Ultrasound Systems Devices And Equipment Global Market Report 2024

The ultrasound systems devices and equipment market size has grown strongly in recent years. It will grow from $10.96 billion in 2023 to $11.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion observed in the historical period can be credited to the increased demand for non-invasive and radiation-free imaging, the growth of prenatal and obstetric care, the application of ultrasound in cardiology and vascular health, and the popularity of point-of-care and portable ultrasound devices.

The ultrasound systems devices and equipment market size is expected to see strong growth in the next few years. It will grow to $16.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period can be attributed to the expansion of emerging markets, increased regulatory support, enhanced reimbursement policies, the integration of telemedicine and remote consultation into healthcare, and the shift toward value-based healthcare. Furthermore, notable trends in the forecast period include the integration of artificial intelligence (AI) into ultrasound systems, the development of handheld and wireless ultrasound devices, the utilization of 3D/4D imaging techniques, and the implementation of fusion imaging technologies.

The growth of the ultrasound systems device and equipment market is being driven by government and private funding in ultrasound device manufacturing companies. These investments from both public and private sectors provide crucial capital for ultrasound device manufacturers to engage in research and development, leading to the creation of innovative and advanced ultrasound devices. For instance, Chinese ultrasound companies like Sonoscape, Mindray, and SIUI have benefited from government initiatives aimed at boosting local manufacturing. Furthermore, private equity firm KKR has made a substantial $35 million investment in Australia's ultrasound device manufacturer, Signostics Ltd. This infusion of funds not only promotes the development of cutting-edge devices but also stimulates overall market growth.

The ultrasound systems devices and equipment market comprises two primary types such as diagnostic ultrasound systems and therapeutic ultrasound systems. Diagnostic ultrasound systems are employed to examine internal organs. They encompass various products, including A-mode, B-mode (2D-mode), C-mode, M-mode, Doppler mode, pulse inversion mode, and harmonic mode. These systems are used in hospitals, diagnostic imaging and surgical centers, ambulatory surgical centers (ASCs), and clinics.

The ultrasound systems devices and equipment market research report is one of a series of new reports that provides ultrasound systems devices and equipment market statistics, including ultrasound devices and equipment industry global market size, regional shares, competitors with an ultrasound systems devices and equipment market share, detailed ultrasound systems devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the ultrasound devices and equipment industry. This ultrasound systems devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing incidence of sports-related injuries is anticipated to be a significant driver of growth for the ultrasound systems devices and equipment market. Sports-related injuries encompass a wide range of physical ailments and conditions resulting from sports and physical activities. Ultrasound systems devices and equipment play a crucial role in the field of sports medicine, facilitating the diagnosis, management, and monitoring of such injuries. They aid in the recovery process, enabling athletes to return to their activities safely. For example, it's reported that each year, children and teenagers in the United States suffer from 3.5 million sports-related injuries. Hence, the rising prevalence of sports-related injuries is a key factor propelling the ultrasound systems devices and equipment market.

The stringent approvals and regulations imposed by government bodies like the US Food and Drug Administration (FDA) are acting as a hindrance to the growth of the ultrasound systems devices and equipment market. Manufacturers must adhere to a multitude of regulations covering aspects such as device quality checks, labeling, premarket approval, device investigation, and reporting, in addition to the standard registration process. These excessively strict and inflexible regulations are impeding market growth. In response to such rigorous regulations, many manufacturers opt to outsource their production to countries where these stringent requirements are not imposed. For example, the FDA rejected the launch of EDAP TMS's latest High-Intensity Focused Ultrasound (HIFU) device due to safety concerns.

An emerging trend set to transform the landscape of the ultrasound devices and equipment market is the introduction of 3D/4D Ultrasound devices. These advanced ultrasound devices employ 3D/4D technology to provide real-time enhanced imaging of internal anatomy or fetuses, offering real-time volume imaging capabilities. This technology is particularly valuable for performing complex surgeries and has the potential to improve image visualization, reduce examination time, and minimize strain injuries during procedures. For instance, Toshiba's Aplio i900 Ultrasound machine makes use of the 3D/4D technology.

Major companies in the ultrasound systems devices and equipment sector are actively developing innovative solutions to boost their market revenues. One such example is the Ultrasound System ‘V8,’ designed to offer improved image quality, usability, and convenience in ultrasound procedures, making it a valuable tool for medical professionals across various fields. In September 2021, South Korea-based Samsung launched the Premium Ultrasound System ‘V8,’ equipped with S-Shearwave Imaging technology to provide information about tissue stiffness, aiding in disease diagnosis through ultrasonic transverse elasticity.

The safety and effectiveness of ultrasound system devices and equipment are closely monitored and regulated worldwide. As an example, in November 2021, the Central Drugs Standard Control Organization (CDSCO), the Indian regulatory authority for drugs and medical devices, issued a notification categorizing ultrasound equipment as 'drugs.' This decision subjects ultrasound devices to drug-related regulations. Such stringent regulatory policies may impact the ultrasound systems devices and equipment market in Canada, which is considered one of the fastest-growing markets.

Major companies operating in the ultrasound systems devices and equipment market include GE HealthCare, Siemens Healthineers, Philips Healthcare, Mindray Medical International Ltd., Fujifilm Holdings Corporation, Hitachi Ltd., Toshiba Corporation, Samsung Electronics, Canon Medical Systems, Hologic Inc., Shantou Institute of Ultrasonic Instruments Co. Ltd., Analogic Corporation, Esaote S.p.A, Carestream Health, CHISON Medical Technologies Co.Ltd., Mobisante, Fukuda Denshi Co. Ltd., Echometrix, Butterfly Network, ProDiagnose, eXo Imaging, Teenyco, Sonosite, AnaSonic Bio-Medical, SonoScape, Roop Ultrasonix Ltd., Zonare Medical Systems, B K Medical ApS, Clarius Mobile Health, ContextVision AB, Delsona Therapeutics Inc., Edan Instruments Inc., Healcerion, KPI Healthcare, Laborie Medical Technologies Corp., Promed Group Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Terason

Western Europe was the largest region in the global ultrasound systems devices and equipment market in 2023. North America was the second-largest region in the ultrasound systems devices and equipment market report. The regions covered in the ultrasound systems devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the ultrasound systems devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The ultrasound systems devices and equipment market consist of sales of diagnostic ultrasound systems (2d imaging systems, 3d & 4d imaging systems, Doppler imaging) and therapeutic ultrasound systems (high-intensity focused ultrasound, extracorporeal shockwave lithotripsy). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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