Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC) Application (Cardiology, Therapeutic, Vascular) End User

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Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC) Application (Cardiology, Therapeutic, Vascular) End User-Global Forecast to 2031

The ultrasound market is projected to reach $18.07 billion by 2031 at a CAGR of 5.8% from 2024 to 2031.

Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report comprises the analysis of key industry drivers, restraints, challenges, and opportunities. The growth of the ultrasound market is driven by the rising geriatric population with chronic disorders, advancements in ultrasound device technology, the growing number of diagnostic imaging centers and hospitals, the increasing cases of orthopedic injuries and musculoskeletal disorders, and the rising public & private investments, funding, and grants for ultrasound device development. However, strict government regulations for the import, manufacture, distribution, and commercialization of ultrasound imaging products and the high costs of ultrasound machines restrain the growth of this market.

Furthermore, the emergence of point-of-care ultrasound devices and the demand from developing countries are expected to create market growth opportunities. However, the lack of skilled healthcare professionals is a major challenge in the ultrasound market.

The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry in the past three to four years. The key players operating in the ultrasound market are GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation) (U.S.), and Hologic, Inc. (U.S.).

Among all the components studied in this report, in 2024, the ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to factors such as the demand for minimally invasive surgery. Advanced ultrasound devices enable high-resolution, real-time imaging of soft tissue configurations, making ultrasound-guided techniques increasingly prevalent in minimally invasive surgeries. Additionally, increased adoption of portable ultrasound devices for remote consultations and monitoring, supporting the largest share of the market.

Among all the technologies studied in this report, the diagnostic ultrasound segment is expected to account for the largest share of the ultrasound market in 2024. Diagnostic ultrasound is widely recognized as the preferred standard technology for detecting disorders and facilitating diagnosis. The high adoption of diagnostic ultrasound in multiple diagnostic specialties supports its large market share.

Among all the displays studied in this report, in 2024, the colored display segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to the advantages of colored display ultrasound, such as clear visualization of blood flow, detection of abnormalities in the hemodynamics of the bloodstream, identification of congenital heart defects, non-invasive nature, and identification of speed and directions of the blood flow.

Among all the portability studied in this report, in 2024, the cart/trolley-based ultrasound systems segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to the benefits of cart/trolley-based ultrasound systems over handheld ultrasound devices, such as a wider range of high-quality images and imaging capabilities. Additionally, cart-based ultrasound machines, which are bulkier and more powerful than handheld devices, are commonly used in clinical settings such as hospitals, clinics, and diagnostic imaging centers. Furthermore, these machines are mounted on carts, providing stability and enabling easy mobility between patient rooms.

Among all the applications studied in this report, the diagnostics applications segment is expected to account for a large share of 65.0% in 2024. This segment's large market share is attributed to rising awareness regarding the importance of early disease diagnosis, innovations in diagnostic imaging technology, and the extensive range of diagnostic applications for ultrasound devices.

Among all the end users studied in this report, in 2024, the hospitals and clinics segment is expected to dominate with a share of 44.3% of the market. This segment's large share is attributed to the increasing hospitalizations linked to chronic diseases in geriatric populations, heightened healthcare expenditure, high demand for advanced imaging modalities in hospitals, the demand for cost-effective products to manage healthcare expenses, growing focus on point-of-care services for patients, and the expansion of healthcare facilities in developing economies.

An in-depth analysis of the geographical scenario of the ultrasound market provides detailed qualitative and quantitative insights into the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. Asia-Pacific is projected to register the highest CAGR of 8.6% during the forecast period. The rapid growth of this region is attributed to increasing incidences of orthopedic injuries and cancer, the aging population, rising government initiatives regarding the promotion of early diagnosis of diseases, increasing demand for advanced medical technologies, improving healthcare infrastructure, and accelerating healthcare spending and insurance coverage.

Scope of the Report:

Ultrasound Market Assessment-by Product

Ultrasound Devices
Transducers/Probes
Gels
Other Components

Note: Other components include probe racks, probe holders, disposable wipes, ultrasound needle guides, extender cables and adapters, battery chargers, and rechargeable batteries.

Ultrasound Market Assessment-by Technology

Diagnostic Ultrasound
- 2D Ultrasound
- 3D and 4D Ultrasound
- Doppler Ultrasound
Color Doppler Imaging
Continuous Doppler Imaging
Pulse Wave Doppler Imaging
Therapeutic Ultrasound
- High-intensity Focused Ultrasound (HIFU)
- Lithotripsy
Extracorporeal Shock Wave Lithotripsy (ESWL)
Shock Wave Lithotripsy (SWL)

Ultrasound Market Assessment-by Display

Colored Display
Black and White (B/W) Display

Ultrasound Market Assessment-by Portability

Cart/Trolley-based Ultrasound Systems
Handheld/Compact Ultrasound Systems
Point of Care Ultrasound Systems

Ultrasound Market Assessment-by Applications

Diagnostic Applications
- General Imaging
- Cardiology
- Obstetrics/Gynecology
- Vascular
- Urology
- Other Diagnostic Applications

Note: Other diagnostic applications include abdominal and anesthesia.

Therapeutic Applications
- Drug Delivery
- Physical Therapy
- Pain Management
- Other Therapeutic Applications

Note: - Other therapeutic applications include thrombolysis and sonoporation

Ultrasound Market Assessment-by End User

Hospitals & Clinics
Diagnostic Imaging Centers
Ambulatory Surgical Centers
Academic and Research Institutes

Ultrasound Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa

Product Code: MRHC - 104271

1. Introduction

1.1. Market Definition and Scope
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Aging Population with Chronic Disorders
  - 4.2.1.2. Technological Advancements in Ultrasound Devices
  - 4.2.1.3. Increasing Number of Hospitals and Diagnostic Centers
  - 4.2.1.4. Rising Incidences of Orthopedic Injuries and Musculoskeletal Disorders
  - 4.2.1.5. Increasing Public & Private Investments, Funding, and Grants for the Development of Ultrasound Devices
- 4.2.2. Restraints
  - 4.2.2.1. Stringent Government Regulations for Import, Manufacture, Distribution, and Sales of Ultrasound Imaging Products
  - 4.2.2.2. High Costs of Ultrasound Machines
- 4.2.3. Opportunities
  - 4.2.3.1. Emergence of PoC Ultrasound Devices
  - 4.2.3.2. Significant Opportunities from Developing Countries
- 4.2.4. Challenges
  - 4.2.4.1. Shortage of Skilled Healthcare Professionals
4.3. Regulatory Analysis
4.4. Pricing Analysis
4.5. Porter's Five Forces Analysis

5. Ultrasound Market Assessment-by Component

5.1. Overview
5.2. Ultrasound Devices
5.3. Transducers/Probes
5.4. Gels
5.5. Other Components

6. Ultrasound Market Assessment-by Technology

6.1. Overview
6.2. Diagnostic Ultrasound
- 6.2.1. 2D Ultrasound
- 6.2.2. 3D and 4D Ultrasound
- 6.2.3. Doppler Ultrasound
  - 6.2.3.1. Color Doppler Imaging
  - 6.2.3.2. Continuous Doppler Imaging
  - 6.2.3.3. Pulse Wave Doppler Imaging
6.3. Therapeutic Ultrasound
- 6.3.1. High-Intensity Focused Ultrasound (HIFU)
- 6.3.2. Lithotripsy
  - 6.3.2.1. Extracorporeal Shock Wave Lithotripsy (ESWL)
  - 6.3.2.2. Shock Wave Lithotripsy (SWL)

7. Ultrasound Market Assessment-by Display

7.1. Overview
7.2. Colored Display
7.3. Black and White (B/W) Display

8. Ultrasound Market Assessment-by Portability

8.1. Overview
8.2. Cart/Trolley-Based Ultrasound Systems
8.3. Handheld/Compact Ultrasound Systems
8.4. Point of Care Ultrasound Systems (POCUS)

9. Ultrasound Market Assessment-by Application

9.1. Overview
9.2. Diagnostic Applications
- 9.2.1. General Imaging
- 9.2.2. Cardiology
- 9.2.3. Obstetrics/Gynecology
- 9.2.4. Vascular
- 9.2.5. Urology
- 9.2.6. Other Diagnostic Applications
9.3. Therapeutic Applications
- 9.3.1. Drug Delivery
- 9.3.2. Physical Therapy
- 9.3.3. Pain Management
- 9.3.4. Other Therapeutic Applications

10. Ultrasound Market Assessment-by End User

10.1. Overview
10.2. Hospitals and Clinics
10.3. Diagnostic Care Centers
10.4. Ambulatory Care Centers
10.5. Academic and Research Institutes

11. Ultrasound Market Assessment-by Geography

11.1. Overview
11.2. North America
- 11.2.1. U.S.
- 11.2.2. Canada
11.3. Europe
- 11.3.1. Germany
- 11.3.2. France
- 11.3.3. U.K.
- 11.3.4. Italy
- 11.3.5. Spain
- 11.3.6. Rest of Europe
11.4. Asia-Pacific
- 11.4.1. Japan
- 11.4.2. China
- 11.4.3. India
- 11.4.4. Rest of Asia-Pacific
11.5. Latin America
11.6. Middle East & Africa

12. Competition Analysis

12.1. Overview
12.2. Key Growth Strategies
12.3. Competitive Benchmarking
- 12.3.1. Industry Leaders
- 12.3.2. Market Differentiators
- 12.3.3. Vanguards
- 12.3.4. Emerging Companies
12.4. Vendor Dashboard

13. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

13.1. GE Healthcare Technologies Inc.
13.2. Konica Minolta, Inc.
13.3. Koninklijke Philips N.V.
13.4. Siemens Healthineers AG
13.5. Canon Inc.
13.6. Esaote SpA
13.7. Shenzhen Mindray Bio-Medical Electronics Co., Ltd
13.8. Samsung Medison Co., Ltd.
13.9. FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation)
13.10. Hologic, Inc.

(Note: SWOT analysis of the Top 5 companies will be provided)

14. Appendix

14.1. Available Customization
14.2. Related Reports