Global Ultrasound Market Estimated to Reach USD 20.40 Billion by 2034, Reports Future Market Insights

Future Market Insights (FMI) has released its latest industry analysis, indicating a robust growth trajectory for the global ultrasound market. According to the report, the market size is estimated to be around USD 11.70 billion in 2024, with a projected compound annual growth rate (CAGR) of 5.80% over the forecast period, ultimately reaching an estimated market size of USD 20.40 billion by 2034.

The surge in demand for ultrasound technology over the last few decades has been remarkable. Widely utilized across various medical specialties, including cardiology, obstetrics, and musculoskeletal imaging, ultrasound has become an indispensable diagnostic tool in the healthcare sector. Its significance continues to grow as patients and healthcare providers increasingly recognize the benefits of ultrasound as a safe and non-invasive diagnostic solution.

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Ultrasound technology offers numerous advantages, including real-time imaging, portability, and non-ionizing radiation, making it suitable for a wide range of diagnostic procedures. Moreover, the increasing prevalence of chronic diseases, coupled with the rising geriatric population globally, is driving the demand for advanced diagnostic tools like ultrasound.

The report from Future Market Insights provides comprehensive insights into the factors influencing the growth of the ultrasound market, including technological advancements, increasing healthcare expenditure, and evolving regulatory frameworks. It also highlights key market players and their strategies to maintain a competitive edge in the dynamic landscape of the ultrasound industry.

“Continuous investment in research and development is crucial in this industry. Companies in the ultrasound market must develop innovative ultrasound technologies, enhance imaging capabilities, and stay ahead of market trends. Additionally, they should explore advancements in artificial intelligence (AI) integration, miniaturization, and enhanced imaging modalities,” opines an FMI analyst.

Key Takeaways from the Market Study:

• The 2D ultrasound segment dominates the ultrasound market with a CAGR of 4.10% in terms of technology.
• On the basis of components, the ultrasound devices segment leads the ultrasound industry with a CAGR of 4.20%.
• The ultrasound industry in the United States is projected to develop at a modest CAGR of 5.90% through 2034.
• The ultrasound industry in the United Kingdom is estimated to rise at a 6.60% CAGR through 2034.
• The ultrasound market in China has the potential to increase at a 6.40% CAGR through 2034.
• The Japan ultrasound industry is predicted to rise by a 5.00% CAGR through 2034.
• The ultrasound industry in South Korea is very likely to inflate at a CAGR of 6.80% through 2034.

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Competitive Landscape:

The ultrasound market is served by many local and international companies. Leading players in the market include Siemens Healthineers, General Electric Company, and Philips Healthcare. Various healthcare facilities such as hospitals, diagnostic centers, and prenatal clinics rely on these companies for their ultrasound devices. Companies are focusing on making their products more cost-effective to cater to small clinics and hospitals, which are going to provide advanced facilities to patients and increase the consumer base.

Recent Developments:

• ALPINION Medical Systems introduced the X-CUBE i9, a portable ultrasound diagnostic device, in August 2023. With dual batteries and probe connectors, it enhances examination speed and boasts one-minute readiness. It can operate for over 100 hours in standby and more than one hour in scan mode.
• MIT Lincoln Laboratory researchers, in collaboration with Massachusetts General Hospital, unveiled the Noncontact Laser Ultrasound (NCLUS) in August 2023. This innovative system, utilizing laser-based technology, delivers high-quality medical images of internal body structures at a significantly lower cost, comparable to MRI and CT capabilities.
• In July 2023, Konica Minolta launched the PocketPro H2, a handheld ultrasound device optimized for musculoskeletal assessment, needle guidance, and vascular access. The wireless unit offers 90 minutes of continuous scanning, an ergonomic design, and compatibility with iOS and Android devices, providing clinicians with advanced point-of-care ultrasound capabilities.
• Mindray revolutionized ultrasound technology with the launch of TE Air in September 2023. As the first handheld ultrasound device offering dual connectivity to mobile devices or the TE X Ultrasound System, it provides enhanced utility and accessibility for clinicians both inside and outside hospitals.

Key Companies in the Market:

• Siemens Healthineers
• General Electric Company (GE Healthcare)
• Philips Healthcare
• Canon Medical Systems Corporation (formerly Toshiba Medical Systems)
• Samsung Medison
• Hitachi Healthcare
• Fujifilm SonoSite
• Esaote S.p.A.
• Mindray Medical International Limited
• Analogic Corporation
• SuperSonic Imagine
• Terason (Teratech Corporation)
• SonoScape Medical Corporation
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Chison Medical Imaging Co., Ltd.
• United Imaging Healthcare Co., Ltd.
• Healcerion
• Clarius Mobile Health
• Zonare Medical Systems (now part of Mindray)

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Ultrasound Market Segmentation:

By Component:

• Ultrasound Devices
• Transducers/Probes
• Gels
• Other Components

By Technology:

• Diagnostic Ultrasound
  • 2D Ultrasound
  • 3D and 4D Ultrasound
  • Color Doppler Imaging
  • Continuous Doppler Imaging
  • Pulse Wave Doppler Imaging
• Therapeutic Ultrasound
  • High-intensity Focused Ultrasound (HIFU)
  • Extracorporeal Shock Wave Lithotripsy (ESWL)
  • Shock Wave Lithotripsy (SWL)

By Display Type:

• Colored Display
• Black and White Display

By Portability:

• Cart/Trolly-based Ultrasound Systems
• Handheld/Compact Ultrasound Systems
• Point of Care Ultrasound Systems

By Application:

• Diagnostic Applications
  • General Imaging
  • Cardiology
  • Obstetrics/Gynecology
  • Vascular
  • Urology
  • Other Diagnostic Applications

• Therapeutic Applications
  • Drug Delivery
  • Physical Therapy
  • Pain Management
  • Other Therapeutic Applications

By End User:

• Hospitals & Clinics
• Diagnostic Imaging Centers
• Ambulatory Care Centers
• Academic & Research Institutes

By Region:

• North America
• Latin America
• Asia Pacific
• Middle East and Africa (MEA)
• Europe

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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