Ultrasound Market to Reach 9,202.30 USD Million by 2028

Vantage Market Research

Mar 16, 2022

The Global Ultrasound Market is expected to reach 9,202.30 USD Million by 2028, growing at a CAGR of 5.90% from 2022 to 2028. The increasing incidence of target diseases along with the rising patient preference for minimally invasive procedures is anticipated to augment the growth of the market during the forecast period.

Key Findings:

  • The diagnostic ultrasound segment held a significant share in 2021. This is attributable to the increasing usage of 2D ultrasound in women’s health along with ongoing technological advancements in the field of diagnostic ultrasound imaging across the globe. Further, the rising availability of medical reimbursements for diagnostic ultrasound procedures is also expected to support the segmental growth of the market.
  • The trolley/cart-based ultrasound systems segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the increasing usage of these systems in acute care settings and emergency care in hospitals and healthcare institutions.
  • The radiology/general imaging segment held a significant share in 2021. This is attributable to the increasing incidence of various cancers across major countries globally. Further, increasing usage of ultrasound in cancer diagnosis and tissue biopsy is also expected to support the segmental growth of the market.
  • The hospitals, surgical centers, and diagnostic centers segment are projected to grow at a considerable CAGR during the forecast period. This is attributable to the growing number of hospitals across major markets along with increasing government funding. Further, the rising adoption of minimally invasive diagnostic & surgical procedures in these facilities is also expected to support segmental growth of the market.
  • Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the increasing prevalence of chronic conditions in economies such as India, and China in the region. Furthermore, improving healthcare services are also anticipated to support the regional growth of the market.

Some of the key players in the Ultrasound market include GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Hitachi, Ltd. (Japan), Siemens Healthineers AG (Germany), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Korea), Mindray Medical International Limited (China), Analogic Corporation (US), Esaote S.p.A (Italy), Carestream Health (US), CURA Healthcare (India), Chison Medical Technologies Co., Ltd. (China), Mobisante, Inc. (US), Neusoft Corporation (China), Clarius Mobile Health (Canada), Medgyn Products, Inc. (US), and United Imaging Healthcare Co., Ltd. (China), among others.

The increasing prevalence of target diseases such as tuberculosis, diphtheria, poliomyelitis, measles, pertussis, and tetanus among others is anticipated to augment the growth of the Ultrasound market in the years to come. As per World Health Organization estimates, 1.5 million people died from TB in 2020 and TB was the 13th leading cause of death and the second leading infectious killer after COVID-19. Further, it is estimated that 10 million people suffered from tuberculosis (TB) across the globe among which 5.6 million were men, 3.3 million were women and 1.1 million were children. With the increasing number of cases of target diseases, the demand for ultrasound is also expected to increase in the future. Further, the rising patient preference for minimally invasive procedures owing to the benefits it offers is also expected to propel market growth.

However, the unfavorable healthcare reforms in economies like the US and growing end-user preference for refurbished equipment is expected to hamper the growth of the market in the years to come. Moreover, an increase in applications of therapeutic ultrasound along with the development of POC ultrasound devices is expected to create immense opportunities for the growth of the market within the forecast period.

Europe held the largest shares in 2021. The US held the largest share in North America for the Ultrasound market. This is attributable to the increasing clinical applications of focused ultrasound and the early commercialization of these devices in the region. Furthermore, the significant healthcare expenditure across economies such as Germany, France, the UK, Italy, and Spain is also expected to fuel the regional growth of the market. Additionally, the rising number of ongoing clinical research projects in the region is also expected to support the growth of the Ultrasound market in the region.