Ultrasound Market Size Worth $10.4 Billion By 2030: IndustryARC

The Global Ultrasound Market size is predicted to reach $10.4 billion by 2030, growing at a CAGR of 4.0% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Growing adoption of portable ultrasound machines, demand for three-dimensional (3D) and four-dimensional (4D) real-time imaging ultrasound technology and surging adoption of Point-of-care Ultrasound (POCUS) are fueling the growth of the Ultrasound Market during the forecast period, finds IndustryARC in its recent report, titled “Ultrasound Market Size, Share & Trends Analysis Report- By Display Type (Color Ultrasound Devices and Black and White Ultrasound Devices), By Technology (Diagnostic Ultrasound and Therapeutic Ultrasound), By Components (Probes, Workstations and Others), By Application (Anesthesiology, Cardiology, Gynecology, Musculoskeletal, Radiology, Critical Care and Others), By End User Industry (Hospitals, Maternity Centers, Research Laboratories and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Asia-Pacific to Register Highest Growth:

During the forecast period of 2023-2030, the Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 5.2% in the global ultrasound market. This growth is attributed to the rising geriatric population in the region, improvements in healthcare services driven by advancements in medical technology, increased healthcare spending, and the adoption of best practices in the region. These factors contribute to the growth of the Ultrasound Market share in the Asia-Pacific region.

Ultrasound Market2023-2030: Scope of the Report

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Ultrasound Market Report – Key Takeaways:

Maternity Centers segment to Grow the Fastest

As per the Ultrasound Market forecast, the maternity centers are estimated to grow at the fastest CAGR of 4.8% during the forecast period in terms of end-use industries. The ultrasound has become a standard procedure used during pregnancy. It can demonstrate fetal growth and can detect a number of conditions in the fetus.

Diagnostic Ultrasound Segment to Register Highest Growth

As per the Ultrasound Market analysis, the diagnostic ultrasound segment is projected to exhibit the highest growth during the forecast period in terms of technology. Numerous factors are driving the growth of this segment. The increasing incidences of chronic diseases is driving the diagnostic ultrasound segment. Additionally, increasing demand for 3D and 4D ultrasound imaging and the commercialization of indigenous doppler ultrasound technology also boosts the diagnostic ultrasound market.

Growing Adoption of Portable Ultrasound Devices to Boost the Market Size

Compact and portable ultrasound machines have revolutionized the medical imaging. Portable ultrasound systems have shown satisfactory results for disease diagnosis in emergency settings where an immediate diagnosis and treatment decision are required, further supporting the case for their adoption. Furthermore, they are inexpensive, flexible and hand-held, and deliver superior images without exposing patients to radiation.

Lack of Skilled Professionals to Hamper Market Growth

Ultrasound demands specialized training and expertise for effective performance. Skilled professionals, including sonographers and radiologists, play a pivotal role in conducting ultrasound examinations and interpreting the resulting images. According to 2023 data from the NHS, there are around 3,000 trained sonographers practicing in the UK. With ultrasound accounting for about 25% of all the medical imaging procedures currently undertaken, there is a severe shortage of sonographers in the UK. To drive market growth, health organizations must prioritize training more personnel. By addressing the lack of skilled professionals, health organizations can ensure timely detection of diseases and also contribute to the growth of the Ultrasound Market.

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Key Opportunity Analysis:

Technological Advancements- Integration of Artificial Intelligence (AI) in Ultrasound Imaging

AI empowers ultrasound technology with advanced analytical capabilities, leading to improved diagnostic accuracy, streamlined medical workflows, and ultimately, better patient outcomes. By harnessing the power of AI, the ultrasound market can benefit from improved imaging technologies and optimized diagnostic processes, thus ultimately leading to enhanced patient outcomes. The ongoing endeavors in product advancements and dedicated research to harness AI-based ultrasound imaging are set to create new opportunities over the coming years.

Low-intensity Focused Ultrasound (LIFU)-Aided Liquid Biopsy

Liquid biopsy, a less invasive and sensitive alternative to traditional methods, is rapidly evolving as a valuable tumor detection tool. However, for brain cancers, the invasive nature and the blood-brain barrier pose significant challenges in detecting cancer in the patient’s blood.

In March 2023, the Miami Cancer Institute and Miami Neuroscience Institute conducted the first LIFU-aided liquid biopsy in Florida, specifically targeting glioblastoma patients. By temporarily disrupting the blood-brain barrier with LIFU, tumor DNA is allowed to leak into the bloodstream, making liquid biopsies viable for brain cancers.

The advantage of liquid biopsy lies in its ability to promptly provide vital diagnostic information, enabling immediate cancer treatment decisions. Incorporating LIFU technology in liquid biopsy signifies a transformative era in ultrasound imaging, empowering healthcare professionals to elevate patient care and diagnosis in the fight against brain tumors. Thus, LIFU-aided liquid biopsy presents a valuable opportunity for the ultrasound market.

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The Report also Covers the Following Areas:

Ultrasound Market Size and Forecast

Ultrasound Market Trends

Ultrasound Market Analysis by Deployment Type

Ultrasound Market 2023-2030: Key Highlights

CAGR of the market during the forecast period 2023-2030

Value Chain analysis of key stake holders

Detailed analysis of market drivers and opportunities during the forecast period

Ultrasound Market size estimation and forecast

Analysis and predictions on end users’ behavior and upcoming trends

Competitive landscape and Vendor market analysis including offerings, developments, and financials

Comprehensive analysis of challenges and constraints in the API Security Market

Covid and Ukrainian Crisis Impact:

The COVID-19 pandemic accelerated the adoption of Point-of-Care Ultrasound (POCUS). POCUS demonstrated its utmost significance during the pandemic. According to the Radiological Society of North America, COVID-19 created a greater awareness of POCUS, as lung ultrasound afforded physicians a great deal of information without needing to move patients to a static CT scanner.

The conflict between Russia and Ukraine could lead to long-term supply chain disruptions that could affect the ultrasound market, either through delays of shipments from closed airspace and expensive fuel or cyberattacks on healthcare systems. In times of war, countries usually prioritize defense spending over healthcare spending which might also affect the market.

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List of Key Market Players in Ultrasound Market:

The key companies profiled in the Ultrasound Market Report are listed below:

GE Healthcare

Koninklijke Philips N.V

Canon Medical Systems Corporation

Siemens

Samsung

Fujifilm Holdings Corporation

Analogic Corporation

Konica Minolta Inc.

Shimadzu Corporation

Hologic Inc.

Hitachi

Mindray Medical International Limited

Esaote SpA

SonoScape Medical Corp.

Clarius Mobile Health

Related Reports:

Imaging in Clinical Trials Market – Imaging in Clinical Trials Market size is projected to grow at a CAGR of 5.5% from 2022 to 2027, owing to technological advancements in discovering new drugs and medicines, growing prevalence of diseases and spending on the healthcare system by the government

3D/4D Ultrasound Equipment Market – The 3D/4D Ultrasound Equipment Market size is projected to grow at a CAGR of 4.1% during the forecast period from 2022 to 2027. The growth of this market is mainly attributed to the rising demand for pinpoint diagnosis of various health complications, innumerable advantages of ultrasound in pregnancies, growing chronic illnesses, and broadening health awareness among people.

3D Ultrasound Market – The 3D Ultrasound Market size is growing at a CAGR of 6.5% during the forecast period. The rise in the adoption of percutaneous coronary interventions for opening clogged coronary arteries, increase in the demand for gynecologic ultrasonography in hospitals, rise in the adoption of intrauterine contraceptive devices in cardiology, and the growing investment by the key players are the driving factors.

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