PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1642245
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1642245
The global ultrasound market is projected to reach USD 13.87 billion by 2030 from USD 9.32 billion in 2024, growing at a CAGR of 6.8% during the forecast period. The growth of the ultrasound market is driven by various key factors, including increasing prevalence rates of chronic diseases, such as cardiovascular conditions, cancer, and musculoskeletal disorders. These require sophisticated diagnostic equipment. Increasing demand for early diagnosis and non-invasive options also fuels adoption of the ultrasound technology. Advances in ultrasound itself, including AI integration, 3D/4D imaging, and portable equipment, make it more accessible and versatile in the clinical practice.
Scope of the Report | |
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Years Considered for the Study | 2022-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Million) |
Segments | Technology, Display, Portability, Component, Application, End User and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
"Diagnostic Ultrasound to register largest market share in 2023"
Diagnostic ultrasound accounts for the largest share of the ultrasound market because it is capable of providing real-time, non-invasive imaging for a wide range of medical conditions. Its broad usage in obstetrics, cardiology, musculoskeletal imaging, and emergency care is contributing to its dominance. With this technology, it boasts such high accuracy, very low cost, and ionizing radiation-free; clinicians often turn to this for routine diagnostics. Improved ultrasound technology-3D/4D imaging, for instance, and AI-based tools have improved it so much that the use has remained on the growth track.
"Hospitals segment held the largest share of ultrasound equipment market in 2023, by End-user."
Hospitals have the largest market share in this ultrasound industry due to its high volume of patients and diversified departments, along with the requirements of advanced imaging diagnostics within a wide spectrum of specializations. Obsterics, cardiology, emergency care, and musculoskeletal imaging are key applications within the hospital setup that have integrated ultrasound technology. The increased cases of chronic diseases and hospital emphasis on earlier diagnosis and treatment create high demand for ultrasound systems. More importantly, the advanced functionalities of ultrasound, such as real-time imaging, non-invasiveness, and increased accuracy, make it of more importance to hospitals, thereby becoming their main consumers of ultrasound technology.
"Asia Pacific to register highest growth rate in the market during the forecast period."
The Asia-Pacific region is reporting the highest growth rate in the ultrasound market, with factors such as an increasingly prevalent chronic disease population, an aged population, and a widening healthcare infrastructure base. Growth in demand for early and accurate diagnoses coupled with the affordability of ultrasound and its non-invasive nature has further increased adoption across the region. Additionally, growing government efforts to expand the healthcare market, increasing investments in health, diagnostic center expansions, and increase in hospital numbers are leading the rapid growth of this market in the Asia-Pacific region. Technology advancement and the greater availability of portable ultrasound equipment facilitate wider accessibility and adoption in Asia-Pacific.
Prominent players in this market are Philips Healthcare (Netherlands), GE Healthcare (US), Canon Medical Systems Corporation (Japan), Siemens Healthineers (Germany), FUJIFILM Corporation (Japan), Hologic Inc.(US), Samsung Electronics Co., Ltd (South Korea), Esaote SPA (Italy), Chison Medical Technologies Co., Ltd (China), MobiSante Inc (US), Clarius (Canada), MedGyn Products, Inc (US), Promed Technology (China), Neusoft Corporation (China) among others.
Research Coverage
The ultrasound equipment market has been segmented based on technology, display, component, portability, application, end-user, and region. Key factors for the growth of the market include driving forces, restraints, opportunities, and challenges among the stakeholders. The study also looks into the competition of the leading players within the market. The further division of the market can be seen in micro-markets to gain insight into the growth trends, prospects, and contributions to the overall market. It highlights future revenue growth prospects for various market segments across five major regions.
The report would be useful for new market entrants in the ultrasound market as it gives detailed information about the market. This helps get a good understanding of any investment opportunities. The report provides in-depth insight into key and smaller players which helps in doing strong risk assessment for investment decisions. This report segments the market precisely both by end-users and by regions for the purpose of attaining focused insights in the specific market segments. Additionally, it draws out the major trends, challenges, growth drivers, and opportunities to support the strategic decision-making process through adequate analysis.
Analysis of the key drivers, restraints, opportunities, and challenges influencing the rise of the ultrasound market. The rise of point-of-care diagnostics and expanding healthcare infrastructure further boosts market growth. Additionally, favorable reimbursement policies and the need for early detection support ultrasound adoption.
Product Development/Innovation: The report includes emerging technologies in the domain, ongoing R&D activities, and recent product and service launches in the market for ultrasound market.
Market Development: It has elaborated about the new product development and unexplored markets, latest developments, and investment in the ultrasound market.
Market Diversification: Detailed insight into new product launches, unexplored markets, recent developments, and investments made in the ultrasound market.
Competitive Assessment: Detailed assessment of market share, service offerings leading strategies of key players such as Philips Healthcare (Netherlands), GE Healthcare (US), Canon Medical Systems Corporation (Japan), Siemens Healthineers (Germany), FUJIFILM Corporation (Japan), among others.