Ultrasound Device Market, Size, Share, Global Forecast 2024-2030, Industry Trends, Growth, Insight, Top Companies Analysis

Ultrasound Device Market, Size, Share, Global Forecast 2024-2030, Industry Trends, Growth, Insight, Top Companies Analysis

Global ultrasound device market is expected to reach around US$ 12.92 billion by 2030, with a CAGR of 5.61% between 2024 and 2030. According to Renub Research, the market was valued at US$ 8.82 billion in 2023.

Ultrasound devices are increasingly used worldwide due to the rising prevalence of chronic ailments like cancer and HIV. WHO statistics in 2022 revealed staggering figures of cancer cases, with breast, lung, colon, rectum, prostate, and stomach cancers being the most prevalent types. Globocan 2020 reported approximately 1.41 million new prostate cancer cases worldwide in 2020, with projections indicating an increase to 2.24 million by 2040.

The worldwide ultrasound device industry is rising because of technological advancements and the demand for minimally invasive procedures. Ultrasound is used in various medical fields, including cardiology, obstetrics/gynecology, vascular, orthopedic, and general imaging. Cardiovascular diseases and heart ailments are significant causes of global mortality, claiming around 17.9 million lives every year. This has led to a surge in cardiac disorders, contributing to the overall market expansion.

The World Health Organization has reported that around 17.5% of adults worldwide face infertility issues, increasing the need for accessible and high-quality fertility care. The American Society of Clinical Oncology has predicted that by 2023, there will be 66,200 cases of uterine and endometrial cancer diagnoses in the US. Ultrasound devices play a vital role in the Market's growth by assessing pelvic anatomy, including the uterus, uterine lining, and bilateral ovaries.

Recent Expansion and Acquisitions in the Ultrasound Devices Market

• In 2023, GE Healthcare confidently acquired Caption Health, an ultrasound AI vendor.

• In 2023, DiA Imaging Analysis, a top vendor of ultrasound technology powered by AI was acquired by Philips.

• In May 2023, National Ultrasound Inc. was acquired by Probo Medical, a top global provider of medical imaging equipment, parts, repair, and service.

• In December 2022, Siemens Healthineers opened its first European ultrasound manufacturing facility in Košice, Slovakia. The facility initially produces 120 systems per week and will expand manufacturing capabilities for the Acuson Sequoia and the Acuson Redwood ultrasound products, impacting patient care.

• In December 2021, GE Healthcare acquired BK Medical from Altaris Capital Partners for US$ 1.45 Billion. The deal was finalized.

United States Ultrasound Devices Market

The US is set to dominate the global ultrasound device market due to factors like rising chronic diseases, technological advancements, an aging population, and increased product launches. In 2023, The American Cancer Society Journals predicted that there would be approximately 1,958,310 new cases of cancer in the U.S., leading to an estimated 609,820 deaths. NCDs kill 41 million people every year, while new cancer cases will go up and reach by 24% in men and 21% in women by 2030. The rising adoption of ultrasound devices in the country will increase demand for diagnoses that use these devices, providing a conducive growth environment for the US ultrasound device market. Local product development activities are also expected to boost the market.

China Ultrasound Device Market

China's ultrasound device industry is anticipated to grow due to new government investment, diversifying clinical use, and a changing product mix. China's ultrasound device market is also expected to benefit from improving the quality of healthcare services in rural and metropolitan areas. The revenue growth of ultrasound in China is predicted to exceed that of other global territories. The country has a rising incidence of severe chronic diseases, rapid technological development, and an increasing geriatric population. Butterfly Network, Inc. and Ambra Health have partnered to improve the accessibility and sharing of ultrasound information across hospitals and health systems.

Ultrasound Device Market Company Analysis:

The companies leading in the global ultrasound device market are GE Healthcare, Siemens Healthcare, Philips, Canon INC., Fujifilm Holdings Corporation, Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.), and Hitachi Ltd.

Company News:

• Siemens Healthineers unveiled its latest ultrasound devices, the Acuson Sequoia Flagship series, at the European Congress of Radiology (ECR) 2023 in Vienna.

• Boston Imaging launched the Hera W10 Elite in Feb 2023, an exclusive model of the Hera platform for obstetrics and gynecology, providing powerful AI tools to enhance the diagnostic experience. They're the U.S. headquarters for Samsung digital radiography and ultrasound systems.

• In July 2023, Fujifilm launched the Sonosite ST system, a point-of-care ultrasound system designed to support procedural workflow. It features a 21-inch touchscreen interface, a 10"" by 7.5"" image area, automated setting optimization, and Auto Steep Needle Profiling. It shares the same family of transducers with Sonosite PX and Sonosite LX for compatibility.

• Siemens Healthineers launched the ACUSON Maple Ultrasound System in Nov. 2023. It supports 15 transducers and offers 25 advanced features, including AI-powered tools that optimize efficiency. It's configurable in all clinical settings and allows rapid diagnosis and assessment.

• Fujifilm Corporation's EG-740UT endoscopic ultrasound endoscope received regulatory approval in October 2022 and is now compatible with Fujifilm Healthcare's ARIETTA Ultrasound system.

Products – Global Ultrasound Device Market breakup in 2 viewpoints:

1. Diagnostic Ultrasound Systems
2. Therapeutic Ultrasound Systems

Portability – Global Ultrasound Device Market breakup in 2 viewpoints:

1. Trolley/Cart-based Ultrasound Devices
2. Compact/Handheld Ultrasound Devices

Application – Global Ultrasound Device Market breakup in 6 viewpoints:

1. Radiology/General Imaging
2. Cardiology
3. Gynecology
4. Vascular
5. Urology
6. Others

Display type – Global Ultrasound Device Market breakup in 2 viewpoints:

1. Color Ultrasound Devices
2. Black & White (B/W) Ultrasound Devices

End-Users – Global Ultrasound Device Market breakup in 6 viewpoints:

1. Hospitals
2. Surgical Centers
3. Diagnostic Centers
4. Maternity Centers
5. Ambulatory Care Centers
6. Academic Institutions

Country – Global Ultrasound Device Market breakup of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. GE Healthcare
2. Siemens Healthcare
3. Philips
4. Canon INC.
5. Fujifilm Holdings Corporation
6. Samsung Medison Co. Ltd. (Samsung Electronics Co. Ltd.)
7. Hitachi Ltd.