Ultrasound Market by Type of Product Offered (diagnostic ultrasound systems and therapeutic ultrasound systems), Device Portability (trolley / cart-based ultrasound devices and handheld / point-of-care ultrasound devices), Device Display (colored display,

ULTRASOUND MARKET

As per Roots Analysis, the global ultrasound market size is estimated to grow from USD 8.9 billion in the current year to USD 16.0 billion by 2035, at a CAGR of 5.4% during the forecast period, till 2035.

The opportunity for ultrasound market has been distributed across the following segments:

Type of Product Offered

Diagnostic Ultrasound Systems

Therapeutic Ultrasound Systems

Device Portability

Trolley / Cart-based Ultrasound Devices

Handheld / Point-of-Care Ultrasound Devices

Device Display

Colored Display

Black / White Display

Type of Technology

2D Technology

3D / 4D Technology

Doppler Imaging Technology

Contrast Enhanced Ultrasound Technology

High Intensity Focused Ultrasound Technology

Extracorporeal Shockwave Lithotripsy Technology

Application Area

Radiology / General Imaging

Cardiology

Obstetrics / Gynecology

Urology

Musculoskeletal Systems

Other Application Areas

End User

Hospitals

Diagnostic Centers

Ambulatory and Surgical Centers

Research and Academic Centers

Geographical Regions

North America

Europe

Asia-Pacific

Latin America

Middle East and North Africa

Leading Players

ULTRASOUND MARKET: GROWTH AND TRENDS

Ultrasound is a medical imaging technique, which transmits high frequency sound pulses (between 2 and 20 MHz) into the body’s internal tissues using a probe, for the purpose of non-invasive diagnosis. It is used by healthcare providers in the assessment of various body parts, such as vascular scanning, cancer screening, urologic scanning, and pulmonary scanning. Notably, ultrasound imaging is predominantly being used by obstetricians to monitor the growth and development of the fetus and detect certain pregnancy complications. Over the past decades, ultrasound, often regarded as the first line of medical evaluation technique, has evolved significantly and possesses the ability to treat / manage various conditions, including musculoskeletal pathologies, guided biopsies, tumor ablation and puncture.

Notably, the Medtech industry has been witnessing a significant shift towards the development of portable ultrasound systems, in response to the challenges associated with conventional ultrasound systems, including their high maintenance and operating costs, the difficulty of transporting patients to radiology departments, the high risk of hard drive failure and battery degradation, the requirement for highly skilled personnel, and their limited uptake in developing nations. On the other hand, portable ultrasound systems, further classified as trolley / cart-based ultrasound systems and handheld / point-of-care ultrasound systems, allow patients’ bedside assessment and image transmission to smartphones or tablets for visualization.

It is worth noting that, in recent years, the integration of artificial intelligence and machine learning with imaging technologies has accelerated the use of ultrasound systems for real-time accurate diagnosis, driving innovation and positioning the market for substantial growth in the forthcoming years. Further, driven by the growing research and development initiatives and the rising demand for precise imaging-based clinical diagnosis, the ultrasound market is anticipated to grow steadily in the foreseen future.

ULTRASOUND MARKET: KEY INSIGHTS

The report delves into the current state of the ultrasound market and identifies potential growth opportunities within the industry. Some key findings from the report include:

Several companies claim to have the required expertise and capabilities to develop various diagnostic and therapeutic ultrasound devices in order to cater to the evolving needs of different end users.

Both cart-based and point-of-care ultrasound devices utilize various types of technologies to enhance the medical imaging and / or automate the diagnosis process.

More than 490 scientific articles have been published recently, signifying the efforts being led by researchers to identify and develop ultrasound devices.

The growing demand for point-of-care ultrasound devices and advancements in imaging technology have emerged as key driving factors supporting the rapid evolution of the ultrasound market.

With the rising preference for advanced imaging solutions for medical imaging, the market opportunity associated with ultrasound devices is anticipated to witness an annualized growth of 5.4% over the next decade.

ULTRASOUND MARKET: KEY SEGMENTS

Diagnostic Ultrasound Systems are Likely to Hold the Largest Share of the Ultrasound Market During the Forecast Period

Based on the type of product offered, the global market is segmented into diagnostic ultrasound systems and therapeutic ultrasound systems. Currently, diagnostic ultrasound systems are likely to dominate and drive the overall market growth. This can be attributed to the ability of this system to generate real-time diagnostic imaging of body parts at a rapid rate.

Handheld Ultrasound Market Segment is the Fastest Growing Segment of the Ultrasound Market

Based on the type of portability, the global ultrasound market is distributed into trolley / cart-based ultrasound devices and handheld / point-of-care ultrasound devices. Whilst the trolley / cart-based segment holds the majority of the market share, it is worth noting that the handheld segment is likely to grow at a relatively higher CAGR during the forecast period. This is due to the fact that handled ultrasound systems offer an easy user interface and improved image processing capabilities.

By Device Display, Colored Display Segment is Likely to Dominate the Market During the Forecast Period

Based on the device display, the global ultrasound market is segmented into colored, and black / white display. Notably, owing to the capability of providing improved visualization of blood flow and tissue perfusion compared to black and white displays, it is likely to dominate the ultrasound market during the forecast period.

Ultrasound Market for 3D / 4D Technology is Likely to Grow at a Higher CAGR During the Forecast Period

Based on the type of technology, the global market is segmented across 2D technology, 3D / 4D technology, doppler imaging technology, contrast enhanced ultrasound technology, high intensity focused ultrasound technology and extracorporeal shockwave lithotripsy technology. Currently, 2D technology holds a larger share of the overall market. However, this trend is likely to change during the forecast period, owing to the capability of 3D / 4D imaging to provide a comprehensive view of anatomy, allowing for better identification of abnormalities and improved diagnostic accuracy.

By Application Area, Ultrasound Systems for Radiology / General Imaging are Likely to Dominate the Market During the Forecast Period

Based on the application area, the global market for ultrasound is distributed across different application areas, such as radiology / general imaging, cardiology, obstetrics / gynecology, urology, musculoskeletal systems and other application areas. It is worth highlighting that the radiology / general imaging segment holds the maximum share, and this trend is likely to remain unchanged in the future. This can be attributed to the fact that the combination of wide applicability, safety, affordability, and real-time imaging capabilities makes ultrasound systems a preferred choice for radiology and general imaging.

Currently, Hospitals Hold the Largest Share of the Ultrasound Market

Based on the end users, the global ultrasound market is segmented into hospitals, diagnostic centers, ambulatory and surgical centers, and research and academic centers. Currently, hospitals hold the largest market share. This can be attributed to the fact that ultrasound plays a critical role in facilitating quick decision-making in emergency rooms and intensive care units, thereby increasing its demand within these settings. Further, the high market share for ultrasound technology in hospitals is driven by their high patients’ count across multiple specialties.

North America Accounts for the Largest Share of the Market

Based on geographical regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America. In the current scenario, North America is likely to capture the largest market share, and this trend is likely to remain unchanged in the future. The vast adoption of ultrasound systems in North America can be attributed to the rising prevalence of chronic diseases, advanced healthcare infrastructure, along with high healthcare spending in this region.

Example Players in the Ultrasound Market

CHISON Medical Technologies

Clarius

Dawei Medical

Draminski

Edan Instruments

Esaote

FUJIFILM

GE HealthCare

Hologic

Konica Minolta Healthcare Americas

Lepu Medical

MedGyn

MEDITECH

Narang Medical

Philips

Promed Technology

Samsung Healthcare

Shenzhen Mindray Bio-Medical Electronics

Siemens Healthineers

SIUI

SonoScape

ULTRASOUND MARKET: RESEARCH COVERAGE

The report on Ultrasound Market features insights on various sections, including:

Market Sizing and Opportunity Analysis: An in-depth analysis of the ultrasound market, focusing on key market segments, including [A] type of product offered, [B] device portability, [C] device display, [D] type of technology, [E] application area, [F] end user, [G] geographical regions and [H] leading players.

Market Impact Analysis: A thorough analysis of various factors, such as drivers, restraints, opportunities, and existing challenges that are likely to impact market growth.

Ultrasound Market Landscape: The report features a list of ultrasound providers, along with analyses, based on several relevant parameters, such as [A] type of product offered, [B] device portability, [C] device display, [D] type of technology, [E] application area, [F] end user, [G] year of establishment, [H] company size, and [I] location of headquarters.

Competitiveness Analysis: A detailed competitive analysis of the leading players engaged in the ultrasound market based on [A] company strength, [B] portfolio strength. The section also features a relative benchmarking of the leading players, focusing on [A] company strength, [B] device portability, [C] type of technology, [D] application areas, and [E] end users.

Company Profiles: In-depth profiles of key industry players offering ultrasound devices across various geographies, focusing on [A] company overviews, [B] financial information (if available), [C] ultrasound portfolio, [D] recent developments and [E] an informed future outlook.

New Product Launches: A general overview of the recent launches of ultrasound devices by various industry stakeholders, with a focus on their key features.

Publication Analysis: A detailed analysis of peer-reviewed, scientific articles related to the ultrasound domain, based on a number of relevant parameters, such as [A] year of publication, [B] type of publication, [C] key copyright holders, [D] most active publishers, and [E] key journals.

Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the ultrasound market, including threats of new entrants, bargaining power of buyers, bargaining power of ultrasound providers, threats of substitute products and rivalry among existing competitors.

Value Chain Analysis: An in-depth analysis of various steps of developing ultrasound systems, highlighting the opportunities to improve efficiency / gain a competitive edge over competitors.

KEY QUESTIONS ANSWERED IN THIS REPORT

How many companies are currently engaged in this market?

Which are the leading companies in this market?

What factors are likely to influence the evolution of this market?

What is the current and future market size?

What is the CAGR of this market?

How is the current and future market opportunity likely to be distributed across key market segments?

REASONS TO BUY THIS REPORT

The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.

Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.

The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.