Ultrasound Systems Devices' market size was valued at USD 9.6 billion in 2022. The Ultrasound Systems Devices market industry is projected to grow from USD 10.17 Billion in 2023 to USD 16.21 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 6.00% during the forecast period (2024 - 2032).Increased demand for non-invasive diagnostic imaging techniques and the expanding application of ultrasound technology in therapeutic areas are the prime market drivers enhancing the growth of market.
Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review
Growing demand for non-invasive diagnostic imaging techniques is driving the market growth
Market CAGR for ultrasound systems devices is being driven by the rising demand for the non-invasive diagnostic imaging techniques. As a foundation of medical imaging technology, ultrasound systems have experienced widespread adoption because of their versatility, non-invasive nature, and ability to offer real-time imaging. This demand is boosted by a convergence of factors, ranging from patient preferences to advancements in technology, ultimately shaping a transformative landscape in healthcare diagnostics.
One fundamental factor driving the ultrasound systems devices market is the rising focus on patient comfort and safety. The versatility of ultrasound technology further contributes to its widespread adoption. Non-invasive diagnostic imaging techniques, like ultrasound, abolish the need for surgical procedures or exposure to ionizing radiation to make them safer and more comfortable for patients. This has become particularly significant in the modern healthcare landscape, where patients and healthcare providers alike prioritize diagnostic methods that minimize risks and discomfort while maintaining diagnostic accuracy. From detecting fetal abnormalities in obstetrics to evaluating cardiac function in cardiology, the adaptability of ultrasound systems positions them as a versatile and widely applicable diagnostic modality. Ultrasound systems are capable of imaging different parts of the body, including the heart, abdomen, blood vessels, and musculoskeletal system. This versatility makes ultrasound an invaluable tool for diagnosing a range of conditions throughout the different medical specialties.
The surging prevalence of the chronic diseases, along with an aging population, has multiplied the demand for non-invasive diagnostic imaging. Ultrasound devices play an important role in the diagnosis and monitoring of chronic conditions like liver disorders, cardiovascular diseases, and certain types of cancers. Advancements in ultrasound technology have also contributed significantly to the market's expansion. The ability to conduct regular, non-invasive imaging assessments empowers healthcare professionals to assess treatment efficacy, monitor disease progression, and make informed decisions about patient care. The development of 3D and 4D imaging capabilities, high-resolution imaging, and the integration of artificial intelligence for image analysis have enhanced the diagnostic accuracy and capabilities of ultrasound systems. These technological advancements improve the quality of diagnostic information and also open new avenues for applications, thereby fueling the market forward.
Moreover, the rising emphasis on preventive and early diagnostic measures in healthcare has led to a growth in the usage of non-invasive imaging techniques. Ultrasound devices are perfect for early detection and monitoring, allowing healthcare providers to identify potential issues before they escalate. This proactive approach aligns with the broader healthcare trend of shifting from reactive to preventive care, thereby boosting the adoption of ultrasound systems in routine screenings and diagnostic evaluations. Thus driving the Ultrasound Systems Devices market revenue.
The Ultrasound Systems Devices market segmentation, based on product, includes Diagnostic Ultrasound Devices and Therapeutic Ultrasound Devices. The diagnostic ultrasound devices segment dominated the market, accounting for the largest market revenue because they are at the top of non-invasive medical imaging, providing real-time visualization of internal structures without the usage of ionizing radiation. Popular for their versatility, diagnostic ultrasound devices find applications throughout a wide range of medical specialties, including cardiology, obstetrics, and musculoskeletal imaging. The continuous technological advancements, like the integration of 3D and 4D imaging capabilities, further solidify the dominance of diagnostic ultrasound devices. The portability and ease of use of diagnostic ultrasound contribute to its widespread adoption in different healthcare settings, from hospitals to point-of-care facilities.
The Ultrasound Systems Devices market segmentation, based on portability, includes Handheld, Compact, and Cart/Trolley. The handheld category dominates the market by addressing the rising demand for point-of-care diagnostics and the requirement for mobility in broad healthcare settings. The compact and lightweight design of handheld ultrasound devices permits healthcare professionals to perform real-time imaging at the patient's bedside, in remote locations, or during emergency situations, improving accessibility and efficiency. This portability expedites the diagnostic process and also facilitates immediate decision-making, contributing to enhanced patient care. The convenience and flexibility provided by handheld ultrasound systems make them instrumental in spreading the reach of diagnostic imaging beyond traditional settings, boosting their dominance in the market. Further, the handheld segment is the fastest-growing due to the rising requirement for point-of-ultrasound.
The Ultrasound Systems Devices market segmentation, based on end use, includes Hospitals, Imaging Centers, and Research Centers. The hospitals category dominates the market due to its crucial role in offering comprehensive medical care and diagnostic services. The high patient volume in hospitals ensures a consistent demand for ultrasound examinations, boosting the procurement and utilization of these devices. As primary healthcare institutions, hospitals handle a broad range of medical conditions, necessitating advanced diagnostic imaging tools like ultrasound systems. Additionally, hospitals often have specialized departments like cardiology, obstetrics, and radiology, each depending hugely on ultrasound technology for accurate and timely diagnostic information, further solidifying the dominance of hospitals in the market for ultrasound systems devices.
Figure 1: Ultrasound Systems Devices Market, by End Use, 2023 & 2032 (USD Billion)
Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study gives market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Ultrasound Systems Devices market area dominates this market due to a high prevalence of the chronic diseases, a well-established healthcare infrastructure, and robust technological advancements. The leading position of the region is underscored by the widespread adoption of ultrasound systems across different medical specialties.
Further, the primcountries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: ULTRASOUND SYSTEMS DEVICES MARKET SHARE BY REGION 2023 (USD Billion)
Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe's Ultrasound Systems Devices market accounts for the second-largest market share due to rising healthcare expenditures, developments in medical technology, and the growing demand for non-invasive diagnostic imaging solutions. Further, the German ultrasound systems devices market held the largest market share, and the UK ultrasound systems device market was the fastest-growing market in the European region.
The Asia-Pacific Ultrasound Systems Devices Market is expected to grow at the fastest CAGR from the year 2023 to 2032. This is due to growing awareness of advanced diagnostic technologies, increasing healthcare investments, and the rising prevalence of chronic diseases. Moreover, China’s ultrasound systems devices market held the largest market share, and the Indian ultrasound systems device market was the fastest-growing market in the Asia-Pacific region.
Ultrasound Systems Devices Key Market Players & Competitive Insights
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Ultrasound Systems Devices market grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with the significant market developments inclusive of new product launches, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations. To expand and survive in the more competitive and rising market climate, the Ultrasound Systems Devices industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the Ultrasound Systems Devices industry to benefit the clients and grow the market sector. In recent years, the Ultrasound Systems Devices industry has offered some of the most significant profits to medicine. Major players in the Ultrasound Systems Devices market, including Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Canon Medical Systems, Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Konica Minolta Inc., Esaote, Butterfly Network, and others, are attempting to raise market demand by investing in the research and development operations.
Philips is a diversified multinational conglomerate. Philips has developed into a leader in health technology, lighting, and consumer electronics. The commitment of the company to innovation is evident in its broad-ranging product portfolio, which spans healthcare solutions, personal health and wellness products, and advanced lighting technologies. Philips' prominence in the healthcare sector is notable, as it offers a spectrum of medical equipment and services, including patient monitoring devices, imaging systems, and healthcare informatics. Philips, a prime player in ultrasound systems, acquired DiA Imaging Analysis, a leader in AI-powered ultrasound image analysis. This acquisition strengthens Philips' AI capabilities and allows them to offer AI-powered tools for disease diagnosis and workflow optimization.
GE Healthcare stands as a leader in the healthcare industry, providing a broad range of innovative products and services. GE Healthcare has evolved into a prominent market participant in medical diagnostics, imaging, biopharmaceutical manufacturing, and digital health solutions. GE Healthcare is committed to advancing precision health by offering healthcare professionals the tools and insights needed for improved patient outcomes. The company's comprehensive portfolio includes cutting-edge technologies such as magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and molecular imaging. GE Healthcare, another major ultrasound manufacturer, acquired Caption Health, a developer of AI-powered ultrasound guidance systems. This acquisition expands GE Healthcare's AI offerings and provides them with Caption Health's technology for real-time needle guidance and procedure safety.
Key Companies in the Ultrasound Systems Devices market include
Koninklijke Philips N.V.
GE Healthcare
Canon Medical Systems
Mindray Medical International Limited
Samsung Medison Co., Ltd.
Konica Minolta Inc.
Esaote
Butterfly Network
Ultrasound Systems Devices Industry Developments
February 2023:Canon Medical, a fast-developing ultrasound company, acquired Terasonus, a manufacturer of high-end point-of-care ultrasound systems. This deal strengthens the presence of Canon Medical in the point-of-care market and expands its product portfolio.
February 2023:Butterfly Network, a leading handheld ultrasound company, partnered with Ambra Health to simplify data sharing and integration of bedside ultrasound images into electronic health records. This partnership enhances workflow efficiency and data accessibility for healthcare providers.
October 2023:Fujifilm, a strong competitor in ultrasound, partnered with GE Healthcare to develop and market surgical ultrasound solutions. This collaboration compiles the expertise of Fujifilm in endoscopic ultrasound with GE Healthcare's surgical navigation technologies to provide comprehensive solutions for minimally invasive surgery.
Diagnostic Ultrasound Devices
Therapeutic Ultrasound Devices
Handheld
Compact
Cart/Trolley
Hospitals
Imaging Centers
Research Centers
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 9.6 Billion |
| Market Size 2023 | USD 10.17 Billion |
| Market Size 2032 | USD 16.21 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Portability, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Canon Medical Systems, Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Konica Minolta Inc., Esaote, Butterfly Network |
| Key Market Opportunities | The expanding application of ultrasound technology in therapeutic areas. |
| Key Market Dynamics | Increased demand for non-invasive diagnostic imaging techniques. |
Frequently Asked Questions (FAQ) :
The Ultrasound Systems Devices market size was valued at USD 9.6 Billion in 2022.
The market is foreseen to rise at a CAGR of 6.00% during the forecast period, 2024-2032.
North America had the biggest share in the market
The prime players in the market are Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers AG, Canon Medical Systems, Mindray Medical International Limited, Samsung Medison Co., Ltd., FUJIFILM SonoSite, Inc., Konica Minolta Inc., Esaote, Butterfly Network.
The handheld segment dominated the market in 2022.
The hospitals had the biggest share in the market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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