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Diagnostic Ultrasound Market Projected to Reach US$ 11.1 Billion by 2032 Due to Technological Advancements | Market.us Study

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New York, April 11, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global diagnostic ultrasound market is estimated to be valued at USD 11.1 billion by 2032 from USD 7.1 billion in 2022 and is expected to exhibit a CAGR of 4.7% during the forecast period 2023 to 2032. Diagnostic ultrasound is also known as sonography or diagnostic medical sonography. It is an imaging method that uses sound waves to produce images of structures within the body. This image provides important information for diagnosis and directing treatments for a variety of diseases and conditions.

Diagnostic Ultrasound Market By Technology

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Key Takeaways:

  • By technology, the 2D segment generated the largest revenue share of 37% in 2022.
  • By Application, the obstetrics/gynecology segment generated the largest revenue share of 28% in 2022.
  • By portability, the trolley-based segment generated the largest revenue share of 68% in 2022.
  • By End-User Analysis, the hospital segment generated the largest revenue share of 25% in 2022.
  • In 2022, North America dominated the market with the highest revenue share of 31.5%.
  • Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

With the increasing burden of chronic diseases such as cancer, heart disease, and diabetes, the need for diagnostic ultrasounds is increasing. The most significant use of ultrasound is during pregnancy. The diagnostic ultrasound provides information about the baby’s growth, development, and overall growth.

Factors affecting the growth of the diagnostic ultrasound market

There are several factors that can affect the growth of the diagnostic ultrasound market. Some of these factors include:

  • Increasing use in radiology: The ultrasounds in radiology are used to monitor an unborn baby and guide a surgeon during certain procedures. Ultrasound images are captured in real-time. This provides accurate information to the radiologist and helps in effective and fast diagnosis.
  • Increasing numbers of diagnostic centers: The healthcare industry continuously evolves due to increasing R&D facilities. The diagnostic ultrasound plays a vital role in monitoring an unborn baby, diagnosing a condition, or guiding the surgeon during the diagnosis process.
  • COVID-19: Increased cases of COVID-19 infections resulted in increased admission of patients in hospitals. Thus the need for diagnostic ultrasound machines was increased for the fast detection and diagnosis of diseases.

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Top Trends in Global Diagnostic Ultrasound Market

The technological advancements in diagnostic ultrasound, such as sensors, automatic monitoring, and the emergence of artificial intelligence in ultrasound imaging, are driving product demand in the market. The demand for diagnostic ultrasound is increasing for in-vitro fertilization treatment during pregnancy for monitoring the baby’s health. The major key players in the diagnostic ultrasound market are adopting business strategies such as merging, acquisition, and collaboration to obtain a competitive edge in the market.

Market Growth

The market growth is propelled by increasing technological advancements in ultrasound systems. Researchers are focusing on the adoption of artificial intelligence for automatically recognizing complex patterns in imaging data and providing quantitative assessments of radiographic data. Artificial intelligence in ultrasound is helpful in ultrasound imaging as it enhances the quality of the process and boosts the accuracy of diagnosis. AI in diagnostic ultrasound systems provides expert guidance, intelligent interpretation capabilities, and automated quality assessment.

Regional Analysis

The diagnostic ultrasound market was dominated by North America, which acquired the most significant revenue share of 31.5% in 2022. The increasing prevalence of chronic diseases propels the market growth in this region. The technological advancement rate of North America is more, driving the regional growth of the market. Around 48% of adults in the United States suffer from cardiovascular diseases. The governmental bodies are funding healthcare sectors to overcome such problems. This has spurred new innovations in the healthcare industry. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the increasing geriatric population and rising burden of chronic diseases in middle-income countries.

Competitive Landscape

Key companies in the diagnostic ultrasound market are expanding their business in foreign countries to stay competitive in the market. The major key players in the diagnostic ultrasound market include Canon Medical Systems Corporation, Esaote S.P, GE GealthCare Technologies Inc., Hologi Inc., Konica Minolta Inc., Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Siemens Healthineers AG, Fujifilm Holdings Corporation, Mindray Medical International Limited, KronosMD Inc., Canon Inc., and Other Key Players.

 Recent Development of the Diagnostic Ultrasound Market

  • In February 2023, GE HealthCare Inc. acquired the San Mateo- headquartered AI medical technology manufacturers.
  • In August 2020, Siemens Healthineers AG announced it would acquire Varian Medical System representing a return to radiation therapy after the discontinuation of Siemens’s own linear acceleration.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 7.1 Billion
Market Size (2032) USD 11.1 Billion
CAGR (from 2023 to 2032) 4.7%
North America Revenue Share 31.5%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The applications of diagnostic ultrasounds are increasing in hospitals, maternity centers, radiology, and ambulatory surgical services, which is the primary factor driving the growth of the diagnostic ultrasound market. The increasing geriatric population in developed and developing countries are propelling the market growth. Due to the small size and reliability of ultrasounds, the demand for ultrasound machines is increasing in the healthcare industry.

Increasing use of ultrasound in cancer diagnosis fueling the demand for diagnostic ultrasound machines. Worldwide there is an emergence of cardiovascular diseases such as coronary heart diseases and rheumatic heart diseases. Diagnostic ultrasounds help surgeons diagnose such cardiovascular diseases. Diagnostic ultrasound machines are safer than X-ray and CAT scans; thus, the demand in the market is expected to grow.

Market Restraints

Diagnostic ultrasound machines are technologically advanced. Thus, they need regular maintenance, and high maintenance costs hamper the market growth. Sometimes these machines are unable to detect disease defects and take a clear image. The lack of skilled professionals, especially in middle-income countries, has a negative impact on market growth.

Market Opportunities

Diagnostic ultrasound plays a vital role during pregnancy in detecting the baby’s health and the baby’s structural conditions. Also, increasing the use of diagnostic ultrasound machines to guide central venous catheters and peripheral venous catheters is expected to drive the market. Furthermore, ultrasound guidance allows healthcare specialists and surgeons to detect anatomical targets and surrounding structures such as vessels, soft tissues, and nerves in real-time. Thus, increasing diagnostic ultrasound use in healthcare sectors is expected to create lucrative growth opportunities in the global diagnostic ultrasound market.

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Report Segmentation of the Diagnostic Ultrasound Market

Technology Insight

Based on technology, the 2D segment dominated with the largest market share and is expected to continue its dominance during the forecast period. 2D ultrasounds have significant applications during pregnancy. It creates a black-and-white image that displays the baby’s skeletal structure and makes the interior organs visible. It is generally used to diagnose of baby’s health. The accuracy rate of 2D ultrasounds is 95-98% depending on the baby, mother, and operatives-related factors. In addition, 2D ultrasounds are easily available in the market and are cost-effective. Therefore, demand for 2D ultrasounds is increasing in the market.

Application Insight

Based on application, the obstetrics/gynecology segment was dominant, with the largest market share in 2022. Obstetrical ultrasounds are helpful in clinical tests to establish the presence of a living embryo or fetus and the age of the pregnancy. In addition, they are useful in diagnosing fetus abnormalities. It has significant applications in estimating gestational age, location of the placenta, confirmation of pregnancy, and monitoring fetal well-being.

Portability Insight

Based on portability, the trolley-based segment was dominant in the market, with the largest market revenue share in 2022. Trolley-based diagnostics ultrasounds are easy to relocate and move from one place to other in hospitals and diagnostic centers. This is ideal for fetal monitors, patient monitors, ECG machines, and various medical devices. This enables healthcare specialists to diagnose bedridden patients conveniently at the bedside without disrupting the treatment. In addition, trolley-based ultrasounds are cost-effective and don’t need more space, enabling the adoption of trolley-based ultrasounds in small clinics and physicians.

End-User Insight

On the basis of end-user, the hospital segment was dominant in the market, with the largest market revenue share in 2022. With the increasing number of hospitals and the rising burden of chronic diseases, the demand for diagnostic ultrasounds is increasing. In addition, small clinics and multispecialty hospitals are rapidly adopting diagnostic ultrasounds due to the emergence of chronic diseases and their diagnosis.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/diagnostic-ultrasound-market/request-sample/

Market Segmentation

By Technology

By Application

  • General Imaging
  • Cardiology
  • Obstetrics/Gynecology
  • Anesthesiology
  • Radiology
  • Other Applications

By Portability

  • Trolley-Based
  • Compact/Handheld

By End-User

  • Hospitals
  • Maternity centers
  • Diagnostic Centers
  • Ambulatory Surgical services
  • Other End-Users

By Geography

  • North America
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

  • Canon Medical Systems Corporation
  • Esaote S.P
  • GE GealthCare Technologies Inc.
  • Hologi Inc.
  • Konica Minolta Inc.
  • Koninklijke Philips N.V.
  • Samsung Electronics Co. Ltd.
  • Siemens Healthineers AG
  • Fujifilm Holdings Corporation
  • Mindray Medical International Limited
  • KronosMD Inc.
  • Other Key Players

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