Global Ultrasound Devices Market Size, Share, Growth Analysis, By Display Device(Color Ultrasound Devices, Black & White (B/W) Ultrasound Devices), By Application(Radiology/General Imaging, Obstetrics/Gynecology) - Industry Forecast 2023-2030

Global Ultrasound Devices Market size was valued at USD 11 Billion in 2022 and is poised to grow from USD 11.50 Billion in 2023 to USD Billion 16.35 by 2031, at a CAGR of 4.5% during the forecast period (2024-2031).

The increasing adoption of ultrasound devices for both diagnostic imaging and therapeutic purposes, alongside a rising incidence of chronic and lifestyle-related illnesses, is set to drive market growth. Moreover, the growing preference for minimally invasive surgical procedures and continual advancements in ultrasound imaging technology are significant market drivers. Ultrasound is widely recognized for its speed and cost-effectiveness in medical imaging, with its safety highlighted by the absence of ionizing radiation and magnetic fields. Ultrasonic medical devices have a wide range of applications across diagnostics and therapeutics, gaining popularity in fields ranging from cardiology to oncology. The market's evolution is noteworthy, particularly with the expansion of ultrasound technologies into areas such as 3D imaging, shear wave elastography, wireless transducer innovations, app-based ultrasound, and the fusion of CT/MR, along with advancements in laparoscopic ultrasound. For example, the collaboration between Samsung Madison and Intel resulted in Nerve Track, an ultrasonography technology enabling real-time nerve tracking for precise and rapid anaesthesia delivery.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Ultrasound Devices and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Ultrasound Devices Market Segmental Analysis

The global ultrasound devices market is segmented on the basis of product type, display device type, device portability, application, region. By product type, the market is segmented into diagnostic ultrasound systems, 2d imaging systems, 3D & 4D imaging systems, doppler imaging, therapeutic ultrasound systems, high-intensity focused Ultrasound (HIFU), extracorporeal shockwave lithotripsy (ESWL). By display device type, the market is segmented into color Ultrasound Devices, Black & White (B/W) ultrasound devices. By device portability, the market is segmented into trolley/cart-based ultrasound devices, compact/handheld ultrasound devices. By application, the market is segmented into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Drivers of the Global Ultrasound Devices Market

The rise in chronic conditions such as cardiovascular diseases, cancer, and kidney disorders has led to an increased demand for early and precise diagnosis using ultrasound imaging.

Ultrasound devices are preferred for repeated imaging procedures over other modalities because they are non-invasive and do not involve ionizing radiation, making them safer.

Restraints in the Global Ultrasound Devices Market

Despite its versatility, ultrasound has limitations in imaging depth and resolution when compared to MRI and CT scans, which are other imaging modalities.

The diagnostic accuracy of ultrasound images may vary due to the operator's level of skill and experience.

Market Trends of the Global Ultrasound Devices Market

The movement towards miniaturization and portability has resulted in the creation of handheld and portable ultrasound devices, broadening their application in diverse environments.

Point-of-care ultrasound has become increasingly important due to its effectiveness in rapid bedside diagnosis, particularly in emergency and critical care scenarios.

Improvements in transducer technology have enhanced the ability to produce better 3D and 4D imaging, providing improved visualization for complex anatomical structures and fetal imaging.