Ultrasound Market to be Worth $18.07 Billion by 2031

Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC) Application (Cardiology, Therapeutic, Vascular) End User - Global Forecast to 2031

Meticulous Research^®—a leading market research company, published a research report titled, ‘Ultrasound Market Size, Share, Forecast, & Trends Analysis by Component (Device, Probe) Technology (3D, Doppler) Display (Color, B/W) Portability (Cart, Handheld, POC) Application (Cardiology, Therapeutic, Vascular) End User - Global Forecast to 2031.

According to this latest publication from Meticulous Research^®, the ultrasound market is expected to register a CAGR of 5.8% from 2024 to reach $18.07 billion by 2031. The growth of the ultrasound market is driven by the aging population with chronic disorders, advancements in ultrasound device technology, the rising number of diagnostic imaging centers and hospitals, the rising incidence of orthopedic injuries and musculoskeletal disorders, and the increasing public & private investments, funding, and grants for ultrasound device development. However, stringent government regulations for trading, manufacturing, distribution, and sales of ultrasound imaging products restrain the market’s growth.

Furthermore, the emergence of point-of-care ultrasound devices and the demand from emerging economies are expected to create market growth opportunities.

Key Players

The key players operating in the ultrasound market are GE Healthcare Technologies Inc. (U.S.), Konica Minolta, Inc. (Japan), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Canon Inc. (Japan), Esaote S.p.A (Italy), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Samsung Medison Co., Ltd. (South Korea), FUJIFILM SonoSite, Inc. (A Subsidiary of FUJIFILM Holdings Corporation) (U.S.), and Hologic, Inc. (U.S.).

Ultrasound Market: Future Outlook

The ultrasound market is segmented by component [{ultrasound devices, transducers/probes, gels, and other components}, technology {diagnostic ultrasound (2D ultrasound, 3D and 4D ultrasound, doppler ultrasound (color doppler imaging, continuous doppler imaging, pulse wave doppler imaging), therapeutic ultrasound (high-intensity focused ultrasound, lithotripsy (extracorporeal shock wave lithotripsy, shock wave lithotripsy)}, display {colored display, black and white display}, portability {cart/trolly-based ultrasound systems, handheld/compact ultrasound systems, point of care ultrasound systems}, applications {diagnostic applications (general imaging, cardiology, obstetrics/gynecology, vascular, urology, and other diagnostic applications), therapeutic applications (drug delivery, physical therapy, pain management, and other therapeutic applications)}, end user {hospitals and clinics, diagnostic imaging centers, ambulatory care centers, and academic and research institutes}], and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Among the components studied in the report, in 2024, the ultrasound devices segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is attributed to technical advancements in ultrasound devices, the rising geriatric population with chronic conditions like cancer and cardiovascular diseases, the increasing prevalence of orthopedic injuries, and the growing number of hospitals.

Among the technologies studied in the report, in 2024, the diagnostic ultrasound segment is expected to account for the largest share of the ultrasound market. The large market share of the segment is attributed to the growing demand for 2D ultrasound in obstetrics/gynecology, technical advancements in diagnostic ultrasound imaging, and growing incidences of orthopedic injuries and musculoskeletal conditions.

Among the displays studied in the report, in 2024, the color display segment is expected to account for the largest share of the ultrasound market. Color displays in ultrasound offer significant advantages, including quantitative and multiparameter presentation, heightened contrast sensitivity in images, and enhanced accuracy in diagnosis and treatment. Real-time imaging capabilities also enable improved localization, depth assessment of structures, and simplified detection and monitoring of changes during imaging procedures. These benefits contribute to the significant market share of this segment.

Among the portability modes studied in the report, in 2024, the cart/ trolley-based ultrasound systems segment is expected to account for the largest share of the ultrasound market. The large market share of this segment is primarily due to their user-friendly nature, advanced applications that enhance efficiency and minimize operator errors, flexibility, durability, and innovative features. Additionally, these systems offer AI-based solutions to enhance patient care and cater to specialized clinical applications such as cardiovascular and obstetrics/gynecology, contributing to their increased adoption.

Among the applications studied in the report, in 2024, the diagnostic applications segment is expected to account for the largest share of 65% of the ultrasound market. The large market share of this segment is attributed to the increasing demand for radiation-free and non-invasive diagnostic modalities used for testing various disorders, including cardiovascular, orthopedic, and musculoskeletal conditions.

Among the end users studied in the report, the ultrasound market is segmented into hospitals and clinics, diagnostic imaging centers, ambulatory surgical centers, and academic and research institutes. In 2024, the hospitals and clinics segment is expected to account for the largest share of 44.3% of the ultrasound market. The large market share of this segment is attributed to the widespread adoption of ultrasound systems as the primary imaging option in hospitals and clinics. The availability of portable ultrasound systems and their utilization across various departments is expected to drive the demand for ultrasound devices. Additionally, the increasing number of healthcare facilities in emerging economies and the growing awareness about innovative ultrasound devices contribute to this segment's growth.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latam America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 34.9% of the ultrasound market. High demand for minimally invasive surgery, high incidence of chronic and lifestyle-related disorders, and technological advancements in ultrasound technology are the major factors responsible for the largest share of the region.

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Key questions answered in the report-

Which are the high-growth market segments in terms of component, technology, display, portability, application, end user, and geography?
What was the historical market for ultrasound across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the ultrasound market?
Who are the major players in the ultrasound market?
What is the competitive landscape like?

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