Market Overview –
In 2022, the market for ultrasound devices was estimated to be worth USD 10.8 billion. The market for ultrasound devices is expected to expand at a compound annual growth rate (CAGR) of 4.1% between 2023 and 2032, from an estimated USD 11.2 billion in 2023 to USD 15.39 billion by 2032.
The Ultrasound Devices Market is witnessing significant growth driven by technological advancements, increasing prevalence of chronic diseases, and expanding applications in various medical fields. Ultrasound devices use sound waves to create images of internal body structures, aiding in diagnosis and treatment planning across multiple specialties.
Key drivers of market growth include the rising demand for non-invasive diagnostic procedures, growing healthcare expenditure, and the rising geriatric population prone to age-related diseases. Additionally, the portability and cost-effectiveness of ultrasound devices make them indispensable in both developed and developing healthcare systems.
The Ultrasound Devices Market is witnessing robust growth due to technological advancements and increased demand for non-invasive diagnostic procedures. Ultrasound devices offer real-time imaging capabilities, making them invaluable across various medical specialties. With the rising prevalence of chronic diseases and the expanding applications of ultrasound technology, the market for ultrasound imaging machines continues to expand.
The market offers a wide range of ultrasound devices tailored to specific clinical needs, including traditional cart-based systems, portable and handheld devices, and specialized equipment for cardiovascular, obstetrics/gynecology, and musculoskeletal imaging.
Furthermore, advancements in ultrasound technology, such as 3D/4D imaging, contrast-enhanced ultrasound, and elastography, have expanded the diagnostic capabilities of ultrasound devices, driving market growth.
Moreover, the COVID-19 pandemic has further underscored the importance of ultrasound in diagnosing and monitoring respiratory conditions, contributing to increased demand for ultrasound devices in critical care settings.
Despite the market's positive outlook, challenges such as reimbursement constraints, lack of skilled professionals, and competition from alternative imaging modalities may impede market growth. Nonetheless, the continuous innovation and development of ultrasound devices hold promise for addressing these challenges and sustaining market expansion in the coming years.
Segmentation –
The global ultrasound devices market is segmented by portability, display, application, technology, and end-user.
By portability, cart/trolley-based devices accounted for the largest market share in 2017 due to its utilization in acute and emergency care settings. The segment is likely to register strong CAGR during the forecast period expected to hold significant market share during the forecast period. Handheld/compact ultrasound devices accounted for the second largest share due to the rising adoption of these by healthcare professionals.
By display, color devices accounted for a largest market share in 2017 compared to its counterpart, black/white ultrasound devices. The former can touch a size of USD 14.2 billion by 2030, while the latter is likely to show prominent growth by the end of the forecast period.
By application, radiology/general imaging is likely to register highest CAGR during the assessment and likely to dominate the market by 2026. It accounted for the largest market share in 2017 due to its vast medical applications. The rising geriatric populace and incidence of various cancers can spur the segment growth. On the other hand, cardiology is also showing significant growth by 2030.
By technology, diagnostic accounted for the largest market share in 2017 due to the use of 2D ultrasound in women’s health. It is likely to show CAGR over the assessment period and hold significant market share by 2030 due to the continuous advances in imaging and reimbursement schemes for these procedures. On the flip side, therapeutic ultrasound is expected to hold second position by 2030.
By end-user, hospitals and diagnostic & surgical centers dominated the ultrasound devices market in 2017 due to emergence of various hospital chains and rising number of minimally invasive diagnostic procedures by doctors. The segment can grow with strong CAGR and expected to hold first position in the market. Ambulatory care centers can exhibit the highest CAGR of 4.10% during the forecast period thanks to the facilities providing same-day care diagnostic and surgical procedures.
Regional Analysis –
The Ultrasound Devices Market showcases distinctive regional trends shaped by factors like healthcare infrastructure, technological advancements, and market maturity. North America dominates the market, driven by high healthcare spending, widespread adoption of advanced medical technologies, and a strong emphasis on diagnostic imaging modalities. The region boasts a mature ultrasound devices market with significant investments in research and development, contributing to a substantial market share.
Similarly, Europe holds a prominent position in the market, characterized by well-established healthcare systems, increasing prevalence of chronic diseases, and favorable reimbursement policies. Adoption of innovative ultrasound technologies and emphasis on early disease detection further fuel market growth in the region. In Asia Pacific, the market is witnessing rapid expansion due to improving healthcare infrastructure, rising disposable incomes, and growing awareness about the benefits of ultrasound diagnostics.
Countries like China and India are driving market growth with their large patient populations and increasing healthcare investments. Latin America and the Middle East & Africa regions present opportunities for market penetration, supported by improving access to healthcare services and rising healthcare expenditure. However, challenges such as limited access to advanced healthcare facilities and pricing pressures may impact market growth in these regions. Overall, the Ultrasound Devices Market demonstrates a dynamic landscape across different regions, with varying opportunities and challenges influenced by regional healthcare dynamics and market maturity.
Key Players –
Ultrasound devices companies include Fukuda Denshi (Japan), Samsung Electronics Co. Ltd. (South Korea), Analogic Corporation (U.S.), Hitachi Ltd. (Japan), Koninklijke Philips N.V. (The Netherlands), Fujifilm Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan), Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Esaote Spa (Italy), and Siemens Healthineers (Germany).
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