(MENAFN- GlobeNewsWire - Nasdaq) Ultrasound Market Forecasted to Reach US$ 20.40 Billion by 2034, Riding the Wave of a 5.80% CAGR. Ultrasound Market Detailed Information About Each Segment and Identify Key Trends, Drivers, and Challenges in the Industry
NEWARK, Del, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights' latest industry analysis, the ultrasound market size is estimated to be around US$ 11.70 billion in 2024. It is projected to exhibit a CAGR growth of 5.80% over the forecast period, reaching an estimated market size of US$ 20.40 billion by 2034.
Over the last few decades, the demand for ultrasound technology has skyrocketed as it is increasingly being used across various medical specialties, including cardiology, obstetrics, and musculoskeletal imaging. Its significance in the healthcare industry is also surging as patients and healthcare providers become more aware of the benefits of ultrasound as a safe and non-invasive diagnostic tool.
Portable and point-of-care ultrasound systems have gained popularity, especially in remote settings. The growth of telemedicine and remote healthcare services has also increased the demand for easily deployable ultrasound devices. Additionally, continuous innovation and technological developments in ultrasound imaging systems have enhanced diagnostic capabilities, leading to widespread adoption in medical facilities.
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The global healthcare sector, particularly hospitals and clinics, is increasingly adopting ultrasounds for diagnostic imaging in various medical departments such as radiology, cardiology, obstetrics, and emergency care. The demand for ultrasounds is also surging as diagnostic imaging centers use them to provide a wide range of imaging services, including examinations of the abdomen, pelvis, musculoskeletal system, and other areas.
“Continuous investment in research and development is crucial in this industry. Companies in the ultrasound market must develop innovative ultrasound technologies, enhance imaging capabilities, and stay ahead of market trends. Additionally, they should explore advancements in artificial intelligence (AI) integration, miniaturization, and enhanced imaging modalities,” opines Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Ultrasound Market Study
The 2D ultrasound segment dominates the ultrasound market with a CAGR of 4.10% in terms of technology. On the basis of components, the ultrasound devices segment leads the ultrasound industry with a CAGR of 4.20%. The ultrasound industry in the United States is projected to develop at a modest CAGR of 5.90% through 2034. The ultrasound industry in the United Kingdom is estimated to rise at a 6.60% CAGR through 2034. The ultrasound market in China has the potential to increase at a 6.40% CAGR through 2034. The Japan ultrasound industry is predicted to rise by a 5.00% CAGR through 2034. The ultrasound industry in South Korea is very likely to inflate at a CAGR of 6.80% through 2034.
Competitive Landscape from the Ultrasound Market
The ultrasound market is served by many local and international companies. Leading players in the market include Siemens Healthineers, General Electric Company, and Philips Healthcare. Various healthcare facilities such as hospitals, diagnostic centers, and prenatal clinics rely on these companies for their ultrasound devices. Companies are focusing on making their products more cost-effective to cater to small clinics and hospitals, which are going to provide advanced facilities to patients and increase the consumer base.
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Recent Developments in the Ultrasound Market:
ALPINION Medical Systems introduced the X-CUBE i9, a portable ultrasound diagnostic device, in August 2023. With dual batteries and probe connectors, it enhances examination speed and boasts one-minute readiness. It can operate for over 100 hours in standby and more than one hour in scan mode. MIT Lincoln Laboratory researchers, in collaboration with Massachusetts General Hospital, unveiled the Noncontact Laser Ultrasound (NCLUS) in August 2023. This innovative system, utilizing laser-based technology, delivers high-quality medical images of internal body structures at a significantly lower cost, comparable to MRI and CT capabilities. In July 2023, Konica Minolta launched the PocketPro H2, a handheld ultrasound device optimized for musculoskeletal assessment, needle guidance, and vascular access. The wireless unit offers 90 minutes of continuous scanning, an ergonomic design, and compatibility with iOS and Android devices, providing clinicians with advanced point-of-care ultrasound capabilities. Mindray revolutionized ultrasound technology with the launch of TE Air in September 2023. As the first handheld ultrasound device offering dual connectivity to mobile devices or the TE X Ultrasound System, it provides enhanced utility and accessibility for clinicians both inside and outside hospitals.
Key Companies in the Ultrasound Market
General Electric Company (GE Healthcare)
Canon Medical Systems Corporation (formerly Toshiba Medical Systems)
Mindray Medical International Limited
Terason (Teratech Corporation)
SonoScape Medical Corporation
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Chison Medical Imaging Co., Ltd.
United Imaging Healthcare Co., Ltd.
Clarius Mobile Health
Zonare Medical Systems (now part of Mindray)
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Ultrasound Market Segmentation
Ultrasound Devices Transducers/Probes Gels Other Components
2D Ultrasound 3D and 4D Ultrasound Color Doppler Imaging Continuous Doppler Imaging Pulse Wave Doppler Imaging Therapeutic Ultrasound
High-intensity Focused Ultrasound (HIFU) Extracorporeal Shock Wave Lithotripsy (ESWL) Shock Wave Lithotripsy (SWL)
By Display Type:
Colored Display Black and White Display
Cart/Trolly-based Ultrasound Systems Handheld/Compact Ultrasound Systems Point of Care Ultrasound Systems
General Imaging Cardiology Obstetrics/Gynecology Vascular Urology Other Diagnostic Applications Therapeutic Applications
Drug Delivery Physical Therapy Pain Management Other Therapeutic Applications
By End User:
Hospitals & Clinics Diagnostic Imaging Centers Ambulatory Care Centers Academic & Research Institutes
North America Latin America Asia Pacific Middle East and Africa (MEA) Europe
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Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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