U.S. Ultrasound Equipment Market Size, Share & Industry Analysis, By Product (Compact and Table-top), By Application (Radiology, Gynecology, Cardiology, Point of Care, Urology, Surgery, and Others), By End-user (Hospitals and Clinics), and Country Forecast, 2024-2032

The U.S. ultrasound equipment market size was worth USD 2.49 billion in 2023 and is projected to grow at a CAGR of 6.4% during the forecast period. 

The growing prevalence of chronic diseases nationwide and the rising demand for diagnostic imaging across healthcare systems fuel the U.S. ultrasound equipment market growth. Moreover, the rising introduction of technologically advanced equipment, such as compact and handheld ultrasound equipment, by leading players is expected to propel the market growth during the forecast period.

• According to an article published by the American Heart Association in 2021, an estimated 40,000 infants are expected to be affected yearly by congenital heart defects in the U.S.

The outbreak of the COVID-19 pandemic had an overall negative effect on the market in 2020 owing to supply chain disruptions of medical devices from distributors in the country. Also, the decline in patient visits across healthcare systems further limited the need for diagnostic ultrasound imaging during the pandemic.

LATEST TRENDS

Rising Introduction of Ultrasound Equipment for Point-of-Care Applications

 The major players emphasize developing advanced ultrasound equipment for point-of-care applications such as musculoskeletal and emergency medicine. Also, high awareness among healthcare professionals and the rising presence of POCUS systems across health systems in the country aid market growth.

• In July 2023, Konica Minolta Healthcare Americas, Inc. announced the introduction of PocketPro H2, a wireless handheld ultrasound device for general imaging in point-of-care applications.

DRIVING FACTORS

Increasing Demand for Compact Devices to Boost Market Growth

The demand for compact ultrasound systems is increasing across health settings due to high potential benefits over traditional systems, such as portability, cost-effectiveness, non-invasiveness, and enhanced imaging results. Moreover, rising product launches of compact systems by key players over extensive clinical applications across the country will further propel the U.S. market growth.

• In September 2022, Koninklijke Philips N.V. received approval from the U.S. Food and Drug Administration (FDA) for its 5000 series compact ultrasound system across clinical specialties, including point of care, cardiology, general imaging, and obstetrics & gynecology.

RESTRAINING FACTORS

Increase in Product Recalls to Hamper Demand for Ultrasound Equipment

The rise in recall of these systems by regulatory authorities owing to operational and manufacturing malfunctions is hampering their demand and adoption in the market. Moreover, lack of trained personnel for operating advanced ultrasound equipment will further limit the U.S. ultrasound equipment market growth.

• As per the U.S. Food and Drug Administration data published in July 2023, GE HealthCare recalled the Vivid S70 ultrasound device as certain systems could not boot up in a timely fashion and could delay the availability of the device in time-critical emergency conditions.

SEGMENTATION

By Product Analysis

The market is segmented into table-top and compact based on product. The table-top segment dominated the market in 2022 due to the high adoption of cart-based systems in hospital settings for diagnostic imaging and the potential benefits of these systems over newly introduced devices.

• According to a data article published by Analog Devices Inc. in 2021, table-top ultrasound systems are superior to handheld devices in image quality or resolution, mainly due to a large difference in the number of channels.Based on application, the market is segmented into cardiology, radiology, gynecology, point of care, surgery, urology, and others.

By Application Analysis

The radiology segment accounted for the largest share in 2022 owing to the increasing number of outpatient radiology centers across the country and the increasing adoption of ultrasound devices in diagnostic imaging among the population.

• According to data estimates revealed by the American College of Radiology (ACR), till 2022, the ACR has accredited more than 39,000 facilities across 10 imaging modalities, including ultrasound.


• According to an article published by HealthCare Appraisers, Inc., in July 2020, more than 6,000 Independent Diagnostic Testing Facilities (IDTF) are present within the outpatient segment in the U.S.

By End-user Analysis

The market is segmented into clinics and hospitals based on end users. The hospitals segment held the highest market share in 2022 and is expected to grow considerably at the highest CAGR during the forecast period. The higher share was due to the increasing number of patient admissions in hospitals suffering from chronic disorders.

• According to data published by the American Hospital Association (AHA) in 2022, the U.S. hospitals reported around 33.3 million patient admissions in 2022.

KEY INDUSTRY PLAYERS

Presence of Strong Device Portfolio among Key Players to Boost Market Growth

The U.S. market was dominated by prominent players such as GE Healthcare, Koninklijke Philips N.V., and Canon Inc. in 2022. The dominance of the players is due to the presence of a robust product portfolio and rising initiatives for introducing technologically advanced devices across varied applications, which provide a competitive advantage to the company.

• For instance, in June 2023, Koninklijke Philips N.V. showcased its new 5500CV portable ultrasound system at the upcoming meeting of the American Society of Echocardiography (ASE) in 2023. The system is designed to fit the needs of specialties, including general imaging, cardiology, obstetrics and gynecology, and point of care.

Other players, such as Siemens Healthcare, Hitachi Ltd, Samsung Medison Co., Ltd, and Esaote, are constantly focusing on introducing new systems by collaborating with technology partners in the market. Thus, the surge in such initiatives would propel the U.S. ultrasound equipment market share for the industry players.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• CANON MEDICAL SYSTEMS CORPORATION (Japan)


• Hitachi (Japan)


• Fujifilm Holdings Corporation (Japan)


• Siemens Healthcare (Germany)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)


• Samsung Medison Co., Ltd. (South Korea)


• Esaote SPA (Italy)

KEY INDUSTRY DEVELOPMENTS:

• June 2023 - UltraSight announced a partnership with EchoNous to enable healthcare professionals to perform cardiac ultrasound and help increase patient access to cardiac care.


• February 2023 - Samsung unveiled its new AI-enabled women’s health ultrasound system, the HERA W10 Elite. The platform provides 2D and 3D visualization of microcirculatory and slow blood across clinical applications such as obstetrics and gynecology.


• January 2023 - Fujifilm Sonosite Inc., a part of Fujifilm Healthcare Portfolio, announced the launch of the new Sonosite PX ultrasound system. It is the next-generation device in the existing Sonosite POCUS portfolio, with advanced image clarity and features.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, applications, products, and end-users. Besides this, it offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation