Ultrasound Devices Market

Market Overview

The global ultrasound devices market size was evaluated at USD 8,985 million in 2021. It is estimated to reach USD 14,545 million by 2030, growing at a CAGR of 5.5% over the forecast period (2022–2030). Ultrasound is one of the many types of medical imaging technologies available. The body's internal organs are visualized using high-frequency sound waves in an ultrasound device. A probe is attached to an ultrasound device, emitting high-frequency ultrasonic sound waves into the patient's body. The bodily organs then reflect these sound waves into the probe. The transmitted waves are then sent to a display system, which uses echoes to create the image. The liver, kidneys, blood arteries, heart, human fetus, and other organs are visualized with ultrasound devices.

This is primarily attributed to the significant number of technological advancements (such as 3D & 4D imaging) in ultrasound systems, increased prevalence and incidence rates of chronic diseases (such as heart disease, stroke, type II diabetes, and cancer), demand for minimally invasive therapies, an increasing number of ultrasound diagnostic imaging procedures, and rise in awareness for early disease diagnosis. In addition, increasing public and private investments, grants, and funds for developing more advanced ultrasound devices, as well as creating awareness about the advantages these devices offer, are driving the market growth. 

Market Dynamics

• Widescale Adoption of Diagnostic Ultrasound Devices in Obstetrics and Gynecology

The obstetrics/gynecology (OB/GYN) field is one of the most prominent applications of ultrasound devices for scanning. Various ultrasound systems are used for different purposes, from pregnancy to childbirth and other issues related to female reproductive systems. The recent advances such as 4-D fetal ultrasounds and crystal-clear pictures of fetuses have contributed to the incredible growth in the ultrasound devices market, making OB/GYN a key application area. Furthermore, ultrasound imaging for gynecological purposes such as diagnosing and detecting any reproductive or fertility issues is a remarkable area of growth for ultrasound systems. Few of the most prominent OB/GYN ultrasound machines include Sonosite MicroMaxx, Medison SonoAce 8000, Medison SonoAce 9900, and GE LOGIQ Book XP.

• Rising Awareness for Early Disease Diagnosis

Early diagnosis of chronic diseases increases the chances of successful treatment. Therefore, healthcare providers have emphasized early diagnosis of clinical disorders rather than spending heavily on expensive treatments—the ultrasound systems used across various clinical areas aid in early diagnosis and monitoring of diseases. To address this issue, the World Health Organization (WHO) has introduced several prevention programs, especially for cancers across different nations (such as India, Korea, and Ireland), to lower the number of cancer cases. These programs intend to improve the quality of life of cancer patients by implementing evidence-based strategies for prevention, early diagnosis, treatment, and palliation.

Likewise, the American Cancer Society recommended and issued guidelines to screen all types of cancer suspects. This screening advised includes the physical examinations of suspects and scanning through ultrasound. Such initiatives would increase awareness about the early detection of chronic disorders, which in turn is expected to increase the demand for ultrasound systems across the globe.

Global Market Restraint

• Shortage of Skilled Sonographers

There is a shortage of experienced and skilled sonographers worldwide. This is affecting the market growth because the adoption of these devices depends on qualified and experienced sonographers to perform proper scans that are readable. Knowledge and expertise are required to acquire ultrasound images; this industry has not always acknowledged the skills needed to do so. However, training and education programs, along with the rise in salary for sonographers, are likely to reduce the impact of this factor in the future.

Global Market Opportunities

• Miniaturization of Ultrasound Devices

A new trend of miniaturization of ultrasound devices has rapidly emerged as healthcare systems have evolved to provide medical devices with greater portability. Thus, the surge in inclination toward handheld and point-of-care ultrasound devices has paved the way for developing technologically advanced miniaturized ultrasound devices. Such innovations continue to minimize the size and cost of ultrasound devices, making them lighter and mobile. This convergence of demand and technology has laid the foundation for the growth of the portable ultrasound systems market.

Regional Analysis

Based on region, the global ultrasound devices market share is divided into North America, Europe, Asia-Pacific, and LAMEA regions.

Predominance of North America Over Others

North America is the highest shareholder and is estimated to grow at a CAGR of 4.7% during the forecast period. In recent years, the North American ultrasound devices market was majorly driven by the development of technologically advanced systems. In addition, the high adoption of technologically advanced imaging systems in North American countries is the prime factor that drives the growth of the ultrasound devices market. Moreover, the rapidly aging population is one of the critical challenges, particularly concerning health care impacts. The effect of the senior population, when coupled with the effective healthcare systems, leads to an increased need for patient care, as elderly patients are more prone to chronic diseases (such as cancers and cardiac conditions) and a corresponding increase in the need for treatment which is expected to propel the market growth in future.

Europe is the second-largest region and is projected to reach USD 4,180 million by 2030, growing at a CAGR of 5.4%. The significant factors contributing to the market's growth include increased focus on developing and approving therapeutic imaging technologies and increasing the incidence of chronic disorders. The increased prevalence of gastrointestinal diseases, kidney stone patients, and obesity in Europe is expected to create demand for ultrasound devices. Furthermore, the growth in the ultrasound devices market is attributed to the increased adoption of ultrasound for diagnosis, rise in procedure volumes resulting from a rapidly aging population, and surge in the prevalence of chronic diseases.

Asia-Pacific is the fastest-growing region. Improvements in healthcare infrastructure and a rise in healthcare expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these nations are expected to boost the demand for ultrasound systems. In addition, the surge in demand for retrofitted and refurbished ultrasound systems in these nations further drives the market. An increase in demand for advanced healthcare services in emerging economies (such as India and China) is the primary factor that drives the development of the Asian market. In addition, the increase in the prevalence of chronic disorders coupled with the rising geriatric population in these nations increased the demand for ultrasound systems during the analysis period.

Segmental Analysis

The global ultrasound devices market share is segmented based on product type, device display, portability, application, and region. 

By Product Type

Based on product type, the global market is categorized into Diagnostic and Therapeutic Ultrasound Systems.

The Diagnostic Ultrasound System segment is the largest market shareholder and is estimated to grow at a CAGR of 5.4% during the forecast period. An increase in the prevalence of breast cancer that requires breast imaging for early diagnosis is the factor that boosts the market growth. Furthermore, the demand for sophisticated ultrasound systems in clinical segments such as anesthesia and pain management, OB/GYN, emergency care, musculoskeletal applications, primary care, and general imaging radiology is expected to supplement the overall growth of the global ultrasound imaging systems market.

The Therapeutic Ultrasound System is the fastest-growing segment. The ultrasound systems for medicinal purposes have increased due to their novel and promising technology for non-invasive surgery. The recent advancements in therapeutics ultrasound, such as focused ultrasound, is an emerging technology with the potential to revolutionize treatment therapies, especially for neurological and psychiatric diseases over the next decade. In addition, an increase in the prevalence of chronic diseases such as cardiovascular diseases and cancer, among others, is driving the market growth. Increasing demand for non-invasive and minimally invasive therapeutic procedures boosts market growth.

By Product Device Display

Based on the device display, the global market is categorized into Color Ultrasound Devices and Black & White (B/W) Ultrasound Devices.

The Color Ultrasound Device is the highest shareholder and the fastest-growing segment. It is projected to grow at a CAGR of 5.7% during the forecast period. High adoption of technologically advanced ultrasound devices and increased awareness about the advantages of portable color ultrasound devices are expected to drive the market. In addition, many technological advancements in ultrasound devices to develop colored images have contributed to the market growth. 

By Product Device Portability

Based on the device portability, the global market is categorized into Trolley/Cart-Based and Compact/Handheld Ultrasound Devices.

The Trolley or Cart-Based Ultrasound Devices segment is the biggest contributor to the market and is estimated to grow at a CAGR of 5.2% during the forecast period. Though the market is moving toward smaller, low-cost, and more portable ultrasound devices, it won't replace the trolley/cart ultrasound devices. This is primarily due to the more accurate diagnostic capabilities and high performance provided by the large trolley/cart-based ultrasound machines. And for this, these machines need a large number of high-performance transmitters and receivers, resulting in large trolley/cart-based implementations, thus boosting the market's growth.

The Compact or Handheld Ultrasound Devices segment is the fastest-growing. The compact ultrasound devices address the issue of maternal & newborn death, stillbirths, and obstetric complications such as fetal malposition, retained placental products, and fetal demise, among others. Moreover, these devices can be charged with solar power, enabling them to be used in areas with no regular power supply. Hence, these devices are widely adopted in ambulatory, at-home, primary care, rural and urban settings. This segment is expected to grow as the ultrasound machines become smaller with high performance; hence, their popularity is projected to increase.

By Product Application

Based on application, the global market is segmented into radiology/General Imaging, Obstetrics/Gynecology, Cardiology, Urology, Vascular, and Other Emergency Clinical areas such as Emergency Medicines, Anesthesiology, and Musculoskeletal.

The Radiology/General Imaging segment holds the highest market share and is estimated to grow at a CAGR of 4.5% during the forecast period. This segment is estimated to grow at a steady pace during the forecast period due to the rise in demand for high-quality diagnostic and therapeutic imaging capabilities, as well as raising awareness related to radiation dose concerns with other imaging modalities, have driven the interest of manufacturers to develop more advanced ultrasound devices. 

The Obstetrics/Gynecology segment is estimated to grow steadily during the forecast period as ultrasound has allowed early diagnosis of both fetal and maternal health conditions, which led to an increase in the survival rate, thus improving health worldwide. An ultrasound scan is presently considered to be a harmless, non-invasive, precise, and cost-effective examination for the examination of a fetus. It has gradually become a crucial obstetric tool and plays an imperative role in the care of every pregnant woman. Furthermore, delayed marriages, delayed childbirth, lower fertility rates, and increasing prevalence of gynecological diseases, such as cervical cancers, uterine fibroids, and menorrhagia contribute to market growth.

The Urology segment is the fastest growing. This segment is estimated to grow at a steady pace during the forecast period as urology ultrasound is a painless diagnostic technique that aids in detecting a variety of conditions due to an increase in chronic diseases related to the urinary tract, kidneys, prostate, biopsies, penile and testes imaging and renal. Moreover, there is a growing demand for neonatal urological ultrasound propelling the market growth. Furthermore, another important use of urological ultrasound imaging is for biopsies as it can help a surgeon pinpoint the exact spot in the tissue for testing, which will boost the market growth in the future.

Recent Developments

• June 2022 - FUJIFILM Corporation (President and CEO, Representative Director: Teiichi Goto) announced that it had begun implementation of a phase 2a study in the U.S. to evaluate the safety, tolerability, and preliminary efficacy of FF-10832, a liposomal drug candidate, in combination therapy with Merck & Co., Inc., Rahway, N.J., U.S.A.'s anti-PD-1 therapy KEYTRUDA® (pembrolizumab) for patients with advanced solid tumors.
• May 2022 - FUJIFILM Corporation (President and CEO, Representative Director: Teiichi Goto) unveiled the latest development roadmap for interchangeable XF lenses for the compact and lightweight mirrorless X Series digital cameras, which offer outstanding image quality based on the company's proprietary color reproduction technology. The latest roadmap shows the addition of three new lenses, i.e., a large-diameter mid-telephoto prime lens, a standard macro lens, and an ultra-wide-angle prime lens.