Ultrasound Market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of ultrasound for diagnostic imaging.
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Technology segment to register significant growth rate over the forecast period of 2023-2028
Based on technology, the global ultrasound imaging market is segmented into diagnostic and therapeutic ultrasound. The therapeutic ultrasound segment is anticipated to register the second highest growth rate over the forecast period. The diagnostic ultrasound segment accounted for the highest share of the ultrasound market in 2022.
Portability segment to register significant growth rate over the forecast period of 2023-2028
Based on the portability, the ultrasound market is segmented into trolly/cart-based ultrasound, compact/handheld ultrasound systems, and POC ultrasound systems. The trolly/cart-based ultrasound segment is anticipated to register the highest growth rate over the forecast period. The compact/handheld ultrasound systems segment accounted for the highest share of the ultrasound market in 2022.
Component segment accounted for the largest share of the ultrasound market, by application in 2022.
Based on component, the global the ultrasound market is segmented into transducers/probes, workstations, other components. Transducer/probes segment accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of ultrasound products.
The hospital and clinics segment accounted for the largest share of the ultrasound market, by end user, in 2022
Based on end user, the ultrasound market is segmented into hospitals, surgical centres, diagnostic centres, maternity centres, ambulatory centres, research and academia and other end users. The hospitals, surgical centres, diagnostic centres segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing cancer incidences and increasing number of dermatological surgeries performed in hospitals and clinics are driving the growth of this segment.
The Asia Pacific market to register a significant growth in the market during the forecast period
The Asia Pacific ultrasound market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.
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Ultrasound Market Dynamics:
Drivers:
- Increasing incidence of target diseases and subsequent rise in surgical procedures
- Growing patient preference for minimally invasive surgeries
- Rising technological advancements in ultrasound devices
- Growing public-private investments for product commercialization
- Increasing establishment of hospitals and diagnostic centers
Restraints:
- Unfavorable reimbursements
- High operating costs
Opportunities:
- Growing applications of therapeutic ultrasound
- High growth potential of emerging markets
- Development of POC ultrasound systems
Challenges:
- Growing end-user preference for refurbished equipment
- Shortage of skilled sonographers
Key Market Players:
As of 2022, prominent players in the ultrasound market are GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), and Hologic, Inc. (US)
GE Healthcare (US):
GE Healthcare is a leading global medical technology and life sciences company, and a division of General Electric (GE). It is dedicated to providing a wide range of healthcare solutions, including medical imaging, monitoring, and diagnostics. One of its key focus areas is the development and advancement of ultrasound products. Ultrasound technology plays a crucial role in modern healthcare, enabling non-invasive imaging of internal organs and tissues, aiding in diagnosis, and guiding medical procedures. GE Healthcare has been at the forefront of ultrasound innovation, continuously striving to improve imaging capabilities, enhance ease of use, and increase the clinical utility of its ultrasound machines. GE Healthcare's commitment to research and development has driven the growth and success of its ultrasound products.
Koninklijke Philips N.V. (Netherlands):
Philips focuses on developing and introducing technologically advanced products in the market to sustain its leading position and to further increase its share in the ultrasound market. The company has launched various novel ultrasound products in the market, such as the EPIQ Elite ultrasound system, as well as an integrated breast ultrasound solution for breast assessment. Also, the recent approvals from the US FDA for its EPIQ series, Affiniti series, Lumify, and CX50 and Sparq diagnostic ultrasound systems to be used for COVID-19 assessment will further boost the company’s share in the market.
Siemens AG (Germany):
Siemens Healthineers holds a leading position in the global ultrasound imaging market. The company offers a wide range of ultrasound systems. It focuses on inorganic and organic growth strategies including new product launches, partnerships, and agreements to enhance and maintain its position in the market. The company has launched various products in ultrasound market during last three years and is constantly engaged in continuous product advancements. This becomes more apparent by the fact that the company spends more than 9% of its revenue on R&D activities. The company has a wide geographic presence in Europe, Africa, the Middle East, Asia, Australia, and the US, and is constantly engaged in strategic deals and partnerships to promote their growth in the market.
Recent Developments:
- In February 2023, GE HealthCare has acquired Caption Health, thereby expanding the capabilities of ultrasound technology to assist new users through FDA-cleared, AI-powered image guidance. By leveraging Caption AI applications, ultrasound examinations can be streamlined, accelerating the process and empowering a wider range of healthcare professionals to perform fundamental echocardiogram exams.
- In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.
- In April 2022, The enhanced partnership between GE HealthCare and Sinopharm focuses on the development and commercialization of medical equipment designed to meet the specific healthcare requirements of China.
Ultrasound Market Advantages:
- Non-Invasive: Ultrasound is a non-invasive imaging technique, meaning it does not require any incisions or exposure to ionizing radiation, making it safer for patients and reducing the risk of complications.
- Real-Time Imaging: Ultrasound provides real-time imaging, allowing medical professionals to observe and assess dynamic processes within the body, such as blood flow, organ movements, and fetal development.
- Portability: Advancements in technology have led to the development of portable and handheld ultrasound devices, enabling point-of-care imaging in remote or resource-limited settings and increasing accessibility to medical care.
- Cost-Effective: Compared to other imaging modalities like MRI or CT scans, ultrasound is generally more cost-effective, making it a cost-efficient choice for both healthcare providers and patients.
- No Ionizing Radiation: Ultrasound uses sound waves instead of ionizing radiation, making it a safer option for imaging pregnant women, children, and individuals who require frequent imaging studies.
- Wide Range of Applications: Ultrasound has a diverse range of applications across various medical specialties, including obstetrics, gynecology, cardiology, radiology, gastroenterology, and more, making it a versatile tool for healthcare professionals.
- Real-Time Guidance: Ultrasound can be used in real-time to guide medical procedures, such as needle biopsies, drain placements, and catheter insertions, increasing accuracy and reducing the risk of complications.
- High Patient Tolerance: Patients generally find ultrasound examinations comfortable and painless, contributing to improved patient compliance and satisfaction.
- Safe for Repetitive Use: Ultrasound can be used repeatedly without any harm to the patient, making it suitable for monitoring and follow-up examinations.
- Accessibility: Ultrasound machines are widely available in medical facilities, from large hospitals to smaller clinics, allowing for prompt and convenient access to imaging services.
- Overall, the advantages of ultrasound make it an indispensable tool in modern medicine, facilitating early and accurate diagnoses, improving patient care, and contributing to better health outcomes.
Report Link: ( Ultrasound Market )
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