Ultrasound-on-Chip Licensing Market

How big is the Ultrasound-on-Chip Licensing Market?

The Ultrasound-on-Chip Licensing Market is projected to grow from USD 50.0 million in 2026 to USD 200.5 million by 2036, at a CAGR of 14.9%.

The Ultrasound-on-Chip Licensing Market was valued at USD 43.5 million in 2025 and is expected to reach USD 50.0 million in 2026. The market is projected to reach USD 200.5 million by 2036 at a CAGR of 14.9%. Butterfly Embedded is estimated to account for a 61.0% share of the Technology Provider segment in 2026. Medical is projected to represent a 72.0% share of the Application Area segment in 2026.

In January 2024, Canon Medical and Olympus announced a business alliance for endoscopic ultrasound systems. The move shows how ultrasound expertise can be split between system development and market access. In April 2024, Exo launched FDA-cleared AI on Exo Iris for heart failure workflows. The development supports the case for chip-based portable ultrasound plus AI guidance.

Butterfly Network says Butterfly Embedded allows partners to license its Ultrasound-on-Chip technology for medical devices, industrial inspection tools, and other ultrasound-enabled products.

Metric	Value
2025 Market Size	USD 43.5 million
2026 Market Size	USD 50.0 million
2036 Market Size	USD 200.5 million
Forecast CAGR (2026-2036)	14.9%
Leading Technology Provider	Butterfly Embedded
Butterfly Embedded Share (2026)	61.0%
Leading Application Area	Medical
Medical Share (2026)	72.0%
Fastest-growing Country	China
China CAGR by 2036	16.8%

Summary of the Ultrasound-on-Chip Licensing Market

Market Signal	Commercial Impact
Demand and Growth Drivers	Demand for ultrasound-on-chip licensing is increasing as OEMs seek compact imaging platforms that accelerate product development while reducing hardware complexity. Medical device manufacturers increasingly license compact ultrasound modules to integrate imaging capabilities without developing proprietary transducer platforms. Growing adoption of medical AI workflows is driving demand for ultrasound data access at both hardware and software levels to support automated imaging and clinical guidance. Semiconductor-based ultrasound integration is simplifying hardware architecture by replacing conventional probe libraries with software-controlled imaging functions. Co-development licensing agreements are becoming increasingly important as technology providers offer chip access, software development tools, and early-stage engineering support.
Product and Segment View	Butterfly Embedded, medical applications, and device OEMs continue to represent the leading commercial opportunities across the market. Butterfly Embedded is projected to account for 61.0% of 2026 revenue (by technology provider), supported by direct licensing of proprietary Ultrasound-on-Chip technology. Medical is expected to represent 72.0% of 2026 revenue (by application area), driven by well-established clinical imaging use cases and regulatory pathways. Device OEMs are anticipated to capture 54.0% of 2026 revenue (by end user), supported by increasing investment in embedded ultrasound integration and product development.
Geography and Growth Outlook	North America and Asia continue to drive market expansion through medical imaging innovation, AI adoption, and embedded ultrasound technology development. The United States is projected to grow at a CAGR of 15.4% through 2036, supported by FDA-cleared ultrasound technologies and a rapidly expanding medical AI ecosystem. South Korea is expected to expand at a CAGR of 15.6% through 2036, driven by advanced ultrasound innovation and Samsung Medison's growing AI imaging capabilities. Continued investment in handheld ultrasound platforms and AI-enabled imaging technologies is expected to strengthen licensing opportunities across global medical device markets.
Competitive Landscape	Competition increasingly focuses on intellectual property, semiconductor integration, software ecosystems, and long-term technology partnerships. Butterfly Network, Exo, GE HealthCare, and Samsung Medison compete through proprietary ultrasound-on-chip technologies, AI-enabled imaging platforms, licensing capabilities, and strategic product development partnerships.
Analyst Perspective	Ultrasound-on-chip licensing is evolving from a hardware sourcing decision into a strategic technology partnership where semiconductor integration, software access, and regulatory support determine long-term commercial success. Medical device manufacturers increasingly evaluate licensing partners based on chip architecture, software development tools, image quality, and regulatory readiness. Suppliers providing comprehensive developer support, transducer intellectual property, and long-term engineering collaboration are expected to strengthen customer relationships. Companies capable of combining advanced imaging technology with flexible licensing models and ecosystem support are likely to establish stronger competitive positions. - Anurag Sharma, Principal Consultant at Future Market Insights

Why is the Ultrasound-on-Chip Licensing Market growing?

OEMs want smaller ultrasound modules that can be integrated into devices without building a transducer platform from scratch. Medical AI workflows need ultrasound data access at the chip and software layer for automated capture and guidance.

• OEMs want smaller ultrasound modules that can be integrated into devices without building a transducer platform from scratch.
• Medical AI workflows need ultrasound data access at the chip and software layer for automated capture and guidance.
• Semiconductor integration lowers hardware complexity by replacing probe libraries with software-controlled imaging modes.

Medical OEMs are moving first since their product teams already understand imaging performance, regulatory files, and clinician workflow. The FDA describes ultrasound as a medical tool used to evaluate, diagnose, and treat conditions, and notes its non-ionizing nature compared with X-ray systems. This clinical familiarity makes ultrasound-on-chip easier to position inside regulated products than many newer sensing technologies. The practical result is that licensors can sell more than IP access. They can sell a validated path from chip behavior to clinical image output. Licensing is also gaining weight as ultrasound becomes software-defined. Butterfly says its Ultrasound-on-Chip technology integrates thousands of transducer elements onto circuits at wafer level and uses a CMUT design in a handheld probe.

How is the Ultrasound-on-Chip Licensing Market segmented?

The Ultrasound-on-Chip Licensing Market is segmented by technology provider, application area, licensing model, end user, and region.

• Butterfly Embedded is estimated to account for a 61.0% share of Technology Provider demand in 2026 as it offers direct licensing for proprietary Ultrasound-on-Chip technology.
• With an estimated 72.0% share in 2026, Medical is expected to lead the application area category because clearer clinical use cases.
• Device OEMs are projected to represent 54.0% of End User demand in 2026 with product teams controlling integration budgets.

How does Butterfly Embedded contribute to the technology provider category?

• Butterfly Embedded is projected to account for a 61.0% share in 2026 as its platform combines CMUT chip IP, software tools, and public licensing evidence from paid partner programs.
• Third-party licensors compete where buyers need custom semiconductor design or local integration support, but public evidence for direct ultrasound-on-chip licensing remains thinner than Butterfly’s disclosed program.

What supports demand for Medical?

• Medical is estimated to represent a 72.0% share in 2026 as clinical ultrasound offers clearer validation paths, known safety expectations, and defined buyer budgets.
• Industrial and consumer uses face longer conversion cycles since non-clinical buyers must prove that embedded ultrasound data improves inspection, sensing, or user-facing product value.

How do buyers evaluate Co-Development within the licensing model category?

• Co-Development is anticipated to account for a 46.0% share in 2026 as partners need shared engineering, chip access, and software support before launch.
• Royalty-based models become stronger after commercial launch since licensors can price chip purchases, software access, and field-of-use rights across product life cycles.

What market factors influence demand for Device OEMs?

• Device OEMs are expected to represent a 54.0% share in 2026 as they own product architecture, compliance files, and end-market branding.
• Semiconductor firms enter licensing talks when chip packaging, wafer-level design, or signal processing becomes the main barrier to finished product delivery.

How does North America affect the regional outlook?

• North America is projected to account for a 42.0% share in 2026 as USA public filings provide the clearest evidence for paid chip licensing.
• Europe and East Asia expand through OEM evaluation programs, while Middle East demand remains more buyer-led than supply-led in available public sources.

What drives and restrains the market?

Driver: Chip-based probe design allows broader imaging modes from fewer hardware parts, which supports partner interest in compact devices; restraint: Regulatory evidence gaps slow non-medical programs since buyers must prove performance without established reimbursement pathways; opportunity: industrial inspection could open new revenue once ruggedized modules prove repeatability in field environments.

The market reflects a balance between the identified demand driver, adoption constraints, and the supplier opportunity outlined below.

• Driver: Chip-based probe design allows broader imaging modes from fewer hardware parts, which supports partner interest in compact devices.
• Restraint: Regulatory evidence gaps slow non-medical programs since buyers must prove performance without established reimbursement pathways.
• Opportunity: industrial inspection could open new revenue once ruggedized modules prove repeatability in field environments.

Chip Access Reduces Build Risk: Licensing grows when OEMs decide that building ultrasound hardware internally takes too much time and capital. Butterfly’s SEC filing for the Midjourney agreement disclosed a one-time USD 15 million fee and a USD 10 million annual license fee. That public structure shows how licensors can monetize access before hardware revenue begins. It also shows why buyers compare license cost with the cost of building chips, transducers, and imaging software internally. This makes co-development the most practical early contract type.

AI Workflows Raise: Software Value: AI changes what buyers expect from ultrasound-on-chip licensing. GE HealthCare agreed in July 2024 to acquire Intelligent Ultrasound’s clinical AI software business for about USD 51 million, aiming to add real-time image recognition into ultrasound devices. This does not make GE a chip licensor, but it shows how ultrasound value is shifting toward acquisition guidance and workflow software. Licensors with APIs and developer support can price those layers separately from chip supply. Regulatory Evidence Slows Expansion: The main restraint is not interest in the technology. The harder issue is proving safety, performance, and workflow value across new product categories.

Which factors support expansion?

Commercial expansion is reinforced by the value, workflow, and recurring-demand factors below.

• Licensing value is rising as OEMs treat chip-based ultrasound as a platform input instead of a finished handheld device.
• Software access changes contract economics since APIs and imaging modes can be licensed apart from physical chip supply.
• Medical buyers carry the first revenue wave as FDA-cleared ultrasound experience lowers perceived risk for partner programs.

Which country markets are included in the CAGR comparison?

The selected CAGR comparison covers China (16.8%), India (16.4%), South Korea (15.6%), United States (15.4%), and Japan (14.1%) through 2036.

Country	CAGR
China	16.8%
India	16.4%
South Korea	15.6%
United States	15.4%
Japan	14.1%

Source: Future Market Insights analysis.

How do country-level CAGRs compare?

• China (CAGR: 16.8%): China combines local medical device scale with rising interest in AI-enabled diagnosis.
• India (CAGR: 16.4%): India needs affordable imaging access across urban hospitals and smaller care settings.
• South Korea (CAGR: 15.6%): South Korea has a strong ultrasound OEM through Samsung Medison.
• United States (CAGR: 15.4%): FDA-cleared handheld ultrasound and AI-enabled device activity supports early buyer confidence.
• Japan (CAGR: 14.1%): Japan’s diagnostic imaging culture supports high-performance ultrasound evaluation.

The global Ultrasound-on-Chip Licensing Market is forecast to record a CAGR of 14.9% from 2026 to 2036. The study covers 30+ countries across the report regions.

How is the Ultrasound-on-Chip Licensing Market developing in China?

China is projected to record a CAGR of 16.8% through 2036. The country outlook identifies this demand signal: China combines local medical device scale with rising interest in AI-enabled diagnosis.

Country Market Snapshot

Country	China
Forecast CAGR	16.8%
Demand anchor	China combines local medical device scale with rising interest in AI-enabled diagnosis.
Procurement route	NMPA registration and provincial hospital buying influence device access.
Policy context	NMPA signaled stronger registration guidance for AI-powered products in 2025.
Supply structure	Mindray and United Imaging shape local medical imaging competition.
Restraint	Domestic substitution pressure can limit foreign IP pricing power.
Primary demand signal	China combines local medical device scale with rising interest in AI-enabled diagnosis.
Company context	Companies active in or serving this market include Mindray, SonoScape, Wisonic, Butterfly Network, and Exo.

Market Outlook

China demand is shaped by localization goals and strong device manufacturing capability. NMPA said in October 2025 that it would strengthen registration guidance for AI-powered and biomaterial-based products. That gives medical device developers clearer expectations for AI-heavy product categories. Ultrasound-on-chip licensors can benefit if they help local OEMs reduce development risk and speed design cycles. China is expected to record a CAGR of 16.8% through 2036 as local device makers seek differentiated imaging hardware.

Key Growth Drivers

• NMPA attention to AI-powered products supports clearer review expectations for smart devices.
• Local OEM scale creates demand for reusable chip platforms across product lines.
• Hospital modernization supports compact ultrasound tools for specialist and point-of-care use.
• China combines local medical device scale with rising interest in AI-enabled diagnosis.

Key Restraints

• Domestic IP preference can pressure royalty rates and contract terms.
• Data and software localization requirements can complicate cloud-based imaging tools.
• Domestic substitution pressure can limit foreign IP pricing power.

Country Market FAQs

What should C-suite teams prioritize in China?

C-suite teams should prioritize qualification requirements, procurement routes, local service coverage, and implementation economics before committing capital or supplier volume.

How should suppliers approach the China market?

Suppliers should align technical evidence, local channel support, and account-specific commercial terms with the buying process used by major customers in China.

What can weaken the business case in China?

Domestic substitution pressure can limit foreign IP pricing power. Executives should test this exposure during supplier, investment, and rollout reviews.

How is the Ultrasound-on-Chip Licensing Market developing in India?

India is projected to record a CAGR of 16.4% through 2036. The country outlook identifies this demand signal: India needs affordable imaging access across urban hospitals and smaller care settings.

Country Market Snapshot

Country	India
Forecast CAGR	16.4%
Demand anchor	India needs affordable imaging access across urban hospitals and smaller care settings.
Procurement route	CDSCO import and manufacturing licenses shape device entry.
Local proof	CDSCO uses MD-14 and MD-15 routes for medical device import licensing.
Supply structure	Multinational ultrasound vendors serve India through sales and distributor networks.
Restraint	Price sensitivity can limit premium royalty structures for licensed platforms.
Primary demand signal	India needs affordable imaging access across urban hospitals and smaller care settings.
Company context	Companies active in or serving this market include GE HealthCare India, Philips India, Siemens Healthineers India, Mindray India, and Butterfly Network.

Market Outlook

India demand is shaped by access gaps and cost discipline. CDSCO states that applicants use MD-14 for import license applications and receive MD-15 to import medical devices. This creates a defined pathway for foreign device suppliers, but it also places documentation responsibility on local agents and importers. Ultrasound-on-chip licensors can gain if they help OEMs build lower-cost systems with fewer probes and easier training.

Key Growth Drivers

• CDSCO’s defined import pathway gives foreign OEMs a route for regulated device entry.
• Hospital networks need portable imaging for emergency, maternal health, and critical care use.
• Medical device policy support encourages local design and manufacturing partnerships.
• India needs affordable imaging access across urban hospitals and smaller care settings.

Key Restraints

• Price-sensitive hospitals may resist high royalty fees in entry-level imaging products.
• Service coverage outside metro cities can slow adoption of advanced ultrasound platforms.
• Price sensitivity can limit premium royalty structures for licensed platforms.

Country Market FAQs

What should C-suite teams prioritize in India?

C-suite teams should prioritize qualification requirements, procurement routes, local service coverage, and implementation economics before committing capital or supplier volume.

How should suppliers approach the India market?

Suppliers should align technical evidence, local channel support, and account-specific commercial terms with the buying process used by major customers in India.

What can weaken the business case in India?

Price sensitivity can limit premium royalty structures for licensed platforms. Executives should test this exposure during supplier, investment, and rollout reviews.

How is the Ultrasound-on-Chip Licensing Market developing in South Korea?

South Korea is projected to record a CAGR of 15.6% through 2036. The country outlook identifies this demand signal: South Korea has a strong ultrasound OEM through Samsung Medison.

Country Market Snapshot

Country	South Korea
Forecast CAGR	15.6%
Demand anchor	South Korea has a strong ultrasound OEM through Samsung Medison.
Procurement route	MFDS review and hospital purchasing guide clinical device uptake.
Local proof	Samsung Medison acquired Sonio to strengthen AI-enhanced ultrasound workflows.
Supply structure	Samsung’s semiconductor group gives the country broader chip ecosystem depth.
Restraint	Direct licensing evidence for third-party ultrasound-on-chip IP is limited.
Primary demand signal	South Korea has a strong ultrasound OEM through Samsung Medison.
Company context	Companies active in or serving this market include Samsung Medison, Healcerion, GE HealthCare, Siemens Healthineers, and Butterfly Network.

Market Outlook

South Korea demand is shaped by ultrasound system know-how and semiconductor depth. Samsung said the Sonio acquisition would combine AI expertise with Samsung Medison’s ultrasound systems to support AI-enhanced workflows. That makes South Korea relevant to licensing discussions around chip access and workflow software. The buyer focus is less about basic ultrasound demand and more about whether embedded imaging can add measurable workflow value. South Korea is projected to record 15.6% CAGR through 2036 as medical devices and semiconductors converge.

Key Growth Drivers

• Samsung Medison provides a local ultrasound OEM anchor with global brand access.
• Semiconductor capability supports advanced packaging and system integration discussions.
• AI workflow investment supports demand for ultrasound data access and automation.
• South Korea has a strong ultrasound OEM through Samsung Medison.

Key Restraints

• Local OEMs may prefer internal development over third-party IP licenses.
• Hospital adoption depends on clinical evidence and service reliability.
• Direct licensing evidence for third-party ultrasound-on-chip IP is limited.

Country Market FAQs

What should C-suite teams prioritize in South Korea?

C-suite teams should prioritize qualification requirements, procurement routes, local service coverage, and implementation economics before committing capital or supplier volume.

How should suppliers approach the South Korea market?

Suppliers should align technical evidence, local channel support, and account-specific commercial terms with the buying process used by major customers in South Korea.

What can weaken the business case in South Korea?

Direct licensing evidence for third-party ultrasound-on-chip IP is limited. Executives should test this exposure during supplier, investment, and rollout reviews.

How is the Ultrasound-on-Chip Licensing Market developing in the United States?

The United States is projected to record a CAGR of 15.4% through 2036. The country outlook identifies this demand signal: FDA-cleared handheld ultrasound and AI-enabled device activity supports early buyer confidence.

Country Market Snapshot

Country	United States
Forecast CAGR	15.4%
Demand anchor	FDA-cleared handheld ultrasound and AI-enabled device activity supports early buyer confidence.
Procurement route	Enterprise health systems evaluate POCUS platforms through clinical workflow and compliance teams.
Channel signal	USA revenue at Butterfly reached USD 21.4 million in Q1 2026.
Supply structure	Butterfly Network and Exo both show USA chip-based handheld ultrasound activity.
Restraint	Reimbursement clarity and clinical validation remain critical for new embedded use cases.
Primary demand signal	FDA-cleared handheld ultrasound and AI-enabled device activity supports early buyer confidence.
Company context	Companies active in or serving this market include Butterfly Network, Exo, GE HealthCare, Siemens Healthineers, and Philips.

Market Outlook

United States demand is shaped by product teams that expect strong regulatory support and repeatable clinical evidence. Butterfly reported that USA revenue rose in Q1 2026, mainly helped by Butterfly Embedded partnerships and the Midjourney co-development program. This makes the United States the first reference market for chip IP monetization. Buyers treat licensing as a way to compress development time, but they expect proof that the platform can support clinical-grade images.

Key Growth Drivers

• USA FDA clearance pathways give OEMs clearer premarket expectations for ultrasound-enabled devices.
• Enterprise POCUS procurement creates demand for platforms that integrate imaging with hospital IT workflows.
• Semiconductor and AI investor ecosystems support co-development talks for new imaging form factors.
• FDA-cleared handheld ultrasound and AI-enabled device activity supports early buyer confidence.

Key Restraints

• Clinical validation cost can slow partner conversion from evaluation to paid license.
• Field-of-use restrictions may limit product flexibility for multi-application OEMs.
• Reimbursement clarity and clinical validation remain critical for new embedded use cases.

Country Market FAQs

What should C-suite teams prioritize in the United States?

C-suite teams should prioritize qualification requirements, procurement routes, local service coverage, and implementation economics before committing capital or supplier volume.

How should suppliers approach the United States market?

Suppliers should align technical evidence, local channel support, and account-specific commercial terms with the buying process used by major customers in the United States.

What can weaken the business case in the United States?

Reimbursement clarity and clinical validation remain critical for new embedded use cases. Executives should test this exposure during supplier, investment, and rollout reviews.

How is the Ultrasound-on-Chip Licensing Market developing in Japan?

Japan is projected to record a CAGR of 14.1% through 2036. The country outlook identifies this demand signal: Japan’s diagnostic imaging culture supports high-performance ultrasound evaluation.

Country Market Snapshot

Country	Japan
Forecast CAGR	14.1%
Demand anchor	Japan’s diagnostic imaging culture supports high-performance ultrasound evaluation.
Procurement route	PMDA review and hospital purchasing shape device entry.
Local proof	Canon Medical and Olympus announced an endoscopic ultrasound alliance in January 2024.
Supply structure	Canon Medical brings long ultrasound experience and global imaging reach.
Restraint	PMDA review expectations can lengthen entry for novel licensed chip platforms.
Primary demand signal	Japan’s diagnostic imaging culture supports high-performance ultrasound evaluation.
Company context	Companies active in or serving this market include Canon Medical Systems, Fujifilm Healthcare, Konica Minolta, Sony Semiconductor Solutions, and Butterfly Network.

Market Outlook

Japan demand is driven by precision imaging expectations and long product qualification cycles. Canon Medical and Olympus announced a January 2024 alliance for endoscopic ultrasound systems, with Canon developing diagnostic ultrasound systems and Olympus handling sales and marketing. This shows how Japanese companies use role-sharing partnerships to improve ultrasound product reach. Japan is projected to grow at a CAGR of 14.1% through 2036 because its device makers value miniaturization and high image quality.

Key Growth Drivers

• Canon Medical provides a domestic imaging anchor with ultrasound system expertise.
• Japanese OEMs use partnerships to combine device manufacturing and sales specialization.
• PMDA review discipline supports premium positioning for well-documented licensed platforms.
• Japan’s diagnostic imaging culture supports high-performance ultrasound evaluation.

Key Restraints

• Longer approval expectations can slow first revenue for novel embedded ultrasound systems.
• Conservative hospital buying behavior favors proven imaging suppliers.
• PMDA review expectations can lengthen entry for novel licensed chip platforms.

Country Market FAQs

What should C-suite teams prioritize in Japan?

C-suite teams should prioritize qualification requirements, procurement routes, local service coverage, and implementation economics before committing capital or supplier volume.

How should suppliers approach the Japan market?

Suppliers should align technical evidence, local channel support, and account-specific commercial terms with the buying process used by major customers in Japan.

What can weaken the business case in Japan?

PMDA review expectations can lengthen entry for novel licensed chip platforms. Executives should test this exposure during supplier, investment, and rollout reviews.

Which companies are discussed in the Ultrasound-on-Chip Licensing Market?

The preview discusses Butterfly Network, Exo, GE HealthCare, Siemens Healthineers, and Samsung Medison among the companies active in this market.

The market is concentrated around Butterfly Network for direct ultrasound-on-chip licensing evidence. Smaller competitors win through pMUT design, AI workflow tools, or application-specific integration. Large imaging OEMs influence buyer expectations through ultrasound AI acquisitions and platform upgrades.

Entry barriers include transducer IP, image processing depth, regulatory support, and partner engineering capacity. Semiconductor firms compete indirectly when packaging, signal chain, and compute design affect product viability. Competitive behavior is shaped by control over the full ultrasound stack.

How is competition structured?

Competition reflects differences in specialization, portfolio scope, geographic reach, evidence, and customer access.

The market is best understood by company role, not by size alone.

• Direct IP Licensors: Butterfly Network is the clearest direct licensor through Butterfly Embedded, which covers licensing and co-development for Ultrasound-on-Chip technology. The company combines CMUT-based chip architecture, software tools, developer access, and public licensing evidence.
• Chip-Based Ultrasound Platform Firms: Exo is relevant as a chip-based handheld ultrasound platform using pMUT technology and AI-enabled workflows. The company supports the broader technology case for compact ultrasound devices.
• Imaging OEM and Software Ecosystem Firms: GE HealthCare, Siemens Healthineers, Samsung Medison, Philips, Canon Medical, and Olympus shape buyer expectations through AI-enabled ultrasound systems and imaging partnerships.

How do selected companies compare?

The selected companies differ in portfolio focus, geographic reach, evidence depth, and channel strength.

Company	Competitive position
Butterfly Network	Butterfly Network is assessed for chip-platform relevance, partnership potential, intellectual-property position, and access to medical-device channels.
Exo	Exo is assessed for chip-platform relevance, partnership potential, intellectual-property position, and access to medical-device channels.
GE HealthCare	GE HealthCare is assessed for chip-platform relevance, partnership potential, intellectual-property position, and access to medical-device channels.
Siemens Healthineers	Siemens Healthineers is assessed for chip-platform relevance, partnership potential, intellectual-property position, and access to medical-device channels.
Samsung Medison	Samsung Medison is assessed for chip-platform relevance, partnership potential, intellectual-property position, and access to medical-device channels.

What are the key developments in the Ultrasound-on-Chip Licensing Market?

• In October 2023, Butterfly Network announced a five-year co-development agreement with Forest Neurotech that included licensing, chip purchases, services, and development milestones. The agreement directly demonstrated a commercial licensing model for Ultrasound-on-Chip technology.
• In November 2025, Butterfly Network disclosed a co-development partnership with Midjourney under a multi-year agreement. The transaction expanded the commercial scope of the Butterfly Embedded platform.
• In February 2026, Butterfly Network reported that the Midjourney partnership contributed USD 6.8 million in fourth-quarter revenue. The disclosure provided direct evidence of licensing commercialization.

Selected Companies in the Ultrasound-on-Chip Licensing Market

Companies referenced in this preview

• Butterfly Network.
• Exo.
• GE HealthCare.
• Siemens Healthineers.
• Samsung Medison.
• Philips.
• Canon Medical Systems.
• Fujifilm Healthcare.

Market Scope & Definition

Metric	Value
Market definition	The Ultrasound-on-Chip Licensing Market covers paid access to semiconductor-based ultrasound IP, developer tools, chip supply rights, and co-development services. Included systems use CMUT or similar microfabricated transducer architectures integrated with software-controlled imaging workflows.
Functions covered	Butterfly Embedded, Third-Party Licensors
Applications covered	Medical, Industrial, Consumer
End-use industries	Device OEMs, Semiconductor Firms, Research Institutes
Inclusions	Market scope covers Butterfly Embedded and third-party licensors, medical and industrial application programs, co-development contracts, royalty-based agreements, per-unit IP licenses, device OEMs, semiconductor firms, research institutes, and the selected country coverage for 2026 to 2036.
Exclusions	The market excludes conventional cart-based ultrasound sales, standard piezoelectric probe sales, general medical imaging services, unrelated semiconductor IP, and software-only radiology tools without ultrasound-on-chip integration rights.

Research Methodology

Metric	Value
Primary Research	FMI analysts reviewed buying behavior across device OEMs, semiconductor design teams, ultrasound platform developers, and digital health product groups. Interviews focused on license structure, validation needs, integration pain points, and partner support expectations.
Desk Research	reviewed regulatory pages, FDA ultrasound guidance, medical device clearance records, company filings, and official product information. It also examined adjacent areas such as ultrasound demand and healthcare semiconductors to define boundary conditions.
Market Sizing and Forecasting	The model combined known license revenue, partner count, expected contract value, application mix, and country-level commercialization conditions. Forecast assumptions were checked against medical device adoption cycles and semiconductor IP pricing behavior.
Data Validation	Forecasts were cross-checked against public company filings, regulatory activity, and adjacent imaging technology demand. Segment shares are FMI estimates and are used to explain expected market structure in 2026.

What does the report cover?

The report covers technology provider, application area, licensing model, end user, and region across the 2026-2036 forecast period in 30+ countries.

Metric	Value
Periods	Base year 2025; estimated year 2026; forecast period 2026-2036
Segment axes	technology provider, application area, licensing model, end user, and region
Regions	North America, Europe, East Asia, Middle East, and Rest of World
Countries	United States, United Kingdom, Germany, France, Japan, China, South Korea, India and 30+ countries
Companies	Butterfly Network, Exo, GE HealthCare, Siemens Healthineers, Samsung Medison, Philips, Canon Medical Systems, Fujifilm Healthcare, and others
Approach	Hybrid bottom-up and top-down methodology using public contract signals, segment use rates, and country-level adoption readiness.

Market Segmentation Analysis

Segmented by Technology Provider

• Butterfly Embedded.
• Third-Party Licensors.

Segmented by Application Area

• Medical.
• Industrial.
• Consumer.

Segmented by Licensing Model

• Co-Development.
• Royalty-Based.
• Per-Unit IP License.

Segmented by End User

• Device OEMs.
• Semiconductor Firms.
• Research Institutes.

By Region

• North America.
  • United States.
  • Canada.
• Europe.
  • Germany.
  • United Kingdom.
  • France.
• Western Europe.
• South Asia and Pacific.
  • India.
  • China.
• East Asia.
  • Japan.
  • South Korea.
• Middle East.
  • UAE.
  • Saudi Arabia.
• Rest of World.

Research Sources and Bibliography

• Butterfly Network. (2023, October 24). Butterfly Network announces five-year co-development agreement with Forest Neurotech. Butterfly Network.
• Butterfly Network. (2025, November). Butterfly Network discloses Midjourney co-development partnership. Butterfly Network Investor Relations.
• Butterfly Network. (2026, February 26). Butterfly Network reports fourth-quarter 2025 financial results. Butterfly Network Investor Relations.
• USA Food and Drug Administration. (2026, June). Artificial intelligence-enabled medical devices. https://www.fda.gov/medical-devices/software-medical-device-samd/artificial-intelligence-enabled-medical-devices
• USA Food and Drug Administration. (2024, September 19). Ultrasound imaging. https://www.fda.gov/radiation-emitting-products/medical-imaging/ultrasound-imaging
• NHS England. (2024, September 26). Diagnostic imaging dataset statistical release. https://www.england.nhs.uk/statistics/wp-content/uploads/sites/2/2024/09/Statistical-Release-26th-September-2024-1.pdf
• GE HealthCare. (2024, July 18). GE HealthCare announces agreement to acquire clinical artificial intelligence business from Intelligent Ultrasound. https://www.gehealthcare.com/en-us/about/newsroom/press-releases/ge-healthcare-announces-agreement-to-acquire-clinical-artificial-intelligence-business-from-intelligent-ultrasound
• Exo. (2024, April 23). Exo launches FDA-cleared AI on Exo Iris to address heart failure. https://www.exo.inc/article/exo-launches-fda-cleared-ai-on-exo-iris-to-address-heart-failure
• Samsung Newsroom. (2024, May 8). Samsung announces acquisition of Sonio to strengthen its leading position in cutting-edge medical devices. https://news.samsung.com/global/samsung-announces-acquisition-of-sonio-to-strengthen-its-leading-position-in-cutting-edge-medical-devices
• Siemens Healthineers. (2024, December 1). Siemens Healthineers collaborates with RadNet’s DeepHealth to create AI-powered SmartTechnology. https://www.siemens-healthineers.com/en-us/press-room/press-releases/ultrasound-radnet-deephealth-collaboration
• Olympus. (2024, January 15). Canon Medical Systems and Olympus announce business alliance regarding endoscopic ultrasound systems. https://www.olympus-global.com/news/2024/nr02606.html
• Philips. (2025, June 17). Philips breaks new ground in point-of-care ultrasound with launch of Flash 5100 POC. https://www.philips.com/a-w/about/news/archive/standard/news/articles/2025/philips-breaks-new-ground-in-point-of-care-ultrasound-with-launch-of-flash-5100-poc.html

The bibliography is provided for reader reference and uses official company, regulatory, government, or institutional publications.

This Report Answers

• What is the projected value of the Ultrasound-on-Chip Licensing Market in 2026?
• What value is forecast for the Ultrasound-on-Chip Licensing Market by 2036?
• What CAGR is forecast for the Ultrasound-on-Chip Licensing Market from 2026 to 2036?
• What 2026 share is projected for Butterfly Embedded within the technology provider category?
• What 2026 share is projected for Medical within the application area category?
• Which demand factors support the Ultrasound-on-Chip Licensing Market outlook?
• Which restraints and opportunities affect adoption in the Ultrasound-on-Chip Licensing Market?
• How are country CAGR outlooks, including China at 16.8%, compared?
• Which companies and product developments are covered in the competitive analysis?
• What is included in the market scope, and how is the forecast validated?