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 US$ 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.
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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.
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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 US$ 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 US$ 4.5 billion by the end of 2032. The market from 2022 to 2032 is projected to witness an absolute dollar opportunity of US$ 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 US$ 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 US$ 4 billion by 2032.
The market in China is projected to reach a valuation of US$ 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 US$ 281.4 million in 2021. The market in the country is expected to reach nearly US$ 572.9 million by 2032. From 2022 to 2032, the market is likely to witness an absolute dollar opportunity of US$ 273.5 million, growing at a CAGR of 6.7%
The Ultrasound Devices market in Japan is projected to reach a valuation of US$ 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 US$ 308.8 million from 2022 to 2032.
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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:
The Ultrasound Devices market is worth US$ 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.
1. Executive Summary | Ultrasound Devices Market 1.1. Global Market Outlook 1.2. Summary of Statistics 1.3. Key Market Characteristics & Attributes 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage 2.2. Market Definition 3. Market Risks and Trends Assessment 3.1. Risk Assessment 3.1.1. COVID-19 Crisis and Impact on Demands 3.1.2. COVID-19 Impact Benchmark with Previous Crisis 3.1.3. Impact on Market Value (US$ million) 3.1.4. Assessment by Key Countries 3.1.5. Assessment by Key Market Segments 3.1.6. Action Points and Recommendation for Suppliers 3.2. Key Trends Impacting the Market 3.3. Formulation and Product Development Trends 4. Market Background 4.1. Market, by Key Countries 4.2. Market Opportunity Assessment (US$ million) 4.2.1. Total Available Market 4.2.2. Serviceable Addressable Market 4.2.3. Serviceable Obtainable Market 4.3. Market Scenario Forecast 4.3.1. Demand in optimistic Scenario 4.3.2. Demand in Likely Scenario 4.3.3. Demand in Conservative Scenario 4.4. Investment Feasibility Analysis 4.4.1. Investment in Established Markets 4.4.1.1. In Short Term 4.4.1.2. In Long Term 4.4.2. Investment in Emerging Markets 4.4.2.1. In Short Term 4.4.2.2. In Long Term 4.5. Forecast Factors - Relevance & Impact 4.5.1. Top Companies Historical Growth 4.5.2. Growth in Automation, By Country 4.5.3. Adoption Rate, By Country 4.6. Market Dynamics 4.6.1. Market Driving Factors and Impact Assessment 4.6.2. Prominent Market Challenges and Impact Assessment 4.6.3. Market Opportunities 4.6.4. Prominent Trends in the Global Market & Their Impact Assessment 5. Key Success Factors 5.1. Manufacturers’ Focus on Low Penetration High Growth Markets 5.2. Banking on with Segments High Incremental Opportunity 5.3. Peer Benchmarking 6. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6.1. Historical Market Analysis, 2017 to 2021 6.2. Current and Future Market Projections, 2022 to 2032 6.3. Y-o-Y Growth Trend Analysis 7. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2032 7.1. Historical Market Value (US$ million) Analysis, 2017 to 2021 7.2. Current and Future Market Value (US$ million) Projections, 2022 to 2032 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ million) Analysis By Product Type, 2017 to 2021 8.3. Current and Future Market Size (US$ million) Analysis and Forecast By Product Type, 2022 to 2032 8.3.1. Diagnostic Ultrasound Devices 8.3.1.1. 2D 8.3.1.2. 3D/4D 8.3.1.3. Doppler 8.3.2. Therapeutic Ultrasound Devices 8.3.2.1. High-intensity Focused Ultrasound 8.3.2.2. Extracorporeal Shockwave Lithotrips 8.4. Market Attractiveness Analysis By Product Type 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Portability 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ million) Analysis By Portability, 2017 to 2021 9.3. Current and Future Market Size (US$ million) Analysis and Forecast By Portability, 2022 to 2032 9.3.1. Handheld 9.3.2. Cart/Trolley 9.4. Market Attractiveness Analysis By Portability 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ million) Analysis By Application, 2017 to 2021 10.3. Current and Future Market Size (US$ million) Analysis and Forecast By Application, 2022 to 2032 10.3.1. Cardiology 10.3.2. Obstetrics/Gynaecology 10.3.3. Vascular 10.3.4. Orthopaedics 10.3.5. General Imaging 10.4. Market Attractiveness Analysis By Application 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-User 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ million) Analysis By End-User, 2017 to 2021 11.3. Current and Future Market Size (US$ million) Analysis and Forecast By End-User, 2022 to 2032 11.3.1. Hospitals 11.3.2. Imaging Centres 11.3.3. Research centres 11.4. Market Attractiveness Analysis By End-User 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 12.1. Introduction 12.2. Historical Market Size (US$ million) Analysis By Region, 2017 to 2021 12.3. Current Market Size (US$ million) & Analysis and Forecast By Region, 2022 to 2032 12.3.1. North America 12.3.2. Latin America 12.3.3. Europe 12.3.4. Asia Pacific 12.3.5. Middle East and Africa (MEA) 12.4. Market Attractiveness Analysis By Region 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 13.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032 13.4.1. By Country 13.4.1.1. The USA 13.4.1.2. Canada 13.4.1.3. Rest of North America 13.4.2. By Product Type 13.4.3. By Portability 13.4.4. By End-User 13.4.5. By Application 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By Product Type 13.5.3. By Portability 13.5.4. By End-User 13.5.5. By Application 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 14.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032 14.4.1. By Country 14.4.1.1. Brazil 14.4.1.2. Mexico 14.4.1.3. Rest of Latin America 14.4.2. By Product Type 14.4.3. By Portability 14.4.4. By End-User 14.4.5. By Application 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Product Type 14.5.3. By Portability 14.5.4. By End-User 14.5.5. By Application 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 15.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032 15.4.1. By Country 15.4.1.1. Germany 15.4.1.2. France 15.4.1.3. The United Kingdom 15.4.1.4. Italy 15.4.1.5. Benelux 15.4.1.6. Nordic Countries 15.4.1.7. Rest of Europe 15.4.2. By Product Type 15.4.3. By Portability 15.4.4. By End-User 15.4.5. By Application 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Product Type 15.5.3. By Portability 15.5.4. By End-User 15.5.5. By Application 16. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 16.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032 16.4.1. By Country 16.4.1.1. China 16.4.1.2. Japan 16.4.1.3. South Korea 16.4.1.4. Rest of Asia Pacific 16.4.2. By Product Type 16.4.3. By Portability 16.4.4. By End-User 16.4.5. By Application 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Product Type 16.5.3. By Portability 16.5.4. By End-User 16.5.5. By Application 17. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2021 17.4. Market Value (US$ million) & Forecast By Market Taxonomy, 2022 to 2032 17.4.1. By Country 17.4.1.1. Spain 17.4.1.2. South Africa 17.4.1.3. Turkey 17.4.1.4. Rest of Middle East and Africa 17.4.2. By Product Type 17.4.3. By Portability 17.4.4. By End-User 17.4.5. By Application 17.5. Market Attractiveness Analysis 17.5.1. By Country 17.5.2. By Product Type 17.5.3. By Portability 17.5.4. By End-User 17.5.5. By Application 18. Key Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18.1. Introduction 18.1.1. Market Value Proportion Analysis, By Key Countries 18.1.2. Global Vs. Country Growth Comparison 18.2. US Market Analysis 18.2.1. Value Proportion Analysis by Market Taxonomy 18.2.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.2.2.1. By Product Type 18.2.2.2. By Portability 18.2.2.3. By End-User 18.2.2.4. By Application 18.3. Canada Market Analysis 18.3.1. Value Proportion Analysis by Market Taxonomy 18.3.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.3.2.1. By Product Type 18.3.2.2. By Portability 18.3.2.3. By End-User 18.3.2.4. By Application 18.4. Mexico Market Analysis 18.4.1. Value Proportion Analysis by Market Taxonomy 18.4.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.4.2.1. By Product Type 18.4.2.2. By Portability 18.4.2.3. By End-User 18.4.2.4. By Application 18.5. Brazil Market Analysis 18.5.1. Value Proportion Analysis by Market Taxonomy 18.5.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.5.2.1. By Product Type 18.5.2.2. By Portability 18.5.2.3. By End-User 18.5.2.4. By Application 18.6. Germany Market Analysis 18.6.1. Value Proportion Analysis by Market Taxonomy 18.6.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.6.2.1. By Product Type 18.6.2.2. By Portability 18.6.2.3. By End-User 18.6.2.4. By Application 18.7. France Market Analysis 18.7.1. Value Proportion Analysis by Market Taxonomy 18.7.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.7.2.1. By Product Type 18.7.2.2. By Portability 18.7.2.3. By End-User 18.7.2.4. By Application 18.8. Italy Market Analysis 18.8.1. Value Proportion Analysis by Market Taxonomy 18.8.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.8.2.1. By Product Type 18.8.2.2. By Portability 18.8.2.3. By End-User 18.8.2.4. By Application 18.9. BENELUX Market Analysis 18.9.1. Value Proportion Analysis by Market Taxonomy 18.9.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.9.2.1. By Product Type 18.9.2.2. By Portability 18.9.2.3. By End-User 18.9.2.4. By Application 18.10. The United Kingdom Market Analysis 18.10.1. Value Proportion Analysis by Market Taxonomy 18.10.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.10.2.1. By Product Type 18.10.2.2. By Portability 18.10.2.3. By End-User 18.10.2.4. By Application 18.11. Nordic Countries Market Analysis 18.11.1. Value Proportion Analysis by Market Taxonomy 18.11.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.11.2.1. By Product Type 18.11.2.2. By Portability 18.11.2.3. By End-User 18.11.2.4. By Application 18.12. China Market Analysis 18.12.1. Value Proportion Analysis by Market Taxonomy 18.12.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.12.2.1. By Product Type 18.12.2.2. By Portability 18.12.2.3. By End-User 18.12.2.4. By Application 18.13. Japan Market Analysis 18.13.1. Value Proportion Analysis by Market Taxonomy 18.13.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.13.2.1. By Product Type 18.13.2.2. By Portability 18.13.2.3. By End-User 18.13.2.4. By Application 18.14. South Korea Market Analysis 18.14.1. Value Proportion Analysis by Market Taxonomy 18.14.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.14.2.1. By Product Type 18.14.2.2. By Portability 18.14.2.3. By End-User 18.14.2.4. By Application 18.15. Spain Market Analysis 18.15.1. Value Proportion Analysis by Market Taxonomy 18.15.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.15.2.1. By Product Type 18.15.2.2. By Portability 18.15.2.3. By End-User 18.15.2.4. By Application 18.16. South Africa Market Analysis 18.16.1. Value Proportion Analysis by Market Taxonomy 18.16.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.16.2.1. By Product Type 18.16.2.2. By Portability 18.16.2.3. By End-User 18.16.2.4. By Application 18.17. Turkey Market Analysis 18.17.1. Value Proportion Analysis by Market Taxonomy 18.17.2. Value Analysis and Forecast by Market Taxonomy, 2017 to 2032 18.17.2.1. By Product Type 18.17.2.2. By Portability 18.17.2.3. By End-User 18.17.2.4. By Application 18.17.3. Competition Landscape and Player Concentration in the Country 19. Market Structure Analysis 19.1. Market Analysis by Tier of Companies 19.2. Market Concentration 19.3. Market Share Analysis of Top Players 19.4. Market Presence Analysis 19.4.1. By Regional footprint of Players 19.4.2. Product footprint by Players 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive 20.3.1. Koninklijke Philips N.V 20.3.1.1. Overview 20.3.1.2. Product Portfolio 20.3.1.3. Sales Footprint 20.3.1.4. Strategy Overview 20.3.2. GE Healthcare 20.3.2.1. Overview 20.3.2.2. Product Portfolio 20.3.2.3. Sales Footprint 20.3.2.4. Strategy Overview 20.3.3. Siemens Healthineers AG 20.3.3.1. Overview 20.3.3.2. Product Portfolio 20.3.3.3. Sales Footprint 20.3.3.4. Strategy Overview 20.3.4. Canon Medical Systems 20.3.4.1. Overview 20.3.4.2. Product Portfolio 20.3.4.3. Sales Footprint 20.3.4.4. Strategy Overview 20.3.5. Samsung Medison 20.3.5.1. Overview 20.3.5.2. Product Portfolio 20.3.5.3. Sales Footprint 20.3.5.4. Strategy Overview 21. Assumptions and Acronyms Used 22. Research Methodology
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Ultrasound Devices Market
