The global ultrasound market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The increasing patient population, rising prevalence of chronic diseases, and rising focus on non-invasive procedures are expected to drive the market during the forecast period.
Ultrasound Market
Ultrasound Market Dynamics:
Drivers:
Increasing incidence of target diseases and subsequent rise in surgical procedures
Growing patient preference for minimally invasive surgeries
Rising technological advancements in ultrasound devices
Growing public-private investments for product commercialization
Increasing establishment of hospitals and diagnostic centers
Restraints:
Unfavorable reimbursements
High operating costs
Opportunities:
Growing applications of therapeutic ultrasound
High growth potential of emerging markets
Development of POC ultrasound systems
Challenges:
Growing end-user preference for refurbished equipment
Shortage of skilled sonographers
Technology segment to register significant growth rate over the forecast period of 2023-2028
Based on technology, the global ultrasound imaging market is segmented into diagnostic and therapeutic ultrasound. The therapeutic ultrasound segment is anticipated to register the second highest growth rate over the forecast period. The diagnostic ultrasound segment accounted for the highest share of the ultrasound market in 2022.
Portability segment to register significant growth rate over the forecast period of 2023-2028
Based on the portability, the ultrasound market is segmented into trolly/cart-based ultrasound, compact/handheld ultrasound systems, and POC ultrasound systems. The trolly/cart-based ultrasound segment is anticipated to register the highest growth rate over the forecast period. The compact/handheld ultrasound systems segment accounted for the highest share of the ultrasound market in 2022.
Component segment accounted for the largest share of the ultrasound market, by application in 2022.
Based on component, the global the ultrasound market is segmented into transducers/probes, workstations, other components. Transducer/probes segment accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of ultrasound products.
The hospital and clinics segment accounted for the largest share of the ultrasound market, by end user, in 2022
Based on end user, the ultrasound market is segmented into hospitals, surgical centres, diagnostic centres, maternity centres, ambulatory centres, research and academia and other end users. The hospitals, surgical centres, diagnostic centres segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing cancer incidences and increasing number of dermatological surgeries performed in hospitals and clinics are driving the growth of this segment.
By region, North America is expected to be the largest region in the ultrasound industry during the forecast period
North America, comprising the US and Canada, accounted for the largest market share in 2022. The large share of ultrasound market can primarily be attributed to the high healthcare spending, rising geriatric population, the rising prevalence of target diseases, growing number of cosmetic surgeries, and rapid adoption of technologically advanced imaging systems.
Prominent players in the ultrasound market include:
GE healthcare (US)
Koninklijke Philips N.V. (Netherlands)
Canon Medical Systems Corporation (Japan)
Siemens AG (Germany)
Fujifilm Corporation (Japan)
Recent Developments of Ultrasound Industry
In February 2023, GE HealthCare has acquired Caption Health, thereby expanding the capabilities of ultrasound technology to assist new users through FDA-cleared, AI-powered image guidance. By leveraging Caption AI applications, ultrasound examinations can be streamlined, accelerating the process and empowering a wider range of healthcare professionals to perform fundamental echocardiogram exams.
In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
In April 2022, The enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.
Conclusion
The ultrasound market is poised for significant growth, driven by advancements in technology, increasing demand for non-invasive diagnostic procedures, and expanding applications in various medical fields. Innovations such as portable and handheld ultrasound devices, enhanced imaging capabilities, and integration with AI are making ultrasound more accessible and efficient. As healthcare providers continue to seek cost-effective and reliable diagnostic tools, the ultrasound market is expected to see sustained expansion. Additionally, the growing awareness and adoption of preventive healthcare practices further bolster the market’s potential. Overall, the future of the ultrasound market looks promising, with continuous improvements and wider adoption anticipated in the coming years.
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