Newly-released Ultrasound Devices Market analysis report by Future Market Insights shows that global sales of the Ultrasound Devices market in 2032 are to hit at USD 6.6 billion. With a CAGR of 7%, the projected market growth from 2022 to 2032 is expected to be significantly higher than the historical growth. Diagnostic ultrasound systems held the largest share in 2021 due to the system's advantage of providing significant soft tissue insights without exposing patients to ionizing radiation.
As per the Ultrasound Devices market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Ultrasound Devices market increased at around 6.2% CAGR, wherein, countries such as the USA, China, Japan, the United Kingdom, and South Korea held a significant share in the global market.
The impact of COVID-19 on medical device companies in the ultrasound devices industry is expected to be moderate. The companies have suffered a setback as a result of the lockdown, which has resulted in a drop in manufacturing and a significant reduction in patient flow. Furthermore, as the use of imaging systems decreased due to a lack of need for emergency care, the demand for ultrasound devices decreased even more. However, in some cases, the use of an imaging system for COVID-19 diagnosis offsets this effect.
Ongoing growth in chronic disorders, such as cancer, gallstones, and fatty liver disease, with increasing healthcare spending, are the driving factors behind the global market growth. In the coming year, a growing number of new medical treatments and early diagnosis procedures involving ultrasound devices will boost market demand. High costs of ultrasound devices, on the other hand, are likely to limit the penetration of ultrasound imaging devices and prevent sustainable growth in the ultrasound imaging devices market during the evaluation period. Owing to this, the Ultrasound Devices market is projected to grow at a CAGR of 7% over the coming 10 years.
North America stands as the most lucrative region for the ultrasound devices market. The region has a sound healthcare infrastructure, which is being upgraded periodically wherein technologically older devices are replaced with new devices. In 2021, the ultrasound devices market in North America stood at nearly USD 2 billion, growing at a CAGR of 6.4% from 2017 to 2021. The market in the region is projected to reach a valuation of USD 4.5 billion by the end of 2032. The market from 2022 to 2032 is projected to witness an absolute dollar opportunity of USD 2.3 billion, growing at a CAGR of 7.6% during the forecast period.
The presence of a large number of market competitors in the region, as well as an increase in cancer cases, are the key factors driving market growth in the country. The market for ultrasound devices in The USA was valued at USD 1.8 billion in 2021. The market in the country is projected to witness a CAGR of 7.5% from 2022 to 2032 and is estimated to reach a valuation of around USD 4 billion by 2032.
The market in China is projected to reach a valuation of USD 1.4 billion by 2032, growing at a CAGR of 7.1% from 2022 to 2032. Due to an increase in the geriatric population and chronic disease, as well as investments by Chinese governments in the development of healthcare infrastructure and increased demand for better imaging devices, the market in China is expected to grow at a significant pace during the forecast period.
The high market share of this segment can be attributed to a large number of ultrasound-based medical procedures performed in hospitals, as well as the growing number of hospitals in major markets and the rising adoption of minimally invasive diagnostic and surgical procedures in these facilities.
The Ultrasound Devices market in The United Kingdom was valued at USD 281.4 million in 2021. The market in the country is expected to reach nearly USD 572.9 million by 2032. From 2022 to 2032, the market is likely to witness an absolute dollar opportunity of USD 273.5 million, growing at a CAGR of 6.7%
The Ultrasound Devices market in Japan is projected to reach a valuation of USD 577.6 million by 2032, growing at a CAGR of 8% from 2022 to 2032. The market is likely to garner an absolute dollar opportunity of USD 308.8 million from 2022 to 2032.
The general imaging segment generated the most revenue based on application. This is due to an increase in the number of abdominal examinations performed and the use of ultrasound devices to diagnose abdominal disorders. Furthermore, due to the preferred diagnostic modality for obstetrics and gynecological problems (pregnancy, reproductive and fertility problems, among others), the Obstetrics/Gynaecology segment is expected to grow at the fastest rate during the forecast period, propelling the industry forward.
The gynecological segment is expected to grow at a faster expansion rate over the coming decade due to stiffening technology and rising recognition of gynecological issues, both of which are spurring demand for efficient diagnostic tools.
In 2021, trolley/cart-based ultrasound devices accounted for the largest share, while compact/handheld ultrasound devices are expected to grow at a faster rate. The portable handheld ultrasound device segment is expected to grow at a high CAGR due to the fact that handheld ultrasound machines are being used more commonly for point-of-care applications. However, these tools will not have as much success in the market as trolley-cart-based ultrasound devices, which can provide better diagnostic capabilities and superior performance.
The growing adoption of these systems across prominent markets is attributed to their increased use in acute care settings and emergency care in hospitals and healthcare institutions, which accounts for a large share of this segment.
In 2021, diagnostic ultrasound is expected to account for the majority of the ultrasound market. A significant aspect of women’s health is the use of 2D ultrasound, the availability of medical reimbursements for imaging procedures measured in mature markets, ongoing technological improvements in the field of diagnostic ultrasound imaging, and the emerging applications of emerging ultrasound techniques that have contributed to this segment's considerable share.
Some of the key players operating in the ultrasound market are GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems, Siemens AG, and Samsung Medison.
Some of the recent developments in the Ultrasound Devices Market are as follows:
Table 1: Global Market Value (US$ million),By Product Type, 2017 to 2021
Table 2: Global Market Value (US$ million),By Product Type, 2022 to 2032
Table 3: Global Market Value (US$ million), By Portability, 2017 to 2021
Table 4: Global Market Value (US$ million), By Portability, 2022 to 2032
Table 5: Global Market Value (US$ million), By Application, 2017 to 2021
Table 6: Global Market Value (US$ million), By Application, 2022 to 2032
Table 7: Global Market Value (US$ million), By End-User, 2017 to 2021
Table 8: Global Market Value (US$ million), By End-User, 2022 to 2032
Table 9: Global Market, By Region, 2017 to 2021
Table 10: Global Market, By Region, 2022 to 2032
Table 11: North America Market Value (US$ million),By Product Type, 2017 to 2021
Table 12: North America Market Value (US$ million),By Product Type, 2022 to 2032
Table 13: North America Market Value (US$ million), By Portability, 2017 to 2021
Table 14: North America Market Value (US$ million), By Portability, 2022 to 2032
Table 15: North America Market Value (US$ million), By Application, 2017 to 2021
Table 16: North America Market Value (US$ million), By Application, 2022 to 2032
Table 17: North America Market Value (US$ million), By End-User, 2017 to 2021
Table 18: North America Market Value (US$ million), By End-User, 2022 to 2032
Table 19: North America Market, By Country, 2017 to 2021
Table 20: North America Market, By Country, 2022 to 2032
Table 21: Latin America Market Value (US$ million),By Product Type, 2017 to 2021
Table 22: Latin America Market Value (US$ million),By Product Type, 2022 to 2032
Table 23: Latin America Market Value (US$ million), By Portability, 2017 to 2021
Table 24: Latin America Market Value (US$ million), By Portability, 2022 to 2032
Table 25: Latin America Market Value (US$ million), By Application, 2017 to 2021
Table 26: Latin America Market Value (US$ million), By Application, 2022 to 2032
Table 27: Latin America Market Value (US$ million), By End-User, 2017 to 2021
Table 28: Latin America Market Value (US$ million), By End-User, 2022 to 2032
Table 29: Latin America Market, By Country, 2017 to 2021
Table 30: Latin America Market, By Country, 2022 to 2032
Table 31: Europe Market Value (US$ million),By Product Type, 2017 to 2021
Table 32: Europe Market Value (US$ million),By Product Type, 2022 to 2032
Table 33: Europe Market Value (US$ million), By Portability, 2017 to 2021
Table 34: Europe Market Value (US$ million), By Portability, 2022 to 2032
Table 35: Europe Market Value (US$ million), By Application, 2017 to 2021
Table 36: Europe Market Value (US$ million), By Application, 2022 to 2032
Table 37: Europe Market Value (US$ million), By End-User, 2017 to 2021
Table 38: Europe Market Value (US$ million), By End-User, 2022 to 2032
Table 39: Europe Market, By Country, 2017 to 2021
Table 40: Europe Market, By Country, 2022 to 2032
Table 41: Asia Pacific Market Value (US$ million),By Product Type, 2017 to 2021
Table 42: Asia Pacific Market Value (US$ million),By Product Type, 2022 to 2032
Table 43: Asia Pacific Market Value (US$ million), By Portability, 2017 to 2021
Table 44: Asia Pacific Market Value (US$ million), By Portability, 2022 to 2032
Table 45: Asia Pacific Market Value (US$ million), By Application, 2017 to 2021
Table 46: Asia Pacific Market Value (US$ million), By Application, 2022 to 2032
Table 47: Asia Pacific Market Value (US$ million), By End-User, 2017 to 2021
Table 48: Asia Pacific Market Value (US$ million), By End-User, 2022 to 2032
Table 49: Asia Pacific Market, By Country, 2017 to 2021
Table 50: Asia Pacific Market, By Country, 2022 to 2032
Table 51: MEA Market Value (US$ million),By Product Type, 2017 to 2021
Table 52: MEA Market Value (US$ million),By Product Type, 2022 to 2032
Table 53: MEA Market Value (US$ million), By Portability, 2017 to 2021
Table 54: MEA Market Value (US$ million), By Portability, 2022 to 2032
Table 55: MEA Market Value (US$ million), By Application, 2017 to 2021
Table 56: MEA Market Value (US$ million), By Application, 2022 to 2032
Table 57: MEA Market Value (US$ million), By End-User, 2017 to 2021
Table 58: MEA Market Value (US$ million), By End-User, 2022 to 2032
Table 59: MEA Market, By Country, 2017 to 2021
Table 60: MEA Market, By Country, 2022 to 2032
Figure 1: Global Market Value (US$ million) and Year-on-Year Growth, 2017 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2017 to 2021) and Opportunity (2022 to 2032), US$ million
Figure 3: Global Market Share, By Product Type, 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 6: Global Market Share, By Portability, 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 8: Global Market Attractiveness Index, By Portability - 2022 to 2032
Figure 9: Global Market Share, By End-User, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 11: Global Market Attractiveness Index, By End-User - 2022 to 2032
Figure 12: Global Market Share, By Application, 2022 & 2032
Figure 13: Global Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 14: Global Market Attractiveness Index, By Application - 2022 to 2032
Figure 15: Global Market Share, By Region, 2022 & 2032
Figure 16: Global Market Y-o-Y Growth Projections, By Region - 2022 to 2032
Figure 17: Global Market Attractiveness Index, By Region - 2022 to 2032
Figure 18: North America Market Value (US$ million) and Year-on-Year Growth, 2017-2032
Figure 19: North America Market Absolute $ Opportunity Historical (2017 to 2021) and Forecast Period (2022 to 2032), US$ million
Figure 20: North America Market Share, By Product Type, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 23: North America Market Share, By Portability, 2022 & 2032
Figure 24: North America Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 25: North America Market Attractiveness Index, By Portability - 2022 to 2032
Figure 26: North America Market Share, By End-User, 2022 & 2032
Figure 27: North America Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 28: North America Market Attractiveness Index, By End-User - 2022 to 2032
Figure 29: North America Market Share, By Application, 2022 & 2032
Figure 30: North America Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 31: North America Market Attractiveness Index, By Application - 2022 to 2032
Figure 32: North America Market Share, By Country, 2022 & 2032
Figure 33: North America Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 34: North America Market Attractiveness Index, By Country - 2022 to 2032
Figure 35: Latin America Market Value (US$ million) and Year-on-Year Growth, 2017-2032
Figure 36: Latin America Market Absolute $ Opportunity Historical (2017 to 2021) and Forecast Period (2022 to 2032), US$ million
Figure 37: Latin America Market Share, By Product Type, 2022 & 2032
Figure 38: Latin America Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 39: Latin America Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 40: Latin America Market Share, By Portability, 2022 & 2032
Figure 41: Latin America Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 42: Latin America Market Attractiveness Index, By Portability - 2022 to 2032
Figure 43: Latin America Market Share, By End-User, 2022 & 2032
Figure 44: Latin America Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 45: Latin America Market Attractiveness Index, By End-User - 2022 to 2032
Figure 46: Latin America Market Share, By Application, 2022 & 2032
Figure 47: Latin America Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 48: Latin America Market Attractiveness Index, By Application - 2022 to 2032
Figure 49: Latin America Market Share, By Country, 2022 & 2032
Figure 50: Latin America Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 51: Latin America Market Attractiveness Index, By Country - 2022 to 2032
Figure 52: Europe Market Value (US$ million) and Year-on-Year Growth, 2017-2032
Figure 53: Europe Market Absolute $ Opportunity Historical (2017 to 2021) and Forecast Period (2022 to 2032), US$ million
Figure 54: Europe Market Share, By Product Type, 2022 & 2032
Figure 55: Europe Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 56: Europe Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 57: Europe Market Share, By Portability, 2022 & 2032
Figure 58: Europe Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 59: Europe Market Attractiveness Index, By Portability - 2022 to 2032
Figure 60: Europe Market Share, By End-User, 2022 & 2032
Figure 61: Europe Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 62: Europe Market Attractiveness Index, By End-User - 2022 to 2032
Figure 63: Europe Market Share, By Application, 2022 & 2032
Figure 64: Europe Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 65: Europe Market Attractiveness Index, By Application - 2022 to 2032
Figure 66: Europe Market Share, By Country, 2022 & 2032
Figure 67: Europe Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 68: Europe Market Attractiveness Index, By Country - 2022 to 2032
Figure 69: MEA Market Value (US$ million) and Year-on-Year Growth, 2017-2032
Figure 70: MEA Market Absolute $ Opportunity Historical (2017 to 2021) and Forecast Period (2022 to 2032), US$ million
Figure 71: MEA Market Share, By Product Type, 2022 & 2032
Figure 72: MEA Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 73: MEA Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 74: MEA Market Share, By Portability, 2022 & 2032
Figure 75: MEA Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 76: MEA Market Attractiveness Index, By Portability - 2022 to 2032
Figure 77: MEA Market Share, By End-User, 2022 & 2032
Figure 78: MEA Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 79: MEA Market Attractiveness Index, By End-User - 2022 to 2032
Figure 80: MEA Market Share, By Application, 2022 & 2032
Figure 81: MEA Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 82: MEA Market Attractiveness Index, By Application - 2022 to 2032
Figure 83: MEA Market Share, By Country, 2022 & 2032
Figure 84: MEA Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 85: MEA Market Attractiveness Index, By Country - 2022 to 2032
Figure 86: Asia Pacific Market Value (US$ million) and Year-on-Year Growth, 2017-2032
Figure 87: Asia Pacific Market Absolute $ Opportunity Historical (2017 to 2021) and Forecast Period (2022 to 2032), US$ million
Figure 88: Asia Pacific Market Share, By Product Type, 2022 & 2032
Figure 89: Asia Pacific Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 91: Asia Pacific Market Share, By Portability, 2022 & 2032
Figure 92: Asia Pacific Market Y-o-Y Growth Projections, By Portability - 2022 to 2032
Figure 93: Asia Pacific Market Attractiveness Index, By Portability - 2022 to 2032
Figure 94: Asia Pacific Market Share, By End-User, 2022 & 2032
Figure 95: Asia Pacific Market Y-o-Y Growth Projections, By End-User - 2022 to 2032
Figure 96: Asia Pacific Market Attractiveness Index, By End-User - 2022 to 2032
Figure 97: Asia Pacific Market Share, By Application, 2022 & 2032
Figure 98: Asia Pacific Market Y-o-Y Growth Projections, By Application - 2022 to 2032
Figure 99: Asia Pacific Market Attractiveness Index, By Application - 2022 to 2032
Figure 100: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 101: Asia Pacific Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 102: Asia Pacific Market Attractiveness Index, By Country - 2022 to 2032
The Ultrasound Devices market is worth USD 6.6 billion at present.
The value of the Ultrasound Devices market is projected to increase at a CAGR of around 7% from 2022 to 2032.
The value of the Ultrasound Devices market increased at a CAGR of around 6% from 2017 to 2021.
Over the period 2022 to 2032, Asia Pacific is expected to grow at the fastest rate.
The top 5 countries driving demand for Ultrasound Devices are the USA, The United Kingdom, Japan, China, and South Korea.
Some key players operating in the Ultrasound Devices market are Koninklijke Philips N.V, GE Healthcare, Siemens Healthineers AG, Canon Medical Systems and Samsung Medison.
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