Global Ultrasound Equipment Market Report and Forecast 2023-2031

Global Ultrasound Equipment Market Report and Forecast 2023-2031

Global Ultrasound Equipment Market Outlook:

The global ultrasound equipment market value was USD 8.3 billion in 2022, driven by the increasing improving access to medical services across the globe. The market size is anticipated to grow at a CAGR of 6.9% during the forecast period of 2023-2031 to achieve a value of USD 15 billion by 2031.

Ultrasound Equipment: Introduction

Ultrasound equipment plays a vital role in medical diagnostics by utilizing high-frequency sound waves to create images of internal body structures. It is a non-invasive and widely used imaging modality that provides real-time visualization of organs, tissues, and blood flow. Ultrasound equipment is commonly used across various medical specialties, including obstetrics and gynecology, cardiology, radiology, and emergency medicine.

Ultrasound technology offers several advantages, such as its portability, cost-effectiveness, and ability to produce images in real-time. It is commonly used for diagnostic purposes, guiding medical procedures, and monitoring treatment progress. The market for ultrasound equipment has been growing steadily, driven by factors such as the rising prevalence of chronic diseases, technological advancements, increasing healthcare expenditure, and the growing demand for point-of-care diagnostics.

Key Trends in the Ultrasound Equipment Market

Some of the key trends in the ultrasound equipment market are:

Advancements in Technology: The ultrasound equipment market is witnessing significant technological advancements, leading to improved image quality, enhanced diagnostic capabilities, and increased efficiency. Innovations such as 3D and 4D imaging, portable and handheld ultrasound devices, and advanced software algorithms are revolutionizing the field and expanding its applications.
Point-of-Care Ultrasound: Point-of-care ultrasound (POCUS) has emerged as a key trend in recent years. POCUS refers to the use of ultrasound at the bedside by healthcare providers for rapid diagnosis, treatment guidance, and monitoring of patients. The portability and ease of use of modern ultrasound equipment make it an invaluable tool for point-of-care applications, especially in emergency and critical care settings.
Growing Application in Emerging Markets: The demand for ultrasound equipment is rising in emerging markets due to increasing healthcare infrastructure, improving access to medical services, and the need for affordable diagnostic solutions. As healthcare systems in these regions expand, there is a growing focus on investing in ultrasound technology to enhance healthcare delivery and improve patient outcomes.
Artificial Intelligence (AI) Integration: AI and machine learning are being integrated into ultrasound systems to automate and streamline image analysis, improve image interpretation, and assist in diagnosis. AI algorithms can aid in detecting abnormalities, enhancing image quality, and providing decision support to healthcare professionals.

Ultrasound Equipment Market Segmentations

Market Breakup by Technology

Diagnostic Ultrasound
2D Ultrasound
3D and 4D Ultrasound
Doppler Ultrasound
Therapeutic Ultrasound
High-Intensity Focused Ultrasound (HIFU)
Extracorporeal Shockwave Lithotripsy (ESWL)
Market Breakup by Device Display

Colour Ultrasound
B/W Ultrasound
Market Breakup by Portability

Trolley/Cart-based Ultrasound Systems
Compact/Handheld Ultrasound Systems
Point-of-care (PoC) Ultrasound Systems
Market Breakup by Application

Radiology/General Imaging
Obstetrics/Gynecology
Cardiology
Urology
Vascular
Orthopedic and Musculoskeletal
Pain Management
Others
Market Breakup by End User

Hospitals, Surgical Centers, and Diagnostic Centers
Maternity Centers
Ambulatory Care Centers
Research and Academics
Others
Market Breakup by Region

North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Italy
Others
Asia Pacific
China
Japan
India
ASEAN
Australia
Others
Latin America
Brazil
Argentina
Mexico
Others
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
South Africa
Others

Ultrasound Equipment Market Scenario

The market is driven by factors such as the rising prevalence of chronic diseases, increasing healthcare expenditure, and advancements in ultrasound technology. The availability of advanced ultrasound systems with improved image quality, enhanced features, and portability has further fuelled market growth. These advancements enable healthcare professionals to obtain high-resolution images, perform detailed examinations, and provide accurate diagnoses.

The expanding applications of ultrasound equipment have also contributed to market growth. Besides traditional imaging applications, ultrasound is now being used in emerging areas such as musculoskeletal imaging, vascular imaging, and elastography. Additionally, the integration of artificial intelligence (AI) and machine learning technologies in ultrasound systems has paved the way for automated image analysis, improved diagnostic accuracy, and enhanced workflow efficiency.

Another key trend in the market is the growing adoption of point-of-care ultrasound (POCUS). POCUS enables healthcare providers to perform ultrasound examinations at the patient's bedside, allowing for immediate diagnosis, treatment guidance, and monitoring. The portable and handheld ultrasound devices have gained popularity due to their ease of use, mobility, and ability to deliver real-time results, making them particularly valuable in emergency and critical care settings.

The market for ultrasound equipment is also expanding in emerging markets, driven by the increasing healthcare infrastructure, improving access to medical services, and the need for cost-effective diagnostic solutions. Governments and healthcare organizations in these regions are investing in ultrasound technology to enhance healthcare delivery, particularly in remote and underserved areas.

Ultrasound Equipment Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

Koninklijke Philips N.V.
GE Healthcare
Hitachi, Ltd.
Siemens Healthineers AG
FUJIFILM Holdings Corporation
Hologic, Inc.
Canon Medgyn Products, Inc.
Samsung Medison Co., Ltd.
Mindray Medical International Ltd.