Ultrasound Devices Market Forecasts to 2030 – Global Analysis By Product (Therapeutic Ultrasound, Diagnostic Ultrasound and Other Products), Display Type, Portability, Connectivity, Application, End User and By Geography

Ultrasound Devices Market Forecasts to 2030 – Global Analysis By Product (Therapeutic Ultrasound, Diagnostic Ultrasound and Other Products), Display Type, Portability, Connectivity, Application, End User and By Geography


According to Stratistics MRC, the Global Ultrasound Devices Market is accounted for $8.5 billion in 2023 and is expected to reach $14.8 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Ultrasound devices are medical tools that utilize high-frequency sound waves to produce real-time images of internal structures within the body. These non-invasive devices are commonly employed for diagnostic purposes, enabling visualization of organs, tissues, and blood flow. By emitting sound waves and capturing their reflections, ultrasound technology facilitates the examination of various medical conditions, aiding healthcare professionals in accurate diagnoses and treatment planning. Ultrasound devices are widely used in obstetrics, cardiology, and other medical specialties due to their safety, versatility, and effectiveness in imaging soft tissues.

According to the American Heart Association (AHA), in the US alone, more than 102.7 million adults had at least one cardiovascular condition as of 2020. This number is projected to rise to 131.2 million by 2035. Heart disease costs the US government about USD 219 billion each year.

Market Dynamics:

Driver:

Rising prevalence of chronic diseases

The increasing incidence of conditions such as cardiovascular diseases, cancer, and musculoskeletal disorders has led to a growing need for advanced diagnostic tools like ultrasound devices. These devices play a crucial role in early detection, monitoring, and treatment planning for chronic illnesses, thereby driving market growth. The continuous technological advancements in ultrasound technology further contribute to the market's expansion, providing more accurate and efficient diagnostic capabilities for healthcare professionals.

Restraint:

Challenges in image quality and interpretation


Operator skill variations can impact the consistency of image acquisition, leading to diagnostic discrepancies. Tissue interfaces and body habitus can generate artifacts, hindering accurate interpretation. Additionally, technological limitations may hinder the resolution needed for precise diagnostics. The market faces challenges in image quality and interpretation, stemming from factors such as operator dependence, tissue artifacts, and limited penetration in obese patients.

Opportunity:

Rising healthcare expenditure

The rising prevalence of chronic diseases, coupled with a growing aging population, is amplifying the need for ultrasound devices. These devices offer non-invasive and cost-effective diagnostic solutions, fueling their adoption globally. Additionally, expanding applications in obstetrics, cardiology, and musculoskeletal imaging contribute to market growth. However, the escalating costs associated with research, development, and manufacturing of advanced ultrasound technologies contribute to the overall increase in healthcare expenditure within the market.

Threat:

High cost of equipment

The high cost of equipment remains a significant challenge in the market. The advanced technology, intricate manufacturing processes, and constant innovation contribute to elevated production expenses. Stringent regulatory requirements and quality standards further increase manufacturing costs. The high cost poses a barrier to widespread adoption, particularly in resource-constrained settings, limiting accessibility to this critical diagnostic tool.

Covid-19 Impact:

The COVID-19 pandemic has significantly impacted the market. While the demand for ultrasound devices increased due to their crucial role in diagnosing respiratory complications associated with the virus, the market faced challenges such as disrupted supply chains and delayed elective procedures. The pandemic accelerated the adoption of portable and point-of-care ultrasound devices for quick and efficient diagnostics. Despite initial setbacks, the ultrasound devices market is adapting to the evolving healthcare landscape, with innovations and technological advancements shaping its recovery and future growth.

The diagnostic ultrasound segment is expected to be the largest during the forecast period

The diagnostic ultrasound segment is expected to be the largest during the forecast period. This non-invasive imaging technology utilizes high-frequency sound waves to create real-time images of internal body structures. The market's growth is propelled by technological advancements, increasing prevalence of chronic diseases, and the rising demand for point-of-care diagnostics. With continuous innovation, ultrasound devices are becoming more portable, user-friendly, and versatile, driving their widespread adoption across diverse medical specialties.

The bluetooth segment is expected to have the highest CAGR during the forecast period

The bluetooth segment is expected to have the highest CAGR during the forecast period. This innovation enables seamless connectivity, facilitating efficient data transfer between ultrasound machines and other devices. This development not only improves the overall user experience but also contributes to the advancement of point-of-care diagnostics. The Bluetooth in ultrasound devices market continues to expand, driven by the growing demand for streamlined and interconnected healthcare solutions.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. The demand for portable and compact ultrasound devices is rising, facilitating point-of-care diagnostics. Additionally, a growing aging population contributes to the market expansion, as ultrasound is widely used in various medical applications. Key players in the region are focusing on product innovation and strategic collaborations, further fueling market development in the ultrasound devices sector.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to increased healthcare infrastructure development and rising demand for diagnostic imaging services. Advancements in technology, coupled with a growing aging population, contribute to the expanding market. The market's trajectory is expected to remain upward, propelled by ongoing healthcare modernization efforts and the prevalence of chronic diseases.

Key players in the market

Some of the key players in Ultrasound Devices market include GE HealthCare, Canon Inc., Analogic Corporation, Fujifilm Holdings Corporation , Samsung Medison Co., Ltd., Toshiba Medical Systems Corporation, Siemens Healthineers AG, Philips Healthcare, Hitachi, Ltd., Mindray Bio-Medical Electronics Co., Ltd., Alpinion Medical Systems Co., Ltd., Supersonic Imagine, Trivitron Healthcare,, Terason Corporation, Exact Imaging Inc. and Medical Technologies Co.

Key Developments:

In February 2023, GE HealthCare has acquired Caption Health, thereby expanding the capabilities of ultrasound technology to assist new users through FDA-cleared, AI-powered image guidance. By leveraging Caption AI applications, ultrasound examinations can be streamlined, accelerating the process and empowering a wider range of healthcare professionals to perform fundamental echocardiogram exams.

In November 2022, Canon Inc. revealed its plans to form a new subsidiary called Canon Healthcare USA, Inc. With this strategic move, Canon intends to enhance its position within the influential American medical market and expedite the expansion of its medical business.

In October 2022, Fujifilm corporation, received regulatory approval for its latest generation endoscopic ultrasound endoscope (EG-740UT) and achieves compatibility of its ultrasound endoscope line-up with the flagship ARIETTA Ultrasound system of Fujifilm Healthcare.

Products Covered:
• Therapeutic Ultrasound
• Diagnostic Ultrasound
• Other Products

Display Types Covered:
• Color
• Black and White (B/W)

Portability Covered:
• Compact
• Handheld
• Cart/Trolley

Connectivities Covered:
• Dual-Band WiFi
• Bluetooth
• Ethernet
• Other Connectivities

Applications Covered:
• Radiology
• Urology
• Cardiology
• Gynaecology
• Orthopaedic
• Other Applications

End Users Covered:
• Imaging Centres
• Research Centres
• Hospitals
• Ambulatory Centers
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Ultrasound Devices Market, By Product
5.1 Introduction
5.2 Therapeutic Ultrasound
5.2.1 Extracorporeal Shockwave Lithotripsy
5.2.2 High-intensity Focused Ultrasound
5.3 Diagnostic Ultrasound
5.3.1 Doppler Ultrasound
5.3.2 2D Ultrasound
5.3.3 3D & 4D Ultrasound
5.3.4 Contrast-Enhanced Ultrasound
5.4 Other Products
6 Global Ultrasound Devices Market, By Display Type
6.1 Introduction
6.2 Color
6.3 Black and White (B/W)
7 Global Ultrasound Devices Market, By Portability
7.1 Introduction
7.2 Compact
7.3 Handheld
7.4 Cart/Trolley
8 Global Ultrasound Devices Market, By Connectivity
8.1 Introduction
8.2 Dual-Band WiFi
8.3 Bluetooth
8.4 Ethernet
8.5 Other Connectivities
9 Global Ultrasound Devices Market, By Application
9.1 Introduction
9.2 Radiology
9.3 Urology
9.4 Cardiology
9.5 Gynaecology
9.6 Orthopaedic
9.7 Other Applications
10 Global Ultrasound Devices Market, By End User
10.1 Introduction
10.2 Imaging Centres
10.3 Research Centres
10.4 Hospitals
10.5 Ambulatory Centers
10.6 Other End Users
11 Global Ultrasound Devices Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 GE HealthCare
13.2 Canon Inc.
13.3 Analogic Corporation
13.4 Fujifilm Holdings Corporation
13.5 Samsung Medison Co., Ltd.
13.6 Toshiba Medical Systems Corporation
13.7 Siemens Healthineers AG
13.8 Philips Healthcare
13.9 Hitachi, Ltd.
13.10 Mindray Bio-Medical Electronics Co., Ltd.
13.11 Alpinion Medical Systems Co., Ltd.
13.12 Supersonic Imagine
13.13 Trivitron Healthcare,
13.14 Terason Corporation
13.15 Exact Imaging Inc.
13.16 Medical Technologies Co.
List of Tables
Table 1 Global Ultrasound Devices Market Outlook, By Region (2021-2030) ($MN)
Table 2 Global Ultrasound Devices Market Outlook, By Product (2021-2030) ($MN)
Table 3 Global Ultrasound Devices Market Outlook, By Therapeutic Ultrasound (2021-2030) ($MN)
Table 4 Global Ultrasound Devices Market Outlook, By Extracorporeal Shockwave Lithotripsy (2021-2030) ($MN)
Table 5 Global Ultrasound Devices Market Outlook, By High-intensity Focused Ultrasound (2021-2030) ($MN)
Table 6 Global Ultrasound Devices Market Outlook, By Diagnostic Ultrasound (2021-2030) ($MN)
Table 7 Global Ultrasound Devices Market Outlook, By Doppler Ultrasound (2021-2030) ($MN)
Table 8 Global Ultrasound Devices Market Outlook, By 2D Ultrasound (2021-2030) ($MN)
Table 9 Global Ultrasound Devices Market Outlook, By 3D & 4D Ultrasound (2021-2030) ($MN)
Table 10 Global Ultrasound Devices Market Outlook, By Contrast-Enhanced Ultrasound (2021-2030) ($MN)
Table 11 Global Ultrasound Devices Market Outlook, By Other Products (2021-2030) ($MN)
Table 12 Global Ultrasound Devices Market Outlook, By Display Type (2021-2030) ($MN)
Table 13 Global Ultrasound Devices Market Outlook, By Color (2021-2030) ($MN)
Table 14 Global Ultrasound Devices Market Outlook, By Black and White (B/W) (2021-2030) ($MN)
Table 15 Global Ultrasound Devices Market Outlook, By Portability (2021-2030) ($MN)
Table 16 Global Ultrasound Devices Market Outlook, By Compact (2021-2030) ($MN)
Table 17 Global Ultrasound Devices Market Outlook, By Handheld (2021-2030) ($MN)
Table 18 Global Ultrasound Devices Market Outlook, By Cart/Trolley (2021-2030) ($MN)
Table 19 Global Ultrasound Devices Market Outlook, By Connectivity (2021-2030) ($MN)
Table 20 Global Ultrasound Devices Market Outlook, By Dual-Band WiFi (2021-2030) ($MN)
Table 21 Global Ultrasound Devices Market Outlook, By Bluetooth (2021-2030) ($MN)
Table 22 Global Ultrasound Devices Market Outlook, By Ethernet (2021-2030) ($MN)
Table 23 Global Ultrasound Devices Market Outlook, By Other Connectivities (2021-2030) ($MN)
Table 24 Global Ultrasound Devices Market Outlook, By Application (2021-2030) ($MN)
Table 25 Global Ultrasound Devices Market Outlook, By Radiology (2021-2030) ($MN)
Table 26 Global Ultrasound Devices Market Outlook, By Urology (2021-2030) ($MN)
Table 27 Global Ultrasound Devices Market Outlook, By Cardiology (2021-2030) ($MN)
Table 28 Global Ultrasound Devices Market Outlook, By Gynaecology (2021-2030) ($MN)
Table 29 Global Ultrasound Devices Market Outlook, By Orthopaedic (2021-2030) ($MN)
Table 30 Global Ultrasound Devices Market Outlook, By Other Applications (2021-2030) ($MN)
Table 31 Global Ultrasound Devices Market Outlook, By End User (2021-2030) ($MN)
Table 32 Global Ultrasound Devices Market Outlook, By Imaging Centres (2021-2030) ($MN)
Table 33 Global Ultrasound Devices Market Outlook, By Research Centres (2021-2030) ($MN)
Table 34 Global Ultrasound Devices Market Outlook, By Hospitals (2021-2030) ($MN)
Table 35 Global Ultrasound Devices Market Outlook, By Ambulatory Centers (2021-2030) ($MN)
Table 36 Global Ultrasound Devices Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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