Market Size of United States Ultrasound Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.95 Billion |
| Market Size (2029) | USD 3.86 Billion |
| CAGR (2024 - 2029) | 5.48 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Ultrasound Devices Market Analysis
The United States Ultrasound Devices Market size is estimated at USD 2.95 billion in 2024, and is expected to reach USD 3.86 billion by 2029, growing at a CAGR of 5.48% during the forecast period (2024-2029).
COVID-19 has impacted the patient's access to healthcare facilities as the pandemic has forced the patients to wait for life-saving imaging procedures such as ultrasound imaging. The pandemic has increased the waiting time for patients to have their imaging done. According to an article published by the Radiology Society of North America in April 2021, titled,' The Economic Impact of the COVID-19 Pandemic on Radiology Practices', The pandemic had a profound impact on radiology practices across the country. Policy measures adopted to slow the transmission of disease are decreasing the demand for imaging independent of COVID-19. Hospital preparations to expand crisis capacity are further diminishing the amount of appropriate medical imaging that can be safely performed. Furthermore, according to Jason J. Naidich's article titled 'Impact of the COVID-19,) Pandemic on Imaging Case Volumes,' published in the Journal of the American College of Radiology in May 2020, the total imaging volume in the first half of 2020 was down 12.29% from 2019. Imaging volumes decreased by 28.10% across all patient care sites and modality types after COVID-19. This indicates that imaging techniques resulted in a decline in market volumes. The article also noted that the imaging volume decline differed by modality type, with mammography showing the highest reduction (94%) by week 16, followed by nuclear medicine (85%), MRI (74%), ultrasound (64%), interventional radiology (56%), CT (46%), and x-ray (22%). However, the radiology clinics mitigated the impact of the COVID-19 epidemic on imaging case volumes and established recovery plans in 2021. Therefore, it is observed that COVID-19 significantly impacted the market studied in the United States.
The major factors affecting the growth of the market are the increasing incidences of chronic diseases, increasing technological advancements, and the growing applications of ultrasound.
Furthermore, with the new research and developments and innovations in the area, coupled with the launch of new products by the key market players and new approvals from the United States Food and Drug Administration, the ultrasound market is further expected to grow over the forecast period of the study. For instance, in October 2021, Mindray North America launched a new product that is maximizing the potential of ultrasound in the Point of Care (POC) market: the TE7 Max Ultrasound System. This new product has an unrivaled 21.5-inch vertically oriented high-definition LED display and a sealed touch-based interface to truly maximize what clinicians can see.
Therefore, owing to the above-mentioned factors, it is expected that the market studied will witness healthy growth over the forecast period.
