Ultrasound Market to be Worth $18.07 billion by 2031 - Exclusive Report by Meticulous Research®

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Aug 21, 2024, 10:01 ET

REDDING, Calif., Aug. 21, 2024 /PRNewswire/ -- According to a new market research report, 'Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC), Application (Cardiology, Therapeutic, Vascular) End User—Global Forecast to 2031,' published by Meticulous Research^®, the ultrasound market is projected to reach $18.07 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.

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The report offers a competitive landscape based on an extensive assessment of product offerings, geographical presence, and key growth strategies adopted by prominent market players over the past three to four years. The key players profiled in the ultrasound market study are GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation) (U.S.), and Hologic, Inc. (U.S.).

The growth of the ultrasound market is driven by the aging population with chronic disorders, advancements in ultrasound device technology, the rising number of diagnostic imaging centers and hospitals, the rising incidence of orthopedic injuries and musculoskeletal disorders, and the increasing public & private investments, funding, and grants for ultrasound device development. However, stringent government regulations for trading, manufacturing, distribution, and sales of ultrasound imaging products restrain the market's growth.

Furthermore, the emergence of point-of-care ultrasound devices and the demand from emerging economies are expected to create market growth opportunities.

Technological Advancements in Ultrasound Devices

In earlier years, medical imaging primarily served as a diagnostic tool. However, due to technological advancements, it now plays a crucial role in treating, managing, and predicting diseases. Medical imaging has become indispensable for diagnosing and treating major medical conditions like cancer, cardiovascular disease, musculoskeletal issues, urological conditions, and more. Among these, ultrasound machines have gained widespread use in diagnostic medical imaging due to their safety compared to X-ray machines. Technological improvements in ultrasound machines have revolutionized patient care, enhanced diagnostic accuracy, and benefited individuals with chronic conditions.

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Ultrasound machines are becoming increasingly portable, lightweight, and compact. The integration of dual-probe technology, which combines two transducers into a single probe, has resulted in more accurate, dependable results, offering high-quality imaging and swift diagnostics at an affordable cost. These advancements empower medical professionals to view internal body structures and organs directly on smartphones.

3D/4D ultrasound has gained significant traction in maternity and obstetric scanning and is increasingly used for procedural planning and guidance. 3D imaging technology equips clinicians with clearer anatomical images, enhancing interventions and surgical planning. For instance, Philips TrueVue and GlassVue are advanced 3D ultrasound display methods that provide an early and photorealistic fetal image.

Furthermore, ultrasound machines have streamlined workflows through features like auto-image optimization, scan assistance, and automation of measurements. These enhancements bolster productivity and efficiency while reducing repetitive tasks, enabling less experienced physicians to conduct scans without the need for radiologists. As a result, these technical strides continue to drive the demand for ultrasound devices across various medical applications.

The ultrasound market is segmented by component [{ultrasound devices, transducers/probes, gels, and other components}, technology {diagnostic ultrasound (2D ultrasound, 3D and 4D ultrasound, doppler ultrasound (color doppler imaging, continuous doppler imaging, pulse wave doppler imaging), therapeutic ultrasound (high-intensity focused ultrasound, lithotripsy (extracorporeal shock wave lithotripsy, shock wave lithotripsy)}, display {colored display, black and white display}, portability {cart/trolley based ultrasound systems, handheld/compact ultrasound systems, point of care ultrasound systems}, applications {diagnostic applications (general imaging, cardiology, obstetrics/gynecology, vascular, urology, and other diagnostic applications), therapeutic applications (drug delivery, physical therapy, pain management, and other therapeutic applications)}, end user {hospitals and clinics, diagnostics imaging centers, ambulatory care centers, and academic and research institutes}], and geography. The study also evaluates industry competitors and analyzes their market share at the regional and country levels.

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Among the components studied in the report, in 2024, the ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to the growing prevalence of musculoskeletal and orthopedic injuries. Additionally, the high demand for handheld ultrasound devices due to their benefits, such as enhanced patient throughput, heightened patient engagement, simplified operation, and increased convenience, contribute to the significant market share of this segment.

Among the technologies studied in the report, in 2024, the diagnostic ultrasound segment is expected to account for the largest share of the ultrasound market. Clinicians prefer diagnostic ultrasound due to its inherent benefits, including safety, effectiveness, non-invasiveness, high flexibility as an imaging modality, dynamic and precise imaging capabilities, and its cost-effectiveness compared to alternative imaging methods.

Among the displays studied in the report, in 2024, the colored display segment is expected to account for the largest share of the ultrasound market. The significant share of this segment is attributed to the advantages of colored displays, including enhanced visualization of ultrasound images, minimizing the need for invasive procedures. These displays enable non-invasive imaging of internal structures, facilitating swift diagnosis and treatment while offering cost-effectiveness and mitigating risks associated with more invasive procedures.

Among the portability modes studied in the report, in 2024, the cart-based trolley ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of the segment is attributed to the accessibility and portability offered by these devices, making them adaptable for use wherever patients are situated. They offer enhanced versatility, safety, and non-invasiveness alongside user-friendliness, resulting in widespread adoption in healthcare facilities.

Among the applications studied in the report, in 2024, the diagnostic applications segment is expected to account for the largest share of 65% of the ultrasound market. Technological advances in modalities for specialized applications, the rising prevalence of chronic diseases, and increasing awareness among people regarding early diagnosis contribute to the significant market share of this segment.

Among the end users studied in the report, in 2024, the hospitals & clinics segment is expected to account for the largest share of 44.3% of the ultrasound market. The large market share of this segment is attributed to the increasing number of hospitals & clinics, both in urban and rural areas, equipped with ultrasound machines for medical diagnostics. Furthermore, a significant portion of the population has resumed seeking healthcare services in the post-pandemic era, resulting in increased hospital visits for routine checkups and tests. This increase in demand contributes to the significant market share of this segment.

Among the regions covered in this report, in 2024, North America is expected to dominate the global ultrasound market with a share of 34.9%. North America's major market share is attributed to patient awareness regarding early diagnosis, the well-established healthcare system in the U.S. and Canada, and the widespread adoption of advanced technologies.

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Scope of the Report:

Ultrasound Market Assessment—by Component

Ultrasound Devices
Transducers/Probes
Gels
Other Components

Note: The other components comprise probe racks, probe holders, disposable wipes, ultrasound needle guides, extender cables and adapters, and battery chargers & rechargeable batteries

Ultrasound Market Assessment—by Technology

Diagnostic Ultrasound
- 2D Ultrasound
- 3D and 4D Ultrasound
- Doppler Ultrasound
  - Color Doppler Imaging
  - Continuous Doppler Imaging
  - Pulse Wave Doppler Imaging
Therapeutic Ultrasound
- High-Intensity Focused Ultrasound (HIFU)
- Lithotripsy
  - Extracorporeal Shock Wave Lithotripsy (ESWL)
  - Shock Wave Lithotripsy (SWL)

Ultrasound Market Assessment—by Display

Colored Display
Black and White (B/W) Display

Ultrasound Market Assessment—by Portability

Cart/Trolley-based Ultrasound Systems
Handheld/Compact Ultrasound Systems
Point of Care Ultrasound Systems

Ultrasound Market Assessment—by Application

Diagnostic Applications
- General Imaging
- Cardiology
- Obstetrics/Gynecology
- Vascular
- Urology
- Other Diagnostic Applications
Therapeutic Applications
- Drug Delivery
- Physical Therapy
- Pain Management
- Other Therapeutic Applications

Note: Other diagnostic applications comprise abdominal and anesthesia.

Other therapeutic applications comprise thrombolysis and sonoporation.

Ultrasound Market Assessment—by End User

Hospitals and Clinics
Diagnostic Imaging Centers
Ambulatory Care Centers
Academic and Research Institutes

Ultrasound Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific
- Japan
- China
- India
- Rest of APAC (RoAPAC)
Latin America
- Brazil
- Mexico
- RoLATAM
Middle East & Africa

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