June 5, 2024

Ultrasound Market Size to Rise USD 18.98 Billion by 2033

The global ultrasound market size reached USD 9.38 billion in 2023 and is predicted to rise around USD 18.98 billion by 2033, growing at a CAGR of 7.30% from 2024 to 2033.

Key Points

  • The North America ultrasound market size accounted for USD 3.85 billion in 2023 and is expected to attain around USD 7.88 billion by 2033 with a CAGR of 7.42% from 2024 to 2033.
  • North America led the ultrasound market with the largest share in 2023.
  • Asia Pacific is observed to experience a notable rate of growth during the forecast period.
  • By product, the diagnostic segment held the largest share of the market in 2023.
  • By portability, the cart-trolley segment dominated the market in 2023.
  • By application, the radiology segment dominated the market in 2023.
  • By end-use, the hospitals segment held the dominating share in 2023.

Ultrasound Market Size 2024 to 2033

The ultrasound market is a rapidly expanding sector within the medical imaging industry, characterized by the use of high-frequency sound waves to produce images of internal body structures. It encompasses a wide range of applications including diagnostic imaging, obstetrics and gynecology, cardiology, urology, and musculoskeletal imaging. Ultrasound technology is favored for its non-invasive nature, real-time imaging capabilities, and relative affordability compared to other imaging modalities such as MRI and CT scans. The market is driven by technological advancements, increasing healthcare expenditure, and growing demand for minimally invasive diagnostic procedures.

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Growth Factors

Several factors contribute to the growth of the ultrasound market. Technological advancements, such as the development of 3D and 4D imaging, portable and handheld devices, and the integration of artificial intelligence, enhance the diagnostic capabilities and efficiency of ultrasound systems. Moreover, the rising prevalence of chronic diseases, aging population, and increasing healthcare awareness drive the demand for diagnostic imaging procedures, further fueling market growth. Additionally, the expanding applications of ultrasound in point-of-care settings, remote areas, and emerging economies contribute to market expansion.

Region Insights

The ultrasound market exhibits regional variations influenced by factors such as healthcare infrastructure, government policies, reimbursement scenarios, and technological adoption rates. North America and Europe dominate the market, attributed to well-established healthcare systems, high adoption rates of advanced medical technologies, and favorable reimbursement policies. However, Asia Pacific is experiencing rapid growth due to increasing healthcare expenditure, improving infrastructure, and rising awareness about early disease detection. Moreover, Latin America and the Middle East & Africa regions are emerging markets with untapped growth potential.

Ultrasound Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 7.30%
Ultrasound Market Size in 2023 USD 9.38 Billion
Ultrasound Market Size in 2024 USD 10.06 Billion
Ultrasound Market Size by 2033 USD 18.98 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, By Portability, By Application, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Ultrasound Market Dynamics

Drivers

Several drivers propel the growth of the ultrasound market. The increasing prevalence of chronic diseases such as cardiovascular disorders, cancer, and musculoskeletal conditions necessitates frequent diagnostic imaging, driving the demand for ultrasound systems. Moreover, the shift towards minimally invasive procedures, patient preference for radiation-free imaging techniques, and advancements in ultrasound technology contribute to market growth. Additionally, government initiatives to improve healthcare access and infrastructure in developing regions stimulate market expansion.

Opportunities

The ultrasound market presents numerous opportunities for growth and innovation. Advancements in artificial intelligence and machine learning offer opportunities for developing automated image interpretation algorithms, enhancing diagnostic accuracy and efficiency. Furthermore, expanding applications of ultrasound in emerging fields such as elastography, contrast-enhanced imaging, and molecular imaging present new avenues for market expansion. Additionally, collaborations between healthcare providers, technology developers, and research institutions can drive the development of novel ultrasound technologies and applications.

Challenges

Despite its promising prospects, the ultrasound market faces several challenges. Limited accessibility to advanced healthcare facilities in remote and rural areas hinders market penetration, particularly in developing regions. Moreover, the high cost of ultrasound equipment, especially advanced systems with cutting-edge features, poses a barrier to adoption, particularly for small healthcare facilities and low-income regions. Additionally, concerns regarding the safety and efficacy of ultrasound imaging, regulatory hurdles, and competition from alternative imaging modalities present challenges to market growth.

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Ultrasound Market Recent Developments

  • In February 2024, Fujifilm launched a new endoscopic ultrasound machine in India, the ‘ALOKA ARIETTA 850’. This machine offers superior features such as enhanced image quality, HD-THI for deeper penetration, and combi-elastography.
  • In November 2023, Samsung launched a new ultrasound system named ‘V6’. This ultrasound system enhances image clarity and accuracy. It is also adaptable to various medical settings through its simplified workflows, wide screen, remote access, and powerful design with a battery option.
  • In November 2023, Koninklijke Philips N.V. announced the launch of its flagship ultrasound system, the Compact Ultrasound 5000 Series. This system features Contrast-enhanced ultrasound, an ultra-high-frequency transducer, 3D-like vascular flow advanced imaging, quality advanced image acquisition, and expanded tele-ultrasound capability.
  • In May 2024, Esaote SPA launched a portable ultrasound system named ‘MyLab Omega eXP VET.’ This system will help veterinarians examine animals with a high level of flexibility and accuracy in diagnostic imaging. It also covers animals of all species and ensures high performance, ranging from general imaging and echocardiography to interventional procedures.
  • In April 2024, GE HealthCare (GEHC) launched two ultrasound systems, ‘Voluson Signature 20’ and ‘Voluson Signature 18’. These systems are equipped with AI features and advanced tools to increase the efficiency of diagnostic centers and improve women’s health.
  • In September 2023, Mindray Medical International Limited launched the TE Air wireless handheld ultrasound device. This device offers multi-device connectivity and flexible charging options. It also produces high-quality images and ensures accessibility in critical clinical scenarios.

Ultrasound Market Companies

  • Zimmer MedizinSysteme GmbH
  • General Electric Healthcare
  • Fujifilm Corporation
  • Hitachi, Ltd.
  • Mindray Medical International Limited.
  • Samsung Healthcare
  • Siemens Healthineers AG
  • Koninklijke Philips N.V.
  • Canon Inc.
  • ESAOTE SPA

Segments Covered in the Report

By Product

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

By Portability

  • Handheld
  • Compact
  • Cart/Trolley
    • Point-of-Care Cart/Trolley Based Ultrasound
    • Higher-end Cart/Trolley Based Ultrasound

By Application

  • Cardiology
  • Obstetrics/Gynaecology
  • Radiology
  • Orthopaedic
  • Anaesthesia
  • Emergency Medicine
  • Primary Care
  • Critical Care

By End-use

  • Hospitals
  • Imaging Centres
  • Research Centres

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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