Ultrasound Market worth $11.6 billion

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04 Aug, 2023, 06:45 ET

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CHICAGO, Aug. 4, 2023 /PRNewswire/ -- In the near future, the ultrasound industry is poised for remarkable advancements, revolutionizing medical diagnostics and healthcare practices. Rapid technological innovations in ultrasound machines will enable higher resolution imaging, real-time 3D visualization, and enhanced portability, making them more accessible to remote and underserved areas. AI-driven algorithms will play a crucial role in automating image analysis, expediting diagnoses, and improving accuracy. Additionally, miniaturization and wearable ultrasound devices will empower patients to monitor their health in real-time, ushering in a new era of personalized medicine. As the cost of ultrasound technology decreases and its applications expand, we can expect a surge in adoption across various fields, from obstetrics and cardiology to musculoskeletal and point-of-care settings, ultimately enhancing patient outcomes and transforming the landscape of modern healthcare.

Ultrasound Market in terms of revenue was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of ultrasound for diagnostic imaging.

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Browse in-depth TOC on "Ultrasound Market"

179 - Tables39 - Figures 257 - Pages

Ultrasound Market Scope:

Report Coverage

Details

Market Revenue in 2023

$8.5 billion

Estimated Value by 2028

$11.6 billion

Growth Rate

Poised to grow at a CAGR of 6.3%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Technology, display, component, portability, application, end user, and region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Expanding applications of therapeutic ultrasound

Key Market Drivers

Increasing prevalence of target diseases

Technology segment to register significant growth rate over the forecast period of 2023-2028

Based on technology, the global ultrasound imaging market is segmented into diagnostic and therapeutic ultrasound. The therapeutic ultrasound segment is anticipated to register the second highest growth rate over the forecast period. The diagnostic ultrasound segment accounted for the highest share of the ultrasound market in 2022.

Portability segment to register significant growth rate over the forecast period of 2023-2028

Based on the portability, the ultrasound market is segmented into trolly/cart-based ultrasound, compact/handheld ultrasound systems, and POC ultrasound systems. The trolly/cart-based ultrasound segment is anticipated to register the highest growth rate over the forecast period. The compact/handheld ultrasound systems segment accounted for the highest share of the ultrasound market in 2022.

Component segment accounted for the largest share of the ultrasound market, by application in 2022.

Based on component, the global the ultrasound market is segmented into transducers/probes, workstations, other components. Transducer/probes segment accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.

Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of ultrasound products.

The hospital and clinics segment accounted for the largest share of the ultrasound market, by end user, in 2022

Based on end user, the ultrasound market is segmented into hospitals, surgical centres, diagnostic centres, maternity centres, ambulatory centres, research and academia and other end users. The hospitals, surgical centres, diagnostic centres segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing cancer incidences and increasing number of dermatological surgeries performed in hospitals and clinics are driving the growth of this segment.

The Asia Pacific market to register a significant growth in the market during the forecast period

The Asia Pacific ultrasound market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.

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Ultrasound Market Dynamics:

Drivers:

1. Increasing prevalence of target diseases

Restraints:

1. Unfavorable healthcare reforms in the US

Opportunities:

1. Expanding applications of therapeutic ultrasound

Challenges:

1. Growing end-user preference for refurbished equipment

Key Market Players:

As of 2022, prominent players in the ultrasound market are GE healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Fujifilm Corporation (Japan), and Hologic, Inc. (US)

Recent Developments:

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Ultrasound Market Advantages:

Overall, the advantages of ultrasound make it an indispensable tool in modern medicine, facilitating early and accurate diagnoses, improving patient care, and contributing to better health outcomes.

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About MarketsandMarkets™:

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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