Global Ultrasound Market Insights – Trends & Forecast 2024-2034
The Ultrasound Market is segmented by colored and black-and-white display from 2024 to 2034.
Ultrasound Market Outlook from 2024 to 2034
The Ultrasound Market is set to be valued at USD 11.70 billion in 2024 and is projected to reach USD 20.40 billion by 2034, exhibiting a modest CAGR of 5.80% over the forecast period.
Key Market Drivers:
The ultrasound market generated an estimated revenue of USD 8.20 billion in 2019. Over the span of four years, the market experienced a 7.40% CAGR, adding a staggering revenue of USD 2.70 billion and reaching a total of USD 10.90 billion in 2023. Several reasons can be attributed to this growth:
The expanding use of ultrasound across various medical specialties, including cardiology, obstetrics, and musculoskeletal imaging
Growing awareness among patients and healthcare providers about the benefits of ultrasound as a safe and non-invasive diagnostic tool
The rising emphasis on prenatal care and women's health led to an increased number of ultrasound screenings during pregnancy
The popularity of portable and point-of-care ultrasound systems, expanding access to imaging services, especially in remote or resource-limited settings
The growth of telemedicine and remote healthcare services is increasing the demand for portable and easily deployable ultrasound devices
Continuous innovation and technological developments in ultrasound imaging systems, enhancing diagnostic capabilities
Favorable reimbursement policies for ultrasound procedures in many healthcare systems, such as the United States, India, China, etc.
Attributes
Key Statistics
Projected Market Value (2024)
USD 11.70 billion
Estimated Market Value (2034)
USD 20.40 billion
Forecasted Growth Rate (2024 to 2034)
5.80% CAGR
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Adoption Analysis of Ultrasound
The healthcare sector is increasingly adopting ultrasounds, especially in hospitals and clinics. These entities utilize ultrasound for diagnostic imaging in various medical departments, including radiology, cardiology, obstetrics, and emergency care.
The ultrasound market is booming, with growing popularity among diagnostic imaging centers. They use ultrasound for a wide range of imaging services, including examinations of the abdomen, pelvis, musculoskeletal system, and other areas.
Ultrasounds are experiencing increasing demand from individual healthcare professionals such as radiologists, obstetricians, cardiologists, and general practitioners for patient examinations and diagnosis.
Military and field hospitals are also opting for ultrasounds for quick and efficient medical evaluations in challenging environments.
The growing adoption of ultrasounds is observed in telemedicine platforms, where they have become a valuable tool for remote consultations, enabling healthcare providers to conduct virtual examinations.
Ultrasounds are also gaining popularity in the treatment of pregnant women, allowing expectant mothers to monitor the development and health of the fetus.
Restraining Factors Adversely Affecting the Ultrasound Market
The ultrasound industry is anticipated to surpass a valuation of USD 20.40 billion by 2034, registering a 5.80% CAGR. While the market is projected to experience remarkable growth, several restraining factors could adversely affect its progress:
The initial capital required to install an advanced ultrasonic system is the biggest hurdle for small clinics and hospitals. This obstacle keeps a substantial number of potential consumers away from the market, thereby slowing its growth.
Competition from other imaging technologies, such as MRI and CT scans, may limit the growth of the ultrasound market.
In certain countries, like India, regulations regarding ultrasound are very strict. These restrictions hamper the overall adoption of ultrasound systems in healthcare facilities, further contributing to negative market growth.
There are still some concerns regarding overexposure to ultrasound radiation, especially among pregnant women. This deters a considerable number of people from opting for ultrasounds.
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Category-wise Insights
Ultrasound Devices Sales are Set to Skyrocket in the Upcoming Decades
Depending on the component, the ultrasound market branches into ultrasound devices, transducers, gels, and other components. The ultrasound devices segment is anticipated to develop at a CAGR of 4.20% from 2024 to 2034.
Various medical specialties, including radiology, cardiology, obstetrics, and emergency care, are increasingly utilizing ultrasound devices due to the rising prevalence of chronic diseases requiring diagnostic imaging.
The demand for ultrasound devices in the healthcare sector is also touching the skies due to growing awareness among healthcare providers and patients about the benefits of ultrasound for accurate and safe diagnostics.
Ultrasound devices, such as portable and high-resolution imaging systems, are enhancing diagnostic precision and expanding the scope of medical examinations. This is also a key driver for their increased adoption in recent years.
Attributes
Details
Component
Ultrasonic Devices
Forecasted CAGR (From 2024 to 2034)
4.20%
2D Ultrasounds to Retain their Dominance despite the Emergence of 3D Technology
The ultrasound market is categorized by technology into 2D ultrasound, 3D and 4D ultrasound, color Doppler imaging, continuous Doppler imaging, etc. The 2D ultrasound technology segment dominates the market and is anticipated to flourish at a CAGR of 4.10% through 2034.
2D ultrasounds are very likely to remain the most preferred imaging technology in the healthcare industry, primarily due to their familiarity among healthcare professionals in various fields such as obstetrics, cardiology, radiology, and emergency care.
Despite the emergence of 3D technology, 2D ultrasounds are experiencing a surge in adoption due to their cost-effectiveness, ease of operation, and ability to provide essential information in real time.
Attributes
Details
Technology
2D Ultrasounds
Forecasted CAGR (From 2024 to 2034)
4.10%
Country-wise Insights
The section provides an analysis of the ultrasound market by country, including Japan, China, the United States, South Korea, and the United Kingdom. The table presents the CAGR for each country, indicating the expected market growth in that particular country through 2034.
Countries
Forecasted CAGR (From 2024 to 2034)
South Korea
6.80%
The United Kingdom
6.60%
China
6.40%
The United States
5.90%
Japan
5.00%
Ultrasound Market in South Korea
South Korea is one of the leading countries in this market. The South Korea ultrasound market is anticipated to maintain its supremacy by progressing at an annual growth rate of 6.80% until 2034.
In the past few years, the healthcare sector in South Korea has seen tremendous investments from both public and private entities. These investments aim to adopt advanced technologies, including ultrasound. This has positioned South Korea as the leading country in this market.
South Korea is also dealing with the problem of a rapidly growing aging population. This demographic is more susceptible to treatments that require ultrasounds for better diagnosis. This is automatically generating excellent demand for 2D and 3D ultrasound systems in the country.
Ultrasound Market in the United Kingdom
The United Kingdom also rules the ultrasound industry. The United Kingdom ultrasound market is anticipated to retain its ascendency by succeeding at an annual growth rate of 6.60% through 2034.
The growing awareness of non-chronic diseases in the United Kingdom has pushed the demand for preventive healthcare treatments among the general population. This has led to increased adoption of ultrasounds in medical facilities such as hospitals, clinics, and ambulatory diagnostic centers across the country.
The United Kingdom is also home to some of the most advanced research schools and institutes associated with the medical sector. These institutes make significant contributions to the market for ultrasounds in the country.
Ultrasound Market in China
China, too, rules the ultrasound industry in the international marketplace. The Chinese ultrasound market is anticipated to exhibit an annual growth rate of 6.40% until 2034.
The government has always been at the forefront of modernizing medical facilities in the country. This has spurred the demand for advanced and sophisticated ultrasonic devices in the country, fueling market growth.
In the past few years, the middle-class population in China has experienced exponential growth. This has prompted healthcare entities in the country to provide robust facilities, such as 3D ultrasounds and color Doppler imaging systems, to meet the increasing demand.
Ultrasound Market in the United States
The United States tops the chart as the leading country when it comes to the ultrasound market, which is anticipated to register a CAGR of 5.90% through 2034.
There is a rising prevalence of chronic diseases, such as diabetes, hypertension, and obesity, in the country. Individuals dealing with these diseases often require ultrasounds for their treatments, which is contributing significantly to the market for ultrasounds in the United States.
The United States is also home to some of the most advanced medicare companies in the world. This presence amplifies the availability of sophisticated ultrasound devices, such as high-intensity focused ultrasound (HIFU) and extracorporeal shock wave lithotripsy (ESWL), augmenting the widespread adoption.
Ultrasound Market in Japan
Japan, too, plays a significant role in the ultrasound industry. Over the next ten years, the Japanese demand for ultrasounds is projected to rise at a 5.00% CAGR.
The geriatric population in Japan is responsible for the significant market growth. This population generates a high demand for ultrasounds due to the rising incidences of cardiovascular diseases, cancer, and musculoskeletal issues.
Japan is also known for its medical tourism around the world. Each year, millions of individuals flock to the country to take advantage of its medical facilities. This also generates excellent demand for Top of Formultrasounds in the country.
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Competitive Landscape
The ultrasound market consists of numerous players catering to both local and international consumers. Siemens Healthineers, General Electric Company, and Philips Healthcare are among the key players providing ultrasound components.
Hospitals, ambulatory surgical centers, specialty diagnostic centers, prenatal care clinics, etc., rely on these companies for their ultrasound devices. Apart from this, companies in the market are striving to make their products more cost-effective so that small clinics and hospitals can afford them.
This effort is intended to enable these companies not only to offer advanced facilities to patients but also to attract a substantial number of consumers to the market.
Recent Developments
In August 2023, researchers at MIT Lincoln Laboratory, in collaboration with Massachusetts General Hospital, unveiled the Noncontact Laser Ultrasound (NCLUS). This innovative system, utilizing laser-based technology, delivers high-quality medical images of internal body structures, offering capabilities comparable to MRI and CT at a significantly lower cost.
In September 2023, Mindray revolutionized ultrasound technology with the launch of TE Air, the first handheld ultrasound device providing dual connectivity to mobile devices or the TE X Ultrasound System. Offering dedicated presets for various clinical exams, it promises enhanced utility and accessibility for clinicians both inside and outside hospitals.
ALPINION Medical Systems introduced the X-CUBE i9, a portable ultrasound diagnostic device, in August 2023. Boasting dual batteries and probe connectors, it enhances examination speed. With one-minute readiness, it can operate for over 100 hours in standby and more than one hour in scan mode.
In July 2023, Konica Minolta launched the PocketPro H2, a handheld ultrasound device optimized for musculoskeletal assessment, needle guidance, and vascular access. The wireless unit offers 90 minutes of continuous scanning, an ergonomic design, and compatibility with iOS and Android devices, providing clinicians with advanced point-of-care ultrasound capabilities.
Key Companies in the Market
Siemens Healthineers
General Electric Company (GE Healthcare)
Philips Healthcare
Canon Medical Systems Corporation (formerly Toshiba Medical Systems)
