The global diagnostic ultrasound market size was USD 7.2 Billion in 2022 and is likely to reach USD 11.3 Billion by 2031, expanding at a CAGR of 5.2% during 2023–2031. The market growth is attributed to the increasing birth rate and the rapidly growing geriatric population base.
Increasing birth rate in several countries is a major propelling factor of the market, as it fuels the demand for diagnostic ultrasound use during pregnancy. Ultrasound devices are utilized for checking the baby’s heartbeat, movement, muscle tone, and overall development of the baby. With the growing focus on efficient pregnancy management and keeping a check on the health and development of the baby, the adoption of diagnostics ultrasounds is rising in hospitals and maternity centers.
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According to the Centers for Disease Control and Prevention (CDC), around 3.7 million babies were born in 2022. The general fertility rate was 56.1 births per 1000 women aged 15 to 44 years, which declined less than 1% from 2021. In 2022, the overall fertility rate was 1,665 births per 1000 women, essentially unmoved from 2021.
Increasing geriatric population in worldwide regions is further boosting the diagnostic ultrasound market. Ultrasound diagnostics are widely used by emergency room physicians to diagnose patients in different age groups including the elderly with various health conditions. Ultrasounds can help doctors to detect cardiac issues, blood vessel issues, abdominal disorders, general biopsies, and musculoskeletal disorders. These ultrasound machines are safer than CAT and X-ray scans, which is further fueling their applications in healthcare diagnostics.
The market report finds that the COVID-19 pandemic has affected the market, owing to the strict regulation imposed by various governments across the globe and the disruption in the supply chain. Investments in research & development related to diagnostic ultrasound also reduced, owing to the diversion of the medical field in treating COVID-19 patients, which impacted the diagnostic ultrasound market.
Impact of Artificial Intelligence on the Diagnostic Ultrasound Market
Artificial Intelligence is anticipated to propel the diagnostic ultrasound market during the forecast period. AI technology enhances the quality of ultrasonographic images to provide several forms of diagnostic support and to improve workflow efficiency. For instance, in radiation oncology, AI plays a significant role and is used in several stages of treatment.
This technology aids to recognize the thickening of particular muscle structures or to monitor changes in blood flow through the heart and arteries. Several market key players are focusing on the adoption of AI, to quickly recognize complex patterns in imaging data and provide quantitative assessments of radiographic data.
Diagnostic Ultrasound Market Dynamics
Major Drivers
Increasing prevalence of chronic disease is expected to be a major driver of the market during the forecast period. The demand for healthcare facilities and services such as hospitals, ambulatory surgical services, maternity centers, and others is rising at a significant level, which in turn increases the applications of diagnostics systems.
In addition, the Increasing geriatric population coupled with the rising occurrence of chronic disorders/non-communicable diseases (NCD) in this age group is fueling the demand for medical imaging equipment, especially ultrasound devices for the treatment and diagnostic process. This factor is expected to boost the diagnostic ultrasound market.
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According to the World Health Organization (WHO), each year, NCDs cause nearly 41 million deaths, which is equivalent to 74% of all deaths worldwide. Approximately 17 million die from NCD before the age of 70 and 86% of these premature deaths happen in low- and middle-income countries each year.
Existing Restraints
Lack of skilled professionals is expected to hinder the diagnostic ultrasound market. Diagnostic ultrasound machines require regular maintenance and need to be handled by professionals, which further increases the costs of healthcare facilities. Occasionally, these ultrasound machines are unable to provide clear images and detect diseases, which confines their reliability. Diagnostics ultrasound demand is limited especially in middle-income countries due to a lack of skilled professionals and cost factors, which further affects the market.
Emerging Opportunities
Increasing integration of advanced technology in diagnostic ultrasound machines such as Artificial Intelligence (AI) is anticipated to create lucrative opportunities for the market players. AI helps in ultrasound imaging, improves the quality of the process, and enhances the accuracy of diagnosis, which is expected to boost their applications in various diagnostics and treatments. AI enhances the quality of ultrasonographic images to provide several forms of diagnostic support. All these factors are likely to create favorable opportunities for the growth of the market.
Scope of Diagnostic Ultrasound Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Diagnostic Ultrasound Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Trolly-based Devices, Compact/Handheld devices, and Others), Application (Cardiology, Obstetrics & Gynecology, Radiology, Urology, and Others), Technology (2D, 3D & 4D, Doppler Imaging, and Others), and End-user (Hospitals, Maternity Centers, Research Institutes, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Canon Inc.; UKG Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Sumitomo Mitsui Banking Corporation; Siemens; SAMSUNG; Koninklijke Philips N.V.; Konica Minolta Business Solutions U.S.A., Inc.; Hologic, Inc.; GE HealthCare; and ESAOTE SPA
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Diagnostic Ultrasound Market Segment Insights
Product Segment Analysis
Based on product, the diagnostic ultrasound market is divided into trolly-based devices, compact/handheld devices, and others. The trolley-based devices segment is expected to expand at a significant pace during the projection period, as it is easily available and cost-effective.
Trolley allows the user to store and transport the ultrasounds system and accessories from one place to another. Trolley-based devices help extensively during emergency conditions, as they can quickly move from one location to another. Trolley-based ultrasounds are cost-effective, which further increases the adoption of these devices in clinics and hospitals.
The compact/handheld devices segment is anticipated to hold a key share of the market in the coming years, due to the increasing number of diagnostic clinics all over the world. The segment growth is further attributed to the high demand for lighter and smaller diagnostic ultrasound systems. Handheld devices are lightweight and deliver assessments quickly.
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According to the study published by the National Ultrasound, a handheld device had a 96% accuracy rate compared to a portable ultrasound. The study included 42 male and 58 female patients and came to conclusion that the doctors have to know the limits for handheld devices while handling tissue examinations.
Application Segment Analysis
On the basis of application, the global market is segregated into cardiology, obstetrics & gynecology, radiology, urology, and others. The obstetrics & gynecology segment is projected to register a considerable CAGR during the forecast period, due to the increasing adoption of monitored pregnancy and fetal wellbeing.
Ultrasound is the preferred imaging modality and the best way to keep track of pregnant women and their developing babies. It allows the doctor to see inside the uterus and provide better information about the pregnancy. Demand for diagnostic ultrasounds in gynecology is further increasing due to the advancements in 3D & 4D ultrasounds.
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On February 8, 2023, Boston Imaging, the headquarters of Samsung’s digital ultrasound and radiography business in the US, launched HERA W10 Elite, a premier model of the HERA platform for gynecology and obstetrics. It delivers clinicians with a suite of powerful AI tools and clinical applications to enhance the diagnostic experience.
The radiology segment is anticipated to account for a major market share in the coming years, as it supports medical and surgical treatment planning. Ultrasound imaging uses high-incidence sound waves to see inside the body, as the images are taken immediately and also show the action of the internal organs and blood flowing over the blood vessels. Ultrasound guidance allows the anesthetist to secure the precise position of the needle and monitor the delivery of the local anesthetic in real-time.
Technology Segment Analysis
Based on technology, the diagnostic ultrasound market is segmented into 2D, 3D & 4D, doppler imaging, and others. The 2D segment is expected to register a robust growth rate during the forecast period, as it is cost-effective and easily available. The segment growth is further attributed to the increasing technological advancements in diagnostic ultrasound, reimbursements by the governments, and rising usage of ultrasound for women’s health diagnostics. 2D ultrasound provides flat images and it usually takes until week 24. 2D ultrasound shows the skeletal structure of the baby and creates a black-and-white image. It is commonly used to diagnose the health of the baby.
The 3D & 4D segment is projected to hold a significant market share in the coming years, as it provides a full picture of the baby. 3D and 4D ultrasound shows birth defects that might not reveal on a standard ultrasound. 3D ultrasound creates a three-dimensional image of the baby and 4D creates a live video effect.
End-user Segment Analysis
On the basis of end-user, the global market is divided into hospitals, maternity centers, research institutes, and others. The hospitals segment is expected to expand at the fastest growth rate during the projection period, owing to the increasing number of ultrasound-based medical procedures and increasing adoption of minimally invasive diagnostic and surgical procedures. The segment growth is attributed to the rising patient preference for hospital treatments, due to the skilled healthcare professionals and advanced equipment in the hospitals.
The maternity centers segment is anticipated to account for a major market share in the coming years, owing to the rising need for the diagnosis of baby’s health and conditions. The segment growth is further attributed to the increasing birth rate in developed nations. For instance,
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According to the Centers for Disease Control and Prevention, in 2021, the provisional number of births in the US was 3,659,289, up by 1% from 2020 and the first increase in the number of births since 2014.
Regional Analysis
In terms of region, the global diagnostic ultrasound market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the increasing occurrence of noncommunicable diseases, increasing birth rate, and high prevalence of cancer cases.
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According to the American Cancer Society Report, in 2022, it is estimated around 1.9 million new cancer cases and 609,360 cancer-related deaths in the US.
The market in Asia Pacific is anticipated to expand rapidly in the coming years, due to the increasing prevalence of acute disorders, rising burden of chronic diseases in middle-income countries, and increasing geriatric population. Several market players present in the region are focusing to develop new cost-effective and efficient products, which is likely to further increase the demand for diagnostic ultrasound in the region.
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On June 11, 2020, Koninklijke Philips N.V.; a worldwide leader in healthcare technology, commercially launched Lumify, with Reacts handheld ultrasound solution in Japan, to allow powerful diagnostics at the bedside. Philips has received approval from Japan's healthcare authority to launch the ultrasound solution for the compatible handheld device in the world’s third-largest healthcare market after the China and US.
Segments
The global diagnostic ultrasound market has been segmented on the basis of
Product
- Trolly-based Devices
- Compact/Handheld devices
- Others
Application
- Cardiology
- Obstetrics & Gynecology
- Radiology
- Urology
- Others
Technology
- 2D
- 3D & 4D
- Doppler Imaging
- Others
End-user
- Hospitals
- Maternity Centers
- Research Institutes
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Canon Inc.
- UKG Inc.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Sumitomo Mitsui Banking Corporation
- Siemens
- SAMSUNG
- Koninklijke Philips N.V.
- Konica Minolta Business Solutions U.S.A., Inc.
- Hologic, Inc.
- GE HealthCare
- ESAOTE SPA
Competitive Landscape
Key players competing in the global diagnostic ultrasound market are Canon Inc.; UKG Inc.; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Sumitomo Mitsui Banking Corporation; Siemens; SAMSUNG; Koninklijke Philips N.V.; Konica Minolta Business Solutions U.S.A., Inc.; Hologic, Inc.; GE HealthCare; and ESAOTE SPA.
These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.
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In November 2022, Koninklijke Philips N.V., launched a next-generation compact portable ultrasound solution at the Radiological Society of North America (RSNA), permitting first-time-right diagnosis for more patients. This new ultrasound compact system delivers the best image quality needed to support a confident diagnosis in a portable unit.
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In July 2022, GE Healthcare launched the advanced ultrasound, the next-generation Voluson Expert 22, the latest ultra-premium ultrasound in the women’s health portfolio, which includes a customizable touch panel, Voluson graphic-based beam former technology, AI-powered tools, and color & lighting options. This technology produces high-quality images and offers great flexibility in imaging functions.
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