Ultrasound Devices Market Trends, Development, Revenue, Demand And Forecast To 2023

Ultrasound Devices Industry Overview

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.

Gather more insights about the market drivers, restrains and growth of the Ultrasound Devices Market

Detailed Segmentation:

Portability Insights

The cart/trolley-based ultrasound devices segment accounted for the largest revenue share of over 67.75% in 2023. By transporting the device to the patient's location, whether it is an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients. Furthermore, it aids in rapid diagnosis, treatment decision-making, and administration, contributing to increased patient recovery and satisfaction. The handheld ultrasound devices segment is anticipated to register the fastest growth rate of 5.73% from 2024 to 2030. Handheld devices are in high demand due to the growing trend of home healthcare and remote patient monitoring.

Regional Insights

North America dominated the market and accounted for the largest revenue share of over 29.75% in 2023. The region is expected to grow at a significant rate from 2024 to 2030. The presence of a significant number of competitors in the region and an increasing number of cancer cases are key factors contributing to regional market growth. Increasing expenditure on healthcare, a greater understanding of various methods of diagnosis, and favorable policies for reimbursement are projected to drive regional market growth.

Product Insights

The diagnostic ultrasound devices segment accounted for the largest revenue share of more than 84.27% in 2023 owing to the wide range of applications in obstetrics, cardiology, and oncology. The demand for diagnostic ultrasound devices is also anticipated to increase due to technological improvements and rising prevalence of various lifestyle-related diseases. The regulatory approvals of ultrasound devices are the main driver of the segment's growth. For instance, in September 2022, Koninklijke Philips N.V. declared that the Food Drug Administration (FDA) 510(k) approval was successfully awarded for its cutting-edge 5000 Compact Series, the company's most recent tiny ultrasonic system.

Application Insights

The radiology segment held the largest revenue share of over 22.33% in 2023. The increasing application of artificial intelligence (AI) in radiology boosts the segment growth. Moreover, rising merger acquisition activities among key players for expanding the product portfolio drive the market growth. For instance, in February 2023, GE HealthCare disclosed the execution of a contract to purchase Caption Health, Inc. This privately held AI health services company develops medical devices that help in early disease diagnosis, including the application of AI to assist in scanning for ultrasounds.

End-use Insights

The hospitals segment held the largest revenue share of over 40.45% in 2023 and is expected to maintain its lead over the forecast period. The segment growth can be attributed to the extensive use of ultrasound devices in hospital settings and an increased number of patients visiting hospitals with various lifestyle-related disorders. Introducing portable systems is expected to fuel the demand for ultrasound devices in OPD and in-patient departments.

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.

Key Ultrasound Devices Companies:

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

Ultrasound Devices Market Segmentation

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)