Ultrasound Market Size, Share, and Trends 2024 to 2033

Ultrasound Market Size and Growth 2024 to 2033

The global ultrasound market size was valued at USD 9.38 billion in 2023 and is anticipated to reach around USD 18.98 billion by 2033, growing at a CAGR of 7.30% from 2024 to 2033. The rise in the number of diagnostic centres and hospitals is driving the growth of the ultrasound market.

Ultrasound Market Key Takeaways

• The North America ultrasound market size accounted for USD 3.85 billion in 2023 and is expected to attain around USD 7.88 billion by 2033 with a CAGR of 7.42% from 2024 to 2033.
• North America led the ultrasound market with the largest share in 2023.
• Asia Pacific is observed to experience a notable rate of growth during the forecast period.
• By product, the diagnostic segment held the largest share of the market in 2023.
• By portability, the cart-trolley segment dominated the market in 2023.
• By application, the radiology segment dominated the market in 2023.
• By end-use, the hospitals segment held the dominating share in 2023.

Ultrasound Market Size in the U.S. 2024 to 2033

The U.S. ultrasound market size was estimated at USD 3.08 billion in 2023 and is predicted to be worth around USD 6.34 billion by 2033 at a CAGR of 7.48% from 2024 to 2033.

North America dominated the ultrasound market in 2023. The market growth is generally driven by the rising prevalence of target diseases, the growing trend of cosmetic surgeries, and increased healthcare spending by the private and public sectors. Moreover, new research developments and innovations in the medical field, along with new approvals from the United States Food and Drug Administration and the launch of new products by key market players such as Mindray, Butterfly, GE, Medtronic, Siemens, and others.

• For instance, in April 2024, Butterfly announced that the FDA had approved a next-generation handheld point-of-care ultrasound (POCUS) system named iQ3. This new device features a new ergonomic design and delivers high data processing speed for optimized image resolution and accuracy for the detection of various body parts.

Asia-Pacific is expected to be the fastest-growing region during the forecast period. The market in this region is generally driven by the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and other gastrointestinal disorders. According to the World Health Organisation (WHO), more than 2.2 million new cancer cases and approximately 1.4 million cancer-related deaths in the Southeast Asia Region in 2020.  According to a study by Asia Pacific Cohort Studies Collaboration (APCSC), there is an estimated increase of 60% in CVD patients in Asian countries. Also, it is estimated that the total number of hypertension patients in India and China is likely to increase to more than 500 million by the year 2025. Thus, rising cases of cancers and cardiovascular diseases are likely to be diagnosed early for detection and treatment, which increases the demand for ultrasound devices, which is likely to boost the ultrasound market in this region.

In addition, the rise in the geriatric population suffering from chronic diseases in countries such as Japan, India, and China has increased rapidly over time. According to a Journal of Medical Internet Research, 80% of adults above 75 years or over suffered from multiple chronic diseases, and 90% of them suffered from at least one chronic disease. Thus, the rise in the number of geriatric populations suffering from such diseases requires regular checkups to get cured, which drives the demand for ultrasound systems. Also, the rising development in medical sciences and rising demand for portable ultrasound machines, along with the growing adoption of 2D ultrasound imaging, further drive the growth of the ultrasound market.

Ultrasound Market Size in Asia Pacific 2023 to 2033

The Asia Pacific ultrasound market size was calculated at USD 20.64 billion in 2023 and is projected to expand around USD 42.71 billion by 2033, poised to grow at a CAGR of 7.56% from 2024 to 2033.

Ultrasound Market Overview

An ultrasound is a risk-free imaging test of body parts that uses the principle of sound waves. The frequencies of ultrasound sound waves are always greater than 20 kilohertz. It is also known as sonography and is done for detecting the internal body parts of humans. It is mainly done for viewing various reproductive parts, such as the uterus and ovaries, during pregnancy, along with monitoring the infant inside the womb. Sonography is also done to detect gallbladder and appendix-related issues inside the human body. Some ultrasounds are also performed to check the blood flow and tumour treatment.

Nowadays, ultrasounds are also performed in veterinary fields to examine various soft tissues present in the musculoskeletal system of animals. The ultrasound industry has experienced several changes in engineering methods and technological advancement over the past decade. This industry is fragmented, with the presence of several small and big players. The market players are effectively engaged in improving product offerings by exploring acquisitions and government approvals, developing new products, and collaborating to increase their brand demand and attain a greater ultrasound market share.

• For instance, in February 2023, Boston Imaging launched a new AI-enabled ultrasound device. This device was named Hera W10 Elite and will be used for obstetrics and gynecology. It will also provide radiologists with better imaging capabilities and accurate results to enhance the diagnostic experience.

Ultrasound Market Growth Factors

• Advancements in technologies related to medical equipment have also boosted market growth.
• The growing number of musculoskeletal disorders has impacted the ultrasound market positively.
• Increased preference for minimally invasive surgeries also propels the market growth of the ultrasound industry.
• The rising number of government initiatives and investments to strengthen the healthcare sector drives the growth of the ultrasound market.
• Higher investment from private sector entities for the development of medical equipment fosters the growth of the ultrasound market.
• Growing adoption of table-top equipment in medical sectors positively impacts the growth of the ultrasound market.

Ultrasound Market Scope

Ultrasound Market Dynamics

Driver: Rising number of chronic diseases

The rise in the prevalence of chronic diseases such as arthritis, cancer, Chronic Obstructive Pulmonary Disease (COPD), and others. The prevalence of cancer has increased globally in recent times. The main types of cancer include carcinoma, melanoma, lymphoma, sarcoma, and leukemia. According to WHO, the number of new cancer patients reached 20 million, along with 9.7 million cancer-related deaths in the year 2022. Also, there is a high growth rate in patients suffering from heart disease globally. According to a report published by the World Heart Federation, more than half a billion people across the world were affected by cardiovascular diseases, which accounted for 20.5 million deaths in 2021. Thus, the increasing number of cancer patients and heart patients require early detection for proper treatment, which increases the demand for ultrasound devices, thereby boosting the growth of the ultrasound market.

Restraint: Stringent government regulations and high cost

The governments of several countries, such as China, Japan, Canada, and others, may not approve some medical equipment due to various reasons such as high risk, negative effects, and other problems. Thus, non-approval of medical equipment, including ultrasound machines, is likely to restrain the growth of the ultrasound market. Also, the initial cost of setting up an ultrasound system is very high, and maintenance charges are rising day by day. Thus, the high cost associated with ultrasound systems is expected to restrain the ultrasound market growth during the forecast period.

Opportunity: Integration of AI in medical equipment

The healthcare sector has experienced several transitions from time to time. There have been several technological developments in this field that can positively impact the healthcare sector. Nowadays, traditional surgeries are being replaced by robotic surgeries so as to get maximum precision and accuracy. The integration of AI in medical instruments such as MRI machines, ultrasound systems, BP machines, and others can result in superior results.

• For instance, In December 2023, Siemens Healthineers launched a new AI-enabled ultrasound system named ‘Acuson Maple.’ This system uses the same software and hardware platform to automate workflow and analysis to examine body parts efficiently. Thus, medical equipment suppliers and healthcare professionals are investing significantly in research and development related to AI in health sectors. This, in turn, is expected to create growth opportunities in the future.

Product Insights

The diagnostic segment held the largest market share in 2023. The segment is observed to sustain the position during the forecast period. This segment is mainly driven by technological advancements such as 2D and 4D imaging and rising adoption of point-of-care ultrasound system (POCUS). Moreover, the growth of this segment can be attributed to the rise in the number of minimally invasive surgeries and growing number of clinal laboratories and hospitals across the globe. According to an article published by the Annals of Medicine and Surgery in October 2021, MIS has replaced the conventional methods of surgical interventions due to rising interest of people towards rapid recoveries, improved survival and fewer complications.

Portability Insights

The cart/trolley segment dominated the ultrasound market in 2023. The growth of this segment is mainly driven due to cost-effectiveness and rising demand for ultrasound systems with features such as enhanced picture quality, high grade battery capacity and user-friendly interfaces. Also, several medical device companies such as Medtronic, Hologic, Canon Medical Systems and others are engaged in research and development of Cart/Trolley ultrasound systems that are likely to boost the growth of the global ultrasound market. For instance, recently, Hologic, launched SuperSonic MACH 40 ultrasound system. This is a cart-based ultrasound system that integrates AI and B-mode imaging technology to provide clearer images of cells and other body parts.

Application Insights

The radiology segment dominated the ultrasound market in 2023. This segment is mainly driven by integration of AI in ultrasound systems along with growing cases of cardiac disorders that require proper diagnosis and treatment to get cured. Ultrasound technology is widely used in radiology for diagnostic imaging across various medical specialties, including obstetrics and gynecology, cardiology, oncology, and musculoskeletal imaging. Its versatility makes it an essential tool for radiologists in assessing a wide range of medical conditions. Ultrasound imaging is non-invasive and does not involve ionizing radiation, unlike other imaging modalities such as X-rays and CT scans. This makes it safer for patients, particularly for pregnant women and pediatric patients, and reduces the risk of radiation exposure.

End-use Insights

The hospitals segment dominated the ultrasound market in 2023 and the segment is observed to sustain the position during the forecast period. The growth of this segment is mainly driven by growing use of ultrasound devices in hospital settings along with rising number of patients in hospitals suffering from different diseases. Moreover, introduction of portable ultrasound systems in hospitals is expected to fuel the demand for ultrasound devices in OPD and in-patient departments. Furthermore, the increasing investment from public and private entities related to development in healthcare sectors is also expected to foster the growth of the market. Additionally, growing awareness regarding regular healthcare checkups and rising number of accident cases globally has increased the demand for ultrasound devices in hospitals, thereby driving the market growth.

Ultrasound Market Recent Developments

• In February 2024, Fujifilm launched a new endoscopic ultrasound machine in India, the ‘ALOKA ARIETTA 850’. This machine offers superior features such as enhanced image quality, HD-THI for deeper penetration, and combi-elastography.
• In November 2023, Samsung launched a new ultrasound system named ‘V6’. This ultrasound system enhances image clarity and accuracy. It is also adaptable to various medical settings through its simplified workflows, wide screen, remote access, and powerful design with a battery option.
• In November 2023, Koninklijke Philips N.V. announced the launch of its flagship ultrasound system, the Compact Ultrasound 5000 Series. This system features Contrast-enhanced ultrasound, an ultra-high-frequency transducer, 3D-like vascular flow advanced imaging, quality advanced image acquisition, and expanded tele-ultrasound capability.
• In May 2024, Esaote SPA launched a portable ultrasound system named ‘MyLab Omega eXP VET.’ This system will help veterinarians examine animals with a high level of flexibility and accuracy in diagnostic imaging. It also covers animals of all species and ensures high performance, ranging from general imaging and echocardiography to interventional procedures.
• In April 2024, GE HealthCare (GEHC) launched two ultrasound systems, ‘Voluson Signature 20’ and ‘Voluson Signature 18’. These systems are equipped with AI features and advanced tools to increase the efficiency of diagnostic centers and improve women's health.
• In September 2023, Mindray Medical International Limited launched the TE Air wireless handheld ultrasound device. This device offers multi-device connectivity and flexible charging options. It also produces high-quality images and ensures accessibility in critical clinical scenarios.

Ultrasound Market Companies

• Zimmer MedizinSysteme GmbH
• General Electric Healthcare
• Fujifilm Corporation
• Hitachi, Ltd.
• Mindray Medical International Limited.
• Samsung Healthcare
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• Canon Inc.
• ESAOTE SPA

Segments Covered in the Report

By Product

• Diagnostic Ultrasound Devices
  • 2D
  • 3D/4D
  • Doppler
• Therapeutic Ultrasound Devices
  • High-intensity Focused Ultrasound
  • Extracorporeal Shockwave Lithotripsy

By Portability

• Handheld
• Compact
• Cart/Trolley
  • Point-of-Care Cart/Trolley Based Ultrasound
  • Higher-end Cart/Trolley Based Ultrasound

By Application

• Cardiology
• Obstetrics/Gynaecology
• Radiology
• Orthopaedic
• Anaesthesia
• Emergency Medicine
• Primary Care
• Critical Care

By End-use

• Hospitals
• Imaging Centres
• Research Centres

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa