Ultrasound Market to be Worth $17.08 Billion by 2030

Meticulous Research®—a leading market research company, published a research report titled, ' by Component (Device, Probe, Gel) Technology (2D, 3D, Doppler, Lithotripsy) Display (Color, B/W) Portability (Cart, Handheld, POC), Application (Cardiology, Gynecology, Urology, Therapeutic, Vascular) End User - Global Forecast to 2030.

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According to this latest publication from Meticulous Research®, the ultrasound market is expected to register a CAGR of 5.8% from 2023 to reach $17.08 billion by 2030.The growth of the ultrasound market is attributed to factors such as the aging population with chronic disorders, advancements in ultrasound device technology, the rising number of diagnostic imaging centers and hospitals, the rising incidence of orthopedic injuries and musculoskeletal disorders, and the increasing public & private investments, funding, and grants for ultrasound device development. Furthermore, the emergence of point-of-care ultrasound devices and the demand from emerging economies are expected to offer significant growth opportunities for companies in the ultrasound market.

However, stringent government regulations for trading, manufacturing, distribution, and sales of ultrasound imaging products restrain the market's growth.

Key Players

The key players operating in the ultrasound market are GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation) (U.S.), and Hologic, Inc. (U.S.).

Ultrasound Market: Future Outlook

The ultrasound market is segmented by component [{ultrasound devices, transducers/probes, gels, and other components}, technology {diagnostic ultrasound (2D ultrasound, 3D and 4D ultrasound, doppler ultrasound (color doppler imaging, continuous doppler imaging, pulse wave doppler imaging), therapeutic ultrasound (high-intensity focused ultrasound, lithotripsy (extracorporeal shock wave lithotripsy, shock wave lithotripsy)}, display {colored display, black and white display}, portability {cart/trolly-based ultrasound systems, handheld/compact ultrasound systems, point of care ultrasound systems}, applications {diagnostic applications (general imaging, cardiology, obstetrics/gynecology, vascular, urology, and other diagnostic applications), therapeutic applications (drug delivery, physical therapy, pain management, and other therapeutic applications)}, end user {hospitals and clinics, diagnostic imaging centers, ambulatory care centers, and academic and research institutes}], and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Among all the components studied in the report, in 2023, the ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to technical advancements in ultrasound devices, the rising geriatric population with chronic conditions like cancer and cardiovascular diseases, the increasing prevalence of orthopedic injuries, and the growing number of hospitals.

Among all the technologies studied in the report, in 2023, the diagnostic ultrasound segment is expected to account for the largest share of the ultrasound market. The large market share of the segment is attributed to the growing demand for 2D ultrasound in obstetrics/gynecology, technical advancements in diagnostic ultrasound imaging, and growing incidences of orthopedic injuries and musculoskeletal conditions.