The Global ultrasound device market is expected to reach around US$ 12.92 billion by 2030, with a CAGR of 5.61% between 2024 and 2030. According to the report, the market was valued at US$ 8.82 billion in 2023.
Ultrasound devices are increasingly used worldwide due to the rising prevalence of chronic ailments like cancer and HIV. WHO statistics in 2022 revealed staggering figures of cancer cases, with breast, lung, colon, rectum, prostate, and stomach cancers being the most prevalent types. Globocan 2020 reported approximately 1.41 million new prostate cancer cases worldwide in 2020, with projections indicating an increase to 2.24 million by 2040.
The worldwide ultrasound device industry is rising because of technological advancements and the demand for minimally invasive procedures. Ultrasound is used in various medical fields, including cardiology, obstetrics/gynecology, vascular, orthopedic, and general imaging. Cardiovascular diseases and heart ailments are significant causes of global mortality, claiming around 17.9 million lives every year. This has led to a surge in cardiac disorders, contributing to the overall market expansion.
The World Health Organization has reported that around 17.5% of adults worldwide face infertility issues, increasing the need for accessible and high-quality fertility care. The American Society of Clinical Oncology has predicted that by 2023, there will be 66,200 cases of uterine and endometrial cancer diagnoses in the US. Ultrasound devices play a vital role in the Market's growth by assessing pelvic anatomy, including the uterus, uterine lining, and bilateral ovaries.
2. Therapeutic Ultrasound Systems
2. Compact/Handheld Ultrasound Devices
2. Cardiology
3. Gynecology
4. Vascular
5. Urology
6. Others
2. Black & White (B/W) Ultrasound Devices
2. Surgical Centers
3. Diagnostic Centers
4. Maternity Centers
5. Ambulatory Care Centers
6. Academic Institutions
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
2. Siemens Healthcare
3. Philips
4. Canon INC.
5. Fujifilm Holdings Corporation
6. Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.)
7. Hitachi Ltd.
Ultrasound devices are increasingly used worldwide due to the rising prevalence of chronic ailments like cancer and HIV. WHO statistics in 2022 revealed staggering figures of cancer cases, with breast, lung, colon, rectum, prostate, and stomach cancers being the most prevalent types. Globocan 2020 reported approximately 1.41 million new prostate cancer cases worldwide in 2020, with projections indicating an increase to 2.24 million by 2040.
The worldwide ultrasound device industry is rising because of technological advancements and the demand for minimally invasive procedures. Ultrasound is used in various medical fields, including cardiology, obstetrics/gynecology, vascular, orthopedic, and general imaging. Cardiovascular diseases and heart ailments are significant causes of global mortality, claiming around 17.9 million lives every year. This has led to a surge in cardiac disorders, contributing to the overall market expansion.
The World Health Organization has reported that around 17.5% of adults worldwide face infertility issues, increasing the need for accessible and high-quality fertility care. The American Society of Clinical Oncology has predicted that by 2023, there will be 66,200 cases of uterine and endometrial cancer diagnoses in the US. Ultrasound devices play a vital role in the Market's growth by assessing pelvic anatomy, including the uterus, uterine lining, and bilateral ovaries.
Recent Expansion and Acquisitions in the Ultrasound Devices Market
- In 2023, GE Healthcare confidently acquired Caption Health, an ultrasound AI vendor.
- In 2023, DiA Imaging Analysis, a top vendor of ultrasound technology powered by AI was acquired by Philips.
- In May 2023, National Ultrasound Inc. was acquired by Probo Medical, a top global provider of medical imaging equipment, parts, repair, and service.
- In December 2022, Siemens Healthineers opened its first European ultrasound manufacturing facility in Košice, Slovakia. The facility initially produces 120 systems per week and will expand manufacturing capabilities for the Acuson Sequoia and the Acuson Redwood ultrasound products, impacting patient care.
- In December 2021, GE Healthcare acquired BK Medical from Altaris Capital Partners for US$ 1.45 Billion. The deal was finalized.
United States Ultrasound Devices Market
The US is set to dominate the global ultrasound device market due to factors like rising chronic diseases, technological advancements, an aging population, and increased product launches. In 2023, The American Cancer Society Journals predicted that there would be approximately 1,958,310 new cases of cancer in the U.S., leading to an estimated 609,820 deaths. NCDs kill 41 million people every year, while new cancer cases will go up and reach by 24% in men and 21% in women by 2030. The rising adoption of ultrasound devices in the country will increase demand for diagnoses that use these devices, providing a conducive growth environment for the US ultrasound device market. Local product development activities are also expected to boost the market.China Ultrasound Device Market
China's ultrasound device industry is anticipated to grow due to new government investment, diversifying clinical use, and a changing product mix. China's ultrasound device market is also expected to benefit from improving the quality of healthcare services in rural and metropolitan areas. The revenue growth of ultrasound in China is predicted to exceed that of other global territories. The country has a rising incidence of severe chronic diseases, rapid technological development, and an increasing geriatric population. Butterfly Network, Inc. and Ambra Health have partnered to improve the accessibility and sharing of ultrasound information across hospitals and health systems.Ultrasound Device Market Company Analysis:
The companies leading in the global ultrasound device market are GE Healthcare, Siemens Healthcare, Philips, Canon INC., Fujifilm Holdings Corporation, Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.), and Hitachi Ltd.Company News:
- Siemens Healthineers unveiled its latest ultrasound devices, the Acuson Sequoia Flagship series, at the European Congress of Radiology (ECR) 2023 in Vienna.
- Boston Imaging launched the Hera W10 Elite in Feb 2023, an exclusive model of the Hera platform for obstetrics and gynecology, providing powerful AI tools to enhance the diagnostic experience. They're the U.S. headquarters for Samsung digital radiography and ultrasound systems.
- In July 2023, Fujifilm launched the Sonosite ST system, a point-of-care ultrasound system designed to support procedural workflow. It features a 21-inch touchscreen interface, a 10 ' by 7.5' image area, automated setting optimization, and Auto Steep Needle Profiling. It shares the same family of transducers with Sonosite PX and Sonosite LX for compatibility.
- Siemens Healthineers launched the ACUSON Maple Ultrasound System in Nov. 2023. It supports 15 transducers and offers 25 advanced features, including AI-powered tools that optimize efficiency. It's configurable in all clinical settings and allows rapid diagnosis and assessment.
- Fujifilm Corporation's EG-740UT endoscopic ultrasound endoscope received regulatory approval in October 2022 and is now compatible with Fujifilm Healthcare's ARIETTA Ultrasound system.
Products - Global Ultrasound Device Market breakup in 2 viewpoints:
1. Diagnostic Ultrasound Systems2. Therapeutic Ultrasound Systems
Portability - Global Ultrasound Device Market breakup in 2 viewpoints:
1. Trolley/Cart-based Ultrasound Devices2. Compact/Handheld Ultrasound Devices
Application - Global Ultrasound Device Market breakup in 6 viewpoints:
1. Radiology/General Imaging2. Cardiology
3. Gynecology
4. Vascular
5. Urology
6. Others
Display type - Global Ultrasound Device Market breakup in 2 viewpoints:
1. Color Ultrasound Devices2. Black & White (B/W) Ultrasound Devices
End-Users - Global Ultrasound Device Market breakup in 6 viewpoints:
1. Hospitals2. Surgical Centers
3. Diagnostic Centers
4. Maternity Centers
5. Ambulatory Care Centers
6. Academic Institutions
Country - Global Ultrasound Device Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. GE Healthcare2. Siemens Healthcare
3. Philips
4. Canon INC.
5. Fujifilm Holdings Corporation
6. Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.)
7. Hitachi Ltd.
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Ultrasound Device Market
4. Market Dynamics
6. Market Share - Global Ultrasound Device Analysis
7. Product - Global Ultrasound Device Market
8. Portability - Global Ultrasound Device Market
9. Display Type - Global Ultrasound Device Market
10. Application - Global Ultrasound Device Market
11. End Users - Global Ultrasound Device Market
12. Country - Global Ultrasound Device Market
13. Porter’s Five Analysis - Global Ultrasound Device Market
14. SWOT Analysis - Global Ultrasound Device Market
15. Company Analysis
List of Figures
List of Tables
Companies Mentioned
- GE Healthcare
- Siemens Healthcare
- Philips
- Canon INC.
- Fujifilm Holdings Corporation
- Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.)
- Hitachi Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | April 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 8.82 Billion |
| Forecasted Market Value ( USD | $ 12.92 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
