Ultrasound Equipment Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Ultrasound Equipment Market Highlights

• Global ultrasound equipment market revenue is poised to garner USD 16.1 billion by 2032 with a CAGR of 6.1% from 2024 to 2032
• North America ultrasound equipment market value occupied around USD 3.9 billion in 2023
• Asia-Pacific ultrasound equipment market growth will record a CAGR of more than 7% from 2024 to 2032
• Among product, the table-top sub-segment generated around USD 6.7 billion revenue in 2023
• Based on technology, the diagnostic sub-segment generated significant ultrasound equipment market share in 2023
• Increasing demand for portable and handheld ultrasound devices for home healthcare is a popular ultrasound equipment market trend that fuels the industry demand

Ultrasound is a medical imaging technology that uses sound waves to produce pictures of body’s inside part. It helps to diagnose swelling, pain, and infection in internal organs and to examine a baby in pregnant women. Ultrasound is also assist in performing types of biopsy and for therapeutic purpose. The equipment has a small probe, a transducer and gel placed on the skin. High-frequency sound waves travel through the gel from the probe into the body. The probe collects the sounds that bounce back from the internal organs. A computer system uses these sound waves to create an image. The image produced by the system can be color or black & white based on the technology. Ultrasound does not use radiations as used in x-rays and hence the procedure is safe and painless.

Global Ultrasound Equipment Market Dynamics

Market Drivers

• Rising prevalence of chronic diseases drives demand for diagnostic imaging
• Technological advancements in ultrasound equipment enhance accuracy and efficiency
• Increasing adoption of point-of-care ultrasound systems in emergency care
• Growing geriatric population globally boosts diagnostic imaging needs

Market Restraints

• High costs associated with advanced ultrasound equipment limit adoption in low-income regions
• Limited availability of skilled professionals impacts effective usage
• Regulatory hurdles and compliance requirements delay product launches

Market Opportunities

• Expanding applications of ultrasound in non-invasive and therapeutic procedures
• Rising adoption of AI-powered ultrasound systems for better diagnostics
• Growth potential in untapped markets of emerging economies

Ultrasound Equipment Market Report Coverage

Ultrasound Equipment Market Insights

The ultrasound equipment industry is expanding rapidly, propelled by a mix of technology developments and shifting healthcare needs. 3D and 4D imaging technologies have transformed diagnostic capabilities, providing more precise and detailed visualizations of interior structures. These developments are especially useful in sectors like cardiology, obstetrics, and oncology, where precise imaging is essential.

The rising frequency of chronic diseases such as heart disease, cancer, and diabetes is pushing the need for more advanced diagnostic tools like ultrasound technology. For instance according to the World Heart Federation Cardiovascular illnesses continue to impact almost half a billion people worldwide, accounting for 20.5 million deaths in 2021. Furthermore, increased awareness of the need of early detection, as well as a growing preference for minimally invasive therapy, have fueled market expansion.

Regional market actors are making progress by developing compact and low-cost technologies that will appeal to cost-conscious healthcare providers. Despite the competitive landscape, multinational businesses like as GE Healthcare, Philips Healthcare, and Toshiba Medical dominate the market, accounting for more than 55% of the total. These industry titans keep innovating, providing cutting-edge solutions to address the changing needs of healthcare professionals.

Moving forward, the market is expected to benefit from the introduction of new technologies and products by both global and regional businesses. As healthcare systems around the world prioritize early diagnosis and non-invasive treatment options, the demand for ultrasound technology is likely to soar in the coming years. These industry heavyweights continue to innovate, offering cutting-edge solutions to meet the evolving demands of healthcare professionals. Growing Cardiovascular diseases globally is one of the major driver for the market growth. For instance according to the WHO CVDs are the leading cause of death worldwide, taking an estimated 17.9 million lives each year.

Ultrasound Equipment Market Segmentation

The worldwide market for ultrasound equipment is split based on product, equipment display, technology, application, end user, and geography.

Ultrasound Equipment Market By Product

• Table-Top
• Compact

According to ultrasound equipment industry analysis, the ultrasound equipment market is divided into two product types: table-top and compact devices, with table-top systems accounting for the highest market share. Table-top ultrasound machines are popular because of their superior imaging capabilities, reliable performance, and applicability for a wide range of applications in hospitals and diagnostic centers. These devices are especially good in providing detailed imaging for complex diagnostic procedures, making them useful in fields such as cardiology, radiology, and gynecology.

Their ability to connect with other medical systems and provide higher image quality accelerates their adoption in high-volume situations. While tiny systems are gaining popularity due to their portability and cost-effectiveness, table-top ultrasound systems continue to dominate due to their dependability and extensive capability in clinical settings.

Ultrasound Equipment Market By Equipment Display

• Black & White
• Color

Color display systems are likely to dominate the ultrasound equipment market due to their superior imaging capabilities and widespread use in diagnostic procedures. Color systems, as opposed to black-and-white displays, provide for better observation of blood flow, tissue architecture, and organ functionality, resulting in more accurate and thorough diagnosis.

The expanding use of color Doppler technology in cardiology, obstetrics, and gynecologist increases demand for color display equipment. Furthermore, the improvements in image clarity and resolution provided by these systems make them useful in important and difficult diagnostic situations. While black-and-white systems remain popular for basic imaging due to their low cost, color screens' improved diagnostic effectiveness make them the favored choice in modern healthcare institutions.

Ultrasound Equipment Market By Technology

• Therapeutic
• Diagnostic

The diagnostic segment is likely to generate significant revenue in the ultrasound equipment market due to its widespread application in a variety of medical specialties. Diagnostic ultrasonography is a non-invasive imaging technique commonly used to assess internal organs, blood flow, and fetal development. Its use in cardiology, imaging, and obstetrics makes it essential in modern medicine.

The rising frequency of chronic diseases such as cardiovascular disease and cancer, together with rising need for early and precise diagnosis, is considerably pushing the use of diagnostic ultrasound equipment. Technological developments, such as 3D and 4D imaging, improve the accuracy and dependability of these systems, increasing their appeal. As healthcare providers prioritize effective diagnostic instruments, the diagnostic segment's revenue share remains dominant.

Ultrasound Equipment Market By Application

• Obstetrics/Gynecology
• Surgery
• Radiology
• Vascular
• Cardiologic
• Orthopedic
• Urological
• Point of Care
• Others

The obstetrics/gynecology category has the largest share of the ultrasound equipment market, owing to its critical role in monitoring fetal development and mother health. Ultrasound is an important diagnostic technique in obstetrics, enabling real-time imaging to measure fetal growth, detect anomalies, and assess placental placement. The growing number of pregnancies worldwide, combined with greater awareness of prenatal care, has greatly increased demand for ultrasonography in this application. Furthermore, advances in imaging technology, such as 3D and 4D ultrasound, improve vision, driving use in gynecological diagnostics. These technologies are also widely employed to diagnose problems such as ovarian cysts and uterine anomalies, firmly establishing obstetrics/gynecology as the market leader.

Ultrasound Equipment Market By End User

• Hospitals
• Clinics

In the ultrasound equipment market, hospitals account for the largest proportion of the industry because of their extensive infrastructure and ability to accommodate a wide range of diagnostic and therapeutic treatments. Hospitals are the principal providers of sophisticated imaging services, making them the largest users of ultrasound equipment. These hospitals make significant investments in high-end ultrasound systems, including table-top and color Doppler devices, to assist numerous departments including as radiology, cardiology, and obstetrics/gynecology. The increased frequency of chronic diseases, as well as the growing number of inpatient and outpatient operations, are driving up demand for hospital ultrasound equipment. Furthermore, hospitals frequently serve as hubs for sophisticated diagnostic research and training, firmly establishing themselves as the market's major end user.

Ultrasound Equipment Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Ultrasound Equipment Market Regional Analysis

North America dominated the global ultrasound equipment market in 2023 and is anticipated to maintain its dominance during the forecast period. This can be attributed to local presence of major market players, technological advancement in the field increases the efficiency and accuracy of the test, high healthcare awareness, and supportive reimbursement for diagnostic testing. Furthermore, increasing demand from low and middle income countries from the regions of Asia Pacific and Latin America are likely to propel the market growth during the forecast period.

Asia-Pacific is expected to grow at the fastest rate during the ultrasound equipment market forecast period due to investment by market players, development by local companies, increasing awareness about ultrasound techniques, growing number of well-equipped hospitals and diagnostic laboratories, and large population base. India, China, and Japan are the major contributing countries in this region. However, distribution challenges and shortage of skilled medical personal are some of the limiting factors of this region.

Ultrasound Equipment Market Players

Some of the top ultrasound equipment companies offered in our report includes FUJIFILM SonoSite, Inc., Canon Medical Systems, Mindray Medical International Limited, Siemens Healthineers AG, Hologic Inc., KoninKlijke Philips N.V., Hitachi, Konica Minolta Inc., Samsung Medison Co., Ltd., GE Healthcare, Carestream Health, and Esaote.