According to a new report published by Allied Market Research, titled, “Ultrasound Devices Market," The ultrasound devices market size was valued at $9.3 billion in 2022, and is estimated to reach $15.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
Ultrasound devices assist physicians in imaging internal organs of the body of a patient to diagnose diseases and help surgeons with guiding the movement of surgical instruments while performing surgeries. The ultrasound system provides real-time information, is non-invasive in nature, and is a highly efficient clinical modality over other modalities.
The key ultrasound devices market trends that drive the growth are increased prevalence of chronic diseases such as heart disease, stroke, type II diabetes, and cancer, rise in birth rate, increase in number of ultrasound diagnostic imaging procedures, demand for minimally invasive therapies, and rise in awareness for early disease diagnosis has supplemented the market growth. In addition, the growth in demand for high-quality images provides reliable measurements, diagnostic confidence, and faster workflow.
Furthermore, the continuous R&D to explore potential imaging systems and the rise in regulatory approvals are anticipated to drive growth during the ultrasound devices market forecast. For instance, in September 2022, Koninklijke Philips N.V., a global leader in health technology, received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its newest compact ultrasound system, the innovative 5000 Compact Series. The breakthrough advancement in ultrasound systems is thus expected to boost demand during the forecast period. Conversely, the dearth of skilled and experienced sonographers, the high price of sophisticated ultrasound devices, and unfavorable reimbursement for ultrasound procedures are the major factors restraining the growth during ultrasound devices market analysis.
Furthermore, the ultrasound devices market size has gained maturity in the developed regions; however, the market is expected to grow owing to the increase in demand for point-of-care and compact/handheld ultrasound devices.
On the basis of product type, the market is categorized into diagnostic ultrasound systems and therapeutic ultrasound systems. The diagnostic ultrasound system segment was the largest revenue contributor to the market in 2022. These systems are widely employed across medical specialties such as cardiology, radiology, obstetrics, and musculoskeletal imaging, offering non-invasive and safe visualization. The versatility and applicability of diagnostic ultrasound systems make them indispensable in diverse healthcare settings, from hospitals to clinics.
However, the therapeutic ultrasound system segment is expected to register the fastest growth during the forecasted period. This is attributed to the increase in recognition of the potential of therapeutic ultrasound in medical treatments. Therapeutic ultrasound systems utilize focused ultrasound waves to target specific tissues and areas within the body for therapeutic purposes, such as pain relief, tissue healing, and non-invasive surgery. The non-invasive nature of therapeutic ultrasound, along with its ability to provide targeted and precise treatments, has led to its expanding application in various medical fields, including orthopedics, oncology, and neurology. The demand for therapeutic ultrasound systems is on the rise as medical professionals and patients seek alternatives to traditional treatment methods. On the basis of device portability, the market is categorized into trolley/cart-based ultrasound devices and compact/handheld ultrasound devices.
The trolley/cart-based ultrasound devices segment was the largest ultrasound devices market share in terms of revenue in 2022, owing to their widespread adoption across various healthcare settings. Trolley/cart-based ultrasound devices are versatile and suitable for a wide range of clinical applications, including cardiology, radiology, obstetrics, and more. In addition, these devices offer ergonomic designs and user-friendly interfaces, enhancing their usability for healthcare professionals. The larger screens and comprehensive features on trolley/cart-based devices allow for detailed visualization and accurate diagnoses.
However, the compact/handheld ultrasound devices segment is expected to register the fastest growth during the forecasted period. This is attributed to the ability of handheld ultrasound scanners to diagnose a wide range of diseases and abnormalities. The advent of portability in ultrasound has built a strong path for the increased demand of these devices for point-of-care applications such as emergency medicine, anesthesiology, musculoskeletal, and critical care medicine. Moreover, there are other emerging applications where the use of portable ultrasound devices can be further expanded.
On the basis of the type of device display, the market is categorized into color ultrasound devices and black & white (B/W) ultrasound devices. The color ultrasound devices segment was the highest revenue contributor to the market in 2022 and is expected to remain dominant during the forecasted period. This is attributed to the significant advancements in ultrasound technology, particularly in color imaging capabilities. Color ultrasound devices provide real-time visualization of blood flow and tissue perfusion, enhancing diagnostic accuracy and aiding in the assessment of vascular conditions, cardiac health, and other medical issues. The ability to differentiate between various flow velocities and directions offers valuable insights for medical professionals, resulting in improved patient care.
On the basis of application, the market is categorized into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other emergency clinical applications. The radiology/general imaging segment held the highest market share in terms of revenue in 2022 and is expected to maintain its dominance throughout the forecast period owing to its extensive utilization and broad application in various medical specialties. Radiology/general imaging encompasses a wide range of diagnostic procedures, from assessing injuries and diseases to monitoring treatment progress. Moreover, ongoing technological advancements in imaging modalities further enhance the capabilities of radiology and general imaging, driving its consistent prominence.
However, the cardiology segment is expected to exhibit the fastest CAGR in the ultrasound devices market during the forecast period owing to the increasing prevalence of cardiovascular diseases and the growing demand for advanced diagnostic technologies. Ultrasound devices have become an integral part of cardiology practices due to their non-invasive nature and ability to provide real-time imaging of the heart and blood vessels.
North America accounted for the largest ultrasound devices market share in terms of revenue in 2022, owing to an increase in technological advancements, growth in chronic disease cases, and a rise in the adoption of ultrasound devices for convectional applications such as radiology, cardiology, and OB/GYN. In addition, the presence of key market players and their offerings strengthens the market position. These companies actively engage in R&D, ensuring the availability of innovative and effective ultrasound drives potentially driving the market growth in this region. However, the Asia-Pacific region is projected to exhibit the highest CAGR in the ultrasound devices market during the forecast period.
This growth is attributed to several factors including growth in the prevalence of chronic disease conditions that require ultrasound diagnosis and the need for ultrasound monitoring during the treatment are anticipated to drive the market growth. In addition, the growth in the geriatric population and the growth in demand for minimally invasive ultrasound treatments further drive the market growth in this region. Moreover, the improved healthcare infrastructure and increased initiatives in awareness and support for early diagnosis and treatment are anticipated to drive market growth in this region.
Key findings of the study
• On the basis of product type, the diagnostic ultrasound system segment dominated the ultrasound devices industry in terms of revenue in 2022. However, the therapeutic ultrasound systems segment is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of device display, the color ultrasound devices segment dominated the market in terms of revenue in 2022.
• On the basis of application, the radiology/general imaging, segment dominated the market in terms of revenue in 2022. However, the cardiology segment is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of portability, the trolley/cart-based ultrasound devices segment dominated the ultrasound devices industry in terms of revenue in 2022. However, the compact/handheld ultrasound devices segment is anticipated to grow at the highest CAGR during the forecast period.
• Region-wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.