The global ultrasound equipment market size was estimated to be USD 9.35 billion in 2023 and is expected to reach at USD 20.63 billion by 2034 with a CAGR of 7.46% during the forecast period 2024-2034. Surge in emphasizing on developing advanced devices & systems integrated with artificial intelligence (Al), rising prevalence of chronic diseases, growing number of geriatric populations, increasing demand for medical imaging equipment including ultrasound equipment for diagnosis & treatment procedures, urge in technological advancements, and rising introduction of advanced systems with artificial imaging by key players are some of the key factors boosting the market growth.
Rising introduction of advanced systems with artificial imaging by key players is predicted to boost the market growth during the forecast period. Ultrasound employs high-frequency sound waves to generate images of anatomical structures, and healthcare professionals interpret these images to identify abnormalities in patients. This equipment is utilized for diagnosing various chronic disorders affecting vital body parts like the heart, abdominal blood vessels, joints, and more. Recognized as one of the safest and non-invasive diagnostic procedures for examining internal organs, recent technological advancements and the introduction of innovative equipment, coupled with improving healthcare facilities in emerging nations, have prompted market players to create easily operable devices. For instance, in February 2023, Clarius Mobile Health, a prominent supplier of high-definition handheld ultrasound systems, has obtained 510(k) clearance for its latest MSK AI model. This model incorporates artificial intelligence (AI) to automatically recognize and measure tendons in the foot, ankle, and knee. The upcoming availability of the MSK AI model is planned alongside the release of the Clarius L7 HD3 and Clarius L15 HD3, both high-frequency wireless handheld ultrasound scanners.
By product, table-top was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the increasing adoption of table-top equipment within hospitals and clinics and growing trend of utilizing these devices for diagnostic imaging among patients worldwide. Additionally, compact segment is expected to grow at a higher CAGR during the forecast period owing to rising technological advancements and market players are increasingly introducing new products in the handheld equipment sector. For instance, in February 2023, Mindray Bio-Medical Electronics Co., Ltd., has introduced TE Air, a handheld device that reportedly integrates improved point-of-care imaging with a range of practical advantages tailored for radiologists.
By application, radiology was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the surge in number of radiology centers, increasing adoption of this technology for general imaging and the diagnosis of medical complications. Additionally, gynecology is predicted to grow at fastest CAGR during the forecast period owing to the growing technological advancements in the equipment, growing prevalence of gynecological disorders, leading to an increased demand for efficient diagnostic systems, and surge in the launch of advanced systems. For instance, in January 2023, Esaote SPA, an Italian biomedical company specializing in MRI and medical IT, has revealed the introduction of the MyLabX90 premium ultrasound system.
By end user, hospitals was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the rising number of patient admissions in hospitals, surge in number of individuals suffering from chronic disorders, well-established infrastructure of hospitals, and increasing collaborations within market players. For instance, in June 2022, Clarius Mobile Health, a wireless ultrasound systems provider, and ImaCor Inc., a company specializing in hemodynamic ultrasound, have announced a collaboration to create a handheld transesophageal echocardiography (TEE) system. This system is designed to oversee and guide the care of the most critically ill patients in an intensive care unit (ICU). Additionally, clinics is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of handheld and point-of-care (POC) ultrasound systems in these settings due to their user-friendly nature, convenience, & cost-effectiveness, increasing number of patients at clinics undergoing imaging services.
Asia Pacific region is anticipated for the highest revenue share during the forecast period owing to the increase in the sales volume of these devices, growing geriatric population facing chronic diseases, the presence of a well-established healthcare infrastructure, and surge in launch of new products. For instance, in February 2023, FUJIFILM India has introduced two new models in the diagnostic ultrasound range, Arietta 850 DeepInsight and Arietta 650 DeepInsight, as part of its new line of healthcare imaging products showcased at IRIA 2023. Additionally, North America region is predicted to grow at fastest CAGR during the forecast period owing to the growing emphasis among market players on developing new products, with a heightened focus on innovation in equipment leading to a surge in new product launches. For instance, in November 2023, Boston Imaging, the U.S. headquarters of Samsung's digital radiography and ultrasound business, has unveiled the V6, its newest ultrasound system. The V6 is designed to provide comprehensive imaging capabilities in 2D, 3D, and color image quality, with a focus on applications in Women's Health and Urology.
Rising introduction of advanced systems with artificial imaging by key players is predicted to boost the market growth during the forecast period. Ultrasound employs high-frequency sound waves to generate images of anatomical structures, and healthcare professionals interpret these images to identify abnormalities in patients. This equipment is utilized for diagnosing various chronic disorders affecting vital body parts like the heart, abdominal blood vessels, joints, and more. Recognized as one of the safest and non-invasive diagnostic procedures for examining internal organs, recent technological advancements and the introduction of innovative equipment, coupled with improving healthcare facilities in emerging nations, have prompted market players to create easily operable devices. For instance, in February 2023, Clarius Mobile Health, a prominent supplier of high-definition handheld ultrasound systems, has obtained 510(k) clearance for its latest MSK AI model. This model incorporates artificial intelligence (AI) to automatically recognize and measure tendons in the foot, ankle, and knee. The upcoming availability of the MSK AI model is planned alongside the release of the Clarius L7 HD3 and Clarius L15 HD3, both high-frequency wireless handheld ultrasound scanners.
By product, table-top was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the increasing adoption of table-top equipment within hospitals and clinics and growing trend of utilizing these devices for diagnostic imaging among patients worldwide. Additionally, compact segment is expected to grow at a higher CAGR during the forecast period owing to rising technological advancements and market players are increasingly introducing new products in the handheld equipment sector. For instance, in February 2023, Mindray Bio-Medical Electronics Co., Ltd., has introduced TE Air, a handheld device that reportedly integrates improved point-of-care imaging with a range of practical advantages tailored for radiologists.
By application, radiology was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the surge in number of radiology centers, increasing adoption of this technology for general imaging and the diagnosis of medical complications. Additionally, gynecology is predicted to grow at fastest CAGR during the forecast period owing to the growing technological advancements in the equipment, growing prevalence of gynecological disorders, leading to an increased demand for efficient diagnostic systems, and surge in the launch of advanced systems. For instance, in January 2023, Esaote SPA, an Italian biomedical company specializing in MRI and medical IT, has revealed the introduction of the MyLabX90 premium ultrasound system.
By end user, hospitals was the highest revenue-grossing segment in the global ultrasound equipment market in 2023 owing to the rising number of patient admissions in hospitals, surge in number of individuals suffering from chronic disorders, well-established infrastructure of hospitals, and increasing collaborations within market players. For instance, in June 2022, Clarius Mobile Health, a wireless ultrasound systems provider, and ImaCor Inc., a company specializing in hemodynamic ultrasound, have announced a collaboration to create a handheld transesophageal echocardiography (TEE) system. This system is designed to oversee and guide the care of the most critically ill patients in an intensive care unit (ICU). Additionally, clinics is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of handheld and point-of-care (POC) ultrasound systems in these settings due to their user-friendly nature, convenience, & cost-effectiveness, increasing number of patients at clinics undergoing imaging services.
Asia Pacific region is anticipated for the highest revenue share during the forecast period owing to the increase in the sales volume of these devices, growing geriatric population facing chronic diseases, the presence of a well-established healthcare infrastructure, and surge in launch of new products. For instance, in February 2023, FUJIFILM India has introduced two new models in the diagnostic ultrasound range, Arietta 850 DeepInsight and Arietta 650 DeepInsight, as part of its new line of healthcare imaging products showcased at IRIA 2023. Additionally, North America region is predicted to grow at fastest CAGR during the forecast period owing to the growing emphasis among market players on developing new products, with a heightened focus on innovation in equipment leading to a surge in new product launches. For instance, in November 2023, Boston Imaging, the U.S. headquarters of Samsung's digital radiography and ultrasound business, has unveiled the V6, its newest ultrasound system. The V6 is designed to provide comprehensive imaging capabilities in 2D, 3D, and color image quality, with a focus on applications in Women's Health and Urology.
Segmentation: Ultrasound Equipment Market Report 2023 - 2034
Ultrasound Equipment Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Compact
- Table-top
Ultrasound Equipment Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Cardiology
- Gynecology
- Radiology
- Surgery
- Urology
- Point Of Care
- Others
Ultrasound Equipment Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Clinics
- Hospitals
Ultrasound Equipment Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Ultrasound Equipment Market: Product Estimates & Trend Analysis
8. Ultrasound Equipment Market: Application Estimates & Trend Analysis
9. Ultrasound Equipment Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Ultrasound Equipment Market
12. Europe Global Ultrasound Equipment Market
13. Asia Pacific Global Ultrasound Equipment Market
14. Latin America Global Ultrasound Equipment Market
15. MEA Global Ultrasound Equipment Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Koninklijke Philips N.V.
- Esaote SPA
- Siemens Healthcare
- Hitachi
- GE Healthcare
- Samsung Medison Co. Ltd.
- CANON MEDICAL SYSTEMS CORPORATION
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 9.35 Billion |
| Forecasted Market Value ( USD | $ 20.63 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
