Ultrasound Device Market Size Worth $13.56 Billion by 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 15, 2022 /PRNewswire/ -- The global ultrasound device market size is expected to reach USD 13.56 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Ultrasound is a very efficient technology that aids in the diagnosis of various disorders such as tumors as well as the detection of changes in the appearance of organs, tissues, and arteries. It also has a range of therapeutic applications. An increase in the adoption of ultrasound devices for diagnosis and treatment is driving the market. In addition, a rise in the adoption of minimally invasive surgeries, coupled with technological advancements, is expected to boost market growth.

Key Insights & Findings from the report:

• By product, the diagnostic ultrasound devices segment accounted for the largest revenue share in 2020 owing to the rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D.
• The therapeutic ultrasound devices product segment is expected to grow at a significant rate during the forecast period.
• Based on portability, the cart/trolley based devices segment accounted for the largest revenue share in 2020.
• In terms of application, the general imaging segment held the largest revenue share in 2020.
• The hospitals end-use segment held the largest revenue share in 2020 and is further expected to maintain its lead over the forecast period owing to the extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders.
• North America accounted for the largest revenue share in 2020. Asia Pacific is anticipated to expand at the fastest CAGR over the forecast period owing to the increased demand for better imaging devices.

Read 120-page market research report, "Ultrasound Device Market Size, Share & Trends Analysis Report Analysis By Product (Diagnostic, Therapeutic), By Portability (Handheld, Cart/Trolley), By Application, By End-use, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Ultrasound Device Market Growth & Trends

Emerging innovations in ultrasound technology are expanding the market size. Hand-held ultrasound devices have made the technology more accessible for use in limited-resource communities around the world. Furthermore, the introduction of 3D/4D ultrasound and the integration of artificial intelligence (Al) to automate time-consuming processes are expected to propel market growth during the forecast period. For instance, in September 2020, GE Healthcare launched Voluson SWIFT, a new ultrasound technology, which is designed to help women's health by allowing clinicians to enhance patient outcomes by expanding diagnostic capabilities. The system includes industry-first AI algorithms for auto-recognition and has excellent image quality.

The rising prevalence of chronic diseases like cancer, neurological conditions, orthopedic conditions, and cardiovascular diseases, which demand the adoption of ultrasound devices for diagnosis, is expected to expand the market during the forecast period. In addition, the market for therapeutic ultrasound equipment is predicted to grow due to the rising use of ultrasound techniques for various therapeutic procedures using High-Intensity Focused Ultrasound (HIFU) technology and Extracorporeal Shockwave Lithotripsy (ESWL).

The market's prominent competitors are taking different initiatives such as acquisitions and funding of medium and small-sized businesses in order to expand their product portfolio and enhance their manufacturing capacity. For instance, in September 2021, GE Healthcare acquired BK Medical, a leader in advanced surgical visualization.

Ultrasound Device Market Segmentation

Grand View Research has segmented the global ultrasound device market based on product, portability, application, end-use, and region:

Ultrasound Device Product Outlook (Revenue, USD Million, 2017 - 2028)

• Diagnostic Ultrasound Devices
• 2D
• 3D/4D
• Doppler
• Therapeutic Ultrasound Devices
• High-intensity Focused Ultrasound
• Extracorporeal Shockwave Lithotripsy

Ultrasound Device Portability Outlook (Revenue, USD Million, 2017 - 2028)

• Handheld
• Cart/Trolley

Ultrasound Device Application Outlook (Revenue, USD Million, 2017 - 2028)

• Cardiology
• Obstetrics/Gynecology
• Vascular
• Orthopedics
• General Imaging

Ultrasound Device End-use Outlook (Revenue, USD Million, 2017 - 2028)

• Hospitals
• Imaging Centres
• Research Centres

Ultrasound Device Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• Thailand
• Latin America
• Brazil
• Mexico
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Ultrasound Device Market

• Koninklijke Philips N.V. 
• GE Healthcare
• Siemens Healthineers AG
• Canon Medical Systems
• Mindray Medical International Limited
• Samsung Medison Co., Ltd.
• FUJIFILM SonoSite, Inc.
• Konica Minolta Inc.
• Esaote

Check out more related studies published by Grand View Research:

• Magnetic Resonance Imaging Market - The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. Magnetic resonance imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and stroke impacting the area of blood vessels and brain. The increasing prevalence of these diseases is expected to play an important role in market growth.
• Medical Imaging Market - The global medical imaging market size is expected to reach USD 28.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2021 to 2028. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.
• Ultrasound Gels Market – The global ultrasound gels market size is estimated to reach USD 112.8 million by 2027, registering a CAGR of 3.0%, according to a new report by Grand View Research, Inc. The increasing adoption rate of ultrasound devices in healthcare settings due to its diagnostic efficiency and cost-effectiveness is the factor expected to drive the demand for the conductive medium during the forecast period. In addition, the increasing number of external sonography procedures requiring a low level of sterility has contributed to its largest market share.

Browse through Grand View Research's more Medical Imaging Industry Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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