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, 2022 - 2030

Report Overview

The global ultrasound device market size was valued at USD 7.9 billion in 2021 and is anticipated to expand at a CAGR of 4.5% from 2022 to 2030. 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 the 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 due to the fact that 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 (Al) 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.

Product Insights

The diagnostic imaging ultrasound devices segment accounted for the largest revenue share of more than 72.0% in 2021. This is owing to the wide range of applications in obstetrics, cardiology, and oncology. In addition, the increasing prevalence of various lifestyle-related disorders and technological advancements are expected to boost the demand for diagnostic ultrasound devices. Furthermore, the worldwide market for diagnostic ultrasound devices is likely to be driven by rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D. The segment is further sub-segmented into 2D, 3D/4D, and Doppler.

The therapeutic ultrasound devices segment is estimated to register the fastest CAGR of 5.1% during the forecast period. This segment is further divided into high-intensity focused ultrasound and extracorporeal shockwave lithotripsy. The high-intensity focused ultrasound segment held the largest revenue share in 2021 and is expected to grow at a significant rate over the forecast period since it is highly effective in treating cancer and other related disorders. As per the WHO, cancer is the cause of the majority of deaths in the world, with approximately 10 million fatalities in 2020.

Application Insights

The general imaging segment dominated the market and held the largest revenue share of more than 29.0% in 2021. When compared to other applications, general imaging is less expensive and also covers a wide range of scans required by clinicians for the diagnosis and direct treatment, such as abdominal, musculoskeletal, small parts, urology, liver, thyroid, scrotum, bladder, pancreas, kidneys, spleen, and gallbladder.

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. For instance, as per the WHO, CVDs are the leading cause of death worldwide, resulting in 17.9 million deaths per year. In addition, advances in ultrasound technology for cardiac applications are expected to expand the market. For instance, in August 2020, Philips expanded its cardiovascular ultrasound portfolio by launching Affiniti CVx. The system is designed to help cardiology departments and provide better care to more patients while improving efficiency and throughput.

End-use Insights

The hospitals segment dominated the ultrasound device market and held the largest revenue share of over 39.0% in 2021 and is further expected to maintain its lead over the forecast period. The segment growth can be attributed to the extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders. The introduction of portable systems is expected to fuel the demand for ultrasound devices in OPD as well as in-patient departments.

Furthermore, the rise in the adoption of technologically advanced imaging systems and the increasing mergers and acquisitions between hospitals and market players are likely to boost the demand for new installations in the coming years. For instance, in 2020, Philips signed a multi-year contract to support the expansion and improvement of Zhejiang University's First Affiliated Hospital, one of China's leading hospitals. This contract comprises Ultrasound, Image-Guided Therapy, Monitoring Analytics, and Therapeutic Care systems, which combine clinical research and education. 

Portability Insights

The cart/trolley based ultrasound devices segment accounted for the largest revenue share of over 69.0% in 2021. By transporting the device to the patient's location, whether it's an Intensive Care Unit (ICU) or an emergency department, cart/trolley ultrasounds completely avoid the issue of transferring critical patients. Furthermore, it aids in rapid diagnosis, treatment decision-making, and administration, all of which contribute to improved patient recovery and satisfaction.

The handheld ultrasound devices segment is anticipated to register the fastest growth rate over the forecast period. Handheld devices are in high demand due to the growing trend of home healthcare and remote patient monitoring. During the COVID-19 pandemic, handheld ultrasound devices have proven to be efficient in monitoring critically ill patients, and thus since the pandemic, the demand for handheld ultrasound devices has only been accelerating. Technological advancements are further expected to expand the market size. For instance, in April 2020, Mindray Medical, a major global provider of medical devices and solutions, launched the ME series, a new portable ultrasound system designed to boost clinical confidence in COVID-19 cases that are critical.

Regional Insights

North America dominated the market and accounted for the largest revenue share of over 30.0% in 2021. Over the forecast period, the region is expected to grow at a significant rate. The presence of a significant number of market competitors in the region and the increasing number of cancer cases are some of the key factors contributing to the regional market growth. For instance, as per the National Cancer Institute, in the United States, an estimated 1,806,590 new cases of cancer will be diagnosed in 2020. Furthermore, the region's high rate of advanced technology adoption is driving up the demand for ultrasound devices.

For instance, in October 2020, St. Luke’s University Health Network partnered with GE Healthcare to install 76 ultrasound systems to build a network of AI-assisted technology. This is GE's largest single-order ultrasound purchase ever in the U.S. In Asia Pacific, the market is estimated to register the fastest CAGR during the forecast period owing to the increased demand for better imaging devices. Furthermore, market players are adopting different strategies to mark their presence in the region. For instance, in June 2020, Japan’s healthcare authority granted permission to Philips to introduce the ultrasound solution for compatible handheld devices. Rapidly developing economies and improving healthcare services in Southeast Asian countries, such as China, Japan, and India, are expected to propel growth.

Key Companies & Market Share Insights

The major players are working to improve their product offerings by upgrading their products, taking advantage of important cooperation activities, and exploring acquisitions and government clearances in order to expand their customer base and gain a larger share of the overall market. For instance, in March 2021, GE Healthcare introduced Vscan Air, a wireless pocket-sized ultrasound that gives crystal clear image quality, whole-body scanning capability, and intuitive software, all in the palm of clinicians’ hands. Some of the prominent players in the global ultrasound device market include:

• Koninklijke Philips N.V. 

• GE Healthcare

• Siemens Healthineers AG

• Canon Medical Systems

• Mindray Medical International Limited

• Samsung Medison Co., Ltd.

• FUJIFILM SonoSite, Inc.

• Konica Minolta Inc.

• Esaote

Ultrasound Device Market Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global ultrasound device market report on the basis of product, portability, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Diagnostic Ultrasound Devices

    • 2D

    • 3D/4D

    • Doppler

  • Therapeutic Ultrasound Devices

    • Extracorporeal Shockwave Lithotripsy

    • High-intensity Focused Ultrasound

• Portability Outlook (Revenue, USD Million, 2018 - 2030)

  • Handheld

  • Cart/Trolley

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Cardiology

  • Obstetrics/Gynaecology

  • Vascular

  • Orthopedic

  • General Imaging

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Imaging Centres

  • Research Centres

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  •  Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Chile

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE