Staff report
The global ultrasound transducer market size was valued at $3.65 billion in 2023 and is projected to grow at a CAGR of 3.2% from 2024 to 2030, according to a Grand View Research report. The market growth is driven by the increasing use of ultrasound transducers in diagnostic imaging and non-invasive procedures, alongside advancements in transducer technology and frequent product launches by key players, the report states.
Grand View Research adds that “in addition, the rise in ultrasound-assisted surgeries and diagnostics for soft-tissue injuries contributes to this expansion. For instance, in September 2023, GE HealthCare received over $44 million from the Bill & Melinda Gates Foundation to develop AI-assisted ultrasound tools. These tools are designed to aid healthcare professionals in improving obstetric and lung scans for maternal, fetal and pediatric care.”
The availability of advanced ultrasound transducers is expected to drive the ultrasound transducer market during the forecast period.
The Grand View Research report also states: “Technological advancements in ultrasound transducers have enhanced image quality and expanded clinical applications, such as detailed imaging for various medical specialties. These innovations enable more accurate diagnoses and treatments, contributing to the growth of the ultrasound transducer market. The ongoing development of portable and AI-assisted ultrasound devices further broadens their use and accessibility. For instance, in September 2023, Exo Imaging Inc. joined the handheld ultrasound market with the launch of its AI-powered Iris system, following over $300 million in funding. Pronounced “echo,” the company announced the Iris device, which aims to replace traditional cart-based ultrasound machines with a sleek, portable unit that connects to a smartphone for image display.”
Precedence Research has also released a report predicting continued growth of the ultrasound transducer market.
“The global ultrasound transducer market size was calculated at $3.80 billion in 2024, and is projected to hit around $3.92 billion by 2025, and is anticipated to reach around $5.23 billion by 2034, growing at a CAGR of 3.25% from 2025 to 2034,” the report states. “The demand for the ultrasound transducer market is growing due to their rising use in medical fields like diagnostics and surgeries. The increasing prevalence of medical conditions also contributes to market growth.”
“The U.S. ultrasound transducer market size was exhibited at $1.03 billion in 2024 and is projected to be worth around $1.45 billion by 2034, growing at a CAGR of 3.44% from 2025 to 2034,” the report adds.
“North America dominated the global ultrasound transducer market in 2024,” it continues. “The dominance of the region is attributed to the well-established healthcare infrastructure in countries like the United States, which focuses on the adoption of advanced technologies. Governments are also contributing heavily to the adoption of medical technologies. Additionally, the rising prevalence of chronic diseases is leading to the need for advanced technologies. The rising influence of social media is also increasing health awareness among the population, which is focused on adopting diagnosis at an early stage.”
Global Market Insights (GMI) forecasts growth for the ultrasound probe market.
“Ultrasound probes market size was valued at $3.7 billion in 2023 and is estimated to grow at 3.7% CAGR from 2024 to 2032. Ultrasound probes, also known as transducers, are handheld devices used in medical imaging to generate and receive ultrasound waves. These probes consist of piezoelectric crystals that convert electrical energy into mechanical vibrations (sound waves) and vice versa,” GMI reports.
The global ultrasound transducer market will witness a robust CAGR of 6.8%, valued at $3.7 billion in 2024, expected to appreciate and reach $5.5 billion by 2030, according to Strategic Market Research.
