ULTRASOUND DEVICES MARKET ANALYSIS

The Global Ultrasound Devices Market size is estimated to be at US$ 7.44 Bn in 2023 and is expected to reach US$ 10.79 Bn by 2030, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030.

The global ultrasound devices market has witnessed significant growth over the past few years owing to the rising geriatric population and the growing prevalence of chronic diseases worldwide. Ultrasound imaging has gained prominence in diagnosis and treatment monitoring applications across various healthcare domains due to advantages such as being non-invasive, non-ionizing, and enabling real-time evaluation of the internal structures of the body. Furthermore, technological advancements including the development of compact devices, hybrid systems, and point-of-care ultrasound equipment are boosting the adoption of ultrasound modalities in both hospital and ambulatory care settings. The market is expected to experience healthy growth during the forecast period, driven by increasing health expenditures, growing awareness about early disease detection, and rising demand from emerging countries.

Global Ultrasound Devices Market Regional Insights

• North America: North America is the largest market for global ultrasound devices market, accounting for a share of over 45.0% in 2022. The North America ultrasound devices market is driven by factors such as the high prevalence of chronic diseases such as cancer, cardiovascular diseases, and gastrointestinal disorders. Furthermore, the rise in minimally invasive surgeries owing to benefits such as lesser pain, shorter hospital stays, and faster recovery is augmenting the requirement for ultrasound systems in surgical guidance procedures. On the other hand, the high cost of leading-edge ultrasound platforms and the paucity of skilled professionals to operate complex equipment’s are hindering market
• Europe: Europe is the second-largest market for global ultrasound devices market, accounting for a share of over 30.3% in The Europe ultrasound devices market is driven by a rising geriatric population, the increasing application of ultrasound in therapeutic areas, and various technological advancements. However, a strict regulatory framework for approval of new devices can hinder market growth. 
• Asia Pacific: Asia Pacific is the fastest-growing market for global ultrasound devices market, accounting for a share of over 20.4% in 2022. The Asia Pacific ultrasound devices market has been witnessing significant growth in the recent past on account of increasing investments by governments as well as private players to promote ultrasound device usage. However, the lack of skilled professionals is one of the challenges hampering market growth in this region.

Figure 1. Global Ultrasound Devices Market Share (%), by Region, 2023

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Analyst’s View

The global ultrasound devices market is expected to witness steady growth over the forecast period. The rising prevalence of chronic diseases would drive the demand for ultrasound devices across the world. The development of portable ultrasound scanners and device miniaturization due to technological improvements is facilitating the widespread acceptance of these products in emerging markets. Increased application areas such as cardiac, gynecological, and vascular ultrasound procedures will provide opportunities for ultrasound original equipment manufacturer (OEMs). However, the high cost of advanced ultrasound devices could hinder market growth to some extent. Stringent regulations would also impact entry of new players.

Global Ultrasound Devices Market Drivers:

• Increasing prevalence of chronic diseases: The increasing prevalence of chronic diseases across the globe is one of the major factors driving the growth of the global ultrasound devices market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2021, around 18.2 million adults aged 20 and older had coronary artery disease (CAD) in the U.S. Heart disease is the leading cause of death among people in the U.S. The high incidence of chronic diseases increases the demand for huge diagnostic procedures, which, in turn, drives the market.
• Technological advancements in ultrasound devices: Technological advancements in ultrasound devices have opened various new avenues for use across diverse industries from healthcare to industrial production. Traditionally limited to obstetrics and gynecology for imaging soft tissues, ultrasounds are now being utilized for an array of diagnostic and therapeutic purposes due to development of high frequency transducers, 3D/4D imaging, compound imaging and more sophisticated software.
• Increasing applications of ultrasound devices: The application of ultrasound devices has widened significantly over the past decade across various sectors of healthcare. Ultrasound imaging is now routinely used not just in diagnostics but also in image-guided procedures and treatments. This has helped ultrasound technology to penetrate deeper into the overall patient management process. For instance, on July 13, 2023, Konica Minolta Healthcare Americas, Inc., a world-class provider and market leader in diagnostic imaging solutions, announced the introduction of PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications.

Global Ultrasound Devices Market Opportunities:

• Portable/compact ultrasound devices: Portable and compact ultrasound devices have huge potential in the global ultrasound devices market. With advancements in technology, ultrasound devices are becoming smaller, more affordable and more accessible. These portable ultrasound machines are revolutionizing point-of-care diagnostics across various clinical settings. For instance, in November 2022, Royal Philips, a global leader in health technology, announced the global launch of a next-generation compact portable ultrasound solution at the Radiological Society of North America (RSNA). Philips’ new Compact 5000 Series aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to more patients.
• Multi-specialty ultrasound applications: Multi-specialty ultrasound applications have a vast potential to drive growth in the global ultrasound devices market. Traditionally, ultrasound devices have been used majorly for diagnostic imaging purposes in obstetrics and gynecology. However, with advancements in technology their applications have vastly expanded beyond imaging to areas such as treatment, monitoring, and surgery.

Global Ultrasound Devices Market Trends:

• Adoption of artificial intelligence and robotics in ultrasound devices: The integration of artificial intelligence and robotics capabilities into ultrasound devices is having a significant impact on the global ultrasound devices market. By enabling automation, these advanced technologies are enhancing the efficiency and functionality of ultrasound exams. For instance, on November 7, 2023, Royal Philips announced it had received a second round of funding from the Bill & Melinda Gates Foundation to accelerate global adoption of AI algorithms on philips lumify handheld ultrasound. The ultrasound system's training period can be shortened from weeks to just a few hours by utilizing artificial intelligence to streamline critical measures that are necessary to detect anomalies during pregnancy.
• Increased adoption of 3D and 4D ultrasound imaging: The increased adoption of 3D and 4D ultrasound imaging technologies is significantly influencing the global ultrasound devices market. These advanced imaging modalities provide excellent visualization of anatomical structures in three dimensions and in real-time motion known as 4D. This allows doctors to gain deeper clinical insights into the organ functionality, tissue characteristics, blood flow, etc. that may not be apparent through regular 2D ultrasound scans. 3D/4D ultrasounds are especially useful in fetal imaging during pregnancy, where it facilitates detecting any abnormalities in the stages. Expecting mothers also find the realistic moving 3D/4D images of the growing fetus to be a wonderful experience.
• Product launches and partnerships among market players: The way product launches and partnerships among market players are shaping the global ultrasound devices market is quite significant. Over the past few years, there has been a noticeable increase in the number of companies introducing new and innovative ultrasound products through strategic partnerships and collaborations. This allows them to expand their portfolio of offerings and enter new market segments.

Global Ultrasound Devices Market Restraints:

• High cost of advanced ultrasound devices: The high cost of advanced ultrasound devices is presenting a major challenge for the growth of the global ultrasound devices market. Ultrasound technology has vastly improved in recent years with the development of new high-end models that offer better imaging capabilities and features compared to traditional systems. However, these state-of-the-art ultrasound machines come with a very steep price tag, which is prohibitive for many healthcare organizations and diagnostic centers, especially in developing regions with limited resources.
• Shortage of skilled Sonographers: The shortage of skilled sonographers is proving to be a major hurdle for the global ultrasound devices market to grow to its full potential. Sonographers play a vital role in performing ultrasound tests prescribed by physicians and radiologists. They are specially trained medical professionals who acquire and interpret ultrasound images. However, many countries are facing an acute shortage of qualified sonographers.
• Stringent regulations for approval and commercialization: Stringent regulations for approval and commercialization of ultrasound devices are one of the major factors restraining the growth of the global ultrasound devices market. The ultrasound device industry operates in a highly regulated environment with strict rules laid down by government and regulatory bodies overseeing product approval and safety standards.

Figure 2. Global Ultrasound Devices Market Share (%), by Device Portability, 2023

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Recent Developments

New product launch

• On September 7, 2023, Mindray, a global leader and developer of healthcare solutions and technologies in ultrasound, patient monitoring, and anesthesia, announced the launch of its TE Air Wireless Handheld Ultrasound, a new imaging solution that improves ultrasound accessibility.
• On August 25, 2023, GE HealthCare, a leading global medical technology company, announced the launch of Vscan Air SL, a handheld, wireless ultrasound imaging system designed for rapid cardiac and vascular assessments at the point of care to help clinicians accelerate diagnoses and treatment decisions.
• In August 2020, Israel-based startup PulseNmore, announced the launch of its flagship handheld tele-ultrasound device that enables pregnant women to perform at-home ultrasound scans, and receive feedback from a physician or sonographer, limiting the need for hospital and doctor visits during COVID-19 and beyond.

Partnership, merger, and collaboration

• On June 23, 2023,   UltraSight, a digital health pioneer transforming cardiac imaging through the power of artificial intelligence, announced a partnership with point-of-care ultrasound innovator EchoNous to enable more healthcare professionals to perform cardiac ultrasound and help increase patient access to cardiac care.
• On May 10, 2023, Probo Medical, a leading global provider of medical imaging equipment, parts, repair and service, announced the acquisition of National Ultrasound, Inc., one of the largest ultrasound marketing and sales organizations.
• In September 2022, Philips Foundation and RAD-AID International, a U.S.-based non-profit organization, embarked on a multi-year cross-continental partnership to increase access to ultrasound services for 50 million people in low- and middle-income countries.

Top Companies in Global Ultrasound Devices Market

• GE Healthcare
• Koninklijke Philips N.V.
• Toshiba Medical Corporation
• Hitachi Medical Corporation
• Analogic Corporation
• Fujifilm Corporation
• Siemens Healthcare
• Samsung Medison Co. Ltd.
• Esaote S.p.A.

Definition: Ultrasound devices are medical equipment that use high-frequency sound waves to create images of the inside of the body. This non-invasive diagnostic method is used to visualize muscles, tendons, vessels, and internal organs, to capture their size, structure, and any pathological lesions. The images produced by ultrasound devices can help in diagnosing a variety of diseases and conditions. These devices are commonly used in various medical fields such as obstetrics, cardiology, radiology, and more.