The ultrasound devices market is expected to increase from USD 11.2 billion in 2023 to USD 15.39 billion by 2032
Market Overview
In 2022, the Ultrasound Devices Market was valued at USD 10.8 billion. The ultrasound devices market is expected to increase from USD 11.2 billion in 2023 to USD 15.39 billion by 2032, with a compound annual growth rate (CAGR) of 4.1% over the forecast period (2023-2032).
Market Drivers
The global ultrasound devices market is anticipated to record substantial growth over the review timeframe. The growth of the market is being driven by the factors such as the surging requirement for minimally invasive diagnostics, increasing need for therapeutic devices, the launch of technically advanced equipment, and the growing trend towards home healthcare and remote patient monitoring. However, the market faces certain challenges such as lack of trained technicians and recent incidents of a product recall in the market.
Segment Analysis
The global market for ultrasound devices is divided into numerous segments based on portability, display, application, technology, end-user, and region.
The ultrasound devices market is divided into Point-Of-Care (POC), handheld/compact, and cart/trolley by portability. Based on the display, the global market is divided into black & white and color.
In application, the ultrasound devices market is split into neurology, musculoskeletal, urology, gastroenterology, cardiology, radiology/general imaging, vascular, anesthesiology, and obstetrics/gynecology. Based on technology, the market is divided into therapeutic ultrasound and diagnostic ultrasound.
By end-user, the global market is divided into research and academic institutes, maternity centers, ambulatory centers, and hospitals and diagnostic & surgical centers.
Regional Analysis
The global ultrasound devices market research is studied across five regions: Europe, North America, South America, Asia-Pacific, and the Middle East & Africa.
The growing incidents of chronic illness are driving the regional market’s growth, and increasing healthcare expenses among the expanding geriatric population are anticipated to accelerate the industry in the coming time.
The North American regional market is anticipated to secure the second position in the market globally over the review timeframe. The regional market’s growth is expected to be driven by the growing occurrence of chronic ailments among the expanding geriatric population. The presence of established players in the region is anticipated to be vital to boost market performance over the assessment timeframe.
The Asia-Pacific region is likely to record a substantial growth rate over the assessment timeframe. The regional market’s growth is primarily being driven by the increasing initiatives to improve the healthcare facilities. The rising occurrence of chronic ailments and the presence of developing countries such as India, China, and Japan are also likely to strengthen the performance of the regional market.
Competitive Analysis
The global ultrasound devices market has an intensely competitive landscape with a wide number of players spread worldwide. Numerous players in the market are adopting new strategies such as mergers, acquisitions, partnerships, product launches, and more. The list of leading players in the ultrasound devices market includes companies such as General Electric Company (U.S.), Trivitron Healthcare (India), Esaote Spa (Italy), Canon Medical Systems Corporation (Japan), Koninklijke Philips N.V. (The Netherlands), Analogic Corporation (U.S.), Fukuda Denshi (Japan), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China), Siemens Healthineers (Germany), Shantou Institute of Ultrasonic Instruments Co. Ltd. (China), Fujifilm Holdings Corporation (Japan), Hitachi Ltd. (Japan), Samsung Electronics Co. Ltd. (South Korea), and others.
Recent Developments
October 2021- The U.S. healthcare subsidiary of Samsung, NeuroLogica Corp., has introduced a high-end ultrasound system that provides enhanced image quality, usability, and convenience for ultrasound professionals, the V8. The V8 was lately approved by the U.S. Food and Drug Administration for commercial use in the USA. The feature-packed device includes two latest artificial intelligence (A.I.) functions. The first is “NerveTrack™,” an exciting A.I. technology that senses nerves’ location during live scanning. The second is “UterineAssist,” which senses tissue changes and helps the user with measurements of the uterus.
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