Ultrasound Devices Market Size & Share, by Application (Radiology, Gynecology, Cardiology, Urology, Vascular); Technology (2D Ultrasound Imaging, 3D, 4D Ultrasound Imaging, Doppler Imaging, High-intensity Focused Ultrasound); End-user (Hospitals, Clinics, Research Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4097
  • Published Date: Feb 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Ultrasound Devices Market size is poised to cross USD 15 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of ultrasound devices was over USD 9 Billion. The growth of the market can be attributed to the rising need for ultrasound reports by medical practitioners to gain valuable information for diagnoses and treatment. The device also helps in examining an unborn child in pregnant women. Moreover, according to data published by Beth Israel Deaconess Medical Centre, most healthy women receive at least two ultrasound scans in their overall pregnancy period which is one of the prominent reasons for the growing demand for ultrasound devices. It is found that on average, every minute approximately 250 babies are born across the globe.The rising prevalence of various diseases worldwide as well as the growing number of patients along with the surge in the number of diagnostic centers worldwide are major factors expected to boost the market in the forecasted period.


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Ultrasound Devices Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Number of Hospitals – With the growing number of people suffering from one and more health conditions globally. The use of medical ultrasound imaging allows doctors to diagnose the sources of pain in patients’ bodies and the problems with internal organs. This diagnosis is useful for commencing treatments. Furthermore, the rising number of hospitals is responsible for driving the demand for various medical equipment along with ultrasound devices. Hence, the ultrasound devices market is projected to grow with the growing number of hospitals. As per 2020 data, it was found that there were over 6000 hospitals in United States.
  • Growing Share of the Diagnostic Sector in the Healthcare Industry - Diagnostic services play the key role of an information intermediary in the healthcare sector. According to the findings, India’s imaging diagnostic services/radiology tests accounted for nearly 30% of the market share of its diagnostic services market.
  • Increase in the Occurrences of Tumors Worldwide - In 2020, about 300,000 people were diagnosed with a primary brain or spinal cord tumor. The growth of the ultrasound devices market is majorly owing to its use to diagnose such types of tumors and cysts at the initial stages.
  • Surge in the Prevalence of Cancer Cases - Ultrasound devices are efficient for cancer diagnosis, and as per the 2022 American Cancer Society’s estimates, every year stomach cancer accounts for around 1.5% of all new cancers diagnosed in United States. Hence, the ultrasound device market is expected to grow on the back of prevailing cancer patients globally.
  • Increasing Investment in Healthcare Infrastructure - It was found that more than USD 50 billion was invested in global health tech in the year 2021.

Challenges

  • High Maintenance Cost – The improper shutdown of the machine is expected to hinder market growth. It is observed that hardware failure may need replacement if they become faulty. Additionally, issues owing to software corruption followed by ultrasound transducer issues too result in machine breakdown which increases the overall cost of employing this machine.
  • High Cost of the Machine
  • Lack of Trained Professional

Ultrasound Devices Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

5%

Base Year Market Size (2022)

USD 9 Billion

Forecast Year Market Size (2035)

USD 15 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Ultrasound Devices Segmentation

End-user (Hospitals, Clinics, Research Centers)

The global ultrasound devices market is segmented and analyzed for demand and supply by end-user in hospitals, clinics, and research centers. Out of these segments, the hospital segment is anticipated to hold a notable share in the global ultrasound devices market by 2035, on account of rising patient flow in hospitals worldwide, driving the need for more hospitals equipped with the latest medical equipment & technology. The National Centre for Biotechnology Information states that 1 in 3 adults is suffering from multiple chronic conditions, which is one of the most common reasons that hospitals are witnessing unprecedented patient flow.

Our in-depth analysis of the global market includes the following segments:

        By Application

  • Radiology
  • Gynecology
  • Cardiology
  • Urology
  • Vascular

         By Technology

  • 2D Ultrasound Imaging
  • 3D and 4D Ultrasound Imaging
  • Doppler Imaging
  • High–Intensity Focused Ultrasound

          By End-User

  • Hospitals
  • Clinics
  • Research Centers

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Ultrasound Devices Industry - Regional Synopsis

Asia Pacific Market Forecast

The Asia Pacific market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, on the back of the growing expenditure on healthcare infrastructure owing to the rising need for healthcare facilities in the region with the burgeoning population. The region consists of highly populous nations such as China and India. According to the data, every day more than 65,000 babies are born in India. Therefore, the global ultrasound device market in the Asia Pacific region is projected to grow significantly during the forecast period.

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Companies Dominating the Ultrasound Devices Landscape

top-features-companies
    • Siemens Healthcare GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Koninklijke Philips N.V.
    • General Electric Company               
    • Canon Medical Systems Corporation
    • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
    • Samsung Medison Co., Ltd.
    • FUJIFILM Sonosite, Inc.
    • Konica Minolta, Inc.
    • Shantou Institute of Ultrasonic Instruments Co.,
    • Terason Divison Teratech Corporation 

In the News

  • Siemens Healthcare GmbH – along with Penta Hospitals International announced a valued partnership to enhance healthcare in Slovakia.

  • Koninklijke Philips N.V. - joins hands with DiA Imaging Analysis for enhancing ultrasound with AI-based image quantification.

Author Credits:  Radhika Pawar


  • Report ID: 4097
  • Published Date: Feb 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rising use of ultrasound devices by gynecologists as well as hospitals along with the increasing share of diagnostic services in the healthcare sector are some major factors driving the growth of the market.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035.

The high cost of ultrasound machines as well as the maintenance cost are estimated to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, technology, end-user, and by region.

The hospital segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ultrasound Devices Market Report Scope
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