Ultrasound Device Market Size, Share & Trends Analysis Report By Product (Diagnostic, Therapeutic), By Portability (Handheld, Cart/Trolley), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2032

The global ultrasound device market size was valued at USD 10.4 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.3% from 2023 to 2032.

Key Pointers

• The diagnostic imaging ultrasound devices segment accounted for the largest revenue share of more than 72.0% in 2022.
• The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 5.1% during the forecast period.
• The general imaging segment dominated the market and held the largest revenue share of more than 29.1% in 2022.
• The cardiology segment is anticipated to witness a CAGR of over 5.1% over the forecast period owing to the increasing prevalence of Cardiovascular Disorders (CVD) worldwide.
• The hospitals segment dominated the ultrasound device market and held the largest revenue share of over 39.5% in 2022 and is further expected to maintain its lead over the forecast period.
• The cart/trolley based ultrasound devices segment accounted for the largest revenue share of over 68.0% in 2022.
• North America dominated the market and accounted for the largest revenue share of over 30.0% in 2022.

Report Scope of The Ultrasound Device Market:

The rise in the adoption of ultrasound devices for diagnostic imaging and treatment, coupled with the increasing incidences of chronic and lifestyle-related disorders, is expected to boost market growth. In addition, the rising demand for minimally invasive surgery and technological advancements in ultrasound imaging technology are some of the key factors driving the market. Ultrasound is considered one of the most valuable diagnostic tools in medical imaging because it is fast and less expensive. In addition, it is safer than other imaging technologies as it does not utilize ionizing radiation and magnetic field.

The ultrasonic medical device has a wide range of diagnostic as well as therapeutic applications. Ultrasonography has become more popular for specific therapeutic applications, ranging from cardiology to oncology. The expansion of ultrasound device applications in 3d imaging, shear wave elastography, development of wireless transducers, app-based ultrasound technology, fusion with CT/MR, and laparoscopic ultrasound is set to keep the market excited for the near future. For instance, Samsung Medison collaborated with Intel for NerveTrack, a real-time nerve tracking ultrasonography technology that helps anesthesiologists detect nerves in a patient's arm and deliver anesthesia swiftly and precisely.

Furthermore, the integration of artificial intelligence(AI) to automate time-consuming processes such as quantification and selecting the best image slice from a 3-D dataset is expected to boost the market growth. Many high-end ultrasound systems now use AI, and most new systems at all levels are expected to include AI in the future. The healthcare system had faced enormous difficulties as a result of the COVID-19 pandemic. The demand for ultrasound devices was uneven during the pandemic as there were postponements in installations and a drop in manufacturing was also observed. Manufacturers had to focus on COVID essential device manufacturing and COVID tackling methods such as telehealth services, vaccination drives for employees, and others. However, the handheld ultrasound device was in high demand owing to its efficiency in treating critical care patients in crowded hospitals because of the systems’ speed, portability, and ease of use.

Ultrasound Device Market Report Segmentation:

Product

• Diagnostic Ultrasound Devices

• • 2D
  • 3D/4D
  • Doppler

• Therapeutic Ultrasound Devices

• • Extracorporeal Shockwave Lithotripsy
  • High-intensity Focused Ultrasound

Portability

• Handheld
• Cart/Trolley

Application

• Cardiology
• Obstetrics/Gynaecology
• Vascular
• Orthopedic
• General Imaging

End-use

• Hospitals
• Imaging Centres
• Research Centres