This report on global ultrasound devices market studies various technologies, applications and products used for medical diagnosis in the field of healthcare. Ultrasound devices aid in diagnosing various diseases such as cardiology, obstetrics and gynecology, gastroenterology and others. Ultrasound is exploring relatively novel applications across several clinical specialties and points of care, from image-guiding interventions, biopsies and non-invasive diagnosis. The key factors strengthening the technology’s value proposition are high accessibility, safety, cost effectiveness, and clinical value in preliminary diagnosis. Portability in ultrasound devices is the key factor that is shifting not only ultrasound device market but also the complete imaging diagnostic market away from stationary imaging devices.  The major factors assisting the growth of ultrasound devices market are aging population, rising prevalence of cancer, burden of cardiolovascular diseases and high public awareness related to lifestyle disease diagnosis.

For the purpose of this study, the global ultrasound devices market has been segmented on the basis of product type, technology, application, and geography. The major categories of ultrasound devices studied by product type in this report include cart/trolley based and compact ultrasound devices. On the basis of technology, the ultrasound devices market is segmented into five major segments 2-D ultrasound, 3-D and 4-D ultrasound, Doppler ultrasound, high intensity focused ultrasound, and lithotripsy ultrasound technologies. The major application areas of ultrasound devices segmented are such as radiology, cardiology, obstetrics and gynecology, gastroenterology and others. Market size estimates and forecast for these segments for the period 2019 to 2029 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2016 to 2029, considering 2021 as the base year.

The ultrasound devices market has been geographically categorized into major regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments during 2019 to 2029 and their CAGRs for the period 2016 to 2029 are provided in this report.

The major key players profiled in the ultrasound devices market are on the basis of various characteristics such as business description, financial health and budget allocation, product portfolio, and news coverage. The major players profiled in this report include GE Healthcare, FUJIFILM Holdings Corporation, Hitachi Medical Corporation, Samsung Medison Co. Ltd., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Mindray Medical Corporation, Esaote SpA, and Analogic Corporation.

In base year 2020, cart/trolley based ultrasound devices accounted for the majority share of the ultrasound devices market. However, during the forecast period the market is expected to shift towards compact ultrasound devices due to rising usage in emergency department, critical care, anesthesiology, and musculoskeletal applications. The compact ultrasound devices are technologically improved and possess efficiency in manufacturing anatomical images clearly; hence, the market for the compact ultrasound devices segment is expected to boost exceptionally during the forecast period. Thus, over the period of time cart-based ultrasound devices segment is expected to project sluggish growth rate due to restricted applications in imaging procedures such as abdominal imaging.

The major factors assisting the growth of ultrasound devices market are constant technological advancements, increasing public-private investments, and rising market demand for minimally invasive diagnostic and therapeutic techniques. 

Cardiology applications accounted for the major market share in global ultrasound devices market in 2021. The World Health Organization (WHO) estimates, cardiovascular diseases (CVD) account for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. Elderly people are susceptible to various ailments such as abdominal disorders and cardiovascular diseases. Thus, high prevalence of cardiovascular diseases and rising public awareness associated with cardiovascular disease diagnosis are the major factors assisting its growth of ultrasound devices market during the forecast period 2016 – 2029.

Technological segmentation of ultrasound devices comprises 2-D ultrasound, 3-D and 4-D ultrasound, Doppler ultrasound, high intensity focused ultrasound (HIFU), and lithotripsy ultrasound technologies. In base year 2021, 3-D and 4-D ultrasound segment accounted for the largest share of the market and is expected to continue to dominate the market during the forecast period 2016 – 2029. The factors assisting the growth of 3-D and 4-D ultrasound device market are increasing demand for efficient ultrasound technologies, rising number of hospitals installing advanced imaging technologies and rapid introduction of novel and efficient imaging products in the market. According to market experts, 3D and 4D ultrasound will never be a mandatory evolution of our conventional 2D ultrasound and would rather be considered as an additional tool similar to Doppler ultrasound. In future the majority of diagnostics will be carried out with the help of 2D ultrasound. However, 3D ultrasound seems to have a great potential in research and in the study of fetal embryology.

Ultrasound imaging technology has wide utilization in field of diagnosis, ranges from fetal imaging to cancer detection. One of the major advantages of ultrasound is it doesn’t possess any radiation based harmful effects which is boosting the adoption rate of diagnostic imaging techniques. The demand for ultrasound devices is expected to increase in Europe due to increasing prevalence of kidney stone patients, gastrointestinal diseases and obesity. In base year 2021, Europe accounted for the largest share of the ultrasound devices market and expected to project average growth during the forecast period. The key factors assisting the growth of ultrasound market in this region are the number of products being commercialized, development in clinical applications of HIFU, rising market penetration of therapeutic ultrasound, and growing importance of minimally invasive procedures. However, according to market experts high cost of ultrasound devices stringent regulations and legislations and lack of skilled healthcare professionals to operate devices are expected to hinder the growth of ultrasound devices market across the globe.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Ultrasound Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Ultrasound Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Ultrasound Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Ultrasound Devices market?
• Which is the largest regional market for Ultrasound Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Ultrasound Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Ultrasound Devices market worldwide?