Ultrasound Market by Technology {Diagnostic [2D, 3D, and Doppler] and Therapeutic [High Intensity Focused Ultrasound (HIFU) and Extracorporeal Shockwave Lithotripsy (ESWL)]}, Display (Colour and B&W), Portability (Trolley and POC), Application (Gynaecology, Cardiology, Orthopedic, and Others), End user (Hospitals, Clinics, Diagnostic Centres, Ambulatory Surgical Centres, and Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

The market crossed the US$ 7.0 billion mark in 2022 and is expected to hit US$ 11.0 billion by 2030, recording a CAGR of 6.5% during the forecast period.

The Ultrasound market has been significantly growing with increase in the utilization of ultrasound devices for diagnostic imaging and management, associated with the rising incidences of chronic and lifestyle-related disease, is expected to drive the market growth.

Moreover, the surge in demand for minimally invasive surgery and progress in technology in ultrasound imaging technology are key factors boosting the market. Ultrasound is considered one of the most valuable diagnostic tools in medical imaging because it is fast and less expensive. In addition, it is safer than other imaging technologies as it does not utilize ionizing radiation and magnetic field. In 2021, the cardiology segment held the maximum market share, mainly due to rising incidences of cardiovascular diseases globally. For instance, according to WHO, cardiovascular diseases corresponds to 17.9 million death worldwide.

Within the report, the market is segmented into technology, display, portability, application, end user, and geography. By technology, the market is bifurcated into diagnostic and therapeutic. The diagnostic is further sub segmented into 2D, 3D, and Doppler. The therapeutic is further sub segmented into high intensity focused Ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). On the basis of display, the market is bifurcated into color and B&W. By portability, the market is categorized into trolley and POC. Based on application, the market is divided into gynecology, cardiology, orthopedic, and others. Based on end user, the market is segmented into hospitals, clinics, diagnostic centers, ambulatory surgical centers, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Expanded Applications of Ultrasound will Boost Futurstic Market Growth

Ultrasound is part of the medical imaging modalities available on the market. The ultrasound system utilizes high-frequency sound waves to picture the internal body parts. The device consists of transducer and ultrasound detector, or probe and is used to diagnose various chronic disorders. There has been an surge in the adoption of minimally invasive  therapies and image-guided procedures are increasingly being adopted by healthcare professionals and patients across the world. The ultrasound industry has witnessed a significant shift from being a conventional diagnostic modality for OB/GYN imaging to a therapeutic technique for renal stones, cancers, and other clinical conditions. Such efforts can be expected to open up new avenues for revenue growth for manufacturers in this market.  

Increasing prevalence of target diseases is one of the major factors accelerating market growth.

The increase in incidences of target diseases will enhance the adoption of diagnostic and therapeutic procedures. In the last few years, the incidences of chronic diseases have increased tremendously. For instance, World Health Organization has around 19.3 million new cancer cases in 2020. Further, according to the American Heart Association data, about 41.4% of US adults will have hypertension by 2030. Moreover, according to IDF Diabetes, 415 million people had diabetes in 2015; by 2040, this figure will reach 642 million. Ultrasound is the preferred method of diagnosis as it is cost-effective, safer, and enables early disease diagnosis. It is driving the growth of the market.

Recent strategic developments in the ultrasound market

The ultrasound market has undergone several significant developments, and a few of these have been mentioned below:

• In  Sep 2021, GE Healthcare acquired BK Medical, which extended GE Healthcare’s ultrasound portfolio into surgical visualization and boosted its growth in precision health.
• In Mar 2021, Koninklijke Philips N.V. partnered with DiA Imaging Analysis Ltd.; Philips will utilize/integrate DiA’s automated solutions with ultrasound systems to deliver operational efficiency and access to care for POC customers in and out of hospitals.
• In Dec 2020, Koninklijke Philips N.V. partnered with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery applications.
• In Dec 2020, Koninklijke Philips N.V. partnered with InSightec to expand access to MR-guided focused ultrasound for incision-less neurosurgery applications.

Several players drive the ultrasound market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. GE Healthcare; Koninklijke Philips N.V.; Canon Medical Systems Corporation; Hitachi, Ltd.; Siemens Healthineers AG; Hologic, Inc.; FUJIFILM Holdings Corporation; Samsung Electronics Co., Ltd.; Mindray Medical International Limited; Esaote S.p.A is among the prominent players operating in the market.

Target audience for the report:

• Drug developing companies
• Contract development and manufacturing organization,
• Clinical diagnostics -related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policymakers
• Venture capitalists, private equity firms, and start-up companies
• Drug distributors and sales firms
• End users of drug discovery
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Technology:
  • Diagnostic
    • 2D Ultrasound
    • 3D & 4D Ultrasound
    • Doppler Ultrasound
  • Therapeutic
    • High Intensity Focused Ultrasound (HIFU)
    • Extracorporeal Shockwave Lithotripsy (ESWL)
• Display:
  • Color
  • B&W
• Portability:
  • Trolley
  • POC
• Application:
  • Gynecology
  • Cardiology
  • Orthopedic
  • Others
• End User:
  • Hospitals
  • Clinics
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Canon Medical Systems Corporation
  • Hitachi, Ltd.
  • Siemens Healthineers AG
  • Hologic, Inc.
  • FUJIFILM Holdings Corporation
  • Samsung Electronics Co., Ltd.
  • Mindray Medical International Limited
  • Esaote S.p.A