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 Regional Forecast, 2024-2032

The global ultrasound equipment market size was USD 9.32 billion in 2023 and is projected to grow from USD 9.99 billion in 2024 to USD 17.55 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period (2024-2032). Moreover, the U.S. ultrasound equipment market size is projected to grow significantly, reaching an estimated value of USD 4.35 billion by 2032, driven by increasing demand for compact ultrasound devices with potential benefits.

Ultrasound uses high-frequency sound waves to take images of anatomical structures, which are then interpreted by healthcare professionals to detect abnormalities in a patient. This equipment is used to diagnosis several chronic disorders related to vital body parts such as the heart, blood vessels in the abdomen, joints, and others. This technology is considered to be one of the safest, non-invasive diagnostic procedures to examine internal organs.

Recent advancements in this technology and introduction of innovative equipment, along with the developing healthcare facilities in emerging countries, have influenced market players to develop easily operable devices. Additionally, the growing prevalence of chronic diseases and expansion of applications of these systems are some of the major factors anticipated to propel the global ultrasound equipment market growth during the forecast period.

The outbreak of COVID-19 had an overall negative effect on the ultrasound market. The pandemic generated disruptions in the supply chain of medical devices globally. Some of the major players operating in the market have faced supply chain disruptions especially from distributors in severely impacted emerging countries such as China, India, Brazil, and others. On the other hand, the manufacturing capacity of a few players had been affected due to the unavailability of locally sourced raw materials or parts.

However, resumption of routine medical diagnosis at hospitals and clinics post pandemic, augmented the patient visits to healthcare settings, further boosting the use of ultrasound equipment across the globe. Thus, rising hospital visits by patients for diagnostic ultrasound post COVID-19 pandemic, and increased launches and demand for portable devices at home healthcare settings & remote patient monitoring further propelled the market growth in 2021. The market is projected to witness strong growth prospects over the forecast period.

Ultrasound Equipment Market Trends

Introduction of Artificial Intelligence in the Equipment to Fuel Market Growth

Some of the leading market players are emphasizing on developing advanced devices and systems integrated with artificial intelligence (AI). The AI algorithms are aimed to improve quality of the image and interpretation. It can be used to analyze ultrasound images in real-time in turn offering valuable insights and assistance in accurate diagnosis to healthcare professionals. Furthermore, the integration of AI in ultrasound equipment leads to enhanced accuracy and efficiency of ultrasound examinations, resulting in better patient outcomes. This step is being propounded to overcome certain limitations associated with the conventional devices such as the long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images, and so on. Thus, the introduction of advanced systems with artificial imaging by key players is expected to boost the growth of the market during the forecast period.

• For instance, in February 2023, the Food and Drug Administration (FDA) approved the HD3, third generation device, with a new artificial intelligence application for musculoskeletal imaging by Clarius Mobile Health. The new cloud-connected model uses artificial intelligence to rapidly identify and measure tendon structures in the foot, ankle and knee to help accelerate injury diagnosis and treatment.

Ultrasound Equipment Market Growth Factors

Increasing Prevalence of Chronic Diseases and  Rising Geriatric Population to Accelerate Market Growth

Globally, the rising prevalence of chronic diseases has resulted in an increase in the demand for healthcare services such as an increasing number of patient visits, hospital admissions, and surgeries. For instance, in 2021, according to the data published by the CDC, there were more than 1.0 billion physician office visits, 131.3 million visits to the emergency department, and 41.5 million outpatient surgeries performed in the U.S.

This, along with the rise in the number of geriatric population globally suffering from chronic disorders, has led to a significant rise in the demand for medical imaging equipment including ultrasound equipment for diagnosis and  treatment procedures. According to a National Council of Aging article published in October 2023, the proportion of adults aged 60 and above having at least one chronic condition is around 95%, where as nearly 80% have two or more chronic conditions.

Furthermore, over the past decade, applications of this technology have expanded to clinical specialties such as surgery, gastroenterology, and musculoskeletal. Earlier, these applications were limited to radiology, cardiology, obesity, and gynecology. Hence, recent developments and the launch of several products in the point-of-care (POC) segment and handheld systems have expanded the usage of these systems in primary care, anesthesia, emergency medicine, and critical care applications. This is expected to bolster the market growth during the forecast period.

RESTRAINING FACTORS

Product Recalls and  Shortage of Trained Technicians to Limit Adoption of these Systems

Even though, the market is witnessing notable advancements in the ultrasound imaging equipment, certain factors such as product recalls, warnings from regulatory bodies, and defective products result in the hampering of the brand image of major companies operating in the market. This results in lesser sales of the product, impacting revenue generation in the market.

• For instance, in August 2021, Koninklijke Philips N.V. recalled its Class 2 Sparq ultrasound device. The recall was initiated owing battery data issue with the system intermittently causing system shutdown, regardless of actual battery state or application of alternating current power.

This, along with the shortage of trained technicians in countries such as Australia, the U.K., and Canada is expected to limit the growth opportunities during the forecast period. For instance, according to Diagnostic Radiography Workforce U.K. Census 2020, the sonographer vacancy rate in the U.K was estimated to be about 10.5%, with the inability to find suitable candidates considered as one of the key reasons.

Ultrasound Equipment Market Segmentation Analysis

By Product Analysis

High Adoption of Table-Top Equipment across Healthcare Systems to Drive Market Growth

The market is segmented into table-top and compact systems based on product. The table-top segment held the largest share in 2023 owing to the higher rate of adoption of table-top equipment in hospitals and clinics and the increasing use of these devices for diagnostic imaging among patients worldwide.

• As per ESAOTE SPA statistics, in 2021, more than 130,000 of its table-top ultrasound equipment will be installed globally.

On the other hand, the compact segment is expected to grow at a higher CAGR during the forecast period owing to advancing technologies and the launch of new products in handheld equipment by market players.

• In February 2023, the Shenzhen Mindray Bio-Medical Electronics Co., Ltd., launched TE Air, a handlheld device. The device reportedly combines enhanced point-of-care imaging with an array of practical benefits for radiologists.

Moreover, the rising launch of handheld devices by major players and its adoption by healthcare professionals owing to key factors such as non-invasiveness and portability of the products has propelled the market growth.

• In March 2021, GE HealthCare launched new wireless hand-held ultrasound device, the Vscan Air, for sale in the U.S., and Europe. The device is highly specific for branch of medicine such as obstetrics and cardiology to aid in primary care.

By Application Analysis

High Demand of Ultrasound Systems in Radiology Propelled Segment Share

Based on application, the global market is segmented into radiology, gynecology, cardiology, point of care, urology, surgery, and others. The radiology segment is one of the leading segments in 2023 owing to the increasing number of radiology centers and increasing adoption of this technology in general imaging and diagnosis of medical complications.

• According to an study article published by NCBI in November 2021, around 86.5 ultrasound examinations per 1000 patients were reported in radiology department of Poland university hospital in 2020.

On the other hand, the gynecology segment is expected to grow at a higher CAGR during the forecast period owing to technological advancements in the equipment and the growing prevalence of gynecological disorders responsible for increasing demand for efficient diagnostic systems.

• According to an article published by PLOS in June 2021, the prevalence of gynaecological disease is attributed to approximately 4.5% of the overall disease burden across globe.

By End User Analysis

Surge in Patient Admissions Across Hospitals to Augment Segment Growth

On the basis of end user, the market is segmented into hospitals and clinics. The hospitals’ segment dominated the market in 2023 owing to the increasing number of patient admissions in hospitals in developed and emerging economies suffering from chronic disorders along with the well-established infrastructure of hospitals.

• According to data estimates revealed by American Hospital Association in 2022, around 33.3 million patient admissions were reported in U.S. hospitals in 2022.


• According to data published by an investor presentation of GE Healthcare in 2022, more than 600.0 million ultrasound scans are performed annually in hospitals.

The clinics’ segment is expected to register a higher CAGR during the forecast period owing to the increased adoption of handheld and point-of-care (POC) ultrasound systems in these settings as they are easy to use, convenient, and cost-effective in nature. Moreover, rising number of patients at clinics undergoing imaging services will further boost the segment growth during the forecast period.

• According to study data published by Hindustan Times in June 2023, on an average, one centre/clinic performs up to 40 ultrasounds a day in India.

REGIONAL INSIGHTS

The ultrasound equipment market size in the Asia Pacific stood at USD 3.80 billion in 2023. The growth of this region is attributed to the higher sales volume of these devices in the region. Also, China is considered to be a major manufacturer of cost-effective equipment. This makes the region a lucrative market for these devices.

• In April 2022, CHISON Medical Technologies Co., Ltd., a Chinese company focusing on the ultrasound field, announced its overseas revenue registered USD 50.1 million in 2021, accounting for 87.38% of its total revenue.

North America is anticipated to hold the second-highest market share in the global market in 2022 owing to the constant focus of market players on new product development in the U.S and Canada. The U.S has witnessed new product launches and innovations in the equipment predominantly driven by the recent COVID-19 outbreak.

• In October 2021, Mindray Medical International launched a new point-of-care ultrasound system, TE7 Max. TE7 Max was designed to give physicians more comprehensive and customizable workflow protocols than point-of-care ultrasound (POCUS) scanners.

Europe is expected to register a significant CAGR during the forecast period owing to the widening pool of geriatric patients suffering from chronic diseases, along with the presence of well-established healthcare infrastructure in countries such as the U.K, Germany, and others.

• According to International Diabetes Federation statistics, in 2021, around 1 in 11 adults (61.0 million) were suffering from diabetes in Europe.

On the other hand, Latin America and Middle East & Africa accounted for a comparatively lower share of the global market owing to their developing healthcare infrastructure and the presence of a huge underpenetrated market.

List of Key Companies in Ultrasound Equipment Market

Rising Focus of Established Key Players on New Product Launch to Boost Market Growth

GE Healthcare dominated the industry and accounted for the largest ultrasound equipment market share in 2023. The dominance of GE healthcare is a result of the strong product portfolio and growing distribution network of the company which provides a competitive advantage to the company. The competitive landscape of the market for ultrasound equipment is consolidated owing to the robust portfolio and wide distribution network of key players in major markets.

Players such as GE Healthcare, Koninklijke Philips N.V., and Canon Inc., accounted for a dominant share of the global market in 2023. Also, a few major players are utilizing the opportunities generated by the outbreak of the COVID-19 pandemic in order to further strengthen their market position.

• For instance, in June 2021, CANON MEDICAL SYSTEMS CORPORATION announced the commercial launch of the Aplio i-series / Prism Edition, a complete redesign of its premium ultrasound series. Similarly, its existing Aplio a-series device also received an routine-to-advanced imaging range upgrade.

Other players such as Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote are constantly focusing on introducing new systems with advanced technologies in the market.

• In January 2023, Esaote SPA, an Italian company in the biomedical market, dedicated to MRI and medical IT, announced the launch of MyLabX90 premium ultrasound system.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• CANON MEDICAL SYSTEMS CORPORATION (Japan)


• Hitachi (Japan)


• Siemens Healthcare (Germany)


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


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


• Esaote SPA (Italy)

KEY INDUSTRY DEVELOPMENTS:

• November 2023 - Samsung Medison Co., Ltd. introduced V6, a new ultrasound system with 2D, 3D and color imaging quality.


• November 2023 – BD introduced a new, advanced ultrasound system with an aim to enhance clinical efficiency.


• August 2023:  GE Healthcare introduced Vscan Air SL, a new wireless ultrasound imaging system for rapid assessment.


• March 2023 - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. launched new handheld ultrasound device TE Air, that provides enhanced point-of-care ultrasound imaging with an array of practical benefits for radiologists.        


• June 2022 - Clarius Mobile Health, a provider of wireless ultrasound systems, and ImaCor Inc., the hemodynamic ultrasound company, announced a partnership to develop the handheld transesophageal echocardiography (TEE) system designed to manage and guide care for the most critically ill patients in an intensive care unit (ICU).


• February 2022 - Koninklijke Philips N.V., launched Lumify, its handheld point-of-care ultrasound solution for expanding its portfolio to offer advanced hemodynamic assessment and measurement capabilities.


• September 2021 - Samsung introduced the V8 (Versatile 8), it's new high-end ultrasound system to offer enhanced usability, image quality, and convenience for all medical professionals while optimized for use in almost all busy hospitals worldwide.


• December 2020 – Samsung Medison introduced its RS85 Prestige ultrasound diagnostic solution, designed to deliver efficient scanning performance, at the Radiological Society of North America (RSNA) 2020 to strengthen its position in the global market.

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 advanced market over recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 7.3% from 2024-2032
Unit	Value (USD billion), and Volume (Units)
Segmentation	By Product Compact Table-top
By Application Radiology Gynecology Cardiology Point of Care Urology Surgery Others
By End User Hospitals Clinics
By Geography North America (By Product, By Application, By End User, and By Country) U.S. Canada Europe (By Product, By Application, By End User, and  By Country/Sub-region) U.K. Germany France Italy Spain Scandinavia Rest of Europe Asia Pacific (By Product, By Application, By End User, and  By Country/Sub-region) Japan China India Australia Indonesia South Korea  Taiwan Malaysia Thailand Rest of Asia Pacific Latin America (By Product, By Application, By End User, and  By Country/Sub-region) Brazil Mexico Argentina Colombia Rest of Latin America Middle East & Africa (By Product, By Application, By End User, and By Country/Sub-region) GCC South Africa UAE Rest of Middle East & Africa