Ultrasound Devices Market Growth Expanding at a CAGR of 6.1% from 2021 to 2030
The global ultrasound devices market value reached at US$ 6.1 Bn in 2020 and predicted to surpass around US$ 12.3 billion by 2030, expanding at a noteworthy CAGR of 6.1% from 2021 to 2030.
Report Coverage
| Report Scope | Details |
| Market Size | US$ 12.3 billion by 2030 |
| Growth Rate | CAGR of 6.1% From 2021 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Technology, Portability, Application, End User |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | GE Healthcare, Koninklijke Philips N.V, Canon Medical Systems Corporation, Hitachi Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Shantou Institute of Ultrasonic Instruments Co., Ltd., Terason, and Analogic Corporation. |
Ultrasound is an imaging technology through which the morphological and physiological defects of human body can be detected. This device uses high-frequency sound waves for visualization of internal organs of the body. It has a probe that transmits ultrasonic sound waves into patient’s body. Organs of the body reflect the high frequency ultrasound waves that are detected by a detector. An ultrasound system is used to detect internal problems in various parts of the body such as heart, kidneys, liver, blood vessels, human fetus, and other organs. It is a type of diagnostic approach, which makes use of high resolution imaging technique by the signal received by organs. Ultrasound devices can also be applied in sonography, which is helpful in both diagnostic and therapeutic procedures.
Rise in prevalence of chronic diseases such as heart disease, stroke, and cancer; technological advancements and new product launches in ultrasound systems; increase in the number of ultrasound diagnostic imaging procedures & efficacy in treatment; and rise in awareness about disease diagnosis to drive the global ultrasound devices market.
Increase in Incidence of Chronic Disorders & Trauma Cases to Drive Global Market
Increase in incidence of chronic disorders and trauma cases and surge in the global geriatric population are the key factors projected to boost the growth of the global ultrasound devices market. The number of carcinoma and cardiovascular disease cases has increased over the past few years; CVDs is one of the leading causes of deaths across the world. Ultrasound is one of the most effective techniques for the pre-diagnosis of cardiovascular diseases. Moreover, the need of post-surgical imaging during the course of the treatment of a particular disease fuels the growth of the global ultrasound devices market. Furthermore, rise in the number of geriatric patients and increase in popularity of minimally invasive procedures accelerate the growth of the global ultrasound devices market. Large number of research grants and funding by government and corporates accelerate the global ultrasound devices market.
Ultrasound Debridement Technology Exhibits Potential to Reduce Morbidity Rate Due to Chronic Wounds
Ultrasound devices have the potential to treat chronic wounds. Significant innovations in wound care are contributing to the growth of the ultrasound devices market, as companies are collaborating with researchers to innovate in the ultrasound debridement technology. This has led to advancements in non-contact low-frequency (NCLF) ultrasound, which demonstrates the potential of ultrasound debridement to effectively remove devitalized tissue, alleviate pain, and control bio-burden caused by chronic wounds.
Since chronic wounds lead to considerable morbidity and utilize significant healthcare resources, manufacturers in the ultrasound devices market are increasing the availability for ultrasound debridement technology, which is effective for expediting the healing process of wounds.
App-based Handheld Ultrasound Gains Popularity as Life-saving Technology in Remote Villages
The innovative app-based handheld ultrasound technology is empowering healthcare professionals to gain diagnostic insight for point-of-care (POC) treatment and is gaining prominence in the emergency department (E.D). The Philips Lumify, a one-of-its-kind app-based handheld ultrasound is gaining popularity for the 2020 IEEE Spectrum Technology in the Service of Society Award, since the technology is benefitting E.D. in hospitals of remote villages. This explains why the ultrasound devices market is estimated to advance at a healthy CAGR of ~6% during the assessment period.
The app-based handheld ultrasound technology holds promising potentials to transform healthcare by generating diagnostic images with the help of an ultrasound transducer that is connected to a smartphone or a tablet.
FDA Clearance for Two-sided Probe Design in Handheld Devices Creates Revenue Opportunities
Although trolley or cart-based ultrasound devices are likely to dominate a high revenue share, the demand for compact or handheld ultrasound devices in the ultrasound devices market is projected to grow at an exponential rate during the forecast period. This is evident since GE Healthcare - a subsidiary of U.S. multinational conglomerate General Electric, has announced its first wireless portable ultrasound device Vscan Air, which is intended for use in diagnostic ultrasound imaging and fluid flow analysis.
In order to bolster their credibility credentials, med-tech companies in the ultrasound devices market are increasing their R&D muscle to gain FDA clearance for handheld devices. They are increasing efforts to develop battery-powered handheld ultrasound devices with two-sided probe design for quick swapping between shallow and deep exams.
Report Highlights
In terms of technology, the global ultrasound devices market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been segregated into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been split into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The diagnostic ultrasound segment accounted for 85.42% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.20% from 2021 to 2030. Increase in incidence of chronic cases such as cardiac arrest is projected to drive the global diagnostic ultrasound segment.
Based on application, the global ultrasound devices market has been categorized into radiology/general imaging, cardiology, gynecology, vascular, urology and others. The radiology/general imaging segment accounted for 28.1% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.69% from 2020 to 2030. Increase in the demand for high quality diagnostic and therapeutic imaging capabilities, and rise in concerns related to radiation dose with other ultrasound imaging modalities are likely to drive the segment.
In terms of end user, the global ultrasound devices market has been divided into hospitals & surgical centers, diagnostic centers, ambulatory surgical centers, and others. The diagnostic centers segment dominated the global ultrasound devices market due to the availability of multiple service options & devices and tie-ups with healthcare companies to enhance healthcare service offerings.
In terms of region, the global ultrasound devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ultrasound devices market in 2020, followed by Europe. North America’s significant market share can be ascribed to the presence of a large number of key players, several patients with chronic diseases, a well-established healthcare infrastructure, and funding from government and corporates. The market in North America is anticipated to expand at a CAGR of 6.42% from 2020 to 2030. Europe is expected to account for 20.90% market share by 2030. The market in the region is estimated to reach US$ 3,720.78 Mn by 2030.
Key Players
The global ultrasound devices market is fragmented in terms of a number of players. Key players operating in the global market include GE Healthcare, Koninklijke Philips N.V, Canon Medical Systems Corporation, Hitachi Ltd., Siemens Healthineers, Mindray Medical International Limited, Samsung Medison Co., Ltd., Fujifilm Holdings Corporation, Esaote SpA, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Shantou Institute of Ultrasonic Instruments Co., Ltd., Terason, and Analogic Corporation.
Market Segmentation
Report Scope
The Ultrasound devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Ultrasound devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Ultrasound devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ultrasound devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ultrasound devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Ultrasound devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Ultrasound devices by regions (countries) and application.
In this study, the years considered to estimate the market size of Ultrasound devices are as follows:
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Ultrasound devices market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Ultrasound devices market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Ultrasound devices market.
Market Segments: This part of the report discusses about product, application and other segments of the Ultrasound devices market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Ultrasound Devices Market
4. Market Overview
4.1. Introduction
4.1.1. Type Definition
4.1.2. Industry Evolution / Developments
4.2. Overview
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Ultrasound Devices Market Analysis and Forecast, 2017–2031
5. Key Insights
5.1. Top 3 players operating in the market space
5.2. Key Industry Events (mergers, acquisitions, partnerships, collaborations, etc.)
5.3. COVID-19 Pandemic Impact on Industry (value chain and short / mid / long term impact)
5.4. Regulatory Scenario, by Region/globally
5.5. Porter's Five Forces
6. Global Ultrasound Devices Market Analysis and Forecast, by Technology
6.1. Introduction & Definition
6.2. Key Findings / Developments
6.3. Market Value Forecast, by Technology, 2017–2031
6.3.1. Diagnostic Ultrasound
6.3.1.1. 2D Ultrasound
6.3.1.2. 3D & 4D Ultrasound
6.3.1.3. Doppler Ultrasound
6.3.2. Therapeutic Ultrasound
6.3.2.1. High-intensity Focused Ultrasound
6.3.2.2. Extracorporeal Shockwave Lithotripsy
6.4. Market Attractiveness Analysis, by Technology
7. Global Ultrasound Devices Market Analysis and Forecast, by Portability
7.1. Introduction & Definition
7.2. Key Findings / Developments
7.3. Market Value Forecast, by Portability, 2017–2031
7.3.1. Trolley/Cart-Based Ultrasound Devices
7.3.2. Compact/Handheld Ultrasound Devices
7.4. Market Attractiveness Analysis, by Portability
8. Global Ultrasound Devices Market Analysis and Forecast, by Application
8.1. Introduction & Definition
8.2. Key Findings / Developments
8.3. Market Value Forecast, by Application, 2017–2031
8.3.1. Radiology/General Imaging
8.3.2. Cardiology
8.3.3. Gynecology
8.3.4. Vascular
8.3.5. Urology
8.3.6. Others
8.4. Market Attractiveness Analysis, by Application
9. Global Ultrasound Devices Market Analysis and Forecast, by End-user
9.1. Introduction & Definition
9.2. Key Findings / Developments
9.3. Market Value Forecast, by End-user, 2017–2031
9.3.1. Hospital & Surgical Centers
9.3.2. Diagnostic Centers
9.3.3. Ambulatory Surgical Centers
9.3.4. Others
9.4. Market Attractiveness Analysis, by End-user
10. Global Ultrasound Devices Market Analysis and Forecast, by Region
10.1. Key Findings
10.2. Market Value Forecast, by Region
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Latin America
10.2.5. Middle East & Africa
10.3. Market Attractiveness Analysis, by Country/Region
11. North America Ultrasound Devices Market Analysis and Forecast
11.1. Introduction
11.1.1. Key Findings
11.2. Market Value Forecast, by Technology, 2017–2031
11.2.1. Diagnostic Ultrasound
11.2.1.1. 2D Ultrasound
11.2.1.2. 3D & 4D Ultrasound
11.2.1.3. Doppler Ultrasound
11.2.2. Therapeutic Ultrasound
11.2.2.1. High-intensity Focused Ultrasound
11.2.2.2. Extracorporeal Shockwave Lithotripsy
11.3. Market Value Forecast, by Portability, 2017–2031
11.3.1. Trolley/Cart-Based Ultrasound Devices
11.3.2. Compact/Handheld Ultrasound Devices
11.4. Market Value Forecast, by Application, 2017–2031
11.4.1. Radiology/General Imaging
11.4.2. Cardiology
11.4.3. Gynecology
11.4.4. Vascular
11.4.5. Urology
11.4.6. Others
11.5. Market Value Forecast, by End-user, 2017–2031
11.5.1. Hospital & Surgical Centers
11.5.2. Diagnostic Centers
11.5.3. Ambulatory Surgical Centers
11.5.4. Others
11.6. Market Value Forecast, by Country, 2017–2031
11.6.1. U.S.
11.6.2. Canada
11.7. Market Attractiveness Analysis
11.7.1. By Technology
11.7.2. By Portability
11.7.3. By Application
11.7.4. By End-user
11.7.5. By Country
12. Europe Ultrasound Devices Market Analysis and Forecast
12.1. Introduction
12.1.1. Key Findings
12.2. Market Value Forecast, by Technology, 2017–2031
12.2.1. Diagnostic Ultrasound
12.2.1.1. 2D Ultrasound
12.2.1.2. 3D & 4D Ultrasound
12.2.1.3. Doppler Ultrasound
12.2.2. Therapeutic Ultrasound
12.2.2.1. High-intensity Focused Ultrasound
12.2.2.2. Extracorporeal Shockwave Lithotripsy
12.3. Market Value Forecast, by Portability, 2017–2031
12.3.1. Trolley/Cart-Based Ultrasound Devices
12.3.2. Compact/Handheld Ultrasound Devices
12.4. Market Value Forecast, by Application, 2017–2031
12.4.1. Radiology/General Imaging
12.4.2. Cardiology
12.4.3. Gynecology
12.4.4. Vascular
12.4.5. Urology
12.4.6. Others
12.5. Market Value Forecast, by End-user, 2017–2031
12.5.1. Hospital & Surgical Centers
12.5.2. Diagnostic Centers
12.5.3. Ambulatory Surgical Centers
12.5.4. Others
12.6. Market Value Forecast, by Country/Sub-region, 2017–2031
12.6.1. Germany
12.6.2. U.K.
12.6.3. France
12.6.4. Spain
12.6.5. Italy
12.6.6. Rest of Europe
12.7. Market Attractiveness Analysis
12.7.1. By Technology
12.7.2. By Portability
12.7.3. By Application
12.7.4. By End-user
12.7.5. By Country/Sub-region
13. Asia Pacific Ultrasound Devices Market Analysis and Forecast
13.1. Introduction
13.1.1. Key Findings
13.2. Market Value Forecast, by Technology, 2017–2031
13.2.1. Diagnostic Ultrasound
13.2.1.1. 2D Ultrasound
13.2.1.2. 3D & 4D Ultrasound
13.2.1.3. Doppler Ultrasound
13.2.2. Therapeutic Ultrasound
13.2.2.1. High-intensity Focused Ultrasound
13.2.2.2. Extracorporeal Shockwave Lithotripsy
13.3. Market Value Forecast, by Portability, 2017–2031
13.3.1. Trolley/Cart-Based Ultrasound Devices
13.3.2. Compact/Handheld Ultrasound Devices
13.4. Market Value Forecast, by Application, 2017–2031
13.4.1. Radiology/General Imaging
13.4.2. Cardiology
13.4.3. Gynecology
13.4.4. Vascular
13.4.5. Urology
13.4.6. Others
13.5. Market Value Forecast, by End-user, 2017–2031
13.5.1. Hospital & Surgical Centers
13.5.2. Diagnostic Centers
13.5.3. Ambulatory Surgical Centers
13.5.4. Others
13.6. Market Value Forecast, by Country/Sub-region, 2017–2031
13.6.1. China
13.6.2. Japan
13.6.3. India
13.6.4. Australia & New Zealand
13.6.5. Rest of Asia Pacific
13.7. Market Attractiveness Analysis
13.7.1. By Technology
13.7.2. By Portability
13.7.3. By Application
13.7.4. By End-user
13.7.5. By Country/Sub-region
14. Latin America Ultrasound Devices Market Analysis and Forecast
14.1. Introduction
14.1.1. Key Findings
14.2. Market Value Forecast, by Technology, 2017–2031
14.2.1. Diagnostic Ultrasound
14.2.1.1. 2D Ultrasound
14.2.1.2. 3D & 4D Ultrasound
14.2.1.3. Doppler Ultrasound
14.2.2. Therapeutic Ultrasound
14.2.2.1. High-intensity Focused Ultrasound
14.2.2.2. Extracorporeal Shockwave Lithotripsy
14.3. Market Value Forecast, by Portability, 2017–2031
14.3.1. Trolley/Cart-Based Ultrasound Devices
14.3.2. Compact/Handheld Ultrasound Devices
14.4. Market Value Forecast, by Application, 2017–2031
14.4.1. Radiology/General Imaging
14.4.2. Cardiology
14.4.3. Gynecology
14.4.4. Vascular
14.4.5. Urology
14.4.6. Others
14.5. Market Value Forecast, by End-user, 2017–2031
14.5.1. Hospital & Surgical Centers
14.5.2. Diagnostic Centers
14.5.3. Ambulatory Surgical Centers
14.5.4. Others
14.6. Market Value Forecast, by Country/Sub-region, 2017–2031
14.6.1. Brazil
14.6.2. Mexico
14.6.3. Rest of Latin America
14.7. Market Attractiveness Analysis
14.7.1. By Technology
14.7.2. By Portability
14.7.3. By Application
14.7.4. By End-user
14.7.5. By Country/Sub-region
15. Middle East & Africa Ultrasound Devices Market Analysis and Forecast
15.1. Introduction
15.1.1. Key Findings
15.2. Market Value Forecast, by Technology, 2017–2031
15.2.1. Diagnostic Ultrasound
15.2.1.1. 2D Ultrasound
15.2.1.2. 3D & 4D Ultrasound
15.2.1.3. Doppler Ultrasound
15.2.2. Therapeutic Ultrasound
15.2.2.1. High-intensity Focused Ultrasound
15.2.2.2. Extracorporeal Shockwave Lithotripsy
15.3. Market Value Forecast, by Portability, 2017–2031
15.3.1. Trolley/Cart-Based Ultrasound Devices
15.3.2. Compact/Handheld Ultrasound Devices
15.4. Market Value Forecast, by Application, 2017–2031
15.4.1. Radiology/General Imaging
15.4.2. Cardiology
15.4.3. Gynecology
15.4.4. Vascular
15.4.5. Urology
15.4.6. Others
15.5. Market Value Forecast, by End-user, 2017–2031
15.5.1. Hospital & Surgical Centers
15.5.2. Diagnostic Centers
15.5.3. Ambulatory Surgical Centers
15.5.4. Others
15.6. Market Value Forecast, by Country/Sub-region, 2017–2031
15.6.1. GCC Countries
15.6.2. South Africa
15.6.3. Rest of Middle East & Africa
15.7. Market Attractiveness Analysis
15.7.1. By Technology
15.7.2. By Portability
15.7.3. By Application
15.7.4. By End-user
15.7.5. By Country/Sub-region
16. Competition Landscape
16.1. Market Share Analysis, by Company, 2020
16.2. Company Profiles
16.2.1. GE Healthcare
16.2.1.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.1.2. Product Portfolio
16.2.1.3. SWOT Analysis
16.2.1.4. Strategic Overview
16.2.2. Koninklijke Philips N.V.
16.2.2.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.2.2. Product Portfolio
16.2.2.3. SWOT Analysis
16.2.2.4. Strategic Overview
16.2.3. Canon Medical Systems Corporation
16.2.3.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.3.2. Product Portfolio
16.2.3.3. SWOT Analysis
16.2.3.4. Strategic Overview
16.2.4. Hitachi Ltd.
16.2.4.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.4.2. Product Portfolio
16.2.4.3. SWOT Analysis
16.2.4.4. Strategic Overview
16.2.5. Siemens Healthineers
16.2.5.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.5.2. Product Portfolio
16.2.5.3. SWOT Analysis
16.2.5.4. Strategic Overview
16.2.6. Mindray Medical International Limited
16.2.6.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.6.2. Product Portfolio
16.2.6.3. SWOT Analysis
16.2.6.4. Strategic Overview
16.2.7. Samsung Medison Co., Ltd.
16.2.7.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.7.2. Product Portfolio
16.2.7.3. SWOT Analysis
16.2.7.4. Strategic Overview
16.2.8. Fujifilm Holdings Corporation
16.2.8.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.8.2. Product Portfolio
16.2.8.3. SWOT Analysis
16.2.8.4. Strategic Overview
16.2.9. Esaote SpA
16.2.9.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.9.2. Product Portfolio
16.2.9.3. SWOT Analysis
16.2.9.4. Strategic Overview
16.2.10. Neusoft Corporation
16.2.10.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.10.2. Product Portfolio
16.2.10.3. SWOT Analysis
16.2.10.4. Strategic Overview
16.2.11. CHISON Medical Technologies Co., Ltd.
16.2.11.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.11.2. Product Portfolio
16.2.11.3. SWOT Analysis
16.2.11.4. Strategic Overview
16.2.12. Konica Minolta, Inc.
16.2.12.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.12.2. Product Portfolio
16.2.12.3. SWOT Analysis
16.2.12.4. Strategic Overview
16.2.13. Hologic, Inc.
16.2.13.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.13.2. Product Portfolio
16.2.13.3. SWOT Analysis
16.2.13.4. Strategic Overview
16.2.14. Shantou Institute of Ultrasonic Instruments Co., Ltd.
16.2.14.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.14.2. Product Portfolio
16.2.14.3. SWOT Analysis
16.2.14.4. Strategic Overview
16.2.15. Terason
16.2.15.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.15.2. Product Portfolio
16.2.15.3. SWOT Analysis
16.2.15.4. Strategic Overview
16.2.16. Analogic Corporation
16.2.16.1. Company Overview (HQ, Business Segments, Employee Strength)
16.2.16.2. Product Portfolio
16.2.16.3. SWOT Analysis
16.2.16.4. Strategic Overview
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