Newly-released Ultrasound Devices Market analysis report by Future Market Insights shows that global sales of the Ultrasound Devices market in 2032 are to hit at US$ 6.6 billion. With a CAGR of 7%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. Diagnostic ultrasound systems held the largest share in 2021 due to the system's advantage of providing significant soft tissue insights without exposing patients to ionizing radiation.
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As per the Ultrasound Devices market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Ultrasound Devices market increased at around 6.2% CAGR, wherein, countries such as the USA, China, Japan, the United Kingdom, and South Korea held a significant share in the global market.
The impact of COVID-19 on medical device companies in the ultrasound devices industry is expected to be moderate. The companies have suffered a setback as a result of the lockdown, which has resulted in a drop in manufacturing and a significant reduction in patient flow. Furthermore, as the use of imaging systems decreased due to a lack of need for emergency care, the demand for ultrasound devices decreased even more. However, in some cases, the use of an imaging system for COVID-19 diagnosis offsets this effect.
Ongoing growth in chronic disorders, such as cancer, gallstones, and fatty liver disease, with increasing healthcare spending, are the driving factors behind the global market growth. In the coming year, a growing number of new medical treatments and early diagnosis procedures involving ultrasound devices will boost market demand. High costs of ultrasound devices, on the other hand, are likely to limit the penetration of ultrasound imaging devices and prevent sustainable growth in the ultrasound imaging devices market during the evaluation period. Owing to this, the Ultrasound Devices market is projected to grow at a CAGR of 7% over the coming 10 years.
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North America stands as the most lucrative region for the ultrasound devices market. The region has a sound healthcare infrastructure, which is being upgraded periodically wherein technologically older devices are replaced with new devices. In 2021, the ultrasound devices market in North America stood at nearly US$ 2 billion, growing at a CAGR of 6.4% from 2017 to 2021. The market in the region is projected to reach a valuation of US$ 4.5 billion by the end of 2032. The market from 2022 to 2032 is projected to witness an absolute dollar opportunity of US$ 2.3 billion, growing at a CAGR of 7.6% during the forecast period.
The presence of a large number of market competitors in the region, as well as an increase in cancer cases, are the key factors driving market growth in the country. The market for ultrasound devices in The USA was valued at US$ 1.8 billion in 2021. The market in the country is projected to witness a CAGR of 7.5% from 2022 to 2032 and is estimated to reach a valuation of around US$ 4 billion by 2032.
The market in China is projected to reach a valuation of US$ 1.4 billion by 2032, growing at a CAGR of 7.1% from 2022 to 2032. Due to an increase in the geriatric population and chronic disease, as well as investments by Chinese governments in the development of healthcare infrastructure and increased demand for better imaging devices, the market in China is expected to grow at a significant pace during the forecast period.
The high market share of this segment can be attributed to a large number of ultrasound-based medical procedures performed in hospitals, as well as the growing number of hospitals in major markets and the rising adoption of minimally invasive diagnostic and surgical procedures in these facilities.
The Ultrasound Devices market in The United Kingdom was valued at US$ 281.4 million in 2021. The market in the country is expected to reach nearly US$ 572.9 million by 2032. From 2022 to 2032, the market is likely to witness an absolute dollar opportunity of US$ 273.5 million, growing at a CAGR of 6.7%
The Ultrasound Devices market in Japan is projected to reach a valuation of US$ 577.6 million by 2032, growing at a CAGR of 8% from 2022 to 2032. The market is likely to garner an absolute dollar opportunity of US$ 308.8 million from 2022 to 2032.
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The general imaging segment generated the most revenue based on application. This is due to an increase in the number of abdominal examinations performed and the use of ultrasound devices to diagnose abdominal disorders. Furthermore, due to the preferred diagnostic modality for obstetrics and gynecological problems (pregnancy, reproductive and fertility problems, among others), the Obstetrics/Gynaecology segment is expected to grow at the fastest rate during the forecast period, propelling the industry forward.
The gynecological segment is expected to grow at a faster expansion rate over the coming decade due to stiffening technology and rising recognition of gynecological issues, both of which are spurring demand for efficient diagnostic tools.
In 2021, trolley/cart-based ultrasound devices accounted for the largest share, while compact/handheld ultrasound devices are expected to grow at a faster rate. The portable handheld ultrasound device segment is expected to grow at a high CAGR due to the fact that handheld ultrasound machines are being used more commonly for point-of-care applications. However, these tools will not have as much success in the market as trolley-cart-based ultrasound devices, which can provide better diagnostic capabilities and superior performance.
The growing adoption of these systems across prominent markets is attributed to their increased use in acute care settings and emergency care in hospitals and healthcare institutions, which accounts for a large share of this segment.
In 2021, diagnostic ultrasound is expected to account for the majority of the ultrasound market. A significant aspect of women’s health is the use of 2D ultrasound, the availability of medical reimbursements for imaging procedures measured in mature markets, ongoing technological improvements in the field of diagnostic ultrasound imaging, and the emerging applications of emerging ultrasound techniques that have contributed to this segment's considerable share.
Some of the key players operating in the ultrasound market are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems, Siemens AG, and Samsung Medison.
Some of the recent developments in the Ultrasound Devices Market are as follows:
The Ultrasound Devices market is worth US$ 6.6 billion at present.
The value of the Ultrasound Devices market is projected to increase at a CAGR of around 7% from 2022 to 2032.
The value of the Ultrasound Devices market increased at a CAGR of around 6% from 2017 to 2021.
Over the period 2022 to 2032, Asia Pacific is expected to grow at the fastest rate.
The top 5 countries driving demand for Ultrasound Devices are the USA, The United Kingdom, Japan, China, and South Korea.
Some key players operating in the Ultrasound Devices market are Koninklijke Philips N.V, GE Healthcare, Siemens Healthineers AG, Canon Medical Systems and Samsung Medison.
1. Executive Summary | Ultrasound Devices Market
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Demands
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ million)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background
4.1. Market, by Key Countries
4.2. Market Opportunity Assessment (US$ million)
4.2.1. Total Available Market
4.2.2. Serviceable Addressable Market
4.2.3. Serviceable Obtainable Market
4.3. Market Scenario Forecast
4.3.1. Demand in optimistic Scenario
4.3.2. Demand in Likely Scenario
4.3.3. Demand in Conservative Scenario
4.4. Investment Feasibility Analysis
4.4.1. Investment in Established Markets
4.4.1.1. In Short Term
4.4.1.2. In Long Term
4.4.2. Investment in Emerging Markets
4.4.2.1. In Short Term
4.4.2.2. In Long Term
4.5. Forecast Factors - Relevance & Impact
4.5.1. Top Companies Historical Growth
4.5.2. Growth in Automation, By Country
4.5.3. Adoption Rate, By Country
4.6. Market Dynamics
4.6.1. Market Driving Factors and Impact Assessment
4.6.2. Prominent Market Challenges and Impact Assessment
4.6.3. Market Opportunities
4.6.4. Prominent Trends in the Global Market & Their Impact Assessment
5. Key Success Factors
5.1. Manufacturers’ Focus on Low Penetration High Growth Markets
5.2. Banking on with Segments High Incremental Opportunity
5.3. Peer Benchmarking
6. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
6.1. Historical Market Analysis, 2017 to 2021
6.2. Current and Future Market Projections, 2022 to 2032
6.3. Y-o-Y Growth Trend Analysis
7. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2032
7.1. Historical Market Value (US$ million) Analysis, 2017 to 2021
7.2. Current and Future Market Value (US$ million) Projections, 2022 to 2032
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ million) Analysis By Product Type, 2017 to 2021
8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Product Type, 2022 to 2032
8.3.1. Diagnostic Ultrasound Devices
8.3.1.1. 2D
8.3.1.2. 3D/4D
8.3.1.3. Doppler
8.3.2. Therapeutic Ultrasound Devices
8.3.2.1. High-intensity Focused Ultrasound
8.3.2.2. Extracorporeal Shockwave Lithotrips
8.4. Market Attractiveness Analysis By Product Type
9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Portability
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ million) Analysis By Portability, 2017 to 2021
9.3. Current and Future Market Size (US$ million) Analysis and Forecast By Portability, 2022 to 2032
9.3.1. Handheld
9.3.2. Cart/Trolley
9.4. Market Attractiveness Analysis By Portability
10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ million) Analysis By Application, 2017 to 2021
10.3. Current and Future Market Size (US$ million) Analysis and Forecast By Application, 2022 to 2032
10.3.1. Cardiology
10.3.2. Obstetrics/Gynaecology
10.3.3. Vascular
10.3.4. Orthopaedics
10.3.5. General Imaging
10.4. Market Attractiveness Analysis By Application
11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-User
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ million) Analysis By End-User, 2017 to 2021
11.3. Current and Future Market Size (US$ million) Analysis and Forecast By End-User, 2022 to 2032
11.3.1. Hospitals
11.3.2. Imaging Centres
11.3.3. Research centres
11.4. Market Attractiveness Analysis By End-User
12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
12.1. Introduction
12.2. Historical Market Size (US$ million) Analysis By Region, 2017 to 2021
12.3. Current Market Size (US$ million) & Analysis and Forecast By Region, 2022 to 2032
12.3.1. North America
12.3.2. Latin America
12.3.3. Europe
12.3.4. Asia Pacific
12.3.5. Middle East and Africa (MEA)
12.4. Market Attractiveness Analysis By Region
13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032
13.4.1. By Country
13.4.1.1. The USA
13.4.1.2. Canada
13.4.1.3. Rest of North America
13.4.2. By Product Type
13.4.3. By Portability
13.4.4. By End-User
13.4.5. By Application
13.5. Market Attractiveness Analysis
13.5.1. By Country
13.5.2. By Product Type
13.5.3. By Portability
13.5.4. By End-User
13.5.5. By Application
14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021
14.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032
14.4.1. By Country
14.4.1.1. Brazil
14.4.1.2. Mexico
14.4.1.3. Rest of Latin America
14.4.2. By Product Type
14.4.3. By Portability
14.4.4. By End-User
14.4.5. By Application
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Product Type
14.5.3. By Portability
14.5.4. By End-User
14.5.5. By Application
15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021
15.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032
15.4.1. By Country
15.4.1.1. Germany
15.4.1.2. France
15.4.1.3. The United Kingdom
15.4.1.4. Italy
15.4.1.5. Benelux
15.4.1.6. Nordic Countries
15.4.1.7. Rest of Europe
15.4.2. By Product Type
15.4.3. By Portability
15.4.4. By End-User
15.4.5. By Application
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Product Type
15.5.3. By Portability
15.5.4. By End-User
15.5.5. By Application
16. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021
16.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032
16.4.1. By Country
16.4.1.1. China
16.4.1.2. Japan
16.4.1.3. South Korea
16.4.1.4. Rest of Asia Pacific
16.4.2. By Product Type
16.4.3. By Portability
16.4.4. By End-User
16.4.5. By Application
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Product Type
16.5.3. By Portability
16.5.4. By End-User
16.5.5. By Application
17. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021
17.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032
17.4.1. By Country
17.4.1.1. Spain
17.4.1.2. South Africa
17.4.1.3. Turkey
17.4.1.4. Rest of Middle East and Africa
17.4.2. By Product Type
17.4.3. By Portability
17.4.4. By End-User
17.4.5. By Application
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Product Type
17.5.3. By Portability
17.5.4. By End-User
17.5.5. By Application
18. Key Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2032
18.1. Introduction
18.1.1. Market Value Proportion Analysis, By Key Countries
18.1.2. Global Vs. Country Growth Comparison
18.2. US Market Analysis
18.2.1. Value Proportion Analysis by Market Taxonomy
18.2.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.2.2.1. By Product Type
18.2.2.2. By Portability
18.2.2.3. By End-User
18.2.2.4. By Application
18.3. Canada Market Analysis
18.3.1. Value Proportion Analysis by Market Taxonomy
18.3.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.3.2.1. By Product Type
18.3.2.2. By Portability
18.3.2.3. By End-User
18.3.2.4. By Application
18.4. Mexico Market Analysis
18.4.1. Value Proportion Analysis by Market Taxonomy
18.4.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.4.2.1. By Product Type
18.4.2.2. By Portability
18.4.2.3. By End-User
18.4.2.4. By Application
18.5. Brazil Market Analysis
18.5.1. Value Proportion Analysis by Market Taxonomy
18.5.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.5.2.1. By Product Type
18.5.2.2. By Portability
18.5.2.3. By End-User
18.5.2.4. By Application
18.6. Germany Market Analysis
18.6.1. Value Proportion Analysis by Market Taxonomy
18.6.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.6.2.1. By Product Type
18.6.2.2. By Portability
18.6.2.3. By End-User
18.6.2.4. By Application
18.7. France Market Analysis
18.7.1. Value Proportion Analysis by Market Taxonomy
18.7.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.7.2.1. By Product Type
18.7.2.2. By Portability
18.7.2.3. By End-User
18.7.2.4. By Application
18.8. Italy Market Analysis
18.8.1. Value Proportion Analysis by Market Taxonomy
18.8.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.8.2.1. By Product Type
18.8.2.2. By Portability
18.8.2.3. By End-User
18.8.2.4. By Application
18.9. BENELUX Market Analysis
18.9.1. Value Proportion Analysis by Market Taxonomy
18.9.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.9.2.1. By Product Type
18.9.2.2. By Portability
18.9.2.3. By End-User
18.9.2.4. By Application
18.10. The United Kingdom Market Analysis
18.10.1. Value Proportion Analysis by Market Taxonomy
18.10.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.10.2.1. By Product Type
18.10.2.2. By Portability
18.10.2.3. By End-User
18.10.2.4. By Application
18.11. Nordic Countries Market Analysis
18.11.1. Value Proportion Analysis by Market Taxonomy
18.11.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.11.2.1. By Product Type
18.11.2.2. By Portability
18.11.2.3. By End-User
18.11.2.4. By Application
18.12. China Market Analysis
18.12.1. Value Proportion Analysis by Market Taxonomy
18.12.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.12.2.1. By Product Type
18.12.2.2. By Portability
18.12.2.3. By End-User
18.12.2.4. By Application
18.13. Japan Market Analysis
18.13.1. Value Proportion Analysis by Market Taxonomy
18.13.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.13.2.1. By Product Type
18.13.2.2. By Portability
18.13.2.3. By End-User
18.13.2.4. By Application
18.14. South Korea Market Analysis
18.14.1. Value Proportion Analysis by Market Taxonomy
18.14.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.14.2.1. By Product Type
18.14.2.2. By Portability
18.14.2.3. By End-User
18.14.2.4. By Application
18.15. Spain Market Analysis
18.15.1. Value Proportion Analysis by Market Taxonomy
18.15.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.15.2.1. By Product Type
18.15.2.2. By Portability
18.15.2.3. By End-User
18.15.2.4. By Application
18.16. South Africa Market Analysis
18.16.1. Value Proportion Analysis by Market Taxonomy
18.16.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.16.2.1. By Product Type
18.16.2.2. By Portability
18.16.2.3. By End-User
18.16.2.4. By Application
18.17. Turkey Market Analysis
18.17.1. Value Proportion Analysis by Market Taxonomy
18.17.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032
18.17.2.1. By Product Type
18.17.2.2. By Portability
18.17.2.3. By End-User
18.17.2.4. By Application
18.17.3. Competition Landscape and Player Concentration in the Country
19. Market Structure Analysis
19.1. Market Analysis by Tier of Companies
19.2. Market Concentration
19.3. Market Share Analysis of Top Players
19.4. Market Presence Analysis
19.4.1. By Regional footprint of Players
19.4.2. Product footprint by Players
20. Competition Analysis
20.1. Competition Dashboard
20.2. Competition Benchmarking
20.3. Competition Deep Dive
20.3.1. Koninklijke Philips N.V
20.3.1.1. Overview
20.3.1.2. Product Portfolio
20.3.1.3. Sales Footprint
20.3.1.4. Strategy Overview
20.3.2. GE Healthcare
20.3.2.1. Overview
20.3.2.2. Product Portfolio
20.3.2.3. Sales Footprint
20.3.2.4. Strategy Overview
20.3.3. Siemens Healthineers AG
20.3.3.1. Overview
20.3.3.2. Product Portfolio
20.3.3.3. Sales Footprint
20.3.3.4. Strategy Overview
20.3.4. Canon Medical Systems
20.3.4.1. Overview
20.3.4.2. Product Portfolio
20.3.4.3. Sales Footprint
20.3.4.4. Strategy Overview
20.3.5. Samsung Medison
20.3.5.1. Overview
20.3.5.2. Product Portfolio
20.3.5.3. Sales Footprint
20.3.5.4. Strategy Overview
21. Assumptions and Acronyms Used
22. Research Methodology
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Ultrasound Devices Market
