Ultrasound Market Key Manufacturers, Supply Demand, End User Analysis and Outlook to 2029

The Ultrasound Market, valued at USD 7.24 billion in 2022, is on a trajectory of robust growth, with an expected CAGR of 6.5% from 2023 to 2029, reaching nearly USD 11.25 billion. This surge is attributed to the escalating demand for ultrasound technology in medical imaging, rapid technological advancements, and a growing prevalence of chronic diseases globally.

Evolution of Ultrasound:
Ultrasound's role in medical image analysis witnessed significant evolution during the latter half of the 20th century. Its unique properties, offering nonionizing and non-invasive energy, propelled its recognition as a valuable diagnostic tool. The establishment and expansion of basic ultrasound services have been more feasible compared to other imaging technologies due to lower infrastructure costs. However, the key challenge lies in ensuring a well-trained and highly qualified workforce to deliver reliable diagnostic ultrasonography services.

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Market Dynamics:
The market growth is driven by factors such as the increased use of ultrasound equipment for diagnostic imaging and therapy, rising prevalence of chronic and lifestyle-related diseases, and advancements in ultrasound imaging technology. The market is also witnessing a surge in demand for minimally invasive surgery, attributed to the safety and cost-effectiveness of ultrasound imaging, which does not involve ionizing radiation or magnetic fields.

Rising Geriatric Population and Chronic Diseases:
The frequency of chronic diseases is on the rise globally, leading to an increased demand for healthcare services. The aging population and the surge in chronic diseases contribute to the growth of medical imaging equipment, particularly ultrasound devices for diagnostic and treatment purposes. Ultrasound applications have expanded beyond traditional areas to include surgery, gastroenterology, and musculoskeletal, fostering sales growth through ongoing innovations.

Ultrasound Market Segment Analysis:

Technology: Diagnostic ultrasound devices dominate the market, holding a 72% share. The demand for improved diagnostic devices, including miniaturized 2D and 3D/4D ultrasound, contributes to this segment's large share.

by Technology

1. Diagnostic Ultrasound
1.1 2D Ultrasound
1.2 3D & 4D Ultrasound
1.3 Doppler Ultrasound

2. Therapeutic Ultrasound
1.1 High-Intensity Focused Ultrasound (HIFU)
1.2 Extracorporeal Shockwave Lithotripsy (ESWL)

Application: Radiology/general imaging holds the largest market share, driven by the affordability and wide range of diagnostic scans needed for various medical fields.

by Application

1. Radiology/General Imaging Applications
2. Obstetrics/Gynecology Applications
3. Cardiology Applications
4. Urology Applications
5. Vascular Applications
6. Orthopedic and Musculoskeletal Applications
7. Pain Management Applications

End-User: Hospitals lead the market with a 39.5% share, fueled by the extensive use of ultrasound equipment in medical settings and increasing patient admissions for lifestyle-related ailments.

by End User

1. Hospitals, Surgical Centers, and Diagnostic Centers
2. Maternity Centers
3. Ambulatory Care Centers
4. Research and Academia

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Who are Global Ultrasound Market Key Players?

1. GE Healthcare (US)
2. Hologic, Inc (US)
3. Integra Medical Systems LLC (US)
4. Analogic Corporation (US)
5. Carestream Health (US)
6. Medgyn Products, Inc (US)
7. United Imaging Healthcare Co., Ltd. (US)
8. Clarius Mobile Health (Canada)
9. Neusoft Corporation (China)
10. SonoScape Medical Corp. (China)
11. Mindray Medical International Limited (China)
12. Chison Medical Technologies Co., Ltd. (China)
13. CANON MEDICAL SYSTEMS CORPORATION (Japan)
14. Hitachi Ltd. (Japan)
15. FUJIFILM Holdings Corporation (Japan)
16. Konica Minolta, Inc (Japan)
17. Samsung Medison Co., Ltd. (South Korea)
18. CURA Healthcare (India)
19. Siemens Healthcare (Germany)
20. Esaote SpA (Italy)
21. Koninklijke Philips N.V. (Netherlands)

Table of content for the Global Ultrasound Market includes:

Part 01: Executive Summary

Part 02: Scope of the Global Ultrasound Market Report

Part 03: Global Ultrasound Market Landscape

Part 04: Global Ultrasound Market Sizing

Part 05: Global Ultrasound Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Ultrasound Market Regional Insights:

North America: Dominates the market with a 30% share, driven by a substantial number of market competitors, a high incidence of cancer cases, and widespread adoption of modern technology.

Asia Pacific: Anticipated to experience the fastest CAGR, driven by a strong healthcare base, increasing healthcare expenses, a rise in chronic diseases, and advancements in ultrasound technology.

Europe: Expected to achieve the highest CAGR of 5.8%, attributed to a growing elderly population with chronic conditions and well-established healthcare infrastructure.

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