San Francisco, 12 December 2023: The Report Ultrasound Devices Market Size, Share & Trends Analysis Report By Application (Cardiology, Radiology), By Portability (Handheld, Compact), By End-use (Hospitals, Imaging Centers), By Product (Therapeutic, Diagnostic), And Segment Forecasts, 2024 - 2030

The global ultrasound devices market size is expected to reach USD 13.07 billion by 2030, registering a CAGR of 4.24% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience steady growth during the forecast period. This is attributed to several factors such as increased adoption of ultrasonography for diagnostic and therapeutic applications, rising technological advancements, as well an increase in the number of product launches by key players operating in the market.

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 globally. 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 July 2023, Sonosite ST was introduced by FUJIFILM Sonosite ST. It has a 21-inch touchscreen with an all-touch interface, a 10" by 7.5" image area, automated setting optimization for each exam type, and Auto Steep Needle Profiling (SNP). To support system compatibility, Sonosite ST belongs to the same family of transducers as Sonosite PX and Sonosite LX.

The growing use of ultrasound equipment for diagnostic imaging and therapy, as well as the rising prevalence of chronic and lifestyle-related illnesses are the key factors anticipating the market’s growth. Ultrasound technology is used in various application areas such as cardiology, obstetrics/ gynecology, vascular, orthopedic, and general imaging. The rising prevalence of cardiac disorders is expected to boost the market globally. According to WHO, Cardiovascular diseases (CVDs) are the major cause of death globally, taking approximately 17.9 million lives each year. In addition, as per the Centers for Disease Control & Prevention, in the United States, every year about 805,000 people have a heart attack, and about 1 in 20 adults aged 20 and older has coronary artery disease (about 5%).

The market has the presence of several industry leaders such as GE Healthcare, Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Mindray Medical International Limited, Samsung Medison Co., Ltd., and FUJIFILM SonoSite, Inc. These companies are adopting several strategies to withstand their market position. However, new entrants such as Butterfly Network, Clarius, EchoNous, Inc., Insightec, and Exo Imaging, Inc. are creating their footprints in point-of-care ultrasound devices with strong technological advancements and strategies. For instance, In June 2023, UltraSight and EchoNous announced a partnership that aimed to provide convenience to medical providers in performing cardiac ultrasounds and to assist patients in having more access to cardiac care. At ASE 2023, the primary convention for bringing together experts in echo, the new partnership was disclosed.

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The market growth is poised to be driven by the rising usage of ultrasound equipment for diagnostic imaging and treatment, along with the increasing prevalence of chronic and lifestyle disorders. Other factors influencing market growth include increased demand for minimally invasive surgeries and frequent developments in ultrasound imaging technology. Ultrasound is a leading diagnostic tool in medical imaging, compared to other diagnostic imaging systems, since it is less expensive and faster. Moreover, as it does not utilize ionizing radiation or magnetic fields, it is safer than other imaging technologies.

Ultrasound Devices Market Report Highlights

• In terms of product, The diagnostic ultrasound devices segment accounted for the largest revenue share of more than 84.27% in 2023 owing to the rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
• The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 4.90% from 2024 to 2030.
• Based on portability, the cart/trolley-based devices segment held the largest revenue share of over 67.83% in 2022. By transporting the device to the patient's location, whether it's an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients
• In terms of application, the radiology segment held the largest revenue share of over 22.33% in 2023. The increasing application of artificial intelligence in the field of radiology boosts the segment growth. Moreover, the growing mergers and acquisitions among the industry's key players for expanding the product portfolio drive the market growth
• In terms of end-use, The hospitals segment held the largest revenue share of over 40.45% in 2023 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
• Based on region, North America dominated the market and accounted for the largest revenue share of over 29.75% in 2023. Asia Pacific is estimated to register the fastest CAGR of 4.90% from 2024 to 2030, owing to the increased demand for better imaging devices

Both diagnostic and therapeutic uses for the ultrasonic medical device are extensive. Specific therapeutic applications of ultrasound, from oncology to cardiology, have grown in popularity. The development of wireless transducers, app-based ultrasound technology, fusion with CT/MR, laparoscopic ultrasound, and the expansion of ultrasound device applications in 3D imaging and shear wave elastography are expected to support market growth. For instance, in March 2023, KronosMD, INC., a division of Kronos Advanced Technologies Inc., confirmed its acquisition of all current and future properties and patents related to its planned breakthrough 3D ultrasonic dentistry imaging and diagnostic equipment.

As the transaction approaches completion, it aims to boost the industrialization of the S-WAVETM system and S-WAVETM ultrasonic imaging equipment. Currently, manufacturers are focusing on expanding product applications in radiology. Radiologists still utilize 2-D ultrasound imaging for examinations even though 3-D/4-D volume imaging in obstetrics and gynecology and 4DUS imaging are used to visualize heart wall movements. Manufacturers and scientists have driven interest in the market due to improved imaging quality and workflow and growing awareness about radiation dose issues with other imaging modalities. Real-time ultrasound imaging can be very important in the emerging field of fusion imaging.

Ultrasound Devices Market Report Scope

Due to radiologists' predilection for modalities, such as CT and MRI, ultrasound fusion imaging needs to be more well-established in the radiology industry. Radiologists are concentrating more on the market due to recent developments in ultrasound imaging technology and growing radiation exposure concerns. The COVID-19 pandemic has led the healthcare sector to face many difficulties. As installations were delayed and manufacturers had to concentrate on producing COVID-critical devices, there was an uneven demand for ultrasound devices during the pandemic. However, handheld ultrasound devices were in high demand due to their effectiveness, portability, speed, and usability in treating patients needing critical care in crowded hospitals.

Major players are working to improve their product offerings by upgrading their products, taking advantage of important cooperation activities, and exploring acquisitions and government clearances to expand their customer base and gain a larger market share. For instance, in March 2023, Siemens Healthineers announced the evolution of the Acuson Sequoia Flagship series of ultrasound devices at the European Congress of Radiology (ECR), 2023, in Vienna. With an estimated growth rate of 6.3% to reach a value of USD 9.0 billion by 2026, Ultrasound is one of the fastest-growing global markets.

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In addition, in February 2023, Boston Imaging launched the Hera W10 Elite, the exclusive model of the Hera platform for obstetrics and gynecology, providing clinicians with powerful AI tools and clinical applications to enhance the diagnostic experience. Boston Imaging is the U.S. headquarters for marketing, sales, and distribution of all Samsung digital radiography and ultrasound systems.

List of Key Players in the Ultrasound Device Market

• 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