Ultrasound Market Overview:
Ultrasound Market size is estimated to reach US$10.4 billion
by 2030, growing at a CAGR of 4.0% during the forecast period 2023-2030. Growing
adoption of portable ultrasound machines and the surging
adoption of point-of-care ultrasound (POCUS) is driving the demand for ultrasound
from the end users. This trend is expected to boost the growth of the Ultrasound
Market during the forecast period.
Additionally, the rising incidence of diseases are making
ultrasound a common diagnostic approach to identify and determine the extent of
the disease. These factors positively influence the ultrasound industry outlook
during the forecast period.
Market Snapshot:
Ultrasound Market - Report Coverage:
The “Ultrasound
Market Report - Forecast (2023-2030)” by
IndustryARC, covers an in-depth analysis of the following segments in the Ultrasound
Market.
Attribute |
Segment |
By Display Type |
●
Color Ultrasound Devices ●
Black and White Ultrasound Devices |
By Technology |
●
Diagnostic Ultrasound ●
Therapeutic Ultrasound |
By Components |
●
Probes ●
Workstations ●
Others |
By Application |
●
Anesthesiology ●
Cardiology ●
Gynecology ●
Musculoskeletal ●
Radiology ●
Critical Care ●
Others |
By End Use Industry |
●
Hospitals ●
Maternity Centers ●
Research Laboratories ●
Others |
By Geography |
● North America (U.S., Canada and Mexico) ●Europe (Germany, France, UK, Italy, Spain, Russia, Benelux and
Rest of Europe), ● Asia-Pacific (China, Japan, South Korea, India, ASEAN, Oceania
and Rest of Asia-Pacific), ●South America (Brazil, Argentina, Chile, Colombia and Rest of
South America) ● Rest of the World (Middle East and Africa). |
COVID-19 / Ukraine Crisis - Impact Analysis:
● The
conflict between Russia and Ukraine will lead to long-term supply chain
disruptions that could affect the ultrasound market, either through delays of
shipments from closed airspace and expensive fuel or cyberattacks on healthcare
systems. In times of war, countries usually prioritize defense spending over
healthcare spending which might also affect the market.
Key Takeaways:
● Fastest Growth of Asia-Pacific Region
Geographically,
in the ultrasound market share, Asia-Pacific is analyzed to grow with the
highest CAGR of 5.18% during the forecast period 2023-2030. The rise in chronic
health conditions drives the demand for advanced medical technologies like
ultrasound for accurate diagnosis, monitoring, and treatment. As the region's
elderly population grows, so does the need for improved healthcare solutions. Asian
countries are witnessing improvements in their
healthcare services, driven by advancements in medical technology, increased
healthcare spending, and the adoption of best practices. This improvement
in healthcare infrastructure and services creates a favorable environment for
the adoption of advanced medical imaging solutions.
● Diagnostic Ultrasound Segment to Register the
Fastest Growth
In the Ultrasound
Market analysis, the diagnostic ultrasound segment is estimated to grow the fastest
during the forecast period. According to the WHO, noncommunicable
diseases kill 41 million people each year, equivalent to 74% of all deaths
globally. The rapid expansion of the
diagnostic ultrasound segment is a response to the increasing burden of chronic
diseases and the demand for advanced imaging techniques, driven by the need for
accurate and timely diagnoses and better disease monitoring. Additionally, increasing demand for 3D and 4D ultrasound
imaging and the commercialization of indigenous doppler ultrasound technology
also boosts the diagnostic ultrasound market.
● Maternity Centers are the Fastest Growing Segment
in the Market
According
to the Ultrasound Market forecast, the maternity centers segment is estimated
to register the fastest growth during the forecast period. Growing prevalence
of miscarriages, increased number of pregnant women, high mortality rates
during child birth and so on are some of the prime factors driving the need for
ultrasound imaging in maternity centers.
The use of
ultrasound in pregnancy has become the standard of care during pregnancy.
According to data from the CDC, the total fertility rate was 1,663.5 births per
1,000 women in the U.S, in 2021, up 1% from 2020. In 2021, the total fertility
rate in the EU was 1.53 births per woman (compared with 1.50 in 2020). Thus,
the increasing fertility rate is also driving the market. The rise in the
popularity of 3D and 4D ultrasound is also contributing to the growth of the
market in maternity centers. These technologies allow for the visualization of
the fetus in real time, which can provide valuable information about the health
of their baby.
● Growing Adoption of Portable Ultrasound Devices
Portable
ultrasound machines have proved indispensable in emergency medicine, empowering
swift decision-making, thus minimizing patient wait times and associated
expenses. The utilization of handheld ultrasound facilitates accurate
diagnoses, sparing healthcare professionals from unnecessary investigations and
streamlining patient triage processes. Portable ultrasound machines provide
superior imaging quality and allow for real-time image guidance. These machines
are perfect for primary care settings. Thus, the growing adoption of portable ultrasound
devices acts as a driver for the growth of the Ultrasound Market during the
forecast period.
● Demand for Three-dimensional (3D) and
Four-dimensional (4D) Real-time Imaging Ultrasound Technology
The use of
3D and 4D real-time imaging ultrasound technology is being driven by the demand
for more accurate diagnostic images. This advanced imaging capability offers a
clearer picture of internal organs, making it valuable in detecting
abnormalities, including tumors, with enhanced precision. Consequently,
popularity of this technology is on the rise due to its ability to provide a
more comprehensive view of the body's internal structures. This also aids in
cancer detection. For example, the new ATUSA System by iSono Health, a portable
whole breast ultrasound device, delivers rapid 3D imaging within two minutes. The
continuous advancement and integration of these cutting-edge imaging techniques
are poised to revolutionize the ultrasound market and further drive the market
during the forecast period.
● Lack of Skilled Professionals to Impede to Market
growth
Ultrasound, being a complex
imaging technique, demands specialized training and expertise for effective
performance. Skilled professionals, including sonographers and radiologists,
play a pivotal role in conducting ultrasound examinations and interpreting the
resulting images. Skilled operators possess
in-depth knowledge of ultrasound techniques and anatomy, enabling them to
capture high-quality images with optimal settings and positioning. In the
absence of such expertise, less-experienced operators may face challenges in
obtaining clear and accurate images. Consequently, this can result in
suboptimal imaging outcomes with reduced diagnostic value, impeding the ability
to detect abnormalities and provide correct diagnosis. Inaccurate
interpretations may result in overlooked health issues, leading to delayed
treatment or management decisions. As of 2023, the NHS, Canada and New Zealand
Ministry of Health announced a shortage of ultrasound workforce. Such
challenges can hinder the ultrasound market growth in the future.
Key Market Players:
Product/Service launches, approvals, patents and events,
acquisitions, partnerships and collaborations are key strategies adopted by
players in the Ultrasound Market. The top 10 companies in this industry are
listed below:
- GE Healthcare
- Koninklijke
Philips N.V
- Canon Medical
Systems Corporation
- Siemens
- Samsung
- Fujifilm
Holdings Corporation
- Analogic
Corporation
- Konica Minolta
Inc.
- Shimadzu Corporation
- Hologic Inc.
Ultrasound Market Share (%) By Region, 2022
Scope of Report:
Report Metric
|
Details |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
CAGR |
4.0% |
Market Size in 2030 |
$10.4 billion |
Segments Covered |
Display Type, Technology,
Components, Application, End User Industry and Region |
Geographies Covered |
North
America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain,
Russia, Benelux and Rest of Europe), Asia-Pacific (China, Japan, South Korea,
India, ASEAN, Oceania and Rest of Asia-Pacific), South America (Brazil,
Argentina, Chile, Colombia and Rest of South America), Rest of the World
(Middle East and Africa). |
Key Market Players |
|
The Ultrasound Market is projected to grow at a CAGR of 4.0% during the forecast period 2023-2030.
Global Ultrasound Market size is estimated to be $7.5 billion in 2023 and is projected to reach $10.4 billion by 2030.
The leading players in the Ultrasound Market are GE Healthcare, Koninklijke Philips N.V , Canon Medical Systems Corporation, Siemens, Samsung and others.
Integration of Artificial Intelligence (AI) in ultrasound imaging and use of low-intensity focused ultrasound in liquid biopsy are some of the major ultrasound trends in the industry which will create growth opportunities for the market during the forecast period.
Growing adoption of portable ultrasound machines, demand for three-dimensional (3D) and four-dimensional (4D) real-time imaging ultrasound technology and surging adoption of Point-of-care Ultrasound (POCUS) are the driving factors of the market.