Ultrasound Devices Market Growth Expanding at a CAGR of 6.1% from 2021 to 2030

The global ultrasound devices market value reached at US$ 6.1 Bn in 2020 and predicted to surpass around US$ 12.3 billion by 2030, expanding at a noteworthy CAGR of 6.1% from 2021 to 2030.

Ultrasound is an imaging technology through which the morphological and physiological defects of human body can be detected. This device uses high-frequency sound waves for visualization of internal organs of the body. It has a probe that transmits ultrasonic sound waves into patient’s body. Organs of the body reflect the high frequency ultrasound waves that are detected by a detector. An ultrasound system is used to detect internal problems in various parts of the body such as heart, kidneys, liver, blood vessels, human fetus, and other organs. It is a type of diagnostic approach, which makes use of high resolution imaging technique by the signal received by organs. Ultrasound devices can also be applied in sonography, which is helpful in both diagnostic and therapeutic procedures.

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Rise in prevalence of chronic diseases such as heart disease, stroke, and cancer; technological advancements and new product launches in ultrasound systems; increase in the number of ultrasound diagnostic imaging procedures & efficacy in treatment; and rise in awareness about disease diagnosis to drive the global ultrasound devices market.

Report Coverage

Increase in Incidence of Chronic Disorders & Trauma Cases to Drive Global Market

Increase in incidence of chronic disorders and trauma cases and surge in the global geriatric population are the key factors projected to boost the growth of the global ultrasound devices market. The number of carcinoma and cardiovascular disease cases has increased over the past few years; CVDs is one of the leading causes of deaths across the world. Ultrasound is one of the most effective techniques for the pre-diagnosis of cardiovascular diseases. Moreover, the need of post-surgical imaging during the course of the treatment of a particular disease fuels the growth of the global ultrasound devices market. Furthermore, rise in the number of geriatric patients and increase in popularity of minimally invasive procedures accelerate the growth of the global ultrasound devices market. Large number of research grants and funding by government and corporates accelerate the global ultrasound devices market.

Ultrasound Debridement Technology Exhibits Potential to Reduce Morbidity Rate Due to Chronic Wounds

Ultrasound devices have the potential to treat chronic wounds. Significant innovations in wound care are contributing to the growth of the ultrasound devices market, as companies are collaborating with researchers to innovate in the ultrasound debridement technology. This has led to advancements in non-contact low-frequency (NCLF) ultrasound, which demonstrates the potential of ultrasound debridement to effectively remove devitalized tissue, alleviate pain, and control bio-burden caused by chronic wounds.

Since chronic wounds lead to considerable morbidity and utilize significant healthcare resources, manufacturers in the ultrasound devices market are increasing the availability for ultrasound debridement technology, which is effective for expediting the healing process of wounds.

App-based Handheld Ultrasound Gains Popularity as Life-saving Technology in Remote Villages

The innovative app-based handheld ultrasound technology is empowering healthcare professionals to gain diagnostic insight for point-of-care (POC) treatment and is gaining prominence in the emergency department (E.D). The Philips Lumify, a one-of-its-kind app-based handheld ultrasound is gaining popularity for the 2020 IEEE Spectrum Technology in the Service of Society Award, since the technology is benefitting E.D. in hospitals of remote villages. This explains why the ultrasound devices market is estimated to advance at a healthy CAGR of ~6% during the assessment period.

The app-based handheld ultrasound technology holds promising potentials to transform healthcare by generating diagnostic images with the help of an ultrasound transducer that is connected to a smartphone or a tablet.

FDA Clearance for Two-sided Probe Design in Handheld Devices Creates Revenue Opportunities

Although trolley or cart-based ultrasound devices are likely to dominate a high revenue share, the demand for compact or handheld ultrasound devices in the ultrasound devices market is projected to grow at an exponential rate during the forecast period. This is evident since GE Healthcare - a subsidiary of U.S. multinational conglomerate General Electric, has announced its first wireless portable ultrasound device Vscan Air, which is intended for use in diagnostic ultrasound imaging and fluid flow analysis.

In order to bolster their credibility credentials, med-tech companies in the ultrasound devices market are increasing their R&D muscle to gain FDA clearance for handheld devices. They are increasing efforts to develop battery-powered handheld ultrasound devices with two-sided probe design for quick swapping between shallow and deep exams.

Report Highlights

In terms of technology, the global ultrasound devices market has been bifurcated into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment has been segregated into 2D ultrasound, 3D & 4D ultrasound, and Doppler ultrasound. The therapeutic ultrasound segment has been split into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The diagnostic ultrasound segment accounted for 85.42% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.20% from 2021 to 2030. Increase in incidence of chronic cases such as cardiac arrest is projected to drive the global diagnostic ultrasound segment.

Based on application, the global ultrasound devices market has been categorized into radiology/general imaging, cardiology, gynecology, vascular, urology and others. The radiology/general imaging segment accounted for 28.1% share of the market in 2020. The segment is anticipated to expand at a CAGR of 6.69% from 2020 to 2030. Increase in the demand for high quality diagnostic and therapeutic imaging capabilities, and rise in concerns related to radiation dose with other ultrasound imaging modalities are likely to drive the segment.

In terms of end user, the global ultrasound devices market has been divided into hospitals & surgical centers, diagnostic centers, ambulatory surgical centers, and others. The diagnostic centers segment dominated the global ultrasound devices market due to the availability of multiple service options & devices and tie-ups with healthcare companies to enhance healthcare service offerings.

In terms of region, the global ultrasound devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ultrasound devices market in 2020, followed by Europe. North America’s significant market share can be ascribed to the presence of a large number of key players, several patients with chronic diseases, a well-established healthcare infrastructure, and funding from government and corporates. The market in North America is anticipated to expand at a CAGR of 6.42% from 2020 to 2030. Europe is expected to account for 20.90% market share by 2030. The market in the region is estimated to reach US$ 3,720.78 Mn by 2030.

Key Players

The global ultrasound devices market is fragmented in terms of a number of players. Key players operating in the global market include 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, EsaoteSpA, Neusoft Corporation, CHISON Medical Technologies Co., Ltd., Konica Minolta, Inc., Hologic, Inc., Shantou Institute of Ultrasonic Instruments Co., Ltd., Terason, and Analogic Corporation.

Market Segmentation

• By Technology
  • Diagnostic Ultrasound
    • 2D Ultrasound
    • 3D & 4D Ultrasound
    • Doppler Ultrasound
  • Therapeutic Ultrasound
    • High-intensity Focused Ultrasound
    • Extracorporeal Shockwave Lithotripsy
• By Portability
  • Trolley/Cart-based Ultrasound Devices
  • Compact/Handheld Ultrasound Devices
• By Application
  • Radiology/General Imaging
  • Cardiology
  • Gynecology
  • Vascular
  • Urology
• By End User
  • Hospitals & Surgical Centers
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Others
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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