Several reports from research firms and a number of press releases all predict continued growth of the diagnostic ultrasound market.
“In the near future, the ultrasound industry is poised for remarkable advancements, revolutionizing medical diagnostics and health care practices,” a PR Newswire release states. “Rapid technological innovations in ultrasound machines will enable higher resolution imaging, real-time 3D visualization, and enhanced portability, making them more accessible to remote and underserved areas. AI-driven algorithms will play a crucial role in automating image analysis, expediting diagnoses, and improving accuracy. Additionally, miniaturization and wearable ultrasound devices will empower patients to monitor their health in real-time, ushering in a new era of personalized medicine. As the cost of ultrasound technology decreases and its applications expand, we can expect a surge in adoption across various fields, from obstetrics and cardiology to musculoskeletal and point-of-care settings, ultimately enhancing patient outcomes and transforming the landscape of modern health care.”
The ultrasound market (in terms of revenue) was estimated to be worth $8.5 billion in 2023 and is poised to reach $11.6 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of ultrasound for diagnostic imaging.
Based on end user, the ultrasound market is segmented into hospitals, surgical centers, diagnostic centers, maternity centers, ambulatory centers, research and academia and other end users. The hospitals, surgical centers, diagnostic centers segment accounted for the largest share of the market in 2022. Factors attributing to the share of this particular segment are increasing cancer incidences and increasing number of dermatological surgeries performed in hospitals and clinics are driving the growth of this segment, the report adds.
The Asia Pacific ultrasound market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving market growth in APAC countries. This region is having a rise in health care investment and expenditure, offering significant growth opportunities for the key players, the release states.
Acumen Research and Consulting also predicts market growth.
“The global diagnostic ultrasound market size accounted for $7.2 billion in 2021 and is projected to occupy a market size of $11.4 billion by 2030 growing at a CAGR of 5.3% from 2022 to 2030,” Acumen reports.
Mordor Intelligence reports expansion of the U.S. ultrasound market in coming years.
“The United States ultrasound devices market size is estimated at $2.95 billion in 2024, and is expected to reach $3.86 billion by 2029, growing at a CAGR of 5.48% during the forecast period (2024-2029),” the report states.
