Ultrasound Market Size to Surpass USD 17.0 Billion Growth by 2032 | Recent Innovations in Diagnostic Techniques and Favourable Reimbursement Policies


The rising prevalence of chronic diseases, the rising geriatric population and the demand for point-of-care testing are expected to drive the ultrasound market’s growth. The extensive use of ultrasound devices in hospital settings and an increase in the number of patients visiting hospitals with various lifestyle-related disorders are two factors that have contributed to the market growth.

Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 9.1 billion ultrasound market will reach USD 17.0 billion by 2032. The increased usage of ultrasound technology for diagnostic imaging and treatment and the rising incidence of chronic and lifestyle-related disorders are predicted to be the main drivers of market expansion. The rise in demand for minimally invasive surgery and advancements in ultrasound imaging technology are among the key factors impacting the market. Compared to other diagnostic imaging systems, ultrasound is considered one of the most useful diagnostic techniques in medical imaging since it is quicker and less expensive. It is also safer than other imaging technologies since it does not require magnetic fields or ionising radiation. Ultrasonic medical equipment has several applications in both diagnostic and therapeutic settings. Popularity has increased for therapeutic ultrasound uses in oncology and cardiology.

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North America to account for the largest market size during the forecast period.

North America is expected to hold the largest share of the ultrasound market owing to the increasing focus of market players on developing new products in the US and Canada. Post the Covid-19 outbreak, the US has witnessed innovations and product launches in the ultrasound market. Furthermore, the region is anticipated to expand due to strong R&D spending, the presence of key players and the availability of their products, technical improvements, the introduction of new products, and the region’s well-established healthcare infrastructure.

The cart/trolley segment dominated the market with the most significant revenue of USD 3.54 billion.

The cart/trolley segment dominated the market with the most significant revenue of USD 3.54 billion. Cardiology, radiology, obstetrics, and other clinical specialities are just a few of the many clinical applications for trolley/cart-based ultrasound equipment, which is expected to grow the segment.

The radiology segment dominated the market with the most significant revenue of USD 2.18 billion.

The radiology segment dominated the market with the most significant revenue of USD 2.18 billion. Radiology involves a wide range of diagnostic methods, from assessing illnesses and injuries to monitoring the success of therapies. Additionally, ongoing advancements in imaging technology reinforce the potential of radiology and general imaging, highlighting its ongoing significance.

The hospital segment dominated the market with the most significant revenue of USD 3.82 billion.

The hospital segment dominated the market with the most significant revenue of USD 3.82 billion. The substantial demand for ultrasound among elderly people for diagnostic and therapeutic purposes and the rise in hospital admissions for various medical disorders is expected to drive the segment’s growth.

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Market Dynamics:

Drivers: Increasing Geriatric Population

An increase in the incidence of chronic diseases, which has resulted in a growth in the need for ultrasound operations, is mostly due to the ageing population and changes in societal behaviours. According to the “World Population Ageing 2020” report from the UN Department of Economic and Social Affairs, 727 million people worldwide are 65 or older in 2020. By 2050, this population is anticipated to grow to 1.5 billion.

Restraint: Product recalls

Recent recalls of products and devices related to ultrasound hampered the market’s growth. For instance, Koninklijke Philips N.V. recalled its Class 2 Sparq ultrasound device in August 2021. The system intermittently caused a system shutdown due to a battery data issue, regardless of the actual battery state or the application of alternating current power, which is why the recall was started.

Opportunity: The Rising Prevalence of Musculoskeletal Disorders and Orthopedic Injuries

Age-related dysfunction and work injuries are both associated with musculoskeletal problems. Rheumatoid arthritis, osteoarthritis, osteoporosis, and septic arthritis are common musculoskeletal disorders. Bone fractures and shattered hips are common orthopaedic ailments among the elderly. Musculoskeletal conditions are prevalent among people all around the world. For instance, the World Health Organisation (WHO) estimates that 1.71 billion people worldwide suffer musculoskeletal disorders in 2021. The WHO also expects a rise in musculoskeletal disorders-related disability in the ensuing decades. This increases the need for ultrasound, providing growth opportunities to the market.

Challenge: Limited reimbursement policies

Patient adoption and access may need to be improved by the restrictive reimbursement rules and insufficient insurance coverage for several ultrasound procedures. This is expected to challenge the market’s growth during the forecast period.

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Some of the major players operating in the ultrasound market are:

● Zimmer MedizinSysteme GmbH
● General Electric Company
● Fujifilm Corporation
● Hitachi, Ltd.
● Mindray Medical International Limited.
● Samsung Healthcare
● Siemens Healthineers AG
● Koninklijke Philips N.V.
● Canon Inc.

Key Segments cover in the market:

By Portability:

● Compact
● Cart/Trolley
● Handheld

By Application:

● Primary Care
● Radiology
● Cardiology
● Anaesthesia
● Obstetrics/Gynaecology
● Critical Care
● Orthopaedic
● Emergency Medicine

By End-User:

● Imaging Centres
● Research Centres
● Hospitals

About the report:

The global ultrasound market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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