Ultrasound Device Market Size & Share, By Product (Diagnostic, Therapeutic), Portability (Handheld, Cart/Trolley), Application, End-use, Regional Forecast, Industry Players, Growth Statistics Report 2023-2030

Market Outlook:

Ultrasound Device Market size surpassed USD 9.69 Billion in 2022 and is poised to reach USD 15.95 Billion, growing at over 4.94% CAGR between 2023 and 2030.

• Base Year Value (2022): USD 9.69 Billion
• CAGR (2023-2030): 4.9%
• Forecast Year Value (2030): USD 15.95 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing prevalence of chronic diseases: The rising incidence of chronic diseases, such as cardiovascular disorders, cancer, and kidney diseases, is driving the demand for ultrasound devices. These devices are extensively used for the diagnosis and monitoring of such conditions, thereby propelling market growth.

2. Technological advancements: The introduction of advanced ultrasound devices with improved imaging capabilities and enhanced features has positively impacted market growth. Technological advancements, such as the integration of artificial intelligence and 3D/4D imaging, have improved the accuracy and efficiency of ultrasound devices, thereby boosting their adoption.

3. Growing geriatric population: As the elderly population continues to grow globally, the demand for ultrasound devices is also increasing. Geriatric individuals are more susceptible to various medical conditions, making ultrasound devices essential in the detection and management of age-related diseases.

4. Widening application areas: Ultrasound devices are no longer limited to traditional obstetrics and gynecology applications. They find extensive usage in various medical specialties, including cardiology, urology, gastroenterology, and orthopedics, thus expanding the market opportunities.

Report Scope

Report Coverage	Details
Segments Covered	Product, Portability, Applications, End-Use, Region
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Canon Medical Systems, Mindray Medical International Limited, Samsung Medison, FUJIFILM SonoSite, Konica Minolta, Esaote

5. Increasing healthcare expenditure: Rising healthcare spending across the globe, coupled with government initiatives to improve healthcare infrastructure, is contributing to the growth of the ultrasound device market. Higher healthcare investments are fueling the adoption of advanced medical devices, including ultrasound systems.

 

Industry Restraints & Challenges:

1. High cost of ultrasound devices: The initial purchase cost of ultrasound devices can be significant, particularly for advanced systems. This cost can act as a restraint, especially in developing and underdeveloped regions with budget constraints, thus limiting market growth.

2. Safety concerns: Although ultrasound is generally considered safe, there have been concerns regarding its long-term effects, particularly when used for extended periods. These safety concerns pose challenges to the widespread adoption of ultrasound devices.

3. Lack of skilled professionals: Adequate training and expertise are crucial for the effective utilization of ultrasound devices. However, the shortage of adequately skilled healthcare professionals, especially in emerging economies, hampers the market growth to some extent.

4. Competition from alternative imaging technologies: While ultrasound devices offer several advantages, including non-invasiveness and real-time imaging, they face competition from alternative imaging technologies such as magnetic resonance imaging (MRI) and computed tomography (CT). These alternatives offer higher resolution images and are often preferred in certain medical scenarios, which can pose a challenge to the ultrasound device market.

Despite the challenges, the ultrasound device market is poised for significant growth in the foreseeable future. Advancements in technology, expanding applications, and increasing healthcare expenditure are expected to drive market growth, providing lucrative opportunities for industry players.

Regional Forecast:

The ultrasound device market is expected to witness significant growth in the coming years, particularly in North America, Asia Pacific, and Europe. These regions are projected to contribute substantially to the market's expansion due to increasing healthcare expenditure, technological advancements, and a rising number of chronic diseases.

North America

North America is likely to dominate the ultrasound device market during the forecast period. This can be attributed to the well-established healthcare infrastructure, high awareness about early disease detection, and a large geriatric population. Additionally, the presence of key market players focusing on product development and strategic collaborations further bolsters the market growth in this region.

Asia Pacific

Asia Pacific is anticipated to exhibit substantial market growth in the coming years. Factors such as a rapidly growing population, increasing disposable income, and rising healthcare investments contribute to the region's market expansion. Furthermore, the adoption of advanced healthcare technologies and government initiatives to improve healthcare facilities are expected to drive the demand for ultrasound devices in Asia Pacific.

Europe

Europe is also poised to witness substantial growth in the ultrasound device market. The region benefits from robust healthcare systems, favorable government initiatives, and the presence of major industry players. The increasing prevalence of chronic diseases, rising healthcare awareness, and advancements in ultrasound imaging technology are projected to propel market growth in Europe.

Segmentation Analysis:

1. Sub-Segment: 2D Ultrasound

2D ultrasound is one of the prominent sub-segments within the ultrasound device market. It provides two-dimensional images of organs and tissues, aiding in diagnoses and monitoring various medical conditions. This imaging modality is widely used across different medical specialties, including obstetrics, cardiology, and urology. The ability to visualize structures, assess blood flow, and perform real-time imaging makes 2D ultrasound an essential tool in medical diagnostics and interventions.

Competitive Landscape:

The ultrasound device market is highly competitive, with several key players vying for market share. Some of the prominent companies operating in this market include:

1. General Electric Company (GE Healthcare)

2. Koninklijke Philips N.V.

3. Siemens Healthineers AG

4. Canon Medical Systems Corporation

5. FUJIFILM Holdings Corporation

These market players focus on product innovation, strategic partnerships, and acquisitions to strengthen their market position. They also invest heavily in research and development activities to introduce advanced ultrasound devices with enhanced imaging capabilities and improved patient comfort. The competitive landscape of the ultrasound device market remains dynamic, with companies continuously striving to meet evolving customer needs and technological advancements.