Ultrasound Market

The global Ultrasound market is projected to reach $12,535.5 Million by 2028 , growing at a CAGR of 6.3%

The ultrasound devices market growth is driven by the rising number of target diseases, chronic disorders, and musculoskeletal diseases, which demand effective treatment practices. The patient awareness about the use of these devices has risen, and they prefer minimally invasive or non-invasive procedures for the treatment, as they are safer. The technological advancements in this field are also driving the ultrasound industry towards growth. Many governmental organizations are significantly increasing their healthcare budget, and issuing funds and grants for research and development. Private sector companies are also investing in this market. Several government bodies have provided tax incentives to private companies to establish and improve their research and development units.

The number of diagnostic centers, hospitals, and clinics has increased significantly over the years. The demand for ultrasound devices has increased in these institutions. It helps in better diagnosis, improved imaging, and provides more efficiency during complex surgeries. Manufacturers are constantly working towards making new innovations in these ultrasound devices to develop safe, non-invasive ultrasound systems. However, the quality regulations and approval procedures for these devices before they can be launched in the market are very strict, which can restrict the growth of the ultrasound market size. The medical procedures performed using ultrasound systems are expensive, which can be another restraint in this market.

On the basis of system portability, the ultrasound devices market can be divided into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. Among these, the trolley/cart based portable ultrasound device market size is the largest due to its increased use in acute care and emergency services. Based on applications, this market is divided into eight segments, among which the vascular applications holds the largest market share. The rise in cases of vascular disease has resulted in the increased usage of vascular ultrasound systems for the diagnosis. This type of ultrasound system is more technologically advanced in terms of 3D and 4D imaging.

The geographical ultrasound market analysis states that Europe has thus far dominated the global ultrasound market due to numerous ongoing research projects in this sector. There’s a significant increase in healthcare expenditure by both the government and private organizations, which are focused in the expansion of clinical applications of ultrasound systems. West European countries have been growing at the fastest rate for the past several years, and the demand for ultrasound devices is expected to experience a slight uptick in the coming years as well. The consistent economic growth, increased urbanization, and population growth in Africa has driven the ultrasound market towards growth in this region. India is currently the fastest growing ultrasound market in the world, and is expected to grow at a double digit CAGR during the forecast period. The government budget to expand healthcare coverage increased by almost 22% in 2017 in India, which is a huge driving factor for the growth of this market. The US ultrasound market, however, was suppressed in 2017 due to reduced government spending and a delay by private sectors in purchasing decisions. There was an uncertainty in the market due to government plans of repealing the Affordable Care Act. But its failure resulted in the market picking up pace in the later part of the year. The radiology enabled ultrasound systems are expected to grow rapidly in this region, along with ultra-portable handheld ultrasound systems, which are in demand now. The forecast period of the global ultrasound market is strong, however, the annual growth rate might cool down in the next three years.

 Key company profile in the Global Ultrasound Market Are 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., Philips, Canon Medical Systems, Siemens AG, Hitachi, Samsung Electronics, FUJIFILM Holdings Corporation. 

Ultrasound Market Scope

Key segments of the Ultrasound Market

by Technology, (USD Million)

• diagnostic ultrasound
• Doppler ultrasound

by end user, (USD Million)

• hospitals
• surgical center
• diagnostic centers

system portability, (USD Million)

• Trolley
• Handheld
• Point-of-Care

application, (USD Million)

• Radiology
• Obstetrics
• Cardiology
• Urology
• Vascular
• Orthopedic
• Musculoskeletal
• Pain Management
• Others

Region Overview, (USD Billion)

• North America
  • United States of America
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • the Netherlands
  • Poland
  • Russia
  • The United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Indonesia
  • South Korea
  • Rest of Asia-Pacific
• South America
  • Argentina
  • Brazil
  • Peru
  • Uruguay
  • Rest of South America