Ultrasound Market Size, Share, Growth Analysis, By Technology, By Display, By Portability, By Component, By Application, By Region - Industry Forecast 2024-2031

Global Ultrasound Market size was valued at USD 7.98 billion in 2022 and is poised to grow from USD 8.52 billion in 2023 to USD 13.93 billion by 2031, growing at a CAGR of 6.34% during the forecast period (2024-2031).

The ultrasound equipment market is poised for significant growth, driven by an increase in the use of these devices for diagnostic imaging and therapy amid the rising prevalence of chronic and lifestyle-related diseases. Key market propellers include the heightened demand for minimally invasive surgeries and continuous advancements in ultrasound technology. Notable innovations, such as 3D imaging, shear wave elastography, wireless transducers, app-based ultrasound systems, and integration with CT/MR and laparoscopic ultrasound, are expanding the applications of ultrasound devices. For example, the collaboration between Samsung Medison and Intel to create Nerve Track technology allows for real-time nerve tracking during anesthesia administration, showcasing the technology's critical role in enhancing precision in medical procedures. Furthermore, the increasing incorporation of artificial intelligence (AI) is expected to facilitate automation of time-consuming tasks, boosting efficiency in imaging and diagnostics. Present in many high-end ultrasound systems, AI is becoming a standard feature in new developments. Additionally, the demand for portable handheld ultrasound systems has surged due to their speed, mobility, and user-friendliness, particularly in emergency settings. As a result, the US ultrasound market is set for a sustainable compound annual growth rate (CAGR) in the coming years, indicating a bright future for this vital sector in healthcare.

Top-down and bottom-up approaches were used to estimate and validate the size of the global ultrasound market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

global ultrasound Market Segmental Analysis

Global Ultrasound Market is segmented by Technology, Display, Portability, Component, Application, End User, and Region. Based on Technology, the market is segmented into Diagnostic Ultrasound (2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound, Contrast-Enhanced Ultrasound), Therapeutic Ultrasound (High-Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy). Based on Display, the market is segmented into Color Ultrasound Devices, Black & White Ultrasound Devices. Based on Portability, the market is segmented into Trolley/Cart-Based Ultrasound Systems, Compact/Handheld Ultrasound Systems, POC Ultrasound Systems. Based on Component, the market is segmented into Transducers/Probes (Curvilinear/Convex Arrays, Linear Arrays, Phased Arrays, Other Array Types), Workstations, Other Components. Based on Application, the market is segmented into Radiological/General Imaging Applications, Cardiological Applications, Obstetric/Gynecological Applications, Urological Applications, Vascular Applications, Orthopedic & Musculoskeletal Applications, Pain Management Applications, Other Applications. Based on End User, the market is segmented into Hospitals, Surgical Centers, And Diagnostic Centers, Maternity Centers, Ambulatory Care Centers, Research & Academia, Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the global ultrasound Market

Technological advancements in ultrasound imaging are a significant market driver for the global ultrasound market, as they enhance image quality, increase resolution, and introduce innovative features like 3D/4D imaging. These improvements not only provide clinicians with better diagnostic capabilities but also make ultrasound devices more versatile and applicable across various medical specialties, including obstetrics, cardiology, and orthopedics. Moreover, the development of portable ultrasound systems facilitates point-of-care applications, broadening access to ultrasound services in diverse settings, from hospitals to remote areas. Consequently, this continuous evolution in ultrasound technology is propelling its adoption and positioning it as an essential tool in modern healthcare.

Restraints in the global ultrasound Market

One significant market restraint for the global ultrasound market is the stringent compliance requirements and the complex regulatory landscape governing the approval of ultrasound devices and applications. Manufacturers often face challenges navigating through elaborate regulations, which can result in prolonged approval timelines and increased costs. This cumbersome process not only delays the introduction of innovative ultrasound technologies but may also restrict their availability in specific regions, ultimately limiting market expansion. Consequently, the inability to swiftly bring new products to market can stifle competition and hinder healthcare providers from accessing advanced diagnostic tools, impacting overall industry growth.

Market Trends of the global ultrasound Market

The global ultrasound market is experiencing a noteworthy trend towards point-of-care ultrasound (POCUS), driven by its ability to enhance diagnostic accuracy and treatment efficiency directly at the patient's bedside. This modality is increasingly favored in emergency medicine, critical care, and primary care due to its immediacy in patient assessment and real-time imaging capabilities. As healthcare organizations prioritize improved patient outcomes and cost-effective solutions, the adoption of POCUS is set to expand significantly. Innovations in portable ultrasound devices, coupled with advancements in training and technology integration, are likely to further propel the market growth of POCUS in diverse clinical settings worldwide.