Global Ultrasound Devices Market generated sales of US$ 7,197.7 million in 2022 and is projected to reach US$ 10,919.6 million by 2031, growing at a CAGR of 4.74% during the forecast period from 2023 to 2030.
With a wide range of therapeutic uses, ultrasound devices have long been a cornerstone in the field of medical imaging. Due to their simplicity and adaptability to different point-of-care settings, portable and handheld devices have been increasingly popular in recent years, changing the ultrasound devices market environment. In the past, these devices were mostly used in obstetrics and gynecology, but today they are also widely used in emergency care, radiography, and even cardiology.
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The primary reasons driving the growth of the ultrasound devices market are the rising government and private investment for R&D in ultrasound imaging, the rising number of healthcare providers, technical advancements, and the rising prevalence of chronic diseases. Hospitals and diagnostic centers, which are major users of ultrasound equipment, are gravitating toward models that offer adaptability, accuracy, and increasing connection.
The market is growing due to the rising prevalence of chronic diseases, which raises the demand for expensive diagnostic treatments. For instance, the International Diabetic Federation (IDF) estimated that 537 million individuals (20-79 years) had diabetes in 2022. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. Over the past few decades, there has been a consistent rise in both the incidence and prevalence of diabetes. Since there is a greater need for diagnostics owing to the high frequency of chronic disease, the market will expand at the highest CAGR.
Recent Advancements in Technologies Opening Room for Players to Expand in the Market
The introduction of point-of-care ultrasound (PoCUS), 3D and 4D imaging, AI constructive collaboration, and other technological breakthroughs have led to a huge increase in the ultrasound devices market.
The development of 3D and 4D imaging technologies has changed the diagnostic environment. Astute Analytica analysis estimated that clinics and hospitals employing 4D imaging technology demonstrate a 12% higher patient diagnosis accuracy compared to those using conventional 2D imaging. This modification led to a 6.5% increase in income year over year for producers of 3D and 4D ultrasound devices.
The trend of (PoCUS) is changing the way medical professionals provide emergency treatment. According to a survey done in 2022 at major hospitals in Europe and North America, 68% of medical situations benefited from quick PoCUS treatments, which sped up decision-making. The market dynamics have been altered by this move toward PoCUS. The PoCUS sub-segment outpaced the overall market in 2022, which expanded at 4.74%, by growing at 12%.
Together, AI and ultrasound have the power to transform the world. The diagnostic accuracy of AI-enhanced ultrasounds was found to be 25% higher than that of conventional ultrasounds, according to a preliminary study on the worldwide ultrasound equipment market in 2022. Furthermore, 40% of the ultrasound market will be controlled by AI-integrated ultrasound equipment by 2030, making up a sizable share of the overall market. A research projection states that by 2030, 75% of ultrasound devices may be AI-enhanced, which would imply a CAGR of around 17% over the next eight years.
Key Takeaways for the Global Ultrasound Devices Market
- In terms of technology, with a staggering 92.4% market share, diagnostic ultrasound rules the market. Given its fundamental place in medical diagnostics, this segment is likely to expand at a CAGR of 4.83%.
- By display type, in contrast to their black-and-white counterparts, color ultrasound equipment has experienced a sharp increase in demand. In 2022, the segment held a commanding share of 90.90% of the market. By utilizing cutting-edge visualization techniques, these gadgets give clinicians a more in-depth and complex perspective of the area being monitored.
- By portability segment, modern medical technology is highly portable, with cart/trolley-based ultrasound machines captured a 7.31% share in 2022. Medical professionals benefit from unmatched convenience thanks to these gadgets.
- On the application front, Radiology/General Imaging led the ultrasound device market, which captured 29.63% of the market share in 2022. This dominance can be due to the rising need for minimally invasive imaging methods in a variety of global healthcare facilities.
- In terms of Region, Asia Pacific is expected to experience the fastest growth, registering a CAGR of 5.18%. By 2031, the region will account for around 29.41% of worldwide ultrasound device market revenue. Numerous factors, such as the region’s high population density, rising healthcare expenses, and rising middle-class per capita income, have an impact on this growth trajectory. China is a prominent player in the Asia Pacific.
Some of the Prominent Players Profiled in the Report Include:
- Canon Medical Systems Corporation
- FUJIFILM OneSite, Inc.
- GE Healthcare
- B. Braun
- Hologic Inc.
- Konica Minolta Inc.
- Koninklijke Philips N.V.
- Mindray Medical International Limited
- Samsung Medison Co., Ltd.
- Siemens Healthier AG
- Analogic Corporation
- Neusoft Corporation
- Trivitron Healthcare
- CHISON Medical Technologies Co. Ltd.
- Esaote SpA
- Other Prominent Players
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The global ultrasound devices market segmentation focuses on Technology, Display Type, Portability, Application, End-User, and Region.
- Diagnostic Ultrasound
- Therapeutic Ultrasound
By Display Type
- Color Ultrasound Devices
- Black and White (B/W) Ultrasound Devices
- Trolley/Cart-based Ultrasound Devices
- Compact/Handheld Ultrasound Devices
- Point-of-care Ultrasound Devices
- Radiology/General Imaging
By End User
- Surgical Centers
- Diagnostic Centers
- Ambulatory Surgical Centers
- Maternity Centers
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South Americ
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