The ultrasound device market is projected to grow at a CAGR of 4.57%, from a market size of US$7.145 billion in 2022 to US$9.753 billion in 2029.
The technology of ultrasound employs sound waves to create an image of a person's internal organs or internal bodily motions. Apart from inspecting the fetus in expectant mothers, it helps identify internal organ infections and pinpoint the location of discomfort or edema. Ultrasound techniques are also utilized for the purpose of cancer detection. This technique is safer as compared to other conventional techniques. In addition, they also consume less time in detection as well as is cost-effective devices.
Ultrasound device has various factors involved owing to the technological developments in the medical field, and expansions in applications of ultrasound techniques in diagnostic and therapeutic imaging. Rather than analyzing the entire body, ultrasound can be performed on the targeted organs. These factors are leading to an increase in the use of these technologies in healthcare facilities such as hospitals, which is expected to boost the ultrasound devices market in the years ahead.
The population with chronic illnesses such as cardiovascular diseases, lung diseases, cancer, diabetes, and others is expanding day by day. This rise is basically due to changing ways of life, unhealthy eating habits, and overall thinking little of the body health of a major portion of the world population in recent years. This mainly includes millennials. Still, many people prefer to be checked out, especially now that they are aware that these kinds of disorders exist. A comprehensive physical examination is necessary for this.
Moreover, due to ultrasound technology's safe and cost-effective properties, health professionals prefer using it for checkups and therapeutic procedures. As per the report by the World Health Organization, in 2020, nearly 10 million deaths were caused due to cancer, among which lung cancer is termed to be one of the most common cancers.
Furthermore, the new cases of cancer include breast cancer, skin cancer, colon, and rectum. The report also states that the availability of comprehensive treatment is in more than 90% of high-income countries. However, fewer than 15% of low-income nations have access to it. In June 2021, the World Health Organization released a study stating that cardiovascular illnesses accounted for 32% of fatalities worldwide in 2019. Of these, heart attacks and strokes accounted for 85%. To solve this issue, the inclination toward prior check-ups is growing. This expects an increase in demand for ultrasound technology in the coming years.
There is increasing adoption seen worldwide for image-guided and minimally invasive therapies by many health professionals. Ultrasound devices are transforming in use as a therapeutic technique for cancer, renal stones, and many other clinical conditions detections. Manufacturers in the ultrasound business are expected to have new opportunities as a result of these efforts and advances. Ultrasound technology has been used all across the world as a result of several positive outcomes brought about by early treatments made possible by ultrasound examinations.
Due to their low incomes, underdeveloped nations are still unable to take advantage of advanced technologies. The growth of ultrasound devices could be less globally due to lower demand in these countries. Additionally, recent recalls of many ultrasound devices are also one of the resistances to the market growth. For example, a class 2 product that was recalled by Koninklijke Philips in 2020 had a faulty cool function that could cause injury to a patient during the examination. This has created a threat to opt for a new recall of ultrasound devices.
Additionally, ultrasound equipment requires proper training since not every technician can handle the ultrasound equipment professionally without it. The lack of trained technicians in many parts of the world is also predicted to hamper the ultrasound technology globally.
The sophisticated healthcare system in Europe, which consists of hospitals and diagnostic facilities, encourages the use of medical technology like ultrasonography. The market is driven by technological breakthroughs such as contrast-enhanced ultrasound, elastography, and 3D and 4D imaging. The value of ultrasonic imaging for diagnosis and monitoring is increased with the aging population and the occurrence of chronic illnesses. Government initiatives, research and development activities, and high healthcare awareness contribute to market growth.
A well-established regulatory environment ensures product safety and efficacy, instilling confidence in healthcare professionals and driving market growth. With ongoing research and developments in ultrasound, expansions in clinical applications, and early commercialization of ultrasound devices in countries such as France, Germany, the UK, and Italy, Europe is expected to hold a significant share of the ultrasound market in 2026.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$7.145 billion |
| Market Size Value in 2029 | US$9.753 billion |
| Growth Rate | CAGR of 4.57% from 2022 to 2029 |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Market Segmentation:
Ultrasound Device Market is segmented and analyzed as below: