Ultrasound Equipment Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast 2024-2028

Ultrasound Equipment Market Forecast 2024-2028

The global ultrasound equipment market size is estimated to grow by USD 2.98 billion at a Compound annual growth rate (CAGR) of 6.25% between 2023 and 2028. Rising health awareness among the population has led many people to opt for preventive measures, which include early diagnosis of different diseases or medical conditions using ultrasound imaging. This has largely reduced the incidence of recurring disorders, as these diseases can be found and treated in the early stages. Chronic diseases such as cardiovascular disease, cancer, and obstetrics and gynecological disorders can often be prevented and frequently managed through early detection using better diagnostic procedures like ultrasound, Thus, such factors will drive market growth during the forecast period. It also includes an in-depth analysis of drivers, trends, and challenges. Our market trends and analysis report examines historic data from 2018-2022, besides analyzing the current market scenario.

What will be the size of the Market During the Forecast Period?

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Market Segmentation 

Technavio has segmented the market into End-User, Product Type, and Geography.

• The end-user segment includes hospitals, imaging centers, research centers, and others
• The product type segment includes stationary ultrasound device and portable ultrasound device
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW)

 

The market is witnessing significant advancements driven by technological innovations and healthcare reforms. Healthcare professionals rely on ultrasound for non-invasive procedures, detecting chronic disorders like cardiovascular disease, breast cancer tumor, and lung cancer. Ultrasound examinations using sound waves provide detailed images of anatomical structures such as the heart, blood vessels, and joints. With the introduction of advanced systems like Vscan Air by GE Healthcare and the integration of Artificial Intelligence, image-guided procedures enable accurate detection of multifocal, multicentric, and bilateral diseases. The FDA's regulations ensure the safety and efficacy of therapeutic ultrasound devices, further enhancing confidence in ultrasound technology's capabilities in diagnosing and treating various medical conditions.

End-user Analysis 

The market share growth by the hospitals segment will be significant during the forecast period. High-end private hospitals and government general hospitals are the two types of end-users in the market. High-end private hospitals deploy the latest versions of diagnostic and therapeutic ultrasound devices. Government general hospitals serve the masses, especially socio-economically disadvantaged people who depend on medical reimbursements, medicare spending, and insurance.

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The hospitals segment was valued at USD 3.36 billion in 2018. The rising demand for advanced ultrasound devices, the growing focus of hospital authorities on improving the infrastructure in healthcare facilities to enhance patient care, and the growth in the number of well-equipped healthcare facilities in developed as well as developing countries around the world to cater to the demand for treatment during medical emergencies are the major factors that will influence the demand globally. Thus, such factors will drive the growth of the market through hospitals segment during the forecast period. 

Product Type Analysis 

Stationary ultrasound equipment is the most common type of equipment used in healthcare facilities. Some of the popular products in the stationary ultrasound devices category include SonoScape SonoScape S22 and SonoScape S30 with color dopplers; Esaote MyLab Eight; GE Healthcare LOGIQ E9 with XDclear; and Philips HD11 XE and HD15 Ultrasound systems. Therefore, the stationary segment is expected to witness steady growth in turn, propelling the growth of the market during the forecast period.

Portable 

Portable ultrasound equipment is lightweight and compact and comprises laptop-sized, handheld, or point-of-care devices that provide end-users with ease of carrying and are mostly specific to their applications. Furthermore, growing awareness about the availability of various types of portable ultrasound devices has made ultrasound a popular procedure in home healthcare and remote patient monitoring applications. Thus, this segment is expected to grow significantly and drive the growth of the ultrasound devices market during the forecast period.

Regional Analysis

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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America accounts for a large share of the market, with the US being the largest contributor to the market. This is expected to continue due to the increasing use of portable ultrasound machines in both hospital and home care settings. The revenue generated by key players in the region, such as GE Healthcare and Siemens Healthineers, is a major reason for the US dominance in the North American market. Along with all this, the adoption of advanced ultrasound technologies such as Doppler, 3D, 4D, and 5D by medical professionals for obstetric and gynecological applications has resulted in improved female and fetal health. Hence, a steady increase in the fertility rate and easy access to medical services will drive market growth during the forecast period. 

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Boston Scientific Corp.: The company offers ultrasound devices products, such as iLab ultrasound imaging system, that deliver excellent ivus images and intuitive, efficient operation.

• Canon Inc.
• Carestream Health Inc.
• Chison Medical Technologies Co. Ltd.
• ContextVision AB
• Esaote Spa
• FUJIFILM Corp.
• General Electric Co.
• GlobalMedia Group LLC
• Healcerion Co. Ltd.
• Hitachi Ltd.
• Hologic Inc.
• Iljin Co. Ltd.
• Konica Minolta Inc.
• Koninklijke Philips N.V.
• Mindray Bio medical Electronics Co. Ltd.
• Samsung Electronics Co. Ltd.
• Shenzhen Bestman Instrument Co. Ltd.
• Siemens AG
• SonoScape Medical Corp.
• Sonostar
• Sumitomo Mitsui Financial Group
• Telemed Ultrasound

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is experiencing remarkable growth, driven by technological advancements and increasing demand across various medical specialties such as gynecology, urology, and surgery. Players like Clarius Mobile Health and Philips Healthcare are at the forefront, offering innovative solutions like the Vscan Air and HD3 systems. With a focus on improving diagnostic accuracy and patient care, ultrasound machines cater to a wide range of applications, including radiology, cardiology, and chronic disease management. Hospitals, clinics, and ambulatory care centers are adopting these systems to enhance healthcare delivery. Furthermore, the integration of Artificial Intelligence enhances diagnostic capabilities, making ultrasound examination more user-friendly and efficient, particularly for novice users. As the market continues to evolve, the emphasis on patient safety and technological advancements drives further innovation in ultrasound machine design and functionality. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. 

Key Drivers

The focus on advancements in image quality, volumetric ultrasound, and new technologies are notably driving the ultrasound device market growth. Modern equipment has witnessed significant improvements, including enhanced high-contrast resolution, high-fidelity transmission, one-touch image optimization, noise reduction, improved elasticity, stunning image details, and automation. For instance, Mindray launched the TE7 Max Ultrasound System in October 2021, designed to maximize point-of-care (POC) applications. This system features a vertically oriented, high-definition LED display and a touch-based screen, offering clinicians a clearer image for better visualization.

Moreover, the growing utilization of ultrasound methods such as ABUS, contrast-enhanced ultrasound (CEUS), hybrid intravascular ultrasound, MRgFUS, and acoustic targeted drug delivery, along with sonoelastography, offers superior image quality and detailed diagnoses of target areas. These advancements are expected to drive ultrasound devices market growth and trends in the forecast period.

Significant Trends

Integration of Artificial Intelligence (AI) into ultrasound is the primary trend shaping market growth. The expansion of the ultrasound devices market is contingent upon various factors, such as the increasing range of applications for equipment, advancements in image quality and volumetric ultrasound, the emergence of new technologies, and a growing emphasis on early diagnosis and preventive medicine.

However, the market faces challenges such as high initial setup and maintenance costs. Nevertheless, market trends, including the introduction of wireless technologies and the integration of Artificial Intelligence (AI) into ultrasound technology, are expected to propel market growth during the forecast period. 

Major Challenges

The high initial setup and maintenance cost is a challenge that affects ultrasound device market growth.  The upfront cost of acquiring ultrasound devices, particularly larger stationary units, can be prohibitively high, posing challenges for end-users seeking to upgrade to the latest available technology. In recent years, there has been a notable increase in the average selling price of ultrasound devices, primarily driven by the introduction of Philips Healthcare's high-priced EPIQ ultrasound system, which subsequently raised the prices of premium ultrasound systems. On average, ultrasound devices ranges from USD 20,000 to USD 200,000, excluding installation charges.

Additionally, consumables like transmission lotion, gel, and pads need to be regularly replenished. Additional transducer probes can range from USD 500 to USD 5,000, with standard probes being less expensive (below USD 1,000) and high-end probes priced between USD 3,000 and USD 5,000. Ultrasound printers also contribute to costs, ranging from USD 600 to USD 2,000, with black and white printers being more affordable compared to thermal or color printers. Thus, such factors may impede market growth. 

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Key Customer Landscape

The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Market Analyst Overview

The market is thriving, driven by the rising demand for diagnostic imaging in chronic and lifestyle disorders, favoring minimally invasive surgeries. Ultrasound imaging technology stands out for its non-ionizing radiation, avoiding magnetic fields. Innovative ultrasonic medical devices, including wireless transducers and app-based technology, revolutionize diagnostic processes. Advanced features like CT/MR fusion, laparoscopic ultrasound, and shear wave elastography enhance diagnostic accuracy. Companies like KronosMD, INC and Kronos Advanced Technologies Inc lead in 3D ultrasonic dentistry imaging and diagnostic equipment with the S-WAVETM system. Cart/trolley-based devices find applications in radiology, ICU, and emergency departments, while handheld ultrasound devices serve cardiology, obstetrics/gynecology, orthopedics, and general imaging. 

 

The market continues to flourish, driven by its versatility in diagnostic ultrasound across numerous medical applications such as contrast-enhanced ultrasound, preclinical studies, and radiology/general imaging. Specifically, its utility in obstetrics/gynecology, cardiology applications, urology applications and vascular applications fields underscores its significance in healthcare. From detecting localized lesions to guiding pain management procedures, ultrasound plays a vital role in both diagnostic and therapeutic techniques. Its portability, exemplified by handheld ultrasound (HHU) systems and hand-carried machines, caters to diverse settings including hospitals, surgical centers, and maternity centers. With advancements in real-time 3D/4D ultrasound systems and extended battery life, the market addresses the needs of an aging population while ensuring user-friendly interfaces and minimal exposure to radiation.

Cardiovascular Diseases (CVDs), uterine or endometrial cancer, pelvic anatomy, uterine lining, and bilateral ovaries. Regulatory approvals, including FDA 510(k) for the 5000 Compact Series, validate the market's credibility. The industry witnesses continuous growth with 3D/4D ultrasound, Doppler ultrasound, high-intensity focused ultrasound, and extracorporeal shockwave lithotripsy. Merger and acquisition activities, such as Caption Health, Inc in radiology and Imagyn I9 in obstetrics/gynecology, amplify market dynamics. The expansion extends to OPD and in-patient departments, fostering the adoption of technologically advanced imaging systems. 

Segment Overview

The market growth and forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook
  • Hospitals
  • Imaging centers
  • Research centers
  • Others

• Product Type Outlook
  • Stationary 
  • Portable

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World (ROW)
    • Argentina
    • Brazil 
    • Australia

Market Scope
Market Report Coverage	Details
Page number	170
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.25%
Market Growth 2024-2028	USD 2.98 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.76
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 36%
Key countries	US, Germany, UK, China, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Boston Scientific Corp., Canon Inc., Carestream Health Inc., Chison Medical Technologies Co. Ltd., ContextVision AB, Esaote Spa, FUJIFILM Corp., General Electric Co., GlobalMedia Group LLC, Healcerion Co. Ltd., Hitachi Ltd., Hologic Inc., Iljin Co. Ltd., Konica Minolta Inc., Koninklijke Philips N.V., Mindray Bio medical Electronics Co. Ltd., Samsung Electronics Co. Ltd., Shenzhen Bestman Instrument Co. Ltd., Siemens AG, SonoScape Medical Corp., Sonostar, Sumitomo Mitsui Financial Group, and Telemed Ultrasound
Market dynamics	Parent market analysis, Market Forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our market research and growth report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the ultrasound devices market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Asia, Europe, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies