Ultrasound Device Market Growth Analysis, Trends Forecast by Regions and Types to 2030

Posted on 2023-04-19 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 19, 2023 — /EPR Network/ —

Ultrasound Device Industry Overview

The global Ultrasound Device Market size is expected to reach USD 14.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2022 to 2030. Ultrasound is a very efficient technology that aids in the diagnosis of various disorders such as tumors as well as the detection of changes in the appearance of organs, tissues, and arteries. It also has a range of therapeutic applications. An increase in the adoption of ultrasound devices for diagnosis and treatment is driving the market. In addition, a rise in the adoption of minimally invasive surgeries, coupled with technological advancements is expected to boost the market growth.

Emerging innovations in ultrasound technology are expanding the market size. Hand-held ultrasound devices have made the technology more accessible for use in limited-resource communities around the world. Furthermore, the introduction of 3D/4D ultrasound and the integration of artificial intelligence (Al) to automate time-consuming processes are expected to propel the market growth during the forecast period. For instance, in September 2020, GE Healthcare launched Voluson SWIFT, a new ultrasound technology, which is designed to help women’s health by allowing clinicians to enhance patient outcomes by expanding diagnostic capabilities. The system includes industry-first AI algorithms for auto-recognition and has excellent image quality.

The rising prevalence of chronic diseases like cancer, neurological conditions, orthopedic conditions, and cardiovascular diseases, significantly increases the demand for the adoption of ultrasound devices for diagnosis, thus expanding the market during the forecast period. In addition, the market for therapeutic ultrasound equipment is predicted to grow due to the rising use of ultrasound techniques for various therapeutic procedures using High-Intensity Focused Ultrasound (HIFU) technology and Extracorporeal Shockwave Lithotripsy (ESWL). The market’s prominent competitors are taking different initiatives such as funding and acquisitions of medium and small-sized businesses in order to expand their product portfolio and enhance their manufacturing capacity. For instance, in September 2021, GE Healthcare acquired BK Medical, a leader in advanced surgical visualization.

Ultrasound Device Market Segmentation

Grand View Research has segmented the global ultrasound device market based on product, portability, application, end-use, and region:

Based on the Product Insights, the market is segmented into Diagnostic Ultrasound Devices and Therapeutic Ultrasound Devices.

The diagnostic imaging ultrasound devices segment accounted for the largest revenue share of more than 72.0% in 2021. This is owing to the wide range of applications in obstetrics, cardiology, and oncology.
The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 5.1% during the forecast period. This segment is further divided into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The high-intensity focused ultrasound segment held the largest revenue share in 2021 and is expected to grow at a significant rate over the forecast period since it is highly effective in treating cancer and other related disorders.

Based on the Portability Insights, the market is segmented into Handheld and Cart/Trolley.

The cart/trolley based ultrasound devices segment accounted for the largest revenue share of over 69.0% in 2021. By transporting the device to the patient’s location, whether it’s an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients.
The handheld ultrasound devices segment is anticipated to register the fastest growth rate over the forecast period. Handheld devices are in high demand due to the growing trend of home healthcareand remote patient monitoring.

Based on the Application Insights, the market is segmented into Cardiology, Obstetrics/Gynaecology, Vascular, Orthopedic and General Imaging.

The general imaging segment dominated the market and held the largest revenue share of more than 29.0% in 2021.
The cardiology segment is anticipated to witness a CAGR of over 5.1% over the forecast period owing to the increasing prevalence of Cardiovascular Disorders (CVD) worldwide.

Based on the End-Use Insights, the market is segmented into Hospitals, Imaging Centres and Research Centres.

The hospitals segment dominated the ultrasound device market and held the largest revenue share of over 39.0% in 2021 and is further expected to maintain its lead over the forecast period.

Ultrasound Device Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The major players are working to improve their product offerings by upgrading their products, taking advantage of important cooperation activities, and exploring acquisitions and government clearances in order to expand their customer base and gain a larger share of the overall market.

Some prominent players in the global Ultrasound Device market include

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

Order a free sample PDF of the Ultrasound Device Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Matched content

Editor’s pick