Ultrasound Market -By Display Type, By Components, By Application, By End User Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030

Ultrasound Market Overview:

Ultrasound Market size is estimated to reach US$10.4 billion by 2030, growing at a CAGR of 4.0% during the forecast period 2023-2030. Growing adoption of portable ultrasound machines and the surging adoption of point-of-care ultrasound (POCUS) is driving the demand for ultrasound from the end users. This trend is expected to boost the growth of the Ultrasound Market during the forecast period.

Additionally, the rising incidence of diseases are making ultrasound a common diagnostic approach to identify and determine the extent of the disease. These factors positively influence the ultrasound industry outlook during the forecast period.

Market Snapshot: 

Ultrasound Market - Report Coverage:

 The “Ultrasound Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Ultrasound Market. 

COVID-19 / Ukraine Crisis - Impact Analysis: 

• The COVID-19 pandemic accelerated the adoption of Point-of-Care Ultrasound (POCUS). POCUS demonstrated its utmost significance during the pandemic. According to the Radiological Society of North America, COVID-19 created a greater awareness of POCUS, as lung ultrasound afforded physicians a great deal of information without needing to move patients to a static CT scanner.
• The conflict between Russia and Ukraine will lead to long-term supply chain disruptions that could affect the ultrasound market, either through delays of shipments from closed airspace and expensive fuel or cyberattacks on healthcare systems. In times of war, countries usually prioritize defense spending over healthcare spending which might also affect the market.

Key Takeaways:

● Fastest Growth of Asia-Pacific Region

Geographically, in the ultrasound market share, Asia-Pacific is analyzed to grow with the highest CAGR of 5.18% during the forecast period 2023-2030. The rise in chronic health conditions drives the demand for advanced medical technologies like ultrasound for accurate diagnosis, monitoring, and treatment. As the region's elderly population grows, so does the need for improved healthcare solutions. Asian countries are witnessing improvements in their healthcare services, driven by advancements in medical technology, increased healthcare spending, and the adoption of best practices. This improvement in healthcare infrastructure and services creates a favorable environment for the adoption of advanced medical imaging solutions.

● Diagnostic Ultrasound Segment to Register the Fastest Growth

In the Ultrasound Market analysis, the diagnostic ultrasound segment is estimated to grow the fastest during the forecast period. According to the WHO, noncommunicable diseases kill 41 million people each year, equivalent to 74% of all deaths globally. The rapid expansion of the diagnostic ultrasound segment is a response to the increasing burden of chronic diseases and the demand for advanced imaging techniques, driven by the need for accurate and timely diagnoses and better disease monitoring. Additionally, increasing demand for  3D ultrasound  imaging and the commercialization of indigenous doppler ultrasound technology also boosts the diagnostic ultrasound market.

● Maternity Centers are the Fastest Growing Segment in the Market

According to the Ultrasound Market forecast, the maternity centers segment is estimated to register the fastest growth during the forecast period. Growing prevalence of miscarriages, increased number of pregnant women, high mortality rates during child birth and so on are some of the prime factors driving the need for ultrasound imaging in maternity centers.

The use of ultrasound in pregnancy has become the standard of care during pregnancy. According to data from the CDC, the total fertility rate was 1,663.5 births per 1,000 women in the U.S, in 2021, up 1% from 2020. In 2021, the total fertility rate in the EU was 1.53 births per woman (compared with 1.50 in 2020). Thus, the increasing fertility rate is also driving the market. The rise in the popularity of 3D and 4D ultrasound is also contributing to the growth of the market in maternity centers. These technologies allow for the visualization of the fetus in real time, which can provide valuable information about the health of their baby.

● Growing Adoption of Portable Ultrasound Devices

Portable ultrasound machines have proved indispensable in emergency medicine, empowering swift decision-making, thus minimizing patient wait times and associated expenses. The utilization of handheld ultrasound facilitates accurate diagnoses, sparing healthcare professionals from unnecessary investigations and streamlining patient triage processes. Portable ultrasound machines provide superior imaging quality and allow for real-time image guidance. These machines are perfect for primary care settings. Thus, the growing adoption of portable ultrasound devices acts as a driver for the growth of the Ultrasound Market during the forecast period.

● Demand for Three-dimensional (3D) and Four-dimensional (4D) Real-time Imaging Ultrasound Technology

The use of 3D and 4D real-time imaging ultrasound technology is being driven by the demand for more accurate diagnostic images. This advanced imaging capability offers a clearer picture of internal organs, making it valuable in detecting abnormalities, including tumors, with enhanced precision. Consequently, popularity of this technology is on the rise due to its ability to provide a more comprehensive view of the body's internal structures. This also aids in cancer detection. For example, the new ATUSA System by iSono Health, a portable whole breast ultrasound device, delivers rapid 3D imaging within two minutes. The continuous advancement and integration of these cutting-edge imaging techniques are poised to revolutionize the ultrasound market and further drive the market during the forecast period.

●  Lack of Skilled Professionals to Impede to Market growth

Ultrasound, being a complex imaging technique, demands specialized training and expertise for effective performance. Skilled professionals, including sonographers and radiologists, play a pivotal role in conducting ultrasound examinations and interpreting the resulting images. Skilled operators possess in-depth knowledge of ultrasound techniques and anatomy, enabling them to capture high-quality images with optimal settings and positioning. In the absence of such expertise, less-experienced operators may face challenges in obtaining clear and accurate images. Consequently, this can result in suboptimal imaging outcomes with reduced diagnostic value, impeding the ability to detect abnormalities and provide correct diagnosis. Inaccurate interpretations may result in overlooked health issues, leading to delayed treatment or management decisions. As of 2023, the NHS, Canada and New Zealand Ministry of Health announced a shortage of ultrasound workforce. Such challenges can hinder the ultrasound market growth in the future.

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Ultrasound Market. The top 10 companies in this industry are listed below:

1. GE Healthcare
2. Koninklijke Philips N.V 
3. Canon Medical Systems Corporation
4. Siemens
5. Samsung
6. Fujifilm Holdings Corporation
7. Analogic Corporation
8. Konica Minolta Inc.
9. Shimadzu Corporation
10. Hologic Inc.

Ultrasound Market Share (%) By Region, 2022

                                                                                                                                    For More Details On this report - Request For Sample

Scope of Report:

For more Information and Communications Technology Market reports, please click here