Ultrasound Device Market Size, Share & Trends Analysis Report Analysis By Product (Diagnostic, Therapeutic), By Portability (Handheld, Cart/Trolley), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028

Ultrasound Device Market Growth & Trends

The global ultrasound device market size is expected to reach USD 13.56 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Ultrasound is a very efficient technology that aids in the diagnosis of various disorders such as tumors as well as the detection of changes in the appearance of organs, tissues, and arteries. It also has a range of therapeutic applications. An increase in the adoption of ultrasound devices for diagnosis and treatment is driving the market. In addition, a rise in the adoption of minimally invasive surgeries, coupled with technological advancements, is expected to boost market growth.

Emerging innovations in ultrasound technology are expanding the market size. Hand-held ultrasound devices have made the technology more accessible for use in limited-resource communities around the world. Furthermore, the introduction of 3D/4D ultrasound and the integration of artificial intelligence (Al) to automate time-consuming processes are expected to propel market growth during the forecast period. For instance, in September 2020, GE Healthcare launched Voluson SWIFT, a new ultrasound technology, which is designed to help women’s health by allowing clinicians to enhance patient outcomes by expanding diagnostic capabilities. The system includes industry-first AI algorithms for auto-recognition and has excellent image quality.

The rising prevalence of chronic diseases like cancer, neurological conditions, orthopedic conditions, and cardiovascular diseases, which demand the adoption of ultrasound devices for diagnosis, is expected to expand the market during the forecast period. In addition, the market for therapeutic ultrasound equipment is predicted to grow due to the rising use of ultrasound techniques for various therapeutic procedures using High-Intensity Focused Ultrasound (HIFU) technology and Extracorporeal Shockwave Lithotripsy (ESWL).

The market's prominent competitors are taking different initiatives such as acquisitions and funding of medium and small-sized businesses in order to expand their product portfolio and enhance their manufacturing capacity. For instance, in September 2021, GE Healthcare acquired BK Medical, a leader in advanced surgical visualization.

Ultrasound Device Market Report Highlights

• By product, the diagnostic ultrasound devices segment accounted for the largest revenue share in 2020 owing to the rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
• The therapeutic ultrasound devices product segment is expected to grow at a significant rate during the forecast period
• Based on portability, the cart/trolley based devices segment accounted for the largest revenue share in 2020
• In terms of application, the general imaging segment held the largest revenue share in 2020
• The hospitals end-use segment held the largest revenue share in 2020 and is further expected to maintain its lead over the forecast period owing to the extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders
• North America accounted for the largest revenue share in 2020. Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period owing to the increased demand for better imaging devices

Profiled Companies

Koninklijke Philips N.V.
GE Healthcare
Siemens Healthineers AG
Canon Medical Systems
Mindray Medical International Limited
Samsung Medison Co., Ltd.
FUJIFILM SonoSite, Inc.
Konica Minolta Inc.
Esaote

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