Ultrasound Market by Technology (2D, 3D, Doppler, Contrast-Enhanced, HIFU, ESWL), Component (Workstation, Probe), Type (Cart, Handheld, PoC), Application (OB/GYN, CVD, Urology, Ortho), End User (Hospitals, Clinics, ASCs) & Region - Global Forecast to 2028
Ultrasound Market by Technology (2D, 3D, Doppler, Contrast-Enhanced, HIFU, ESWL), Component (Workstation, Probe), Type (Cart, Handheld, PoC), Application (OB/GYN, CVD, Urology, Ortho), End User (Hospitals, Clinics, ASCs) & Region - Global Forecast to 2028
Abstract
The global ultrasound market is projected to reach USD 11.6 billion by 2028 from USD 8.5 billion in 2023, at a CAGR of 6.3% from 2023 to 2028. Factors such as the high incidence/prevalence of target diseases, the growing number of diagnostic imaging centers/procedures, increasing awareness about the benefits of early diagnosis of diseases, and the rapid adoption of technologically advanced ultrasound features and modalities are responsible for the increasing growth of this market.
“The 2D diagnostic ultrasound sub-systems segment of diagnostic ultrasound held the largest share of the market in 2022”
Based on technology, the ultrasound market is segmented into diagnostic ultrasound, therapeutic ultrasound, and contrast enhanced ultrasound. The diagnostic ultrasound segment of the market is further divided into 2D, 3D, 4D, doppler, and contrast enhanced ultrasound. The 2D subsegment held a major share of the market. Advantages offered by 2D ultrasound, such as real time imaging, non-invasive procedure, high-image resolution, and easy accessibility along with portability are driving the growth of this product segment.
“The portability segment is projected to register the highest CAGR during the forecast period”
Based on portability, the ultrasound market is segmented into trolley/cart-based ultrasound, compact/handheld ultrasound, and point-of-care (PoC) ultrasound. The trolley/cart-based ultrasound segment accounted for the largest market share in 2022. The large share of this segment is attributed to the system’s versatility, image quality, ehanced, easy to use features, and due to the increased usage of it in acute care settings and emergency care in hospitals and healthcare institutions.
“The display segment is projected to register the highest CAGR during the forecast period”
On the basis of device display, the ultrasound market is segmented into black & white ultrasound and color ultrasound devices. The color ultrasound devices segment accounted for the largest share of the ultrasound market in 2020. This can be attributed to factors such as benefits offered by color ultrasound devices (including better image quality and higher image resolution), growing market availability of advanced color ultrasound devices (coupled with continuous decline in product cost across major countries), and expanding distribution networks of major manufacturers across emerging countries.
“The market in the North America region is expected to witness the highest growth during the forecast period.”
The ultrasound market in the North America region is expected to register a CAGR during the forecast period, primarily due to the high healthcare spending in the region, rising prevalence of target diseases, increasing research activities, growing number of cosmetic surgeries, and technological advancements in imaging systems.
A breakdown of the primary participants referred to for this report is provided below:
•By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
•By Designation: Director-level–14%, C-level–10%, and Others–76%
•By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%
The prominent players in the ultrasound market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Japan), and Mindray Medical International Limited (China), among others.
Research Coverage
This report studies the ultrasound market based on technology, display, portability, component, application, enduser, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall ultrasound market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on the following pointers:
•Analysis of key drivers (rising target patient population, growing adoption of multimodal PET imaging devices, technological advancement, and increasing investment, funds, and grants by public-private organizations), restraints (high capital and operational cost, unfavorable regulatory guidelines), opportunities (improving healthcare infrastructure across emerging countries, PET utilization for breast imaging, promising product pipeline), and challenges (availability of alternate imaging technologies) influencing the growth of the ultrasound market
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the ultrasound market
•Market Development: Comprehensive information about lucrative markets–the report analyses the ultrasound market across varied regions.
•Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the ultrasound market
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Hologic, Inc. (US), FUJIFILM Corporation (Japan), Samsung Electronics Co., Ltd. (Japan), and Mindray Medical International Limited (China)
Content
Table of Contents
1INTRODUCTION20
1.1STUDY OBJECTIVES20
1.2MARKET DEFINITION20
1.2.1INCLUSIONS AND EXCLUSIONS21
1.3STUDY SCOPE22
1.3.1MARKETS COVERED22
1.3.2REGIONS COVERED23
1.3.3YEARS CONSIDERED23
1.3.4CURRENCY CONSIDERED23
1.4RESEARCH LIMITATIONS24
1.5STAKEHOLDERS24
1.6SUMMARY OF CHANGES25
2RESEARCH METHODOLOGY26
2.1RESEARCH DATA26
FIGURE 1ULTRASOUND MARKET: RESEARCH DESIGN26
2.1.1SECONDARY RESEARCH27
2.1.2PRIMARY RESEARCH29
2.1.2.1Primary sources29
2.1.2.2Key industry insights30
2.1.2.3Breakdown of primaries30
FIGURE 2BREAKDOWN OF PRIMARY INTERVIEWS: SUPPLY- AND DEMAND-SIDE PARTICIPANTS30
FIGURE 3BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION31
2.2MARKET SIZE ESTIMATION31
FIGURE 4RESEARCH METHODOLOGY: HYPOTHESIS BUILDING32
2.2.1BOTTOM-UP APPROACH32
2.2.1.1Approach 1: Company revenue estimation approach33
FIGURE 5MARKET SIZE ESTIMATION FOR ULTRASOUND MARKET: APPROACH 1 (COMPANY REVENUE ESTIMATION)33
FIGURE 6REVENUE SHARE ANALYSIS: ILLUSTRATIVE EXAMPLE OF GE HEALTHCARE34
2.2.1.2Approach 2: Customer-based market estimation34
2.2.1.3Ultrasound market: Top-down approach35
2.2.1.4CAGR projection35
FIGURE 7CAGR PROJECTION: SUPPLY-SIDE ANALYSIS35
2.3DATA VALIDATION APPROACH36
FIGURE 8DATA TRIANGULATION METHODOLOGY36
2.4MARKET SHARE ASSESSMENT37
2.5STUDY ASSUMPTIONS37
2.6RISK ASSESSMENT37
2.6.1ULTRASOUND MARKET: RISK ASSESSMENT37
2.7GROWTH RATE ASSUMPTIONS38
2.8ULTRASOUND MARKET: RECESSION IMPACT38
3EXECUTIVE SUMMARY39
FIGURE 9ULTRASOUND MARKET, BY TECHNOLOGY, 2023 VS. 2028 (USD MILLION)39
FIGURE 10ULTRASOUND MARKET, BY APPLICATION, 2023 VS. 2028 (USD MILLION)40
FIGURE 11ULTRASOUND MARKET, BY PORTABILITY, 2023 VS. 2028 (USD MILLION)41
FIGURE 12ULTRASOUND MARKET, BY END USER, 2023 VS. 2028 (USD MILLION)41
FIGURE 13GEOGRAPHICAL SNAPSHOT OF ULTRASOUND MARKET42
4PREMIUM INSIGHTS43
4.1ULTRASOUND MARKET OVERVIEW43
FIGURE 14INCREASING INCIDENCE OF TARGET DISEASES AND SUBSEQUENT RISE IN SURGICAL PROCEDURES TO DRIVE MARKET43
4.2EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY (USD MILLION)44
FIGURE 15DIAGNOSTIC ULTRASOUND SEGMENT TO HOLD LARGEST SHARE44
4.3ASIA PACIFIC: ULTRASOUND MARKET, BY END USER44
FIGURE 16HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD44
4.4ULTRASOUND MARKET, BY DISPLAY TYPE45
FIGURE 17COLOR ULTRASOUND SEGMENT TO COMMAND LARGEST SHARE TILL 202845
4.5GEOGRAPHIC SNAPSHOT OF ULTRASOUND MARKET45
FIGURE 18CHINA TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD45
5MARKET OVERVIEW46
5.1INTRODUCTION46
5.2MARKET DYNAMICS46
FIGURE 19ULTRASOUND MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES46
5.2.1DRIVERS47
5.2.1.1Increasing incidence of target diseases and subsequent rise in surgical procedures47
5.2.1.2Growing patient preference for minimally invasive surgeries48
5.2.1.3Rising technological advancements in ultrasound devices48
5.2.1.4Growing public-private investments for product commercialization49
5.2.1.5Increasing establishment of hospitals and diagnostic centers50
5.2.2RESTRAINTS50
5.2.2.1Unfavorable reimbursements50
5.2.2.2High operating costs51
5.2.3OPPORTUNITIES51
5.2.3.1Growing applications of therapeutic ultrasound51
5.2.3.2High growth potential of emerging markets52
5.2.3.3Development of POC ultrasound systems52
5.2.4CHALLENGES53
5.2.4.1Growing end-user preference for refurbished equipment53
5.2.4.2Shortage of skilled sonographers53
5.3PORTER’S FIVE FORCES ANALYSIS53
TABLE 1ULTRASOUND MARKET: PORTER’S FIVE FORCES ANALYSIS53
5.3.1THREAT OF NEW ENTRANTS54
5.3.2THREAT OF SUBSTITUTES54
5.3.3BARGAINING POWER OF SUPPLIERS54
5.3.4BARGAINING POWER OF BUYERS54
5.3.5INTENSITY OF COMPETITIVE RIVALRY54
5.4REGULATORY TRENDS55
5.5REGULATORY ANALYSIS55
5.5.1NORTH AMERICA55
5.5.1.1US55
TABLE 2US FDA: MEDICAL DEVICE CLASSIFICATION56
TABLE 3US: MEDICAL DEVICE REGULATORY APPROVAL PROCESS56
5.5.1.2Canada56
TABLE 4CANADA: MEDICAL DEVICE REGULATORY APPROVAL PROCESS57
5.5.2EUROPE57
5.5.3ASIA PACIFIC58
5.5.3.1Japan58
TABLE 5JAPAN: MEDICAL DEVICE CLASSIFICATION UNDER PMDA58
5.5.3.2China59
TABLE 6CHINA: CLASSIFICATION OF MEDICAL DEVICES59
5.5.3.3India60
5.6REIMBURSEMENT SCENARIO61
TABLE 7MEDICAL REIMBURSEMENT CPT CODES FOR ULTRASOUND PROCEDURES IN US (AS OF 2021)61
5.7ECOSYSTEM MAPPING62
5.8VALUE CHAIN ANALYSIS62
5.8.1RESEARCH & PRODUCT DEVELOPMENT62
5.8.2RAW MATERIAL AND MANUFACTURING62
5.8.3MARKETING & SALES, SHIPMENT, AND POST-SALES SERVICES62
FIGURE 20VALUE CHAIN ANALYSIS—MAXIMUM VALUE ADDED DURING MANUFACTURING PHASE63
5.9SUPPLY CHAIN ANALYSIS63
5.9.1PROMINENT COMPANIES63
5.9.2SMALL & MEDIUM-SIZED ENTERPRISES63
5.9.3END USERS63
TABLE 8ULTRASOUND MARKET: SUPPLY CHAIN ECOSYSTEM64
FIGURE 21ULTRASOUND MARKET: SUPPLY CHAIN ANALYSIS65
5.10PATENT ANALYSIS66
FIGURE 22PATENT DETAILS FOR ULTRASOUND (JANUARY 2013–JUNE 2023)66
FIGURE 23PATENTS FOR DIAGNOSTIC ULTRASOUND SYSTEMS (JANUARY 2013–JUNE 2023)67
FIGURE 24PATENTS FOR THERAPEUTIC ULTRASOUND SYSTEMS (JANUARY 2013–JUNE 2023)68
5.11TRADE ANALYSIS69
5.11.1ULTRASOUND MARKET: TRADE ANALYSIS69
TABLE 9IMPORT DATA FOR ULTRASOUND SYSTEMS (HS CODE 901812), BY COUNTRY, 2018–2022 (USD)69
TABLE 10EXPORT DATA FOR ULTRASOUND SYSTEMS (HS CODE 901812), BY COUNTRY, 2018–2022 (USD)69
5.12KEY CONFERENCES AND EVENTS70
TABLE 11ULTRASOUND MARKET: LIST OF KEY CONFERENCES AND EVENTS (2023–2025)70
5.13TECHNOLOGY ANALYSIS71
5.14CASE STUDY ANALYSIS72
TABLE 12CASE STUDY 1: MAINTAINING STRONG FOCUS ON TECHNOLOGICAL INNOVATION AND ADDRESSING REGULATORY COMPLIANCE72
TABLE 13CASE STUDY 2: PROVIDING COMPREHENSIVE TRAINING PROGRAMS FOR EVOLVING ULTRASOUND TECHNIQUES73
5.15PRICING ANALYSIS73
TABLE 14REGIONAL PRICE RANGE FOR ULTRASOUND SYSTEMS73
6ULTRASOUND MARKET, BY TECHNOLOGY74
6.1INTRODUCTION75
TABLE 15ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)75
6.2DIAGNOSTIC ULTRASOUND75
TABLE 16DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)76
TABLE 17DIAGNOSTIC ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)76
TABLE 18DIAGNOSTIC ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)77
TABLE 19DIAGNOSTIC ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)77
TABLE 20DIAGNOSTIC ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)78
TABLE 21DIAGNOSTIC ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)78
6.2.12D ULTRASOUND79
6.2.1.1Strong demand in emerging economies to drive market79
TABLE 222D ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)79
6.2.23D & 4D ULTRASOUND80
6.2.2.1Greater diagnostic accuracy and improved imaging capabilities to boost demand80
TABLE 233D & 4D ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)80
6.2.3DOPPLER ULTRASOUND80
6.2.3.1Growing applications in pain management, cardiovascular imaging, and emergency care to drive market80
TABLE 24DOPPLER ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)81
6.2.4CONTRAST-ENHANCED ULTRASOUND81
6.2.4.1Availability of technologically advanced instruments to support growth81
TABLE 25CONTRAST-ENHANCED ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)82
6.3THERAPEUTIC ULTRASOUND82
TABLE 26THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)82
TABLE 27THERAPEUTIC ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)83
TABLE 28THERAPEUTIC ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)83
TABLE 29THERAPEUTIC ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)83
TABLE 30THERAPEUTIC ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)84
TABLE 31THERAPEUTIC ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)84
6.3.1HIGH-INTENSITY FOCUSED ULTRASOUND85
6.3.1.1Promising results associated with HIFU in cancer treatment to drive market85
TABLE 32HIGH-INTENSITY FOCUSED ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)85
6.3.2EXTRACORPOREAL SHOCKWAVE LITHOTRIPSY86
6.3.2.1Growing emphasis on minimally invasive treatment of kidney & gallbladder stones to drive demand for ESWL86
TABLE 33EXTRACORPOREAL SHOCKWAVE LITHOTRIPSY MARKET, BY REGION, 2021–2028 (USD MILLION)86
7ULTRASOUND MARKET, BY DISPLAY87
7.1INTRODUCTION88
TABLE 34ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)88
7.2COLOR ULTRASOUND DEVICES88
7.2.1RISING AVAILABILITY OF ADVANCED COLOR ULTRASOUND DEVICES TO DRIVE MARKET88
TABLE 35COLOR ULTRASOUND DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)89
7.3BLACK & WHITE ULTRASOUND DEVICES89
7.3.1ASIA PACIFIC REGION TO SHOW SUSTAINED DEMAND89
TABLE 36BLACK & WHITE ULTRASOUND DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)90
8ULTRASOUND MARKET, BY PORTABILITY91
8.1INTRODUCTION92
TABLE 37ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)92
8.2TROLLEY/CART-BASED ULTRASOUND SYSTEMS92
8.2.1RISING USAGE OF TROLLEY-BASED SYSTEMS IN ACUTE & EMERGENCY CARE TO DRIVE MARKET92
TABLE 38TROLLEY/CART-BASED ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)93
8.3COMPACT/HANDHELD ULTRASOUND SYSTEMS93
8.3.1AFFORDABILITY AND PROCEDURAL & TECHNICAL BENEFITS TO DRIVE MARKET93
TABLE 39COMPACT/HANDHELD ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)94
8.4POC ULTRASOUND SYSTEMS94
8.4.1IMPROVED OPERATIONAL AND CLINICAL EFFICACY TO BOOST DEMAND94
TABLE 40POC ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)95
9ULTRASOUND MARKET, BY APPLICATION96
9.1INTRODUCTION97
TABLE 41ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)97
9.2RADIOLOGICAL/GENERAL IMAGING APPLICATIONS97
9.2.1GROWING NUMBER OF IMAGE-GUIDED SURGERIES TO DRIVE MARKET97
TABLE 42ULTRASOUND MARKET FOR RADIOLOGICAL/GENERAL IMAGING APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)98
9.3CARDIOLOGICAL APPLICATIONS98
9.3.1RISING PREVALENCE OF CARDIAC DISORDERS TO DRIVE MARKET98
TABLE 43ULTRASOUND MARKET FOR CARDIOLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)99
9.4OBSTETRIC/GYNECOLOGICAL APPLICATIONS99
9.4.1WIDE USAGE IN OB/GYN APPLICATIONS TO BOOST GROWTH99
TABLE 44ULTRASOUND MARKET FOR OBSTETRIC/GYNECOLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)100
9.5UROLOGICAL APPLICATIONS100
9.5.1GROWING PREVALENCE OF UROLOGICAL DISORDERS TO SUPPORT MARKET100
TABLE 45ULTRASOUND MARKET FOR UROLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)101
9.6VASCULAR APPLICATIONS101
9.6.1VASCULAR APPLICATIONS TO WITNESS HIGH GROWTH101
TABLE 46ULTRASOUND MARKET FOR VASCULAR APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)102
9.7ORTHOPEDIC & MUSCULOSKELETAL APPLICATIONS102
9.7.1RISING PATIENT PREFERENCE FOR EARLY DIAGNOSIS TO DRIVE MARKET102
TABLE 47ULTRASOUND MARKET FOR ORTHOPEDIC & MUSCULOSKELETAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)103
9.8PAIN MANAGEMENT APPLICATIONS103
9.8.1INCREASING USE IN TRAUMA & EMERGENCY CARE TO SUPPORT MARKET GROWTH103
TABLE 48ULTRASOUND MARKET FOR PAIN MANAGEMENT APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)104
9.9OTHER APPLICATIONS104
TABLE 49ULTRASOUND MARKET FOR OTHER APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)104
10ULTRASOUND MARKET, BY COMPONENT105
10.1INTRODUCTION106
TABLE 50ULTRASOUND MARKET, BY COMPONENT, 2021–2028 (USD MILLION)106
10.2TRANSDUCERS/PROBES106
TABLE 51ULTRASOUND TRANSDUCERS/PROBES MARKET, BY TYPE, 2021–2028 (USD MILLION)107
TABLE 52ULTRASOUND TRANSDUCERS/PROBES MARKET, BY REGION, 2021–2028 (USD MILLION)107
10.2.1CURVILINEAR/CONVEX ARRAYS107
10.2.1.1Growing adoption of POC ultrasound to support growth107
TABLE 53CURVILINEAR/CONVEX ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)108
10.2.2LINEAR ARRAYS108
10.2.2.1Rising target patient population to drive market108
TABLE 54LINEAR ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)108
10.2.3PHASED ARRAYS109
10.2.3.1Technological advancements to drive market109
TABLE 55PHASED ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)109
10.2.4OTHER ARRAY TYPES109
TABLE 56OTHER ARRAY TYPES MARKET, BY REGION, 2021–2028 (USD MILLION)110
10.3WORKSTATIONS110
10.3.1GROWING DIAGNOSTIC PROCEDURAL VOLUMES TO FUEL DEMAND FOR WORKSTATIONS110
TABLE 57ULTRASOUND WORKSTATIONS MARKET, BY REGION, 2021–2028 (USD MILLION)110
10.4OTHER COMPONENTS111
TABLE 58OTHER ULTRASOUND COMPONENTS MARKET, BY TYPE, 2021–2028 (USD MILLION)111
11ULTRASOUND MARKET, BY END USER112
11.1INTRODUCTION113
TABLE 59ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)113
11.2HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS113
11.2.1HIGH PROCEDURAL VOLUMES TO ENSURE SUSTAINED DEMAND FOR ULTRASOUND113
TABLE 60ULTRASOUND MARKET FOR HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS, BY REGION, 2021–2028 (USD MILLION)114
11.3MATERNITY CENTERS114
11.3.1INCREASED ADOPTION OF ADVANCED ULTRASOUND FOR OB/GYN APPLICATIONS TO BOOST GROWTH114
TABLE 61ULTRASOUND MARKET FOR MATERNITY CENTERS, BY REGION, 2021–2028 (USD MILLION)115
11.4AMBULATORY CARE CENTERS115
11.4.1INCREASING EMPHASIS ON AMBULATORY CARE TO SUPPORT MARKET GROWTH115
TABLE 62ULTRASOUND MARKET FOR AMBULATORY CARE CENTERS, BY REGION, 2021–2028 (USD MILLION)116
11.5RESEARCH & ACADEMIA116
11.5.1GROWING AVAILABILITY OF RESEARCH GRANTS & FUNDING TO DRIVE GROWTH116
TABLE 63ULTRASOUND MARKET FOR RESEARCH & ACADEMIA, BY REGION, 2021–2028 (USD MILLION)117
11.6OTHER END USERS117
TABLE 64ULTRASOUND MARKET FOR OTHER END USERS, BY REGION, 2021–2028 (USD MILLION)118
12ULTRASOUND MARKET, BY REGION119
12.1INTRODUCTION120
TABLE 65ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)120
12.2NORTH AMERICA121
FIGURE 25NORTH AMERICA: ULTRASOUND MARKET SNAPSHOT121
TABLE 66NORTH AMERICA: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)122
TABLE 67NORTH AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)122
TABLE 68NORTH AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)122
TABLE 69NORTH AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)123
TABLE 70NORTH AMERICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)123
TABLE 71NORTH AMERICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)123
TABLE 72NORTH AMERICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)124
TABLE 73NORTH AMERICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)124
12.2.1US125
12.2.1.1Advanced healthcare infrastructure and favorable regulations to drive market125
TABLE 74POCUS ULTRASOUND CPT CODES (2021)125
TABLE 75US: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)129
TABLE 76US: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)130
TABLE 77US: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)130
12.2.2CANADA130
12.2.2.1Growing awareness about early disease diagnosis to drive market130
TABLE 78CANADA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)131
TABLE 79CANADA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)131
TABLE 80CANADA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)132
12.3EUROPE132
TABLE 81EUROPE: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)132
TABLE 82EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)133
TABLE 83EUROPE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)133
TABLE 84EUROPE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)133
TABLE 85EUROPE: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)134
TABLE 86EUROPE: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)134
TABLE 87EUROPE: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)135
TABLE 88EUROPE: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)135
12.3.1GERMANY136
12.3.1.1Increasing healthcare expenditure and government spending to drive market136
TABLE 89GERMANY: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)137
TABLE 90GERMANY: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)137
TABLE 91GERMANY: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)137
12.3.2FRANCE138
12.3.2.1Increasing target patient population and rising number of diagnostic tests for chronic diseases to drive market138
TABLE 92FRANCE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)139
TABLE 93FRANCE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)139
TABLE 94FRANCE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)139
12.3.3UK140
12.3.3.1Growing government initiatives and increasing incidences of chronic diseases to drive market140
TABLE 95UK: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)140
TABLE 96UK: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)141
TABLE 97UK: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)141
12.3.4ITALY141
12.3.4.1Increased availability of reimbursement coverage for diagnostic procedures to drive market141
TABLE 98ITALY: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)142
TABLE 99ITALY: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)142
TABLE 100ITALY: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)143
12.3.5SPAIN143
12.3.5.1Increasing prevalence of cancer and growing private-public funding to drive market143
TABLE 101SPAIN: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)144
TABLE 102SPAIN: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)144
TABLE 103SPAIN: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)145
12.3.6REST OF EUROPE145
TABLE 104REST OF EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)146
TABLE 105REST OF EUROPE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)146
TABLE 106REST OF EUROPE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)146
12.4ASIA PACIFIC147
FIGURE 26ASIA PACIFIC: ULTRASOUND MARKET SNAPSHOT147
TABLE 107ASIA PACIFIC: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)148
TABLE 108ASIA PACIFIC: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)148
TABLE 109ASIA PACIFIC: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)149
TABLE 110ASIA PACIFIC: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)149
TABLE 111ASIA PACIFIC: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)149
TABLE 112ASIA PACIFIC: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)150
TABLE 113ASIA PACIFIC: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)150
TABLE 114ASIA PACIFIC: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)151
12.4.1CHINA151
12.4.1.1Increasing healthcare reforms and rising government investments to drive market151
TABLE 115CHINA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)152
TABLE 116CHINA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)152
TABLE 117CHINA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)153
12.4.2JAPAN153
12.4.2.1Fast adoption of advanced technologies and growth in geriatric population to drive market153
TABLE 118JAPAN: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)154
TABLE 119JAPAN: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)154
TABLE 120JAPAN: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)155
12.4.3INDIA155
12.4.3.1Increasing number of diagnostic procedures and improving healthcare infrastructure to drive market155
TABLE 121INDIA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)156
TABLE 122INDIA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)156
TABLE 123INDIA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)157
12.4.4AUSTRALIA157
12.4.4.1Growing healthcare spending and increasing investments in research to drive market157
TABLE 124AUSTRALIA: ULTRASOUND REIMBURSEMENT SCENARIO158
TABLE 125AUSTRALIA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)161
TABLE 126AUSTRALIA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)161
TABLE 127AUSTRALIA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)162
12.4.5SOUTH KOREA162
12.4.5.1Well-developed healthcare system and rising awareness of diseases to drive market162
TABLE 128SOUTH KOREA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)163
TABLE 129SOUTH KOREA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)163
TABLE 130SOUTH KOREA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)164
12.4.6REST OF ASIA PACIFIC164
TABLE 131REST OF ASIA PACIFIC: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)165
TABLE 132REST OF ASIA PACIFIC: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)165
TABLE 133REST OF ASIA PACIFIC: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)166
12.5LATIN AMERICA166
TABLE 134LATIN AMERICA: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)167
TABLE 135LATIN AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)167
TABLE 136LATIN AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)167
TABLE 137LATIN AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)168
TABLE 138LATIN AMERICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)168
TABLE 139LATIN AMERICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)168
TABLE 140LATIN AMERICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)169
TABLE 141LATIN AMERICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)169
12.5.1BRAZIL170
12.5.1.1Greater purchasing power and favorable demographic conditions to drive market170
TABLE 142BRAZIL: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)170
TABLE 143BRAZIL: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)171
TABLE 144BRAZIL: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)171
12.5.2MEXICO172
12.5.2.1Increased medical tourism and better government healthcare initiatives to drive market172
TABLE 145MEXICO: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)172
TABLE 146MEXICO: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)173
TABLE 147MEXICO: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)173
12.5.3REST OF LATIN AMERICA173
TABLE 148REST OF LATIN AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)174
TABLE 149REST OF LATIN AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)174
TABLE 150REST OF LATIN AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)175
12.6MIDDLE EAST & AFRICA175
12.6.1GROWING MEDICAL TOURISM AND INCREASING QUALITY HEALTHCARE SYSTEMS TO DRIVE MARKET175
TABLE 151MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)176
TABLE 152MIDDLE EAST & AFRICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)176
TABLE 153MIDDLE EAST & AFRICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)177
TABLE 154MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)177
TABLE 155MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)178
TABLE 156MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)178
TABLE 157MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)179
13COMPETITIVE LANDSCAPE180
13.1OVERVIEW180
13.2STRATEGIES ADOPTED BY KEY PLAYERS180
13.2.1OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN ULTRASOUND MARKET180
13.3REVENUE SHARE ANALYSIS181
FIGURE 27REVENUE SHARE ANALYSIS OF TOP PLAYERS IN ULTRASOUND MARKET, 2022181
13.4MARKET SHARE ANALYSIS181
FIGURE 28MARKET SHARE ANALYSIS OF TOP PLAYERS IN ULTRASOUND MARKET, 2022182
TABLE 158ULTRASOUND MARKET: DEGREE OF COMPETITION182
13.5COMPANY EVALUATION MATRIX FOR KEY PLAYERS (2022)184
13.5.1STARS184
13.5.2EMERGING LEADERS184
13.5.3PERVASIVE PLAYERS184
13.5.4PARTICIPANTS184
FIGURE 29ULTRASOUND MARKET: COMPANY EVALUATION MATRIX FOR KEY PLAYERS, 2022185
13.6COMPANY EVALUATION MATRIX FOR START-UPS/SMES (2022)186
13.6.1PROGRESSIVE COMPANIES186
13.6.2STARTING BLOCKS186
13.6.3RESPONSIVE COMPANIES186
13.6.4DYNAMIC COMPANIES186
FIGURE 30ULTRASOUND MARKET: COMPANY EVALUATION MATRIX FOR START-UPS/SMES, 2022187
13.7COMPETITIVE BENCHMARKING188
TABLE 159PRODUCT AND REGIONAL FOOTPRINT ANALYSIS OF TOP PLAYERS188
TABLE 160PRODUCT FOOTPRINT ANALYSIS188
TABLE 161REGIONAL FOOTPRINT ANALYSIS189
13.8COMPETITIVE SCENARIO AND TRENDS190
TABLE 162PRODUCT LAUNCHES, JANUARY 2020–JUNE 2023190
TABLE 163DEALS, JANUARY 2020–JUNE 2023191
TABLE 164OTHER DEVELOPMENTS, JANUARY 2020–JUNE 2023192
14COMPANY PROFILES193
14.1KEY PLAYERS193
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
14.1.1GE HEALTHCARE193
TABLE 165GE HEALTHCARE: COMPANY OVERVIEW193
FIGURE 31GE HEALTHCARE: COMPANY SNAPSHOT (2022)194
14.1.2KONINKLIJKE PHILIPS N.V.198
TABLE 166KONINKLIJKE PHILIPS N.V.: COMPANY OVERVIEW198
FIGURE 32KONINKLIJKE PHILIPS N.V.: COMPANY SNAPSHOT (2022)199
14.1.3CANON MEDICAL SYSTEMS CORPORATION202
TABLE 167CANON MEDICAL SYSTEMS CORPORATION: COMPANY OVERVIEW202
FIGURE 33CANON MEDICAL SYSTEMS CORPORATION: COMPANY SNAPSHOT (2022)203
14.1.4SIEMENS AG206
TABLE 168SIEMENS AG: COMPANY OVERVIEW206
FIGURE 34SIEMENS AG: COMPANY SNAPSHOT (2022)207
14.1.5FUJIFILM CORPORATION209
TABLE 169FUJIFILM CORPORATION: COMPANY OVERVIEW209
FIGURE 35FUJIFILM CORPORATION: COMPANY SNAPSHOT (2022)210
14.1.6HOLOGIC, INC.214
TABLE 170HOLOGIC, INC.: COMPANY OVERVIEW214
FIGURE 36HOLOGIC, INC.: COMPANY SNAPSHOT (2022)215
14.1.7SAMSUNG ELECTRONICS CO., LTD.217
TABLE 171SAMSUNG ELECTRONICS CO., LTD.: COMPANY OVERVIEW217
FIGURE 37SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT (2021)218
14.1.8MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.221
TABLE 172MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.: COMPANY OVERVIEW221
FIGURE 38MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.: COMPANY SNAPSHOT (2021)222
14.1.9ESAOTE SPA226
TABLE 173ESAOTE SPA: COMPANY OVERVIEW226
14.1.10CHISON MEDICAL TECHNOLOGIES CO., LTD.230
TABLE 174CHISON MEDICAL TECHNOLOGIES CO., LTD.: COMPANY OVERVIEW230
14.1.11NEUSOFT CORPORATION233
TABLE 175NEUSOFT CORPORATION: COMPANY OVERVIEW233
FIGURE 39NEUSOFT CORPORATION: COMPANY SNAPSHOT (2022)234
14.1.12MOBISANTE, INC.235
TABLE 176MOBISANTE, INC.: COMPANY OVERVIEW235
14.1.13CLARIUS236
TABLE 177CLARIUS: COMPANY OVERVIEW236
14.1.14MEDGYN PRODUCTS, INC.238
TABLE 178MEDGYN PRODUCTS, INC.: COMPANY OVERVIEW238
14.1.15PROMED TECHNOLOGY CO., LTD.240
TABLE 179PROMED TECHNOLOGY CO., LTD.: COMPANY OVERVIEW240
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
14.2OTHER COMPANIES242
14.2.1WHITE EAGLE SONIC TECHNOLOGIES, INC.242
14.2.2TELEMED ULTRASOUND243
14.2.3SHENZHEN RICSO TECHNOLOGY CO., LTD.244
14.2.4GUANGDONG YOUKEY MEDICAL CO., LTD.245
14.2.5ECHONOUS INC.245
14.2.6SHENZHEN BIOCARE BIO-MEDICAL EQUIPMENT CO., LTD.246
14.2.7SHANTOU INSTITUTE OF ULTRASONIC INSTRUMENTS CO., LTD. (SIUI)247
14.2.8BUTTERFLY NETWORK, INC.248
14.2.9ALPINION MEDICAL SYSTEMS CO., LTD.249
14.2.10EDAN INSTRUMENTS, INC.250
15APPENDIX251
15.1DISCUSSION GUIDE251
15.2KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL254
15.3CUSTOMIZATION OPTIONS256
15.4RELATED REPORTS256
15.5AUTHOR DETAILS257
“The 2D diagnostic ultrasound sub-systems segment of diagnostic ultrasound held the largest share of the market in 2022”
Based on technology, the ultrasound market is segmented into diagnostic ultrasound, therapeutic ultrasound, and contrast enhanced ultrasound. The diagnostic ultrasound segment of the market is further divided into 2D, 3D, 4D, doppler, and contrast enhanced ultrasound. The 2D subsegment held a major share of the market. Advantages offered by 2D ultrasound, such as real time imaging, non-invasive procedure, high-image resolution, and easy accessibility along with portability are driving the growth of this product segment.
“The portability segment is projected to register the highest CAGR during the forecast period”
Based on portability, the ultrasound market is segmented into trolley/cart-based ultrasound, compact/handheld ultrasound, and point-of-care (PoC) ultrasound. The trolley/cart-based ultrasound segment accounted for the largest market share in 2022. The large share of this segment is attributed to the system’s versatility, image quality, ehanced, easy to use features, and due to the increased usage of it in acute care settings and emergency care in hospitals and healthcare institutions.
“The display segment is projected to register the highest CAGR during the forecast period”
On the basis of device display, the ultrasound market is segmented into black & white ultrasound and color ultrasound devices. The color ultrasound devices segment accounted for the largest share of the ultrasound market in 2020. This can be attributed to factors such as benefits offered by color ultrasound devices (including better image quality and higher image resolution), growing market availability of advanced color ultrasound devices (coupled with continuous decline in product cost across major countries), and expanding distribution networks of major manufacturers across emerging countries.
“The market in the North America region is expected to witness the highest growth during the forecast period.”
The ultrasound market in the North America region is expected to register a CAGR during the forecast period, primarily due to the high healthcare spending in the region, rising prevalence of target diseases, increasing research activities, growing number of cosmetic surgeries, and technological advancements in imaging systems.
A breakdown of the primary participants referred to for this report is provided below:
•By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
•By Designation: Director-level–14%, C-level–10%, and Others–76%
•By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%
The prominent players in the ultrasound market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (Japan), and Mindray Medical International Limited (China), among others.
Research Coverage
This report studies the ultrasound market based on technology, display, portability, component, application, enduser, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall ultrasound market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on the following pointers:
•Analysis of key drivers (rising target patient population, growing adoption of multimodal PET imaging devices, technological advancement, and increasing investment, funds, and grants by public-private organizations), restraints (high capital and operational cost, unfavorable regulatory guidelines), opportunities (improving healthcare infrastructure across emerging countries, PET utilization for breast imaging, promising product pipeline), and challenges (availability of alternate imaging technologies) influencing the growth of the ultrasound market
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the ultrasound market
•Market Development: Comprehensive information about lucrative markets–the report analyses the ultrasound market across varied regions.
•Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the ultrasound market
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), Siemens AG (Germany), Hologic, Inc. (US), FUJIFILM Corporation (Japan), Samsung Electronics Co., Ltd. (Japan), and Mindray Medical International Limited (China)
1INTRODUCTION20
1.1STUDY OBJECTIVES20
1.2MARKET DEFINITION20
1.2.1INCLUSIONS AND EXCLUSIONS21
1.3STUDY SCOPE22
1.3.1MARKETS COVERED22
1.3.2REGIONS COVERED23
1.3.3YEARS CONSIDERED23
1.3.4CURRENCY CONSIDERED23
1.4RESEARCH LIMITATIONS24
1.5STAKEHOLDERS24
1.6SUMMARY OF CHANGES25
2RESEARCH METHODOLOGY26
2.1RESEARCH DATA26
FIGURE 1ULTRASOUND MARKET: RESEARCH DESIGN26
2.1.1SECONDARY RESEARCH27
2.1.2PRIMARY RESEARCH29
2.1.2.1Primary sources29
2.1.2.2Key industry insights30
2.1.2.3Breakdown of primaries30
FIGURE 2BREAKDOWN OF PRIMARY INTERVIEWS: SUPPLY- AND DEMAND-SIDE PARTICIPANTS30
FIGURE 3BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION31
2.2MARKET SIZE ESTIMATION31
FIGURE 4RESEARCH METHODOLOGY: HYPOTHESIS BUILDING32
2.2.1BOTTOM-UP APPROACH32
2.2.1.1Approach 1: Company revenue estimation approach33
FIGURE 5MARKET SIZE ESTIMATION FOR ULTRASOUND MARKET: APPROACH 1 (COMPANY REVENUE ESTIMATION)33
FIGURE 6REVENUE SHARE ANALYSIS: ILLUSTRATIVE EXAMPLE OF GE HEALTHCARE34
2.2.1.2Approach 2: Customer-based market estimation34
2.2.1.3Ultrasound market: Top-down approach35
2.2.1.4CAGR projection35
FIGURE 7CAGR PROJECTION: SUPPLY-SIDE ANALYSIS35
2.3DATA VALIDATION APPROACH36
FIGURE 8DATA TRIANGULATION METHODOLOGY36
2.4MARKET SHARE ASSESSMENT37
2.5STUDY ASSUMPTIONS37
2.6RISK ASSESSMENT37
2.6.1ULTRASOUND MARKET: RISK ASSESSMENT37
2.7GROWTH RATE ASSUMPTIONS38
2.8ULTRASOUND MARKET: RECESSION IMPACT38
3EXECUTIVE SUMMARY39
FIGURE 9ULTRASOUND MARKET, BY TECHNOLOGY, 2023 VS. 2028 (USD MILLION)39
FIGURE 10ULTRASOUND MARKET, BY APPLICATION, 2023 VS. 2028 (USD MILLION)40
FIGURE 11ULTRASOUND MARKET, BY PORTABILITY, 2023 VS. 2028 (USD MILLION)41
FIGURE 12ULTRASOUND MARKET, BY END USER, 2023 VS. 2028 (USD MILLION)41
FIGURE 13GEOGRAPHICAL SNAPSHOT OF ULTRASOUND MARKET42
4PREMIUM INSIGHTS43
4.1ULTRASOUND MARKET OVERVIEW43
FIGURE 14INCREASING INCIDENCE OF TARGET DISEASES AND SUBSEQUENT RISE IN SURGICAL PROCEDURES TO DRIVE MARKET43
4.2EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY (USD MILLION)44
FIGURE 15DIAGNOSTIC ULTRASOUND SEGMENT TO HOLD LARGEST SHARE44
4.3ASIA PACIFIC: ULTRASOUND MARKET, BY END USER44
FIGURE 16HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD44
4.4ULTRASOUND MARKET, BY DISPLAY TYPE45
FIGURE 17COLOR ULTRASOUND SEGMENT TO COMMAND LARGEST SHARE TILL 202845
4.5GEOGRAPHIC SNAPSHOT OF ULTRASOUND MARKET45
FIGURE 18CHINA TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD45
5MARKET OVERVIEW46
5.1INTRODUCTION46
5.2MARKET DYNAMICS46
FIGURE 19ULTRASOUND MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES46
5.2.1DRIVERS47
5.2.1.1Increasing incidence of target diseases and subsequent rise in surgical procedures47
5.2.1.2Growing patient preference for minimally invasive surgeries48
5.2.1.3Rising technological advancements in ultrasound devices48
5.2.1.4Growing public-private investments for product commercialization49
5.2.1.5Increasing establishment of hospitals and diagnostic centers50
5.2.2RESTRAINTS50
5.2.2.1Unfavorable reimbursements50
5.2.2.2High operating costs51
5.2.3OPPORTUNITIES51
5.2.3.1Growing applications of therapeutic ultrasound51
5.2.3.2High growth potential of emerging markets52
5.2.3.3Development of POC ultrasound systems52
5.2.4CHALLENGES53
5.2.4.1Growing end-user preference for refurbished equipment53
5.2.4.2Shortage of skilled sonographers53
5.3PORTER’S FIVE FORCES ANALYSIS53
TABLE 1ULTRASOUND MARKET: PORTER’S FIVE FORCES ANALYSIS53
5.3.1THREAT OF NEW ENTRANTS54
5.3.2THREAT OF SUBSTITUTES54
5.3.3BARGAINING POWER OF SUPPLIERS54
5.3.4BARGAINING POWER OF BUYERS54
5.3.5INTENSITY OF COMPETITIVE RIVALRY54
5.4REGULATORY TRENDS55
5.5REGULATORY ANALYSIS55
5.5.1NORTH AMERICA55
5.5.1.1US55
TABLE 2US FDA: MEDICAL DEVICE CLASSIFICATION56
TABLE 3US: MEDICAL DEVICE REGULATORY APPROVAL PROCESS56
5.5.1.2Canada56
TABLE 4CANADA: MEDICAL DEVICE REGULATORY APPROVAL PROCESS57
5.5.2EUROPE57
5.5.3ASIA PACIFIC58
5.5.3.1Japan58
TABLE 5JAPAN: MEDICAL DEVICE CLASSIFICATION UNDER PMDA58
5.5.3.2China59
TABLE 6CHINA: CLASSIFICATION OF MEDICAL DEVICES59
5.5.3.3India60
5.6REIMBURSEMENT SCENARIO61
TABLE 7MEDICAL REIMBURSEMENT CPT CODES FOR ULTRASOUND PROCEDURES IN US (AS OF 2021)61
5.7ECOSYSTEM MAPPING62
5.8VALUE CHAIN ANALYSIS62
5.8.1RESEARCH & PRODUCT DEVELOPMENT62
5.8.2RAW MATERIAL AND MANUFACTURING62
5.8.3MARKETING & SALES, SHIPMENT, AND POST-SALES SERVICES62
FIGURE 20VALUE CHAIN ANALYSIS—MAXIMUM VALUE ADDED DURING MANUFACTURING PHASE63
5.9SUPPLY CHAIN ANALYSIS63
5.9.1PROMINENT COMPANIES63
5.9.2SMALL & MEDIUM-SIZED ENTERPRISES63
5.9.3END USERS63
TABLE 8ULTRASOUND MARKET: SUPPLY CHAIN ECOSYSTEM64
FIGURE 21ULTRASOUND MARKET: SUPPLY CHAIN ANALYSIS65
5.10PATENT ANALYSIS66
FIGURE 22PATENT DETAILS FOR ULTRASOUND (JANUARY 2013–JUNE 2023)66
FIGURE 23PATENTS FOR DIAGNOSTIC ULTRASOUND SYSTEMS (JANUARY 2013–JUNE 2023)67
FIGURE 24PATENTS FOR THERAPEUTIC ULTRASOUND SYSTEMS (JANUARY 2013–JUNE 2023)68
5.11TRADE ANALYSIS69
5.11.1ULTRASOUND MARKET: TRADE ANALYSIS69
TABLE 9IMPORT DATA FOR ULTRASOUND SYSTEMS (HS CODE 901812), BY COUNTRY, 2018–2022 (USD)69
TABLE 10EXPORT DATA FOR ULTRASOUND SYSTEMS (HS CODE 901812), BY COUNTRY, 2018–2022 (USD)69
5.12KEY CONFERENCES AND EVENTS70
TABLE 11ULTRASOUND MARKET: LIST OF KEY CONFERENCES AND EVENTS (2023–2025)70
5.13TECHNOLOGY ANALYSIS71
5.14CASE STUDY ANALYSIS72
TABLE 12CASE STUDY 1: MAINTAINING STRONG FOCUS ON TECHNOLOGICAL INNOVATION AND ADDRESSING REGULATORY COMPLIANCE72
TABLE 13CASE STUDY 2: PROVIDING COMPREHENSIVE TRAINING PROGRAMS FOR EVOLVING ULTRASOUND TECHNIQUES73
5.15PRICING ANALYSIS73
TABLE 14REGIONAL PRICE RANGE FOR ULTRASOUND SYSTEMS73
6ULTRASOUND MARKET, BY TECHNOLOGY74
6.1INTRODUCTION75
TABLE 15ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)75
6.2DIAGNOSTIC ULTRASOUND75
TABLE 16DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)76
TABLE 17DIAGNOSTIC ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)76
TABLE 18DIAGNOSTIC ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)77
TABLE 19DIAGNOSTIC ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)77
TABLE 20DIAGNOSTIC ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)78
TABLE 21DIAGNOSTIC ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)78
6.2.12D ULTRASOUND79
6.2.1.1Strong demand in emerging economies to drive market79
TABLE 222D ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)79
6.2.23D & 4D ULTRASOUND80
6.2.2.1Greater diagnostic accuracy and improved imaging capabilities to boost demand80
TABLE 233D & 4D ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)80
6.2.3DOPPLER ULTRASOUND80
6.2.3.1Growing applications in pain management, cardiovascular imaging, and emergency care to drive market80
TABLE 24DOPPLER ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)81
6.2.4CONTRAST-ENHANCED ULTRASOUND81
6.2.4.1Availability of technologically advanced instruments to support growth81
TABLE 25CONTRAST-ENHANCED ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)82
6.3THERAPEUTIC ULTRASOUND82
TABLE 26THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)82
TABLE 27THERAPEUTIC ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)83
TABLE 28THERAPEUTIC ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)83
TABLE 29THERAPEUTIC ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)83
TABLE 30THERAPEUTIC ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)84
TABLE 31THERAPEUTIC ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)84
6.3.1HIGH-INTENSITY FOCUSED ULTRASOUND85
6.3.1.1Promising results associated with HIFU in cancer treatment to drive market85
TABLE 32HIGH-INTENSITY FOCUSED ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)85
6.3.2EXTRACORPOREAL SHOCKWAVE LITHOTRIPSY86
6.3.2.1Growing emphasis on minimally invasive treatment of kidney & gallbladder stones to drive demand for ESWL86
TABLE 33EXTRACORPOREAL SHOCKWAVE LITHOTRIPSY MARKET, BY REGION, 2021–2028 (USD MILLION)86
7ULTRASOUND MARKET, BY DISPLAY87
7.1INTRODUCTION88
TABLE 34ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)88
7.2COLOR ULTRASOUND DEVICES88
7.2.1RISING AVAILABILITY OF ADVANCED COLOR ULTRASOUND DEVICES TO DRIVE MARKET88
TABLE 35COLOR ULTRASOUND DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)89
7.3BLACK & WHITE ULTRASOUND DEVICES89
7.3.1ASIA PACIFIC REGION TO SHOW SUSTAINED DEMAND89
TABLE 36BLACK & WHITE ULTRASOUND DEVICES MARKET, BY REGION, 2021–2028 (USD MILLION)90
8ULTRASOUND MARKET, BY PORTABILITY91
8.1INTRODUCTION92
TABLE 37ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)92
8.2TROLLEY/CART-BASED ULTRASOUND SYSTEMS92
8.2.1RISING USAGE OF TROLLEY-BASED SYSTEMS IN ACUTE & EMERGENCY CARE TO DRIVE MARKET92
TABLE 38TROLLEY/CART-BASED ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)93
8.3COMPACT/HANDHELD ULTRASOUND SYSTEMS93
8.3.1AFFORDABILITY AND PROCEDURAL & TECHNICAL BENEFITS TO DRIVE MARKET93
TABLE 39COMPACT/HANDHELD ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)94
8.4POC ULTRASOUND SYSTEMS94
8.4.1IMPROVED OPERATIONAL AND CLINICAL EFFICACY TO BOOST DEMAND94
TABLE 40POC ULTRASOUND SYSTEMS MARKET, BY REGION, 2021–2028 (USD MILLION)95
9ULTRASOUND MARKET, BY APPLICATION96
9.1INTRODUCTION97
TABLE 41ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)97
9.2RADIOLOGICAL/GENERAL IMAGING APPLICATIONS97
9.2.1GROWING NUMBER OF IMAGE-GUIDED SURGERIES TO DRIVE MARKET97
TABLE 42ULTRASOUND MARKET FOR RADIOLOGICAL/GENERAL IMAGING APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)98
9.3CARDIOLOGICAL APPLICATIONS98
9.3.1RISING PREVALENCE OF CARDIAC DISORDERS TO DRIVE MARKET98
TABLE 43ULTRASOUND MARKET FOR CARDIOLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)99
9.4OBSTETRIC/GYNECOLOGICAL APPLICATIONS99
9.4.1WIDE USAGE IN OB/GYN APPLICATIONS TO BOOST GROWTH99
TABLE 44ULTRASOUND MARKET FOR OBSTETRIC/GYNECOLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)100
9.5UROLOGICAL APPLICATIONS100
9.5.1GROWING PREVALENCE OF UROLOGICAL DISORDERS TO SUPPORT MARKET100
TABLE 45ULTRASOUND MARKET FOR UROLOGICAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)101
9.6VASCULAR APPLICATIONS101
9.6.1VASCULAR APPLICATIONS TO WITNESS HIGH GROWTH101
TABLE 46ULTRASOUND MARKET FOR VASCULAR APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)102
9.7ORTHOPEDIC & MUSCULOSKELETAL APPLICATIONS102
9.7.1RISING PATIENT PREFERENCE FOR EARLY DIAGNOSIS TO DRIVE MARKET102
TABLE 47ULTRASOUND MARKET FOR ORTHOPEDIC & MUSCULOSKELETAL APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)103
9.8PAIN MANAGEMENT APPLICATIONS103
9.8.1INCREASING USE IN TRAUMA & EMERGENCY CARE TO SUPPORT MARKET GROWTH103
TABLE 48ULTRASOUND MARKET FOR PAIN MANAGEMENT APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)104
9.9OTHER APPLICATIONS104
TABLE 49ULTRASOUND MARKET FOR OTHER APPLICATIONS, BY REGION, 2021–2028 (USD MILLION)104
10ULTRASOUND MARKET, BY COMPONENT105
10.1INTRODUCTION106
TABLE 50ULTRASOUND MARKET, BY COMPONENT, 2021–2028 (USD MILLION)106
10.2TRANSDUCERS/PROBES106
TABLE 51ULTRASOUND TRANSDUCERS/PROBES MARKET, BY TYPE, 2021–2028 (USD MILLION)107
TABLE 52ULTRASOUND TRANSDUCERS/PROBES MARKET, BY REGION, 2021–2028 (USD MILLION)107
10.2.1CURVILINEAR/CONVEX ARRAYS107
10.2.1.1Growing adoption of POC ultrasound to support growth107
TABLE 53CURVILINEAR/CONVEX ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)108
10.2.2LINEAR ARRAYS108
10.2.2.1Rising target patient population to drive market108
TABLE 54LINEAR ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)108
10.2.3PHASED ARRAYS109
10.2.3.1Technological advancements to drive market109
TABLE 55PHASED ARRAYS MARKET, BY REGION, 2021–2028 (USD MILLION)109
10.2.4OTHER ARRAY TYPES109
TABLE 56OTHER ARRAY TYPES MARKET, BY REGION, 2021–2028 (USD MILLION)110
10.3WORKSTATIONS110
10.3.1GROWING DIAGNOSTIC PROCEDURAL VOLUMES TO FUEL DEMAND FOR WORKSTATIONS110
TABLE 57ULTRASOUND WORKSTATIONS MARKET, BY REGION, 2021–2028 (USD MILLION)110
10.4OTHER COMPONENTS111
TABLE 58OTHER ULTRASOUND COMPONENTS MARKET, BY TYPE, 2021–2028 (USD MILLION)111
11ULTRASOUND MARKET, BY END USER112
11.1INTRODUCTION113
TABLE 59ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)113
11.2HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS113
11.2.1HIGH PROCEDURAL VOLUMES TO ENSURE SUSTAINED DEMAND FOR ULTRASOUND113
TABLE 60ULTRASOUND MARKET FOR HOSPITALS, SURGICAL CENTERS, AND DIAGNOSTIC CENTERS, BY REGION, 2021–2028 (USD MILLION)114
11.3MATERNITY CENTERS114
11.3.1INCREASED ADOPTION OF ADVANCED ULTRASOUND FOR OB/GYN APPLICATIONS TO BOOST GROWTH114
TABLE 61ULTRASOUND MARKET FOR MATERNITY CENTERS, BY REGION, 2021–2028 (USD MILLION)115
11.4AMBULATORY CARE CENTERS115
11.4.1INCREASING EMPHASIS ON AMBULATORY CARE TO SUPPORT MARKET GROWTH115
TABLE 62ULTRASOUND MARKET FOR AMBULATORY CARE CENTERS, BY REGION, 2021–2028 (USD MILLION)116
11.5RESEARCH & ACADEMIA116
11.5.1GROWING AVAILABILITY OF RESEARCH GRANTS & FUNDING TO DRIVE GROWTH116
TABLE 63ULTRASOUND MARKET FOR RESEARCH & ACADEMIA, BY REGION, 2021–2028 (USD MILLION)117
11.6OTHER END USERS117
TABLE 64ULTRASOUND MARKET FOR OTHER END USERS, BY REGION, 2021–2028 (USD MILLION)118
12ULTRASOUND MARKET, BY REGION119
12.1INTRODUCTION120
TABLE 65ULTRASOUND MARKET, BY REGION, 2021–2028 (USD MILLION)120
12.2NORTH AMERICA121
FIGURE 25NORTH AMERICA: ULTRASOUND MARKET SNAPSHOT121
TABLE 66NORTH AMERICA: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)122
TABLE 67NORTH AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)122
TABLE 68NORTH AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)122
TABLE 69NORTH AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)123
TABLE 70NORTH AMERICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)123
TABLE 71NORTH AMERICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)123
TABLE 72NORTH AMERICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)124
TABLE 73NORTH AMERICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)124
12.2.1US125
12.2.1.1Advanced healthcare infrastructure and favorable regulations to drive market125
TABLE 74POCUS ULTRASOUND CPT CODES (2021)125
TABLE 75US: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)129
TABLE 76US: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)130
TABLE 77US: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)130
12.2.2CANADA130
12.2.2.1Growing awareness about early disease diagnosis to drive market130
TABLE 78CANADA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)131
TABLE 79CANADA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)131
TABLE 80CANADA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)132
12.3EUROPE132
TABLE 81EUROPE: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)132
TABLE 82EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)133
TABLE 83EUROPE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)133
TABLE 84EUROPE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)133
TABLE 85EUROPE: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)134
TABLE 86EUROPE: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)134
TABLE 87EUROPE: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)135
TABLE 88EUROPE: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)135
12.3.1GERMANY136
12.3.1.1Increasing healthcare expenditure and government spending to drive market136
TABLE 89GERMANY: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)137
TABLE 90GERMANY: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)137
TABLE 91GERMANY: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)137
12.3.2FRANCE138
12.3.2.1Increasing target patient population and rising number of diagnostic tests for chronic diseases to drive market138
TABLE 92FRANCE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)139
TABLE 93FRANCE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)139
TABLE 94FRANCE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)139
12.3.3UK140
12.3.3.1Growing government initiatives and increasing incidences of chronic diseases to drive market140
TABLE 95UK: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)140
TABLE 96UK: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)141
TABLE 97UK: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)141
12.3.4ITALY141
12.3.4.1Increased availability of reimbursement coverage for diagnostic procedures to drive market141
TABLE 98ITALY: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)142
TABLE 99ITALY: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)142
TABLE 100ITALY: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)143
12.3.5SPAIN143
12.3.5.1Increasing prevalence of cancer and growing private-public funding to drive market143
TABLE 101SPAIN: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)144
TABLE 102SPAIN: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)144
TABLE 103SPAIN: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)145
12.3.6REST OF EUROPE145
TABLE 104REST OF EUROPE: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)146
TABLE 105REST OF EUROPE: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)146
TABLE 106REST OF EUROPE: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)146
12.4ASIA PACIFIC147
FIGURE 26ASIA PACIFIC: ULTRASOUND MARKET SNAPSHOT147
TABLE 107ASIA PACIFIC: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)148
TABLE 108ASIA PACIFIC: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)148
TABLE 109ASIA PACIFIC: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)149
TABLE 110ASIA PACIFIC: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)149
TABLE 111ASIA PACIFIC: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)149
TABLE 112ASIA PACIFIC: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)150
TABLE 113ASIA PACIFIC: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)150
TABLE 114ASIA PACIFIC: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)151
12.4.1CHINA151
12.4.1.1Increasing healthcare reforms and rising government investments to drive market151
TABLE 115CHINA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)152
TABLE 116CHINA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)152
TABLE 117CHINA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)153
12.4.2JAPAN153
12.4.2.1Fast adoption of advanced technologies and growth in geriatric population to drive market153
TABLE 118JAPAN: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)154
TABLE 119JAPAN: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)154
TABLE 120JAPAN: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)155
12.4.3INDIA155
12.4.3.1Increasing number of diagnostic procedures and improving healthcare infrastructure to drive market155
TABLE 121INDIA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)156
TABLE 122INDIA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)156
TABLE 123INDIA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)157
12.4.4AUSTRALIA157
12.4.4.1Growing healthcare spending and increasing investments in research to drive market157
TABLE 124AUSTRALIA: ULTRASOUND REIMBURSEMENT SCENARIO158
TABLE 125AUSTRALIA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)161
TABLE 126AUSTRALIA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)161
TABLE 127AUSTRALIA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)162
12.4.5SOUTH KOREA162
12.4.5.1Well-developed healthcare system and rising awareness of diseases to drive market162
TABLE 128SOUTH KOREA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)163
TABLE 129SOUTH KOREA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)163
TABLE 130SOUTH KOREA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)164
12.4.6REST OF ASIA PACIFIC164
TABLE 131REST OF ASIA PACIFIC: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)165
TABLE 132REST OF ASIA PACIFIC: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)165
TABLE 133REST OF ASIA PACIFIC: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)166
12.5LATIN AMERICA166
TABLE 134LATIN AMERICA: ULTRASOUND MARKET, BY COUNTRY, 2021–2028 (USD MILLION)167
TABLE 135LATIN AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)167
TABLE 136LATIN AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)167
TABLE 137LATIN AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)168
TABLE 138LATIN AMERICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)168
TABLE 139LATIN AMERICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)168
TABLE 140LATIN AMERICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)169
TABLE 141LATIN AMERICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)169
12.5.1BRAZIL170
12.5.1.1Greater purchasing power and favorable demographic conditions to drive market170
TABLE 142BRAZIL: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)170
TABLE 143BRAZIL: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)171
TABLE 144BRAZIL: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)171
12.5.2MEXICO172
12.5.2.1Increased medical tourism and better government healthcare initiatives to drive market172
TABLE 145MEXICO: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)172
TABLE 146MEXICO: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)173
TABLE 147MEXICO: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)173
12.5.3REST OF LATIN AMERICA173
TABLE 148REST OF LATIN AMERICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)174
TABLE 149REST OF LATIN AMERICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)174
TABLE 150REST OF LATIN AMERICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)175
12.6MIDDLE EAST & AFRICA175
12.6.1GROWING MEDICAL TOURISM AND INCREASING QUALITY HEALTHCARE SYSTEMS TO DRIVE MARKET175
TABLE 151MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION)176
TABLE 152MIDDLE EAST & AFRICA: DIAGNOSTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)176
TABLE 153MIDDLE EAST & AFRICA: THERAPEUTIC ULTRASOUND MARKET, BY TYPE, 2021–2028 (USD MILLION)177
TABLE 154MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY DISPLAY TYPE, 2021–2028 (USD MILLION)177
TABLE 155MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY PORTABILITY, 2021–2028 (USD MILLION)178
TABLE 156MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY APPLICATION, 2021–2028 (USD MILLION)178
TABLE 157MIDDLE EAST & AFRICA: ULTRASOUND MARKET, BY END USER, 2021–2028 (USD MILLION)179
13COMPETITIVE LANDSCAPE180
13.1OVERVIEW180
13.2STRATEGIES ADOPTED BY KEY PLAYERS180
13.2.1OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN ULTRASOUND MARKET180
13.3REVENUE SHARE ANALYSIS181
FIGURE 27REVENUE SHARE ANALYSIS OF TOP PLAYERS IN ULTRASOUND MARKET, 2022181
13.4MARKET SHARE ANALYSIS181
FIGURE 28MARKET SHARE ANALYSIS OF TOP PLAYERS IN ULTRASOUND MARKET, 2022182
TABLE 158ULTRASOUND MARKET: DEGREE OF COMPETITION182
13.5COMPANY EVALUATION MATRIX FOR KEY PLAYERS (2022)184
13.5.1STARS184
13.5.2EMERGING LEADERS184
13.5.3PERVASIVE PLAYERS184
13.5.4PARTICIPANTS184
FIGURE 29ULTRASOUND MARKET: COMPANY EVALUATION MATRIX FOR KEY PLAYERS, 2022185
13.6COMPANY EVALUATION MATRIX FOR START-UPS/SMES (2022)186
13.6.1PROGRESSIVE COMPANIES186
13.6.2STARTING BLOCKS186
13.6.3RESPONSIVE COMPANIES186
13.6.4DYNAMIC COMPANIES186
FIGURE 30ULTRASOUND MARKET: COMPANY EVALUATION MATRIX FOR START-UPS/SMES, 2022187
13.7COMPETITIVE BENCHMARKING188
TABLE 159PRODUCT AND REGIONAL FOOTPRINT ANALYSIS OF TOP PLAYERS188
TABLE 160PRODUCT FOOTPRINT ANALYSIS188
TABLE 161REGIONAL FOOTPRINT ANALYSIS189
13.8COMPETITIVE SCENARIO AND TRENDS190
TABLE 162PRODUCT LAUNCHES, JANUARY 2020–JUNE 2023190
TABLE 163DEALS, JANUARY 2020–JUNE 2023191
TABLE 164OTHER DEVELOPMENTS, JANUARY 2020–JUNE 2023192
14COMPANY PROFILES193
14.1KEY PLAYERS193
(Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View)*
14.1.1GE HEALTHCARE193
TABLE 165GE HEALTHCARE: COMPANY OVERVIEW193
FIGURE 31GE HEALTHCARE: COMPANY SNAPSHOT (2022)194
14.1.2KONINKLIJKE PHILIPS N.V.198
TABLE 166KONINKLIJKE PHILIPS N.V.: COMPANY OVERVIEW198
FIGURE 32KONINKLIJKE PHILIPS N.V.: COMPANY SNAPSHOT (2022)199
14.1.3CANON MEDICAL SYSTEMS CORPORATION202
TABLE 167CANON MEDICAL SYSTEMS CORPORATION: COMPANY OVERVIEW202
FIGURE 33CANON MEDICAL SYSTEMS CORPORATION: COMPANY SNAPSHOT (2022)203
14.1.4SIEMENS AG206
TABLE 168SIEMENS AG: COMPANY OVERVIEW206
FIGURE 34SIEMENS AG: COMPANY SNAPSHOT (2022)207
14.1.5FUJIFILM CORPORATION209
TABLE 169FUJIFILM CORPORATION: COMPANY OVERVIEW209
FIGURE 35FUJIFILM CORPORATION: COMPANY SNAPSHOT (2022)210
14.1.6HOLOGIC, INC.214
TABLE 170HOLOGIC, INC.: COMPANY OVERVIEW214
FIGURE 36HOLOGIC, INC.: COMPANY SNAPSHOT (2022)215
14.1.7SAMSUNG ELECTRONICS CO., LTD.217
TABLE 171SAMSUNG ELECTRONICS CO., LTD.: COMPANY OVERVIEW217
FIGURE 37SAMSUNG ELECTRONICS CO., LTD.: COMPANY SNAPSHOT (2021)218
14.1.8MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.221
TABLE 172MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.: COMPANY OVERVIEW221
FIGURE 38MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.: COMPANY SNAPSHOT (2021)222
14.1.9ESAOTE SPA226
TABLE 173ESAOTE SPA: COMPANY OVERVIEW226
14.1.10CHISON MEDICAL TECHNOLOGIES CO., LTD.230
TABLE 174CHISON MEDICAL TECHNOLOGIES CO., LTD.: COMPANY OVERVIEW230
14.1.11NEUSOFT CORPORATION233
TABLE 175NEUSOFT CORPORATION: COMPANY OVERVIEW233
FIGURE 39NEUSOFT CORPORATION: COMPANY SNAPSHOT (2022)234
14.1.12MOBISANTE, INC.235
TABLE 176MOBISANTE, INC.: COMPANY OVERVIEW235
14.1.13CLARIUS236
TABLE 177CLARIUS: COMPANY OVERVIEW236
14.1.14MEDGYN PRODUCTS, INC.238
TABLE 178MEDGYN PRODUCTS, INC.: COMPANY OVERVIEW238
14.1.15PROMED TECHNOLOGY CO., LTD.240
TABLE 179PROMED TECHNOLOGY CO., LTD.: COMPANY OVERVIEW240
*Details on Business Overview, Products/Solutions/Services offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
14.2OTHER COMPANIES242
14.2.1WHITE EAGLE SONIC TECHNOLOGIES, INC.242
14.2.2TELEMED ULTRASOUND243
14.2.3SHENZHEN RICSO TECHNOLOGY CO., LTD.244
14.2.4GUANGDONG YOUKEY MEDICAL CO., LTD.245
14.2.5ECHONOUS INC.245
14.2.6SHENZHEN BIOCARE BIO-MEDICAL EQUIPMENT CO., LTD.246
14.2.7SHANTOU INSTITUTE OF ULTRASONIC INSTRUMENTS CO., LTD. (SIUI)247
14.2.8BUTTERFLY NETWORK, INC.248
14.2.9ALPINION MEDICAL SYSTEMS CO., LTD.249
14.2.10EDAN INSTRUMENTS, INC.250
15APPENDIX251
15.1DISCUSSION GUIDE251
15.2KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL254
15.3CUSTOMIZATION OPTIONS256
15.4RELATED REPORTS256
15.5AUTHOR DETAILS257
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