Ultrasound Market worth $13.87 billion in 2030 with 6.8% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 22, 2025 /PRNewswire/ -- The global Ultrasound Market, The global ultrasound market, valued at US$8.65 billion in 2023, is forecasted to grow at a robust CAGR of 6.8%, reaching US$9.32 billion in 2024 and an impressive US$13.87 billion by 2030. The ultrasound market is experiencing significant growth due to several key factors. One major driver is the rising prevalence of chronic diseases, such as cardiovascular conditions, cancer, and musculoskeletal disorders, which require advanced diagnostic tools. Additionally, there is increasing demand for non-invasive, real-time imaging techniques and a growing emphasis on the early detection of medical conditions, both of which further propel the market. Technological advancements, including the integration of artificial intelligence, 3D and 4D imaging, and the development of portable ultrasound devices, have enhanced the versatility and accessibility of ultrasound technology. As a result, it is becoming more widely utilized in healthcare institutions.
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By display, Color ultrasound segment to command the highest growth rate during the study period. Color ultrasound shows the maximum growth rate in the market for ultrasound as it can easily produce high-resolution, real-time images to improve diagnostic efficacy for diverse applications. As the equipment can be fitted with Doppler technology, thus creating possible images of blood dynamics and other tissue movements and conditions within blood vessels, these ultrasound apparatuses are one of the most important in diagnosis cases related to cardiovascular disorder diagnosis and monitoring pregnancy in obstetrics and examining vascular disease. Increased rates of chronic diseases, particularly heart disease and diabetes that may have complications of the vessels, create the demand for color ultrasound machines.
By Application Vascular applications account for highest CAGR in the Ultrasound Market in 2023. Vascular applications account for highest CAGR in 2023. With vascular diseases such as atherosclerosis, deep vein thrombosis, and peripheral artery disease increasingly diagnosed, applications for the use of ultrasound have recorded the highest growth rate in this market. Ultrasound presents a non-invasive method to evaluate blood flow in patients, detect blockages and view conditions within vessels in real time; it is an essential diagnostic tool in vascular diagnostics, being cost-effective and very precise. Technological development, such as 3D/4D imaging and Doppler ultrasound, has increased the accuracy and ability of vascular imaging that makes it increasingly popular among clinicians. Furthermore, increased awareness about vascular health due to an aging population combined with the necessity of making an early diagnosis has played a crucial role in enhancing the growth of ultrasound-based vascular applications.
By geography, Europe holds the largest market share in the ultrasound business for several key reasons. Strong regulation in Europe ensures that the standards for medical devices are very high and, thus, encourages trust in ultrasound technology. The second factor is that the region focuses much on innovation and research in medical imaging with significant investments in healthcare R&D. It encourages advanced ultrasound technologies. Thirdly, the massive availability of trained healthcare professionals in Europe who can use ultrasound for diagnostics will ensure effective adoption and usage. In addition to this, the demand for portable, point-of-care ultrasound devices for emergency and rural areas also is being fostered in Europe, which is thereby extending the demand for the product. Finally, the growing awareness of the benefits of ultrasound use, such as non-invasive in nature and cost-effective among health care professionals and patients, accelerates its spread throughout the region.
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As of 2023, prominent players in the Ultrasound market are Philips Healthcare (Netherlands), GE Healthcare (US), Canon Medical Systems Corporation (Japan), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), among others.
GE Healthcare (US):
GE Healthcare is a leader in medical technology, diagnostics, and digital solutions with a wide range in their ultrasound segment portfolio. Their portfolio ranges of ultrasounds include advanced systems specifically tailored for applications like cardiology, radiology, obstetrics and gynecology, musculoskeletal imaging, and point-of-care diagnostics, and so on.. Its state-of-the-art features also include AI-assisted imaging and high-definition resolution as well as portable designs for improvement in diagnostic accuracy and access. Within these areas, such as in women's health with the Voluson series, general imaging with the LOGIQ series, versatile handhelds like the Vscan Air complete the comprehensive offering from the company to satisfy all clinician needs in any healthcare setting.
Philips Healthcare (Netherlands):
Philips Healthcare, represents the most comprehensive provider in health technology solutions. From improving patient care to health results, Philips delivers innovation throughout its product offerings. Its array of products ranges from medical imaging systems to patient care, connected care, as well as precision diagnosis systems. Under ultrasound, its solutions have specialties related to cardiology, obstetrics and gynecology, general imaging, and point-of-care applications. Among those, the EPIQ and Affiniti series include AI-driven enhancements with good image quality, ergonomic design, and empower clinicians to carry out accurate and efficient diagnostics. Portable solutions, such as the Lumify, can provide the versatility and accessibility of ultrasound capabilities in diverse healthcare settings from hospitals to remote ones.
Mindray Medical International Limited (China):
Mindray is a global company in the medical device and solutions, founded in 1991, with four product categories: In-Vitro Diagnostics, Patient Monitoring and Life Support, Veterinary and Medical Imaging System.Mindray serves healthcare institutions around the world with a comprehensive range of high-quality, cost-effective products, emphasizing research and development on staying at the forefront in medical technology. With R&D centers and subsidiaries in a number of countries, Mindray is dedicated to raising healthcare accessibility and remains one of the trusted partners within the medical community.
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