The Global Ultrasound Systems Market is estimated to be valued at USD 9.5 billion in 2022 and is projected to reach USD 13.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2028.
Key Market Drivers
The growth of the ultrasound systems market is driven by technological advancements, increasing demand for non-invasive diagnostic procedures, and rising awareness of early detection of medical conditions. Ultrasound systems are increasingly being used in a variety of medical specialties such as obstetrics and gynecology, cardiology, and musculoskeletal imaging, due to their ability to provide real-time, accurate imaging without the need for radiation.
Additionally, the growing number of hospitals and clinics adopting advanced ultrasound technologies, along with the rise in healthcare expenditures globally, is expected to contribute significantly to the market’s expansion.
Key Takeaways
- Market Value in 2022: USD 9.5 billion
- Projected Market Value by 2028: USD 13.2 billion
- CAGR: 5.5% from 2022 to 2028
- Growth Drivers: Technological advancements in ultrasound systems, increased demand for non-invasive procedures, and rising healthcare infrastructure.
Regional Insights
- North America: Dominates the market, driven by high healthcare spending, advanced medical infrastructure, and widespread adoption of ultrasound technologies in various medical specialties.
- Europe: A key market, driven by the increasing prevalence of chronic diseases and growing demand for diagnostic imaging in the region.
- Asia-Pacific: Expected to experience significant growth due to improving healthcare infrastructure, increasing healthcare access, and the rising incidence of diseases requiring diagnostic imaging.
- Latin America & Middle East/Africa: Emerging markets with expanding healthcare systems and increased demand for advanced diagnostic technologies, contributing to market growth.
Market Overview
- 2022 Estimated Value: USD 9.5 billion
- 2028 Projected Value: USD 13.2 billion
- CAGR (2022-2028): 5.5%
Key Drivers
The growth of the ultrasound systems market can be attributed to several factors:
- Technological Advancements: Continuous innovations in ultrasound technology, including portable and point-of-care devices, are enhancing diagnostic capabilities and accessibility.
- Increased Demand for Diagnostic Imaging: The rising prevalence of chronic diseases and the need for early diagnosis are driving the demand for effective imaging solutions.
- Growing Applications in Various Fields: Ultrasound systems are increasingly used in various medical fields, including obstetrics, cardiology, and musculoskeletal imaging.
Competitive Landscape
Key players in the ultrasound systems market utilize strategies involving production and development of revised product portfolio and new product launch, industry expansions aimed at enhancing their business operations and existing services, acquisitions of major health businesses to rapidly grow their core offerings, and making distribution agreements with branded pharmaceutical manufacturers to engage larger consumer base.
- In September 2021, GE Healthcare confirmed plans to acquire ultrasound innovator BK Medical to boost its precision health presence globally.
- In January 2020, Siemens Healthineers India launched ACUSON Redwood Ultrasound System at Indian Radiological & Imaging Association (IRIA). The system is built on the company’s new platform architecture and features advanced applications for greater clinical confidence, AI-powered tools for smart workflows and has shared services cardiology features used by different hospital departments.
Similarly, recent developments related to companies manufacturing ultrasound systems market services and technologies have been tracked by the team at Future Market Insights, which are available in the full report.
A Full Report Overview
Key Companies Profiled
GE Company; Fujifilm Holdings Corporation; Siemens AG; Koninklijke Philips N.V.; Toshiba Medical System Corp.; Hitachi Medical Corp.; Mindray Medical International Ltd; FUJIFILM Holdings Corporation; Samsung Medison Co., Ltd; Esaote SpA; Others
Key Market Segments Covered in Ultrasound systems Market Research
By Modality:
- Cart/Trolley Based
- Compact/Hand Held
By Application:
- Radiology
- Obstetrics & Gynaecology
- Cardiology
- Gastroenterology
- Others
By End User:
- Hospitals & Clinics
- Diagnostic Imaging & Surgical Centers
- ASCs
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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