Ultrasound Devices Market Size & Share - Industry Analysis Report & Forecast Overview (2024 - 2029)

The Report Covers Global Ultrasound Devices Market Insights and It is Segmented by Application (Anesthesiology, Cardiology, Gynecology/Obstetrics, Musculoskeletal, Radiology, Critical Care, and Other Applications), Technology (2D Ultrasound Imaging, 3D and 4D Ultrasound Imaging, Doppler Imaging, and High-Intensity Focused Ultrasound), Type (Stationary Ultrasound and Portable Ultrasound), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The Market Size and Forecasts are Provided in Terms of Value (USD Million) for all the Above Segments

Ultrasound Devices Market Size

Ultrasound Devices Market (2024 - 2029)
Study Period 2021 - 2029
Market Size (2024) USD 9.39 Billion
Market Size (2029) USD 12.36 Billion
CAGR (2024 - 2029) 5.66 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

Ultrasound Devices Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Ultrasound Devices Market with other markets in Healthcare Industry

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Ultrasound Devices Industry Analysis

The Ultrasound Devices Market size is estimated at USD 9.39 billion in 2024, and is expected to reach USD 12.36 billion by 2029, at a CAGR of 5.66% during the forecast period (2024-2029).

The increasing government and private funding for R&D in ultrasound imaging, the rising number of healthcare providers, technological advancements, and increasing incidences of chronic diseases are the major factors propelling the market growth of the ultrasound devices sector. The burden of chronic disease is rapidly increasing all around the world, currently affecting more than 14 million people around the world. According to the Centers for Disease Control and Prevention (CDC), in 2021, around 18.2 million adults aged 20 and older had coronary artery disease (CAD) in the United States. Heart disease is the leading cause of death among people in the United States. The high incidence of chronic diseases increases the demand for huge diagnostic procedures, which, in turn, drives the market. Additionally, as per the 2022 update from the International Diabetic Federation (IDF), approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Also, according to the World Health Organization (WHO), 2022 approximately 422 million worldwide have diabetes in 2021, and 1.5 million deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades. Thus, the high incidence of chronic disease reflects an increased demand for its diagnostics which will propel the market to grow.

Also, Dementia Australia Statistics updated in January 2022 states that approximately 487,500 Australians were living with dementia in 2022, and almost 1.6 million Australians were involved in its center for care. It is estimated that the number of people with dementia is expected to upsurge to 1.1 million by 2058, and dementia will become the second leading cause of death in the country in the next five years. Focused ultrasound is the most preferred alternative to medicines for the treatment of dementia, as it is an early-stage, non-invasive, and therapeutic technology that has shown potential in improving the quality of life and decreasing the cost. Thus, the increased occurrence of the disorder and the demand for the early detection of disease and minimization of the cost of treatment is expected to increase the adoption of these ultrasound imaging devices. As the aging population is more prone to chronic diseases, the rising geriatric population across the globe is expected to boost the market.

The rising technological advancements, supported by the novel launches of products by the key players, are also expected to take the market to new heights. For instance, in June 2022, Sonex Health launched UltraGuideTFR, an ultrasound-guided device for use in trigger finger release procedures. The UltraGuideTFR device allows surgeons to view anatomy prior to incision, resulting in smaller incisions and a more minimally invasive surgery for patients undergoing trigger finger release.

Healthcare providers are deploying the potential of ultrasound diagnosis, primarily for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of COVID-19 patients. As per an article published on Frontiers Media S.A., in March 2021, lung ultrasound testing can identify COVID-19 infection symptoms. Numerous aspects of ultrasonic imaging make it appropriate for routine use, such as making it simpler to clean than X-ray or computed tomography equipment and enabling triage of patients in long-term care facilities. Lung ultrasound (LUS) imaging can be utilized for COVID-19 diagnosis and examines several image processing techniques that may be able to detect COVID-19 symptoms in LUS pictures, although there are still some difficulties with its routine application. Additionally, in November 2020, GE Healthcare expanded AI, digital, and imaging solutions and unveiled a slate of new intelligently efficient solutions that include the LOGIQ E10 Series, ultrasound systems that harness artificial intelligence (AI) technology to drive workflow productivity during the COVID-19 crisis.Thus, the abovementioned factors are impacting the market growth of the Ultrasound Devices sector . However, accuracy issues of the ultrasound devices are the factors expected to restrain the market growth.

Ultrasound Devices Market Trends

The Stationary Ultrasound Segment is Expected to Hold a Significant Market Share During the Forecast Period

The stationary ultrasound segment is expected to hold a significant market share. The significant market share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions. 

Also, these ultrasound systems have been undergoing major technological transformations since the last decade, which is leading to the increasing application of these systems. For instance, in June 2022, Mindray launched a new ultrasound product to address the unique demands of busy OB/GYN practices: the Imagine I9 Ultrasound Machine. Additionally, in March 2021, General Electric launched its new wireless, hand-held ultrasound device, Vscan Air. 

Besides, continuous technological advances and the increasing geriatric population around the globe are leading to increased incidences of various chronic diseases, as the geriatric population is more susceptible to chronic diseases, hence propelling market growth over the forecast period. For instance, according to the World Population Ageing Report for September 2020, there are more than 46 million older adults aged 65 and older living in the United States, and by 2050, that number is expected to grow to almost 90 million. 

Such a huge prevalence of chronic disease will lead to market growth. Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.

Ultrasound Devices Market - Prevalence of Cancer (in million), Global, 2020- 2040

North America Holds the Large Market Share and is Expected to Continue To Do So Over the Forecast Period

The factors responsible for the growth of the North American ultrasound market are government and private funding for R&D in ultrasound imaging, the increasing number of healthcare providers, the increasing geriatric population, and rising incidences of chronic diseases. Also, the most prevalent form of chronic disease is cardiovascular disease, which caused an estimated 17.9 million deaths globally and accounted for about 32% of the total deaths around the world, as per the June 2021 report of the World Health Organization. When COVID-19 created havoc in this region and various diagnostic imaging facilities went down, Intelligent Ultrasound Group took this as an opportunity to increase the grounding of its point-of-care ultrasound simulator in this region and launched a COVID-19 training module for its state-of-the-art BodyWorks point-of-care ultrasound simulator, in order to train healthcare providers to rapidly acquire and practice lung ultrasound skills in the diagnosis of COVID-19. 

Owing to the high prevalence of diseases, this region has become the hub for the major players. According to the Centers for Disease Control and Prevention (CDC), in 2021, around 18.2 million adults aged 20 and older will have coronary artery disease (CAD) in the United States. The high incidence of cardiac diseases increases the demand for huge diagnostic procedures, which, in turn, drives the market. Players have been doing product development in this region to grow. For instance, in July 2021, medical device company Exo released a new handheld ultrasound device that will enable clinicians to diagnose various conditions in real time. Similarly, in March 2021, GE Healthcare launched Vscan Air, a cutting-edge, wireless, pocket-sized ultrasound that provides crystal clear image quality, whole-body scanning capabilities, and intuitive software-all in the palm of the clinician's hands. Similarly, in April 2019, Canon Medical USA Inc. launched the Aplio a-series, a new line of ultrasound systems delivering high performance for multiple clinical uses at an affordable price point. Also, rising healthcare expenditure, growing awareness of various diagnostic procedures, and favorable reimbursement policies are expected to fuel market growth in this region. 

So, because of the things listed above, the studied market in North America is expected to grow over the next few years.

Ultrasound Devices Market - Growth Rate by Region

Ultrasound Devices Industry Overview

The Ultrasound Devices market is consolidated in nature due to the presence of a few companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known, including Canon Medical Systems Corporation, Carestream Health, Fujifilm Holdings Corporation, GE Healthcare, Hologic Inc., and Koninklijke Philips NV, among others.

Ultrasound Devices Market Leaders

  1. GE Healthcare

  2. Mindray Medical International Ltd

  3. Koninklijke Philips NV

  4. Siemens Healthineers

  5. Canon Medical Systems Corporation

*Disclaimer: Major Players sorted in no particular order

Ultrasound Devices Market Concentration
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Ultrasound Devices Market News

  • October 2024: GE HealthCare showcased the elevated LOGIQ ultrasound system portfolio, including the LOGIQ E10 Series, at the European Congress of Radiology 2024, emphasizing AI-driven tools for improved diagnostic accuracy.
  • October 2024: Philips Showcases AI-Enabled Cardiology Innovations: At the TCT 2024 conference in October, Philips introduced its next-generation cardiovascular ultrasound platform, featuring AI-based tools designed to improve the diagnosis of structural heart diseases.
  • September 2024: Canon Medical received FDA clearance for the Aplio i900 Diagnostic Ultrasound System with Software V7.0, enhancing cardiovascular imaging capabilities.
  • June 2024: Siemens Healthineers Introduces Advanced Ultrasound Systems: In June 2024, Siemens Healthineers launched new ultrasound systems equipped with AI-powered features aimed at increasing diagnostic confidence and workflow efficiency in various clinical settings.

Ultrasound Devices Industry Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Number of Healthcare Providers

      2. 4.2.2 Technological Advancements

      3. 4.2.3 Increasing Incidences of Chronic Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 Strict Regulations

      2. 4.3.2 Lack of Skilled Labor to Handle the Advanced Equipment

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value)

    1. 5.1 By Application

      1. 5.1.1 Anesthesiology

      2. 5.1.2 Cardiology

      3. 5.1.3 Gynecology/Obstetrics

      4. 5.1.4 Musculoskeletal

      5. 5.1.5 Radiology

      6. 5.1.6 Critical Care

      7. 5.1.7 Other Applications

    2. 5.2 By Technology

      1. 5.2.1 2D Ultrasound Imaging

      2. 5.2.2 3D and 4D Ultrasound Imaging

      3. 5.2.3 Doppler Imaging

      4. 5.2.4 High-intensity Focused Ultrasound

    3. 5.3 By Type

      1. 5.3.1 Stationary Ultrasound

      2. 5.3.2 Portable Ultrasound

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Canon Medical Systems Corporation

      2. 6.1.2 Carestream Health

      3. 6.1.3 Fujifilm Holdings Corporation

      4. 6.1.4 GE Healthcare

      5. 6.1.5 Hologic Inc.

      6. 6.1.6 Koninklijke Philips NV

      7. 6.1.7 Mindray Medical International Limited

      8. 6.1.8 Samsung Electronics Co. Ltd

      9. 6.1.9 Esaote SpA

      10. 6.1.10 Siemens Healthineers AG

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments
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Ultrasound Devices Industry Segmentation

As per the scope of the report, a diagnostic ultrasound, also known as sonography, is an imaging technique that uses high-frequency sound waves to produce images of the different structures inside the body. They are being utilized for the assessment of various conditions in the kidney, liver, and other abdominal conditions. They are also majorly used in chronic diseases, which include health conditions such as heart disease, asthma, cancer, and diabetes. Therefore, these devices are being utilized as both diagnostic imaging and therapeutic modalities and have a wide range of applications in the medical field. The industry of ultrasound devices is segmented by application (anesthesiology, cardiology, gynecology/obstetrics, musculoskeletal, radiology, critical care, and other applications), technology (2D ultrasound imaging, 3D and 4D ultrasound imaging, doppler imaging, and high-intensity focused ultrasound), type (stationary ultrasound and portable ultrasound), and geography (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America). The industry report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

By Application
Anesthesiology
Cardiology
Gynecology/Obstetrics
Musculoskeletal
Radiology
Critical Care
Other Applications
By Technology
2D Ultrasound Imaging
3D and 4D Ultrasound Imaging
Doppler Imaging
High-intensity Focused Ultrasound
By Type
Stationary Ultrasound
Portable Ultrasound
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Ultrasound Devices Market Research FAQs

The Ultrasound Devices Market size is expected to reach USD 9.39 billion in 2024 and grow at a CAGR of 5.66% to reach USD 12.36 billion by 2029.

The three main types of ultrasound imaging technologies are 2D Ultrasound Imaging, 3D and 4D Ultrasound Imaging, and Doppler Imaging.

The future of ultrasound technology includes advancements in AI-integrated systems for improved image acquisition and interpretation, development of portable and handheld devices for point-of-care diagnostics, increasing use of high-intensity focused ultrasound (HIFU) for non-invasive treatments, and integration with other imaging modalities for more comprehensive diagnostics.

There are two main types of ultrasound machines: Stationary Ultrasounds and Portable Ultrasounds.

The key drivers in this market include the increasing incidence of chronic diseases, technological advancements, growing applications of ultrasound in various medical fields, and the rising number of healthcare providers. The main challenges faced by the market are strict regulations for product approval and usage, as well as the lack of skilled labor to handle advanced equipment.

Emerging trends in the market include the integration of artificial intelligence for image analysis and diagnosis, development of miniaturized and portable ultrasound devices, increasing use of 3D and 4D imaging technologies, growing adoption of point-of-care ultrasound (POCUS), and rising applications in non-traditional areas such as emergency medicine and anesthesiology.

Expected future developments in ultrasound technology include advanced reconstruction techniques for improved image quality and interpretation, development of ultrasound-guided therapies and interventions, integration with other imaging modalities for multimodal diagnostics, expansion of applications in areas such as neurology and oncology, and continued miniaturization and improvement in portability of devices.

Ultrasound Equipment Industry Report

The market overview of the global ultrasound devices sector highlights an upward trajectory, driven by the rising prevalence of chronic diseases, the need for early diagnostic tests, and technological advancements in ultrasound. North America is at the forefront, thanks to the adoption of point-of-care testing and the use of ultrasound in intraoperative settings. Innovations like high-resolution transducers and 3D/4D imaging are enhancing diagnostic accuracy. However, challenges such as limited reimbursement and high costs may impede growth. The market size and forecasts are provided in terms of value for all segments. Despite economic challenges, the market's resilience is supported by the essential role of ultrasound in healthcare and ongoing technological advancements. Diagnostic ultrasound systems dominate the market, with therapeutic systems expected to grow rapidly due to their non-invasive nature. The market report covers global ultrasound devices industry insights and is segmented by application, technology, type, and geography. The industry analysis includes a market forecast outlook and historical overview. The industry reports provide detailed market data, market growth, and market segmentation. The industry size and industry statistics are essential for understanding the market trends and market value. The market review highlights the market leaders and market predictions, providing an industry outlook that is crucial for research companies. The market overview and market outlook are detailed in the report example, which is available as a report PDF download. This industry research is vital for understanding the market growth rate and market forecast, ensuring that stakeholders are well-informed about the market dynamics. The industry information and industry sales data further enhance the comprehensiveness of the report.

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Ultrasound Devices Market Size & Share - Industry Analysis Report & Forecast Overview (2024 - 2029)