Ultrasound Market Size to Attain USD 18.98 Billion by 2033

Prathamesh

10 months ago

The global ultrasound market size is expected to increase USD 18.98 billion by 2033 from USD 9.38 billion in 2023 with a CAGR of 7.30% between 2024 and 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.

The ultrasound market encompasses the production, distribution, and utilization of ultrasound imaging technologies across various sectors, including healthcare, industrial, and research applications. Ultrasound, also known as sonography, utilizes high-frequency sound waves to generate real-time images of internal body structures, aiding in diagnostics, monitoring, and therapeutic procedures. With advancements in technology, ultrasound has evolved into a versatile imaging modality, offering non-invasive, cost-effective, and portable solutions for medical professionals and other industries.

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Growth Factors

Several factors contribute to the growth of the ultrasound market. Technological advancements, such as the development of portable and handheld ultrasound devices, have expanded access to imaging services in remote or resource-limited areas. Additionally, increasing healthcare expenditure, growing prevalence of chronic diseases necessitating diagnostic imaging, and rising awareness about the benefits of early disease detection drive market growth. Moreover, the expanding applications of ultrasound beyond traditional diagnostics, including therapeutic interventions and point-of-care testing, further propel market expansion.

Region Insights

The ultrasound market exhibits regional variations influenced by factors such as healthcare infrastructure, regulatory frameworks, economic conditions, and technological adoption rates. Developed regions like North America and Europe lead in terms of market share, driven by well-established healthcare systems, high per capita healthcare expenditure, and early adoption of advanced ultrasound technologies. In contrast, emerging economies in Asia-Pacific and Latin America are witnessing rapid market growth due to increasing healthcare investments, rising disposable incomes, and improving access to healthcare services.

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 fuel the growth of the ultrasound market. The increasing prevalence of chronic diseases, such as cardiovascular disorders, cancer, and musculoskeletal conditions, boosts the demand for diagnostic imaging modalities like ultrasound. Moreover, the shift towards minimally invasive procedures, coupled with the advantages of ultrasound in guiding interventions and reducing healthcare costs, drives its adoption across various medical specialties. Furthermore, advancements in ultrasound technology, such as 3D/4D imaging, contrast-enhanced ultrasound, and elastography, enhance diagnostic accuracy and broaden its clinical applications, driving market growth.

Opportunities:

The ultrasound market presents numerous opportunities for innovation and expansion. The integration of artificial intelligence (AI) and machine learning algorithms into ultrasound systems enables automation, real-time image analysis, and decision support, enhancing diagnostic accuracy and efficiency. Additionally, the expansion of ultrasound into emerging applications such as veterinary medicine, sports medicine, and telemedicine creates new growth avenues. Moreover, the increasing adoption of portable and handheld ultrasound devices facilitates point-of-care imaging in various clinical settings, driving market penetration and accessibility.

Challenges:

Despite its widespread adoption, the ultrasound market faces challenges related to technology limitations, reimbursement issues, and regulatory constraints. Technological barriers, such as limited penetration depth, image artifacts, and operator dependence, hinder the performance of ultrasound systems in certain clinical scenarios. Moreover, reimbursement policies and healthcare reimbursement cuts in some regions may impact the affordability and utilization of ultrasound services, particularly in resource-constrained settings. Additionally, regulatory requirements for product approval and safety compliance pose challenges for market players, necessitating substantial investments in research and development.

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