Ultrasound Devices Market key factors anticipated to drive the growth from 2024 to 2030.

The global ultrasound devices market size was estimated at USD 9.79 billion in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.24% from 2024 to 2030. The market growth is poised to be driven by the rising usage of ultrasound equipment for diagnostic imaging and treatment, along with the increasing prevalence of chronic and lifestyle disorders. Other factors influencing market growth include increased demand for minimally invasive surgeries and frequent developments in ultrasound imaging technology. Ultrasound is a leading diagnostic tool in medical imaging, compared to other diagnostic imaging systems, since it is less expensive and faster. Moreover, as it does not utilize ionizing radiation or magnetic fields, it is safer than other imaging technologies.

Both diagnostic and therapeutic uses for the ultrasonic medical device are extensive. Specific therapeutic applications of ultrasound, from oncology to cardiology, have grown in popularity. The development of wireless transducers, app-based ultrasound technology, fusion with CT/MR, laparoscopic ultrasound, and the expansion of ultrasound device applications in 3D imaging and shear wave elastography are expected to support market growth. For instance, in March 2023, KronosMD, INC., a division of Kronos Advanced Technologies Inc., confirmed its acquisition of all current and future properties and patents related to its planned breakthrough 3D ultrasonic dentistry imaging and diagnostic equipment.

Ultrasound Devices Market Report Highlights

In terms of product, The diagnostic ultrasound devices segment accounted for the largest revenue share of more than 84.27% in 2023 owing to the rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 4.90% from 2024 to 2030.
Based on portability, the cart/trolley-based devices segment held the largest revenue share of over 67.83% in 2022. By transporting the device to the patient's location, whether it's an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients
In terms of application, the radiology segment held the largest revenue share of over 22.33% in 2023. The increasing application of artificial intelligence in the field of radiology boosts the segment growth. Moreover, the growing mergers and acquisitions among the industry's key players for expanding the product portfolio drive the market growth
In terms of end-use, The hospitals segment held the largest revenue share of over 40.45% in 2023 and is further expected to maintain its lead over the forecast period owing to the extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders
Based on region, North America dominated the market and accounted for the largest revenue share of over 29.75% in 2023. Asia Pacific is estimated to register the fastest CAGR of 4.90% from 2024 to 2030, owing to the increased demand for better imaging devices

Browse through Grand View Research's Medical Imaging Industry Research Reports.

The global medical imaging market size was estimated at USD 39.8 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030.
The global handheld ultrasound devices market size was estimated at USD 298.2 million in 2023 and is expected to grow at a CAGR of 5.6% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the global ultrasound devices market on the basis of on product, portability, application, end-use, and region:

Ultrasound Device Product Outlook (Revenue, USD Million, 2018 - 2030)

Diagnostic Ultrasound Devices
- 2D
- 3D/4D
- Doppler
Therapeutic Ultrasound Devices
- High-intensity Focused Ultrasound
- Extracorporeal Shockwave Lithotripsy

Ultrasound Device Portability Outlook (Revenue, USD Million, 2018 - 2030)