. Ultrasound systems are used to visualize the liver, kidneys, blood vessels, heart, human fetus, and other organs.
Chronic diseases such as cardiovascular diseases, cancer, urological disorders, and others have become increasingly prevalent due to factors such as lifestyle changes and aging populations. For instance, according to the National Breast Cancer Coalition, in 2022, there were an estimated 287,850 new cases of invasive breast cancer diagnosed in women in the U.S. with an incidence rate of 1 in 8 women (12.9%). In addition, the geriatric population is at a higher risk of developing cancer compared to younger populations. According to a report in 2021 of the National Cancer Institute, more than 1,000 per 100,000 people in the age group of 60 years and older are at risk of cancer. Thus, ultrasound devices play a pivotal role in diagnosing and monitoring these conditions, offering a safe, radiation-free, and cost-effective imaging solution. Thus, the growth in demand for accurate and early diagnosis of chronic diseases drives the adoption of ultrasound devices in diverse medical specialties.
Ultrasound devices have become indispensable tools in managing the rise in burden of chronic diseases and thereby anticipated to drive the market growth as healthcare systems focus on preventive care and improved patient outcomes.
Moreover, the continuous evolution of ultrasound technology has been a major driver of growth in the ultrasound devices market. Innovations in transducer design, imaging algorithms, and hardware components have collectively enhanced image quality, resolution, and diagnostic accuracy. High-frequency transducers enable detailed visualization of anatomical structures, while advanced Doppler techniques provide insights into blood flow dynamics. Furthermore, the integration of AI and machine learning has revolutionized image analysis, enabled automated detection of abnormalities, and improved diagnostic efficiency. These technological strides not only enhance the capabilities of ultrasound devices but drive their adoption across a wider range of medical specialties, from cardiology and radiology to obstetrics and point-of-care settings.
However, limited reimbursement policies and inadequate insurance coverage for certain ultrasound procedures can hinder patient access and adoption. In addition, the high initial costs associated with acquiring and maintaining advanced ultrasound equipment pose challenges for healthcare facilities, particularly in resource-constrained settings.
The ultrasound devices market is segmented based on product type, device display, portability, application, and region. On the basis of product type, the market is bifurcated into diagnostic and therapeutic ultrasound systems. The diagnostic ultrasound system is further segmented into 2D imaging systems, 3D & 4D imaging systems and Doppler imaging. The therapeutic ultrasound systems segment is further segmented into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL).
On the basis of the type of device display, the market is categorized into color ultrasound devices and black & white (B/W) ultrasound devices. On the basis of portability, the market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. On the basis of application, the market is categorized into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical applications. On the basis of region, the ultrasound devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players that operate in the ultrasound devices market include Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Konica Minolta Inc., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Healthcare, Siemens Healthineers AG and Canon Medical Systems Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ultrasound devices market analysis from 2022 to 2032 to identify the prevailing ultrasound devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the ultrasound devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global ultrasound devices market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Product
- Diagnostic ultrasound systems
- Type
- 2D Imaging Systems
- 3D/4D Imaging Systems
- Doppler Imaging
- Therapeutic ultrasound systems
- Type
- High-Intensity Focused Ultrasound
- Extracorporeal Shockwave Lithotripsy
By Portability
- Trolley/Cart-based Ultrasound Devices
- Compact/Handheld Ultrasound Devices
By Display Type
- Color Ultrasound Devices
- Black and White (B/W) Ultrasound Devices
By Application
- Radiology/General Imaging
- Cardiology
- Obstetrics/Gynecology
- Urology
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- Canon Inc.
- General Electric Company
- Fujifilm Corporation
- ESAOTE SPA
- Zimmer MedizinSysteme GmbH
- Mindray Medical International Limited.
- Koninklijke Philips N.V.
- Hitachi, Ltd.
- Samsung Healthcare
- Siemens Healthineers AG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ULTRASOUND DEVICES MARKET, BY PRODUCT
CHAPTER 5: ULTRASOUND DEVICES MARKET, BY PORTABILITY
CHAPTER 6: ULTRASOUND DEVICES MARKET, BY DISPLAY TYPE
CHAPTER 7: ULTRASOUND DEVICES MARKET, BY APPLICATION
CHAPTER 8: ULTRASOUND DEVICES MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the ultrasound devices market was valued at $9.3 billion in 2022, and is estimated to reach $15.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.The ultrasound devices market is likely to experience a significant growth rate of 5.2% from 2023-2032 owing to the increasing market demand of the diagnostic ultrasound system segment.
Ultrasound devices are advanced medical imaging tools that employ high-frequency sound waves to produce real-time, non-invasive images of internal body structures. By emitting sound waves and capturing their echoes, these devices create detailed visual representations of organs, tissues, and blood flow. Ultrasound technology is extensively used for diagnosing various medical conditions, guiding minimally invasive procedures, and monitoring pregnancies. Its portability, safety, and versatility have led to its application in diverse medical specialties, including cardiology, obstetrics, radiology, and emergency medicine. With continuous technological advancements, ultrasound devices have become an indispensable tool for healthcare professionals, aiding in accurate diagnoses, treatment planning, and patient care across the globe.
The global increase in chronic diseases has amplified the demand for accurate and efficient diagnostic tools, propelling the ultrasound devices market forward. Conditions such as cardiovascular diseases, cancer, and obesity have become alarmingly prevalent, necessitating precise and early detection to ensure timely interventions. For instance, according to the Heart Disease and Stroke Statistics report published in 2020, by the American Heart Association, stated that every year 17.3 million deaths occur due to cardiovascular diseases, and this number is expected to reach 23.6 million by 2030. Ultrasound technology offers a non-invasive and cost-effective means of visualizing internal structures, aiding in the diagnosis, monitoring, and treatment planning for a wide range of chronic ailments.
Moreover, the demographic shift towards an aging population has further fueled the demand for ultrasound devices. With people living longer, there is an augmented need for healthcare solutions that cater to age-related health concerns. Elderly individuals are more susceptible to various health conditions, making regular screenings and monitoring crucial. Ultrasound, being a versatile and gentle imaging modality, is particularly well-suited for the geriatric population, as it allows for detailed examination without subjecting them to the risks associated with more invasive procedures.
Furthermore, the growing preference for minimally invasive diagnostic and therapeutic procedures has substantially contributed to the market's expansion. Patients and healthcare professionals alike are increasingly seeking alternatives to traditional surgical approaches that involve greater risks, longer recovery times, and higher costs. Ultrasound devices play a pivotal role in this regard by offering real-time guidance during minimally invasive interventions such as biopsies, ablations, and vascular procedures. This not only enhances the precision of these procedures but also leads to shorter hospital stays, reduced complications, and quicker recuperation periods.
The synergy of these drivers has led to a surge in the demand for a wide array of ultrasound devices, ranging from portable point-of-care systems to advanced imaging equipment found in radiology departments. The market's response to these trends is evident in the continuous innovation witnessed in ultrasound technology.
The global ultrasound devices market is segmented based on product type, device display, portability, application, and region. On the basis of product type, the market is bifurcated into diagnostic and therapeutic ultrasound systems. The diagnostic ultrasound system is further segmented into 2D imaging systems, 3D & 4D imaging systems and Doppler imaging. The therapeutic ultrasound systems segment is further segmented into high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). On the basis of the type of device display, the market is categorized into color ultrasound devices and black & white (B/W) ultrasound devices. On the basis of portability, the market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices. On the basis of application, the market is categorized into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical applications. On the basis of region, the ultrasound devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report provides a comprehensive analysis of the key players that operate in the global ultrasound devices market such as Esaote SpA, Fujifilm Corporation, General Electric Company, Hitachi, Ltd., Konica Minolta Inc., Koninklijke Philips N.V., Mindray Medical International Limited, Samsung Healthcare, Siemens Healthineers AG and Canon Medical Systems Corporation. Key players operating in the market have adopted product launch, acquisition, approval and expansion as their key strategies to expand their product portfolio.
Key Market Insights (Updated)
- On the basis of product type, diagnostic ultrasound system segment dominated the market in terms of revenue in 2022. However, the therapeutic ultrasound systems segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of device display, the color ultrasound devices segment dominated the market in terms of revenue in 2022.
- On the basis of application, radiology/general imaging, segment dominated the market in terms of revenue in 2022. However, the cardiology segment is anticipated to grow at the highest CAGR during the forecast period.
- On the basis of portability, trolley/cart-based ultrasound devices segment dominated the market in terms of revenue in 2022. However, the compact/handheld ultrasound devices segment is anticipated to grow at the highest CAGR during the forecast period.
- Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Canon Inc.
- General Electric Company
- Fujifilm Corporation
- ESAOTE SPA
- Zimmer MedizinSysteme GmbH
- Mindray Medical International Limited.
- Koninklijke Philips N.V.
- Hitachi, Ltd.
- Samsung Healthcare
- Siemens Healthineers AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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