Market Projections (2024-2031): 

The market for Ultrasound Devices was valued at approximately USD 11 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 4.50%, reaching a value of USD 16.36 Billion by 2031.

The increasing use of ultrasound equipment for diagnostic imaging & treatment, as well as the rising incidence of chronic and lifestyle illnesses, are expected to fuel market expansion. The growing need for less intrusive procedures and the regular advancements in ultrasonography technology are further factors impacting the market's growth. In comparison to other diagnostic imaging systems, ultrasound is a prominent diagnostic tool in medical imaging since it is faster and less expensive. Additionally, compared to other imaging methods, it is safer because it does not use magnetic fields or ionizing radiation.

The ultrasonic medical gadget has several applications in both therapy and diagnosis. The use of ultrasound for some medical conditions, such as cardiology and oncology, has become more common. The market is anticipated to rise as a result of the creation of wireless transducers, app-based ultrasound technology, laparoscopic ultrasound, fusion with CT/MR, and an increase in the uses of ultrasound devices in shear wave elastography and 3D imaging. For example, KronosMD, INC., a part of Kronos Advanced Technologies Inc., announced in March 2023 that it had acquired all present and future rights to all patents and properties pertaining to their revolutionary 3D ultrasonic dental imaging and diagnostic equipment.

The goal of the transaction, which is almost complete, is to accelerate the manufacturing of the S-WAVE ultrasonic imaging equipment and system. Right now, producers are concentrating on increasing the number of radiology-related product applications. Even though 3-D/4-D volume imaging in obstetrics and gynecology and 4DUS imaging are utilized to visualize heart wall motions, radiologists routinely do tests using 2-D ultrasound imaging. Growing awareness of radiation dosage issues with other imaging modalities and improved imaging quality and workflow have piqued the interest of manufacturers and scientists in the market. The developing area of fusion imaging may find great value in real-time ultrasound imaging.

The radiology industry needs to establish ultrasonic fusion imaging more firmly because radiologists tend to choose modalities like CT and MRI. Because of increased worries about radiation exposure and current advancements in ultrasonic imaging technology, radiologists are focusing more on the market. The COVID-19 epidemic has caused a number of challenges for the healthcare industry. Ultrasound device demand was inconsistent during the pandemic due to delayed installations and manufacturers' focus on providing COVID-critical devices. However, because of its efficiency, portability, speed, and ease of use in treating patients in congested hospitals who required critical care, handheld ultrasound machines were in high demand.

Market Dynamics:

Market Drivers:

Advancements in Technology Leading to Enhanced Imaging Capabilities

• The market for ultrasound devices is driven by the ongoing developments in ultrasound technology, which improve imaging capabilities. Ultrasound picture quality, clarity, and depth have all been greatly improved by innovations including the creation of high-frequency transducers, increased signal processing algorithms, or 3D/4D imaging methods. Medical professionals can now obtain more detailed and accurate diagnostic information, enabling them to make more informed decisions about the care of their patients. Additionally, developments such as portable and handheld ultrasound technology expand the clinical contexts in which ultrasound imaging can be used, including point-of-care in remote healthcare settings. The need for ultrasound devices is anticipated to rise as technology advances, resulting in gains in picture quality, workflow effectiveness, and user experience. This will further fuel market expansion in the Ultrasound Devices Market.

Increasing Prevalence of Chronic Diseases Requiring Diagnostic Imaging

• The growing number of chronic illnesses that need imaging tests. For planning treatment, disease monitoring, other follow-up evaluations, routine diagnostic imaging is often required in chronic illnesses such as cancer, musculoskeletal disorders, & cardiovascular diseases. Because ultrasound imaging is non-invasive, has real-time imaging capabilities, & emits no ionizing radiation, it is essential for the diagnosis and treatment of many disorders. Ultrasound equipment are in high demand as diagnostic imaging modalities due to the rising worldwide burden of chronic diseases caused by aging populations, changing lifestyles, and developing healthcare infrastructure in emerging nations. The Ultrasound Devices Market is growing due to the growing demand for prompt and precise diagnosis of chronic illnesses in healthcare settings, which encourages the use of ultrasound equipment.

Market Trends:

Growing Uptake of Handheld and Portable Ultrasound Equipment

• The market for ultrasound devices is being driven by the increasing use of handheld and portable ultrasound equipment. The flexibility and portability offered by conventional ultrasound machines are limited by their huge, permanent design, which calls for specialized equipment and space. On the other hand, ultrasound devices that are portable and handheld are lightweight, small, and intended for use as point-of-care in a variety of clinical settings, such as ambulances, clinics, and emergency rooms. With the ease of use, portability, and real-time imaging capabilities of these devices, medical professionals can do ultrasound tests at the patient's bedside or at other remote places. The use of portable and handheld ultrasound devices is transforming patient care delivery and enhancing healthcare accessible globally due to the growing demand for point-of-care testing, telemedicine, & remote healthcare delivery.

Algorithms for machine learning and artificial intelligence (AI) combined

• Artificial Intelligence (AI) & machine learning algorithms are integrated for picture analysis and interpretation in the ultrasound devices market. AI-driven ultrasound technology can facilitate individualized patient care, increase workflow efficiency, and improve diagnostic accuracy. Furthermore, big ultrasound picture collections can be used by machine learning algorithms to create predictive models for prognosis, treatment response, and illness diagnosis. Ultrasound devices that incorporate artificial intelligence (AI) and machine learning technology can perform sophisticated image processing, automated measurement, and decision support functions. This improves ultrasound imaging's diagnostic potential and propels the ultrasound devices market's innovation.

Market Restraining Factors:

High Cost of Advanced Ultrasound Equipment

• The expensive price of sophisticated ultrasonography equipment. Even while MRIs and CT scans are often thought to be more expensive than ultrasound imaging, high-end ultrasound equipment can require a sizable upfront investment. Some healthcare facilities cannot afford to purchase advanced ultrasound technology with capabilities like color Doppler, elastography, and 3D/4D imaging because of their higher cost, especially in environments with limited resources. The total cost of ownership of ultrasound machines also includes the price of continuous maintenance, training, and upgrades. The exorbitant expense of sophisticated ultrasonography equipment could discourage medical professionals from making investments in novel technologies or modernizing current systems, hence restricting market penetration and adoption rates, especially in areas where financial limitations or reimbursement issues are present.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Ultrasound Devices Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Ultrasound Devices Market Players Analysis:

• Koninklijke Philips N.V.
• GE Healthcare
• Siemens Healthineers AG
• Canon Medical Systems
• Mindray Medical International Limited
• Samsung Medison Co., Ltd.
• FUJIFILM SonoSite, Inc.,
• Konica Minolta Inc.
• Esaote

Key Industry Developments:

• In March 2023, The LOGIQ Fusion, a new ultrasound system from GE Healthcare, was just released.
• In February 2023, Philips has announced the release of the EPIQ Elite, a new ultrasound machine.

Market Segmentation Analysis:

The market is divided into segments based on By Product, By Portability, By Application, By End-Use.

By Product

Based on the Product of the market is segmented into Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices.

The category of diagnostic ultrasound equipment had the biggest revenue share in 2023—more than 84.27%—due to its wide range of applications in cardiology, cancer, and obstetrics. It is anticipated that demand for diagnostic ultrasonography devices would rise due to the rising prevalence of various lifestyle-related illnesses and technological improvements. Ultrasound equipment's regulatory approvals are the main driver of this market's expansion. In September 2022, Koninklijke Philips N.V. declared, for instance, that the FDA had successfully certified its state-of-the-art 5000 small Series, the company's newest small ultrasonic system.

The most recent authorization improves the efficiency of ultrasound accessibility by leveraging the most recent developments in Philips ultrasound technology to produce high-quality, small-format images on a cart. This includes a range of ultrasound diagnosis solutions that meet the needs of numerous medical specialties, including obstetrics, general imaging, cardiology, and gynecology. The market for diagnostic ultrasound equipment is anticipated to develop as a result of the growing need for sophisticated diagnostic tools, such as miniature 2D and 3D/4D systems. There are three divisions within the segment: 2D, 3D/4D, and Doppler.

Based on projections, the therapeutic ultrasound device market is expected to expand at the fastest rate (4.90%) between 2024 and 2030. This category is further expanded by high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. High-intensity focused ultrasound was the category with the largest revenue share in 2023. Given the devices' exceptional effectiveness in treating cancer and related illnesses, it is expected to expand significantly over the course of the projection period. According to the American Cancer Society Journals, 609,820 cancer deaths and 1,958,310 new instances of cancer are predicted for the US in 2023.

By Application

Based on the Application of the market is categorised into Cardiology, Obstetrics/Gynaecology, Radiology, Orthopaedic, Anaesthesia, Emergency Medicine, Primary Care, Critical Care.

In 2023, the radiology segment accounted for the highest revenue share, with about 22.33%. The segment is growing as artificial intelligence (AI) is used in radiology more and more. Additionally, growing M&A activity among major firms to broaden their product offerings propels market expansion. For example, GE HealthCare announced in February 2023 that a contract to acquire Caption Health, Inc. had been executed. This privately held AI health services company creates medical gadgets that aid in the early diagnosis of diseases, including the use of AI to help with ultrasound scanning.

Caption AI tools can expedite and simplify ultrasonic investigations, enabling more medical personnel to perform basic echocardiography exams. This gadget can recognize symptoms of illnesses, like heart failure, in individuals who are at risk anywhere—in hospitals, homes, and other out-of-hospital settings. From 2024 to 2030, the obstetrics and gynecology segment is expected to increase at the quickest rate, exceeding 4.92%. Ultrasound technology has revolutionized the fields of obstetrics and gynecology.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.  North America led the industry in 2023 with a market share of more than 29.75%. The region is expected to grow at a considerable rate between 2024 and 2030. The presence of numerous competitors in the area and a rise in cancer incidence are major factors propelling the growth of the regional market. Expanding healthcare spending, better understanding of various diagnosis methods, and favorable reimbursement practices are anticipated to drive regional market growth.

Asia Pacific is expected to develop at the quickest rate, with a CAGR of 4.90% between 2024 and 2030, due to the growing need for better imaging devices. Prominent entities are also employing diverse strategies to augment their prominence in this domain. Numerous causes, including as lower research costs, less stringent regulations, and increased government funding for the expansion of the R&D sectors in the individual countries, are drawing research studies to the region. Additionally, the rapidly developing economies and improving healthcare systems in Southeast Asian countries like China, Japan, and India are expected to stimulate expansion.

Ultrasound Devices Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Ultrasound Devices Market valued?
• Which region has the largest share in 2024 for the global Ultrasound Devices Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of the Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million