Ultrasound Devices Market
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
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
1 Global Ultrasound Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Ultrasound Devices Market Outlook, By Product (2021-2030) ($MN)
3 Global Ultrasound Devices Market Outlook, By Therapeutic Ultrasound (2021-2030) ($MN)
4 Global Ultrasound Devices Market Outlook, By Extracorporeal Shockwave Lithotripsy (2021-2030) ($MN)
5 Global Ultrasound Devices Market Outlook, By High-intensity Focused Ultrasound (2021-2030) ($MN)
6 Global Ultrasound Devices Market Outlook, By Diagnostic Ultrasound (2021-2030) ($MN)
7 Global Ultrasound Devices Market Outlook, By Doppler Ultrasound (2021-2030) ($MN)
8 Global Ultrasound Devices Market Outlook, By 2D Ultrasound (2021-2030) ($MN)
9 Global Ultrasound Devices Market Outlook, By 3D & 4D Ultrasound (2021-2030) ($MN)
10 Global Ultrasound Devices Market Outlook, By Contrast-Enhanced Ultrasound (2021-2030) ($MN)
11 Global Ultrasound Devices Market Outlook, By Other Products (2021-2030) ($MN)
12 Global Ultrasound Devices Market Outlook, By Display Type (2021-2030) ($MN)
13 Global Ultrasound Devices Market Outlook, By Color (2021-2030) ($MN)
14 Global Ultrasound Devices Market Outlook, By Black and White (B/W) (2021-2030) ($MN)
15 Global Ultrasound Devices Market Outlook, By Portability (2021-2030) ($MN)
16 Global Ultrasound Devices Market Outlook, By Compact (2021-2030) ($MN)
17 Global Ultrasound Devices Market Outlook, By Handheld (2021-2030) ($MN)
18 Global Ultrasound Devices Market Outlook, By Cart/Trolley (2021-2030) ($MN)
19 Global Ultrasound Devices Market Outlook, By Connectivity (2021-2030) ($MN)
20 Global Ultrasound Devices Market Outlook, By Dual-Band WiFi (2021-2030) ($MN)
21 Global Ultrasound Devices Market Outlook, By Bluetooth (2021-2030) ($MN)
22 Global Ultrasound Devices Market Outlook, By Ethernet (2021-2030) ($MN)
23 Global Ultrasound Devices Market Outlook, By Other Connectivities (2021-2030) ($MN)
24 Global Ultrasound Devices Market Outlook, By Application (2021-2030) ($MN)
25 Global Ultrasound Devices Market Outlook, By Radiology (2021-2030) ($MN)
26 Global Ultrasound Devices Market Outlook, By Urology (2021-2030) ($MN)
27 Global Ultrasound Devices Market Outlook, By Cardiology (2021-2030) ($MN)
28 Global Ultrasound Devices Market Outlook, By Gynaecology (2021-2030) ($MN)
29 Global Ultrasound Devices Market Outlook, By Orthopaedic (2021-2030) ($MN)
30 Global Ultrasound Devices Market Outlook, By Other Applications (2021-2030) ($MN)
31 Global Ultrasound Devices Market Outlook, By End User (2021-2030) ($MN)
32 Global Ultrasound Devices Market Outlook, By Imaging Centres (2021-2030) ($MN)
33 Global Ultrasound Devices Market Outlook, By Research Centres (2021-2030) ($MN)
34 Global Ultrasound Devices Market Outlook, By Hospitals (2021-2030) ($MN)
35 Global Ultrasound Devices Market Outlook, By Ambulatory Centers (2021-2030) ($MN)
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.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
