Overview


According to FutureWise analysis, the market for Ultrasound is estimated to be US$ 8.5 billion in 2023 and is expected to reach US$ 14.09 billion in 2031 at a CAGR of 6.50%.

Ultrasound, a non-invasive diagnostic procedure utilizing high-frequency sound waves, creates images of a woman's abdomen and pelvic area, commonly called a sonogram. While "ultrasound" and "sonogram" are used interchangeably, they denote the same examination. The process encompasses various exams, including Transvaginal Scans for early pregnancy, Standard Ultrasound using an abdominal transducer for 2-D images, Advanced Ultrasound for specific concerns, Doppler Ultrasound measuring blood flow changes, 3-D and 4-D Ultrasound offering detailed foetal visuals, and Foetal Echocardiography assessing heart anatomy. Within 30 to 60 minutes, a specialized gel is applied to the abdominal area, followed by the movement of a probe across it. This action creates images that are then presented on a monitor. Transvaginal ultrasounds may also be used. These tests can be conducted at any stage of pregnancy for multiple reasons, such as confirming viability, evaluating fetal growth, diagnosing malformations, and assessing maternal conditions. The frequency of ultrasounds varies based on medical necessity, often complementing other diagnostic methods for a comprehensive understanding of pregnancy-related concerns.

FutureWise Market Research has published a report that provides an insightful analysis of Ultrasound Market trends affecting overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes the stature of key manufacturers operational in this industry.

By the end of the forecast period, FutureWise research analysts project that the Ultrasound Market will experience significant growth. According to the analysis, this report will help understand the information referring to the total valuation held by this industry. Additionally, this report will help understand the growth opportunities held by various segments of this market and further assist in making better strategic and expansion decisions by key stakeholders of an organization.

  • Fujifilm Holdings Corporation
  • Shimadzu Corporation
  • Chison Medical Imaging
  • Hologic
  • Carestream
  • Mobisante
  • Mindray Medical International Ltd
  • Hitachi
  • Siemens AG
  • Philips
  • Samsung Electronics
  • GE Healthcare
  • Canon Medical Systems Corporation
  • Analogic Corporation and Esaote Spa.
  • Esaote Spa

(Note: The list of the major players will be updated with the latest market scenario and trends)

Recent Development in Ultrasound Market

  • In February 2023, GE HealthCare made a significant acquisition by integrating Caption Health, a move aimed at broadening the capabilities of ultrasound technology through FDA-cleared AI-powered image guidance. This strategic step enables streamlined ultrasound examinations and accelerates the imaging process, empowering a broader spectrum of healthcare professionals to conduct essential echocardiogram exams proficiently. This development underscores GE HealthCare's commitment to advancing medical imaging solutions and making them more accessible for various practitioners.
  • In November 2022, Canon Inc. unveiled its strategic initiative to establish a new subsidiary, Canon Healthcare USA, Inc. This strategic maneuver positions Canon to strengthen its foothold within the influential American medical market, positioning itself for heightened growth and engagement in the medical industry. This initiative showcases Canon's dedication to expanding its medical business by leveraging its technological expertise and innovative solutions to contribute to advancing healthcare in the United States.
  • Building upon their existing collaboration, April 2022 witnessed an enhanced partnership between GE HealthCare and Sinopharm, focusing on the joint development and commercialization of medical equipment tailored to meet the specific healthcare needs of China. This collaboration underscores the shared commitment of both entities to address China's evolving healthcare landscape through cutting-edge medical technologies, thus enhancing the quality of patient care and medical services across the region. The partnership reflects the synergy between GE HealthCare's expertise in medical equipment and Sinopharm's deep understanding of China's healthcare demands.

By Technology

  • Diagnostic Ultrasound
    • 2D Ultrasound
    • 3D and 4D Ultrasound
    • Doppler Ultrasound
    • Contrast-Enhanced Ultrasound
  • Therapeutic Ultrasound
    • High-Intensity Focused Ultrasound (HIFU)
    • Extracorporeal Shockwave Lithotripsy (ESWL)

By Display

  • Colour Ultrasound
  • Black and White (B/W) Ultrasound

By Portability

  • Diagnostic Ultrasound
    • Trolley/Cart-based Ultrasound Systems
    • Compact/Handheld Ultrasound Systems
    • Point-of-Care Ultrasound Systems

By Component

  • Transducers/Probes
    • Curvilinear/Convex Array Probes
    • Linear Array Probes
    • Phased Array Probes
    • Other Probes
  • Workstations
  • Other Components

By Application

  • Radiology/General Imaging
  • OB/Gyn
  • Cardiology
  • Urology
  • Vascular
  • Orthopedic and Musculoskeletal
  • Pain Management
  • Other Applications

By End-User

  • Hospital
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Maternity Center
  • Research and Academia
  • Other End-Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

The market is segmented by region into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. In 2022, North America asserted its market dominance, capturing the most significant revenue share. Projections for the upcoming period highlight the region's potential for substantial growth. This can be attributed to the notable presence of numerous market competitors within the region and the escalating incidence of cancer cases. These factors collectively serve as pivotal drivers behind the anticipated regional market expansion. Additionally, by technology, diagnostic ultrasound holds the highest market share and by end-user, ambulatory surgical centers are expected to grow with the highest CAGR. Ambulatory surgical centers are expected to achieve the highest growth rate due to their convenience, lower costs, specialized care, and advanced technologies. With reduced infection risks, shorter recovery times, and a patient-centered approach, these centers align well with changing healthcare trends. Additionally, supportive regulatory changes and increasing awareness contribute to their projected growth.

Drivers for Ultrasound Market

Multiple factors are propelling the demand for ultrasound diagnostics. Firstly, the escalating prevalence of chronic diseases like cardiovascular diseases, cancer, and musculoskeletal disorders drives the need for early detection and efficient disease monitoring. Ultrasound's role in this aspect is vital, as it aids in uncovering these conditions at their initial stages, enabling timely intervention and treatment planning. For example, ultrasound helps detect tumors and abnormalities in various body parts, such as breast and prostate cancer. The growing geriatric population also necessitates advanced diagnostic tools to address age-related health challenges. Ultrasound's capability to assess joint disorders, vascular conditions, and abdominal issues aligns perfectly with the healthcare needs of this demographic. For instance, ultrasound assists in diagnosing conditions like osteoarthritis and atherosclerosis in elderly patients.

Moreover, the non-invasive nature of ultrasound positions it as a preferred choice for medical evaluations. The safety it offers, without involving ionizing radiation and causing minimal discomfort, is appreciated by both patients and healthcare providers. This has led to its wide acceptance and utilization across various medical disciplines.

Restraints for Ultrasound Market

While the ultrasound market boasts numerous advantages, it encounters limitations that impact its growth trajectory. Ultrasound's imaging depth and resolution constraints can affect its accuracy in visualizing specific anatomical structures or identifying subtle abnormalities. Furthermore, the expertise required for performing and interpreting ultrasound exams can present a hurdle, potentially leading to variations in diagnostic quality. Financial and logistical challenges may arise from the costs of procuring and maintaining ultrasound equipment and the need for specialized training, particularly in resource-limited settings. Although ultrasound is generally safe and non-invasive, certain patient factors like body composition or anatomical restrictions can influence image quality and diagnostic reliability. Finally, regulatory and reimbursement policies could hinder the accessibility and utilization of ultrasound services, potentially constraining its adoption and expansion in certain areas.

Opportunities for Ultrasound Market

The ultrasound market presents several promising opportunities to reshape the medical imaging and diagnostics landscape. Technological advancements offer the potential for further enhancing the capabilities of ultrasound systems, such as improved image resolution, better penetration depth, and enhanced 3D/4D imaging. For instance, Samsung's Crystal-Clear Cycle™ technology enhances image clarity for obstetric and gynecological ultrasounds, providing more precise visualization of fetal anatomy. Ultrasound and remote healthcare are opening doors for ultrasound's wider adoption, enabling healthcare professionals to conduct virtual consultations and remote imaging. Portable and handheld ultrasound devices, like Butterfly Network's handheld ultrasound transducer, facilitate point-of-care imaging and bring diagnostic capabilities to underserved and remote areas. The integration of artificial intelligence (AI) holds immense promise, with AI-driven image analysis algorithms streamlining diagnosis, improving efficiency, and enhancing accuracy. For example, GE Healthcare's AI-powered ultrasound systems assist in identifying cardiac conditions through automated image interpretation. Expanding applications beyond traditional imaging is another opportunity. Ultrasound's versatility is being explored for targeted drug delivery, such as Philips' innovative therapeutic ultrasound approach for treating solid tumors non-invasively.

Trends for Ultrasound Market

The ultrasound market is witnessing several noteworthy trends shaping the future of medical imaging and diagnostics. Firstly, there is a growing emphasis on the miniaturization and portability of ultrasound devices, enabling point-of-care imaging and expanding access to remote and underserved areas. This trend is exemplified by the development of handheld and pocket-sized ultrasound devices that offer convenience and real-time imaging capabilities. Another significant trend is the increasing application of ultrasound in therapeutic procedures beyond traditional imaging. High-intensity focused ultrasound (HIFU) and ultrasound-guided interventions are being explored for targeted drug delivery, ablation of tumors, and non-invasive treatments. This expansion of ultrasound's role from diagnostics to interventions holds excellent potential for revolutionizing medical therapies. Lastly, the trend toward value-based care and patient-centered approaches drives the adoption of ultrasound for preventive screenings and early detection. Ultrasound's non-invasive nature, absence of ionizing radiation, and growing affordability make it an attractive tool for routine health assessments and monitoring.

  • Tier 1 players- established companies in the market with a major market share
  • Tier 2 players
  • Emerging players which are growing rapidly
  • New Entrants
  • FutureWise research report will help you understand the growth prospects, key trends, and data points affecting the market's growth.
  • A detailed review of strategies being opted by the players in this market, and a thorough market share registered by the key companies globally as well as on a regional basis.
  • To provide with an exhaustive analysis on the of Ultrasound Market By Technology By Display, By Probability, By Component, By Application, By End-User and By Region.
  • To cater comprehensive insights on factors such as drivers, restraints, trends, opportunity, and additionally segmental and regional factors impacting market growth.
  • To evaluate current market trends and forecast micro-markets and the overall market projections which are represented in the format of data-sets and ppt.
  • To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • To provide information on competitors which includes landscape mapping, technological advancements, R&D spending, news concerning strategic alliances, and new product launches.
  • We have a flexible delivery model and you can suggest changes in the scope/table of content as per your requirement
  • The customization Mobility Care offered are free of charge with purchase of any license of the report
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Table of Contents


  • 1.   Market Introduction
    •   1. Objectives of the Study
        2. Market Definition
        3. Market Scope
         3.1. Years Considered for the Study
         3.2. Market Covered
        4. Currency
        5. Limitations
        6. Stakeholders
  • 2.   Research Methodology
    •   1. Research Data
         1.1. Secondary Data
          1.1.1. Key Data from Secondary Sources
         1.2. Primary Data
          1.2.1. Key Data from Primary Sources
        2. Market Size Estimation
        3. Market Breakdown and Data Triangulation
        4. Assumptions for the Study
  • 3.   Executive Summary
    •   1. Market Outlook
        2. Segment Outlook
        3. Competitive Insights
  • 4.   Ultrasound Market Variables, Trends and Scope
    •   1. Market Lineage Outlook
        2. Penetration and Growth Prospect Mapping
        3. Industry Value Chain Analysis
        4. Cost Analysis Breakdown
        5. Technology Overview
        6. Regulatory Framework
         6.1. Reimbursement Framework
         6.2. Standards and Compliances

  • 5.   Market Overview
    •   1. Market Dynamics
         1.1. Market Driver Analysis
          1.1.1. Increasing focus of Ultrasound Market Companies on Brand Protection
          1.1.2. Untapped Opportunities in Emerging Regions
         1.2. Market Restraint Analysis
          1.2.1. High Cost Associated with Implementation of Predictive Analysis
         1.3. Industry Challenges
          1.3.1. Presence of Ambiguous Regulatory Framework
  • 6.   Ultrasound Market Analysis Tools
    •   1. Industry Analysis - Porter’s
         1.1. Supplier Power
         1.2. Buyer Power
         1.3. Substitution Threat
         1.4. Threat from New Entrants
         1.5. Competitive Rivalry
        2. Pestel Analysis
         2.1. Political Landscape
         2.2. Environmental Landscape
         2.3. Social Landscape
         2.4. Technology Landscape
         2.5. Legal Landscape
        3. Major Deals And Strategic Alliances Analysis
         3.1. Joint Ventures
         3.2. Mergers and Acquisitions
         3.3. Licensing and Partnership
         3.4. Technology Collaborations
         3.5. Strategic Divestments
        4. Market Entry Strategies
        5. Case Studies
  • 7.   Ultrasound Market, By Technology Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Diagnostic Ultrasound
         1.1. 2D Ultrasound
         1.2. 3D and 4D Ultrasound
         1.3. Doppler Ultrasound
         1.4. Contrast-Enhanced Ultrasound
        2. Therapeutic Ultrasound
         2.1. High-Intensity Focused Ultrasound (HIFU)
         2.2. Extracorporeal Shockwave Lithotripsy (ESWL)

  • 8.   Ultrasound Market, By Display Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Color Ultrasound
        2. Black and White (B/W) Ultrasound

  • 9.  Ultrasound Market, By Portability Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Diagnostic Ultrasound
         1.1. Trolly/cart Based Ultrasound Systems
         1.2. Compact/Handheld Ultrasound Systems
         1.3. POC Ultrasound Systems

  • 10.   Ultrasound Market, By Component Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Transducers/Probes
         1.1. Curvilinear/Convex Array Probes
         1.2. Linear Array Probes
         1.3. Phased Array Probes
         1.4. Other Probes
        2. Workstations
        3. Other Components

  • 11.   Ultrasound Market, By Application Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Radiology/General Imaging
        2. OB/Gyn
        3. Cardiology
        4. Urology
        5. Vascular
        6. Orthopedic and Musculoskeletal
        7. Pain Management
        8. Other Applications

  • 12.   Ultrasound Market, By End-User Historical Analysis and Forecast 2023-2031 (USD Million)
    •   1. Hospitals
        2. Ambulatory Surgical Centers
        3. Diagnostic Centers
        4. Maternity Center
        5. Research and Academia
        6. Other End-Users

  • 13.   North America Ultrasound Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. U.S.A
         2.2. Canada
         2.3. Mexico
        3. Market Size (USD Million) Forecast for North America 2023-2031

  • 14.   Latin America Ultrasound Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Brazil
         2.2. Venezuela
         2.3. Argentina
         2.4. Rest of Latin America
        3. Market Size (USD Million) Forecast for Latin America 2023-2031

  • 15.   Europe Ultrasound Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Germany
         2.2. U.K
         2.3. France
         2.4. Italy
         2.5. Spain
         2.6. Russia
         2.7. Poland
         2.8. Rest of Europe
        3. Market Size (USD Million) Forecast for Europe 2023-2031

  • 16.   Asia Pacific Ultrasound Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. Japan
         2.2. China
         2.3. India
         2.4. Australia and New Zealand
         2.5. ASEAN
         2.6. Rest of Asia Pacific
        3. Market Size (USD Million) Forecast for Asia Pacific 2023-2031

  • 17.   Middle East and Africa Market Analysis 2017-2022 and Forecast 2023-2031 (USD Million)
    •   1. Introduction
        2. Historical Market Size (USD Million) Analysis By Country, 2017-2022
         2.1. GCC
         2.2. Israel
         2.3. South Africa
         2.4. Rest of MEA
        3. Market Size (USD Million) Forecast for MEA 2023-2031

  • 18.   Market Share Analysis and Competitive Landscape
    •   1. Global Landscape - Key Players, Revenue and Presence
        2. Global Share Analysis - Key Players (Tier 1, Tier 2, Tier 3)
        3. Global Emerging Companies
        4. North America - Market Share Analysis and Key Regional Players
        5. Europe - Market Share Analysis and Key Regional Players
        6. Asia Pacific - Market Share Analysis and Key Regional Players
        7. Global Key Player - Growth Matrix
  • 19.   Company Profiles (Competition Dashboard, Competitors Deep Dive, Products Offered and Financial Layouts)
    •   1. FUJIFILM Holdings Corporation
         1.1. Company Overview
         1.2. Product Portfolio
         1.3. SWOT Analysis
         1.4. Financial Overview
         1.5. Strategic Overview
        2. Shimadzu Corporation
         2.1. Company Overview
         2.2. Product Portfolio
         2.3. SWOT Analysis
         2.4. Financial Overview
         2.5. Strategic Overview
        3. Chison Medical Imaging
         3.1. Company Overview
         3.2. Product Portfolio
         3.3. SWOT Analysis
         3.4. Financial Overview
         3.5. Strategic Overview
        4. Hologic
         4.1. Company Overview
         4.2. Product Portfolio
         4.3. SWOT Analysis
         4.4. Financial Overview
         4.5. Strategic Overview
        5. Carestream
         5.1. Company Overview
         5.2. Product Portfolio
         5.3. SWOT Analysis
         5.4. Financial Overview
         5.5. Strategic Overview
        6. Mobisante
         6.1. Company Overview
         6.2. Product Portfolio
         6.3. SWOT Analysis
         6.4. Financial Overview
         6.5. Strategic Overview
        7. Mindray Medical International Ltd
         7.1. Company Overview
         7.2. Product Portfolio
         7.3. SWOT Analysis
         7.4. Financial Overview
         7.5. Strategic Overview
        8. Hitachi
         8.1. Company Overview
         8.2. Product Portfolio
         8.3. SWOT Analysis
         8.4. Financial Overview
         8.5. Strategic Overview
        9. Siemens AG
         9.1. Company Overview
         9.2. Product Portfolio
         9.3. SWOT Analysis
         9.4. Financial Overview
         9.5. Strategic Overview
        10.Philips
         10.1. Company Overview
         10.2. Product Portfolio
         10.3. SWOT Analysis
         10.4. Financial Overview
         10.5. Strategic Overview
        11.Samsung Electronics
         11.1. Company Overview
         11.2. Product Portfolio
         11.3. SWOT Analysis
         11.4. Financial Overview
         11.5. Strategic Overview
        12.GE HEALTHCARE
         12.1. Company Overview
         12.2. Product Portfolio
         12.3. SWOT Analysis
         12.4. Financial Overview
         12.5. Strategic Overview
        13.Canon Medical Systems Corporation
         13.1. Company Overview
         13.2. Product Portfolio
         13.3. SWOT Analysis
         13.4. Financial Overview
         13.5. Strategic Overview
        14.Analogic Corporation
         14.1. Company Overview
         14.2. Product Portfolio
         14.3. SWOT Analysis
         14.4. Financial Overview
         14.5. Strategic Overview
        15.Esaote Spa
         15.1. Company Overview
         15.2. Product Portfolio
         15.3. SWOT Analysis
         15.4. Financial Overview
         15.5. Strategic Overview

  • 20.   Pre and Post COVID-19 Impact
    •   1. Positive influence on the healthcare industry
        2. The financial disruption of the manufacturing sector
        3. Impact of COVID-19 on emerging companies
        4. Significant mandates in the healthcare regulations initiated by administrations
        5. The overall economic slowdown of the developing and developed nations
  • 21.   FutureWise SME Key Takeaway Points for Client
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