Staff report
The global ultrasound devices market size was estimated at $9.79 billion in 2023 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.24% from 2024 to 2030, according to Grand View Research.
The market growth is poised to be driven by the rising usage of ultrasound equipment for diagnostic imaging and treatment, along with the increasing prevalence of chronic and lifestyle disorders. Other factors influencing market growth include increased demand for minimally invasive surgeries and frequent developments in ultrasound imaging technology. Ultrasound is a leading diagnostic tool in medical imaging, compared to other diagnostic imaging systems, since it is less expensive and faster. Moreover, as it does not utilize ionizing radiation or magnetic fields, it is safer than other imaging technologies.
Diagnostic and therapeutic uses for ultrasonic medical devices are extensive. Specific therapeutic applications of ultrasound, from oncology to cardiology, have grown in popularity. The development of wireless transducers, app-based ultrasound technology, fusion with CT/MR, laparoscopic ultrasound, and the expansion of ultrasound device applications in 3D imaging and shear wave elastography are expected to support market growth.
Fortune Business Insights also reports market growth.
The global ultrasound equipment market size was $9.32 billion in 2023 and is projected to grow from $9.99 billion in 2024 to $17.55 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period (2024-2032), according to Fortune Business Insights. Moreover, the U.S. ultrasound equipment market size is projected to grow significantly, reaching an estimated value of $4.35 billion by 2032, driven by increasing demand for compact ultrasound devices with potential benefits.
Ultrasound is considered to be one of the safest, non-invasive diagnostic procedures to examine internal organs.
Recent advancements in this technology and introduction of innovative equipment, along with the developing healthcare facilities in emerging countries, have influenced market players to develop easily operable devices. Additionally, the growing prevalence of chronic diseases and expansion of applications of these systems are some of the major factors anticipated to propel the global ultrasound equipment market growth during the forecast period.
Some of the leading market players are emphasizing on developing advanced devices and systems integrated with artificial intelligence (AI). The AI algorithms are aimed to improve quality of the image and interpretation. It can be used to analyze ultrasound images in real-time in turn offering valuable insights and assistance in accurate diagnosis to healthcare professionals. Furthermore, the integration of AI in ultrasound equipment leads to enhanced accuracy and efficiency of ultrasound examinations, resulting in better patient outcomes. This step is being propounded to overcome certain limitations associated with the conventional devices such as the long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images, and so on. Thus, the introduction of advanced systems with artificial imaging by key players is expected to boost the growth of the market during the forecast period.
