Ultrasound devices market report key findings

Friday, February 16, 2024

According to a recent report from Transparency Market Research, Inc., the ultrasound devices market is expected to reach 12.5B USD by 2031 with a 6% CAGR, as medicine moves towards personalized care, ultrasound may be used to tailor treatment to patients' individual needs.

According to Transparency Market Research Inc., the global ultrasound devices industry is expected to exceed US$ 12.5 billion by 2031. A CAGR of 6% is projected for the global ultrasound devices market from 2021 to 2031. The market's future is projected to be heavily influenced by ongoing innovation in ultrasound technology. This could include increasing image resolution, creating more portable and user-friendly devices, and incorporating artificial intelligence (AI) for image processing and interpretation.

Ultrasound devices market expected to reach USD 12.5B by 2031 with a 6% CAGR: Transparency Market Research, Inc.

The trend towards point-of-care ultrasonography is expected to continue, driven by the need for quick and convenient diagnostic options. Portable and handheld ultrasound technologies are gaining popularity, allowing healthcare providers to do ultrasound imaging at the patient's bedside or in rural, underserved areas.

Artificial intelligence and machine learning applications are expected to become more common in ultrasound diagnosis. AI can help with picture interpretation, improve diagnostic accuracy, and automate mundane operations, hence increasing healthcare practitioners' productivity and making ultrasound technology more accessible.

The rising use of ultrasound in point-of-care settings and expansion into new regions also contribute to the market's expansion. Modern ultrasound machines are portable and versatile, making them suitable for use in various healthcare settings, from traditional hospitals to distant and underserved places. The availability of ultrasound technology in point-of-care settings enables faster and more efficient diagnoses, which is especially important in emergencies.

Key findings of the market report

In 2020, diagnostic centers dominated the global market for ultrasound devices.
The global ultrasound devices market in 2020 was dominated by trolley and cart-based ultrasound devices.
Increasing patient numbers contributed to the popularity of ultrasound devices in the radiology segment in 2020.
By 2020, diagnostic ultrasound was the dominant segment of the global market.
Ultrasound devices are dominant in North America, which is expected to continue over the forecast period.

Global ultrasound devices market: Growth drivers

Continuous technical developments in ultrasound technology. Ongoing research and development efforts have resulted in the release of increasingly advanced and portable ultrasound devices with enhanced imaging capabilities. These developments improve the diagnostic accuracy and efficiency of ultrasound procedures, increasing their appeal to healthcare practitioners. In addition, chronic diseases are becoming more common, and the world's population is getting older.

As the world's population ages, the prevalence of ailments like cardiovascular disease, cancer, and musculoskeletal disorders rises, necessitating the use of medical imaging for precise diagnosis and surveillance. Ultrasound machines provide a non-invasive and cost-effective imaging solution, making them an excellent alternative for a variety of medical applications such as obstetrics, cardiology, and oncology.

Global ultrasound devices market: Regional landscape

The region's well-established healthcare infrastructure and high healthcare spending play critical roles. Advanced healthcare systems in North America encourage the use of cutting-edge medical technologies, such as ultrasound machines. This financial support enables healthcare facilities to invest in cutting-edge ultrasound equipment, hence driving market growth.

The rising prevalence of chronic diseases in North America, such as cardiovascular disease, obesity, and diabetes, adds to the demand for ultrasound imaging. Ultrasound equipment is widely utilized for diagnostic reasons in a variety of medical specialties, including cardiology and internal medicine, helping to treat chronic diseases through early and accurate detection.

The focus on women's healthcare, including prenatal care and obstetrics, drives the demand for ultrasound machines in North America. The region's strong awareness of the necessity of prenatal screening and monitoring is boosting the use of ultrasound technology in pregnancy-related healthcare services.

The push towards minimally invasive operations in North America has resulted in greater usage of ultrasound for guidance during interventions. Ultrasound's real-time imaging capabilities make it a crucial tool in procedures such as biopsies, injections, and vascular access, helping to drive market expansion.

Global ultrasound devices market: Key players

The ultrasound devices industry is developing at-home devices that accommodate patients' needs. The devices are intended to help patients who encounter too many steps in using them mitigate the risk of misuse.

Key players profiled in the ultrasound devices landscape

GE Healthcare
Koninklijke Philips N.V
Canon Medical Systems Corporation
Hitachi Ltd.
Siemens Healthineers
Mindray Medical International Limited
Samsung Medison Co. Ltd.
Fujifilm Holdings Corporation
Esaote SpA
Neusoft Corporation
CHISON Medical Technologies Co. Ltd.
Konica Minolta, Inc.
Hologic Inc.
Shantou Institute of Ultrasonic Instruments Co. Ltd.
Terason
Analogic Corporation

Key developments

In July 2023, GE HealthCare Technologies Inc. announced a higher annual profit forecast after beating quarterly earnings estimates as supply chain problems largely reduced electronic component shortages during the pandemic. Due to the availability of electronic components, the X-ray and ultrasound machine maker was able to control its costs and improve production and pricing.

In September 2023, Mindray launched the new TE Air handheld ultrasound device. As the first handheld ultrasound with mobile device connectivity and access to the TE X Ultrasound System, Mindray said the TE Air will enhance utility and accessibility.