Ultrasound Market Analysis and Forecast till 2031: By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound}, Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU), Extracorporeal Shockwave Lithotripsy (ESWL)}

Ultrasound Market Analysis and Forecast till 2031: By Technology (Diagnostic Ultrasound {2D Ultrasound, 3D & 4D Ultrasound, Doppler Ultrasound}, Therapeutic Ultrasound {High-Intensity Focused Ultrasound (HIFU), Extracorporeal Shockwave Lithotripsy (ESWL)}), By Portability (Trolley/Cart-based Ultrasound Systems, Compact/Handheld Ultrasound Systems, Point-of-care (PoC) Ultrasound Systems), By Application (Radiology/General Imaging, Cardiology, Urology, Orthopedic and Musculoskeletal, Pain Management), By End-use (Hospitals, Diagnostic Imaging Centers, Ambulatory Care Centers, Research and Academia), and Region

The global ultrasound market was valued at USD 6.5 Billion in 2021 and it is anticipated to grow up to USD 12.2 Billion by 2031, at a CAGR of 6.5% during the forecast period.

Ultrasound is one of the various medical imaging modalities present in the market. An ultrasound system uses high frequency sound waves to visualize the internal organs of the body. It can be described as the device that captures the internal organ images using high frequency sound waves. Ultrasound system consists of a transducer and ultrasound detector, or probe. This diagnostic technique is minimally invasive and does not use the ionizing radiation to diagnose or treat the body ailments.

Market Trends and Drivers

The high and increasing incidence of target diseases and conditions will boost the adoption of effective diagnostic and therapeutic procedures. The burden of chronic and lifestyle diseases has increased in recent years. For instance, according to the GLOBOCAN, 2020 study, burden of cancer was expected to increase from 14.1 million new cases in 2012 to 19.3 million new cases in 2020. Similarly, according to the American Heart Association, by 2030, about 41.4% of US adults will have hypertension (an increase of 8.4% from 2012). As ultrasound technologies are cost-effective, safer, and offer earlier diagnosis treatment of target diseases, their demand in disease management is expected to increase during the forecast period.

Market Restraints and Challenges

Unfavorable healthcare reforms in the U.S. may hamper the market growth. In August 2012, the US government planned to reduce Medicare spending by USD 716 billion over the next ten years (until 2022). Many industry participants expect that this health reform will negatively affect the cash flow for medical device companies operating in the US (including those involved in the manufacturing and marketing of ultrasound systems). This may limit the adoption of such devices in the US, as a number of healthcare facilities depend on government funds for purchasing high-end, highly expensive instruments.

Global Ultrasound Market Segmental Overview

The report analyses the Global ultrasound market based on technology, portability, application, end-use, and region.

Global Ultrasound Market by Technology

Based on technology, it is segmented into diagnostic ultrasound and therapeutic ultrasound. Diagnostic ultrasound further sub-segmented into 2D, 3D 4D, and Doppler ultrasound. Therapeutic ultrasound further sub-segmented into focused ultrasound and shockwave lithotripsy. The diagnostic ultrasound segment is likely to account for the significant market share during the forecast period. The large share of this segment can be attributed to the significant usage of 2D ultrasound in women’s health, availability of medical reimbursements for diagnostic ultrasound procedures in mature markets, ongoing technological advancements in the field of diagnostic ultrasound imaging, and the growing applications of emerging ultrasound techniques.

Global Ultrasound Market by Portability

Based on portability, it is segmented into trolley/cart-based ultrasound systems, compact/handheld ultrasound systems, and point-of-care ultrasound systems. The trolley/cart-based ultrasound systems segment is expected to account for the largest share of the ultrasound market in 2021. The large share of this segment is attributed to the growing adoption of these systems across major markets due to their increased usage in acute care settings and emergency care in hospitals and healthcare institutions.

Global Ultrasound Market by Application

Based on application, it is segmented into radiology/general imaging, cardiologic applications, urological applications, orthopedic musculoskeletal, pain management, and other. The radiology/general imaging segment is expected to command the largest share of the ultrasound market in 2021. Factors such as the rising incidence of various cancers across major countries, technological advancements in the field of ultrasound-based diagnosis and treatment, growing market availability and physician preference for HIFU in cancer treatment, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and the rising adoption of focused ultrasound in disease therapies are driving the growth of the radiology/general imaging segment.

Global Ultrasound Market by End-use

Based on end-use, it is segmented into hospitals, diagnostic imaging centers, ambulatory care centers, research and academia and others. The hospital and clinics segment is likely to dominate the market during the forecast period. This growth is attributed to the rising number of diagnostic imaging and in-vitro fertilization procedures performed. Other factors such as a significant number of ultrasound-based medical procedures performed in hospitals, coupled with the growing number of hospitals across major markets, and rising adoption of minimally invasive diagnostic surgical procedures in these facilities.

Geographical Analysis of Global Ultrasound Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to garner the largest share of the ultrasound market in 2020. Factors such as a large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound and the early commercialization of these devices in the region, and the significant healthcare expenditure are driving the growth of the North America ultrasound market.

Major Players in the Global Ultrasound MarketCOVID-19 Impact

A worldwide emergency has been caused by the COVID-19 pandemic. The ultrasound market has been negatively impacted by the pandemic, and this trend is expected to continue till December 2021. Unfavorable changes in regulations and guidelines are hampering the growth of this market. The closing down of manufacturing facilities due to lockdowns, disruptions in supply chains, and recruitment challenges for clinical trials have further impacted the growth of the overall ultrasound market.

Recent Developments

• In July 2022, GE Healthcare launched its most advanced ultrasound yet, the next-generation Voluson Expert 22. This latest addition to GE Healthcare’s award-winning Women’s Health portfolio utilizes graphic-based beam former technology, which produces higher quality images and offers greater flexibility in imaging functions.
• In June 2022, Mindray launched its best-in-class Point of Care ultrasound system TEX20 Series at Euroanaesthesia 2022, reimagined the connected patient status assessment process in demanding situations requiring critical care and emergency medicine.
• In March 2021, Koninklijke Philips N.V. partnered with DiA Imaging Analysis Ltd.; Philips will utilize/integrate DiA’s automated solutions with ultrasound systems to deliver operational efficiency and access to care for POC customers in and out of hospitals.
• In Dec 2020, Koninklijke Philips N.V. partnered with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery applications.

Frequently Asked Questions

Q1. How big is the ultrasound probe disinfection market?Ans. The global ultrasound market size was USD 6.5 Billion in 2021 and is anticipated to reach USD 12.2 Billion in 2031, growing at a rate of 6.5% from 2022 to 2031.Q2. What is the ultrasound market growth rate?Ans. The growth rate of the ultrasound market is 6.5%.Q3. Which region holds a major market share for the ultrasound market?Ans. North America holds a major market share of the ultrasound market in 2021.Q4. Which segment accounted for the largest ultrasound market share?Ans. By end user, the hospitals segment accounted for the largest ultrasound market share.Q5. Who are the key players in the ultrasound probe disinfection market?Q6. What are the factors driving the ultrasound market growth?Ans. The major factors driving the growth of the market are the increasing demand ultrasound imaging procedure across the globe.Q7. What are the key growth strategies of ultrasound market players?Ans. The key growth strategies of ultrasound market players are product launch and product approval.Q8. Which region will provide more business opportunities for the ultrasound market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the ultrasound market during the forecast period.

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