Global Ultrasound Machines
Market Report
2024
The Global Ultrasound Machines Market size is USD 9.3 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Ultrasound Machines Market size is USD 9.3 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Ultrasound Machines Market Sales Revenue 2023 | $ 9.3 Billion |
Global Ultrasound Machines Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.9% |
North America Ultrasound Machines Market Sales Revenue 2023 | $ 3.72 Billion |
Europe Ultrasound Machines Market Sales Revenue 2023 | $ 3.069 Billion |
Europe Ultrasound Machines Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5% |
Asia Pacific Ultrasound Machines Market Sales Revenue 2023 | $ 2.046 Billion |
South America Ultrasound Machines Market Sales Revenue 2023 | $ 0.372 Billion |
South America Ultrasound Machines Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
Middle East and Africa Ultrasound Machines Market Sales Revenue 2023 | $ 0.093 Billion |
Middle East and Africa Ultrasound Machines Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.1% |
Market Split by Modality |
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Market Split by Application |
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Market Split by End User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Ultrasound Machines Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Continuous technological advancements, including enhanced transducers, advanced image processing algorithms, and miniaturization, drive the ultrasound machines market by improving portability, affordability, diagnostic capabilities, and accessibility, ultimately leading to increased adoption and sustained growth while enhancing diagnostic accuracy and reducing healthcare costs. The global aging population's expansion, fueled by increased life expectancy, reduced birth rates, and healthcare improvements, necessitates more medical imaging, particularly ultrasound, for age-related health issues; as the elderly population grows, healthcare facilities require additional ultrasound machines for geriatric healthcare needs, as ultrasound's non-invasive nature is ideal for diagnosing and monitoring conditions like cardiovascular diseases, arthritis, and cancer, driving rising demand for geriatric care and establishing ultrasound as an integral component of modern healthcare systems worldwide.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the Ultrasound Machines industry.
For instance, GE HealthCare has announced its acquisition of French company IMACTIS, known for its computed tomography (CT) interventional guidance technology. This marks the first acquisition for GE HealthCare following its recent spin-off from the parent company, General Electric, and the transaction will be funded using cash reserves, with financial details undisclosed.
Continuous technological advancements drive the ultrasound machines market. Innovations in transducer technology, image processing algorithms, and miniaturization have led to more portable, affordable, and versatile ultrasound devices. Advanced transducers employ materials like piezoelectric crystals, enhancing image quality and sensitivity. Sophisticated image processing algorithms provide sharper images and real-time data analysis, aiding in precise diagnoses. Miniaturization allows for handheld and point-of-care ultrasound devices, increasing accessibility and affordability. These advancements enable healthcare providers to offer better diagnostic capabilities and expand ultrasound applications, resulting in increased adoption and market growth. Enhanced image quality improves diagnostic accuracy, leading to better patient outcomes and reduced healthcare costs. Portable devices empower healthcare professionals to perform ultrasounds in diverse settings, from rural clinics to emergency rooms, increasing the overall demand for ultrasound equipment. As technology continues to evolve, the ultrasound machine market is poised for sustained expansion and innovation.
The global aging population is expanding, leading to a greater need for medical imaging, including ultrasound, for age-related health issues and conditions. This demographic shift is driven by increased life expectancy, reduced birth rates, and improvements in healthcare. As the elderly population increases, healthcare facilities require more ultrasound machines to address senior healthcare needs. Ultrasound plays a crucial role in diagnosing and monitoring age-related conditions like cardiovascular diseases, arthritis, and cancer. Moreover, it is a preferred imaging modality for its non-invasive nature, making it ideal for elderly patients. This rising demand for senior care fuels the growth of the ultrasound machines market, making it an integral component of modern healthcare systems worldwide.
Ultrasound machines' advanced technology results in substantial production expenses, driving up equipment costs. This financial barrier restricts healthcare facilities' ability to invest in advanced ultrasound technology, particularly affecting smaller clinics and resource-limited regions, ultimately limiting patient access to high-quality diagnostics and hindering market growth.
The surge in infectious diseases, primarily COVID-19 cases, during the pandemic caused hospitals to prioritize emergency protocols over elective procedures. While elective ultrasound procedures decreased, the adoption of emergency imaging services like X-rays, CT scans, and ultrasounds increased significantly, especially for lung assessments. This trend is expected to persist, with ultrasound systems playing a crucial role in specialized diagnoses, particularly for kidney and lung-related conditions, due to the lasting impact of COVID-19.
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The Ultrasound Machines Market is fiercely competitive, with major players leveraging strategic initiatives, technological advancements, and product expansion. These industry leaders offer diverse ultrasound solutions, maintain robust global distribution networks, and frequently engage in partnerships, acquisitions, and product innovation to fortify their market positions.
Top Companies Market Share in Ultrasound Machines Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America takes the lead in the Ultrasound Machines Market. The region's strong healthcare infrastructure, high adoption of advanced medical technologies, and significant investments in research and development all contribute to its leading position. North America boasts a large number of hospitals and clinics that heavily rely on ultrasound machines for diagnostics and patient care, bolstering its market position.
Asia-Pacific is experiencing the most rapid expansion in the Ultrasound Machines Market. The expansion is fueled by elements like population growth, rising healthcare expenditure, and a heightened awareness of the significance of early disease detection. In particular, countries like China and India are witnessing a surge in demand for medical imaging equipment, including ultrasound machines, to cater to their burgeoning healthcare needs. The region's economic growth, coupled with the expansion of healthcare infrastructure, positions Asia-Pacific as a dominant force in the market's rapid expansion.
The current report Scope analyzes Ultrasound Machines Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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North America Ultrasound Machines Market Analysis:
According to Cognitive Market Research, North America dominated the market with the largest growth in 2023. It accounted for a share of more than 40% of the global revenue due to several variables. In the North American region, the Ultrasound Machines Market showcases a robust presence. North America holds the forefront in the global market, thanks to its robust healthcare infrastructure and emphasis on state-of-the-art medical technologies. The region's extensive network of hospitals, clinics, and diagnostic centers heavily relies on ultrasound machines for various medical applications, including diagnostics, monitoring, and guided procedures. Notably, the hospitals and clinics segment in North America is the dominant end-user, reflecting the vast patient volume and diverse medical services offered. In conclusion, North America's leadership in the Ultrasound Machines Market is underpinned by its advanced healthcare landscape and high adoption of ultrasound technology, ensuring its continued prominence in the global market.
Europe Ultrasound Machines Market Analysis:
Europe plays a significant role in the global Ultrasound Machines Market Size, contributing approximately 33% to the total market share. The region is expected to sustain steady growth with a 5% CAGR during the forecast period, resulting in a market size of around 3.02 USD billion. In the European ultrasound Machines Market Size, the "Cart/trolley-based" modality is showing notable growth, indicating the preference for versatile and full-featured ultrasound machines in medical settings. While "Hospitals and clinics" remain the dominant end-user category, "Diagnostic Imaging and surgical Centers" are emerging as the fastest-growing segment, emphasizing the increasing utilization of ultrasound machines in specialized diagnostic and surgical facilities in Europe. This dynamic market landscape highlights Europe's commitment to advanced healthcare technology, with growing utilization across a range of healthcare applications.
Asia Pacific Ultrasound Machines Market Analysis:
According to Cognitive Market Research, the fastest-growing market in 2023 accounted for a share of more than 22% of the global revenue due to several variables. The Asia Pacific Ultrasound Machines market is in a dynamic phase of growth and transformation. Factors such as the region's expanding healthcare infrastructure, a growing elderly population, and a rising burden of chronic diseases are driving demand for advanced ultrasound machines. Technological advancements, including 3D and 4D imaging, enhanced portability, and automation, are improving diagnostic precision and accessibility. Government initiatives and increased healthcare investments, along with the active presence of major industry players like GE Healthcare, Philips Healthcare, and Siemens Healthineers, are contributing to the market's rapid evolution. With its diverse and expanding healthcare landscape, the Asia Pacific region offers substantial opportunities for the further development and innovation of ultrasound machines.
South America Ultrasound Machines Market Analysis:
South America contributes around 4% to the global Ultrasound Machines Market Size and is poised for substantial growth, with an expected 6% CAGR during the forecast period, resulting in a market size of approximately 0.37 USD billion. In the South America Ultrasound Machines Market Size, the "Cart/trolley-based" modality is experiencing significant growth, reflecting the region's preference for comprehensive and versatile ultrasound machines for medical applications. While "Hospitals and clinics" continue to dominate the market in terms of end-users, "Diagnostic Imaging and surgical Centers" are emerging as the fastest-growing segment, emphasizing the increasing adoption of ultrasound machines in specialized diagnostic and surgical facilities across South America. This dynamic market landscape underscores South America's commitment to advanced healthcare technology, particularly in the field of medical imaging.
Middle East and Africa Ultrasound Machines Market Analysis:
Middle East & Africa contributes approximately 1.30% to the global Ultrasound Machines Market Size and is poised for significant growth, with an expected 6.1% CAGR during the forecast period, resulting in a market size of approximately 0.12 USD billion. In the Middle East & Africa Ultrasound Machines Market Size, the "Cart/Trolley Based" modality is experiencing notable growth, reflecting the region's preference for comprehensive and feature-rich ultrasound machines for healthcare applications. While "Hospitals & Clinics" continue to be the dominant end-users, "Diagnostic Imaging & Surgical Centers" are emerging as the fastest-growing segment, emphasizing the increasing adoption of ultrasound machines in specialized diagnostic and surgical facilities across the Middle East & Africa. This dynamic market landscape highlights the region's commitment to advanced medical technology, particularly in the field of medical imaging.
Global Ultrasound Machines Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Ultrasound Machines Industry growth. Ultrasound Machines market has been segmented with the help of its Modality, Application End User, and others. Ultrasound Machines market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the ultrasound machines market is led by "Cart/Trolley-based" ultrasound machines, prized for their advanced imaging capabilities, high resolution, and versatility in diverse medical applications. Predominantly deployed in larger healthcare institutions such as hospitals and imaging centers, these machines offer an extensive array of transducers and enhanced technological features, positioning them as the top choice for comprehensive diagnostic requirements in medical settings.
The fastest-growing category in the market is "Compact/Hand-Held" ultrasound machines, known for their portability, user-friendliness, and mobility. Their popularity is driven by their versatility, making them valuable for point-of-care diagnostics, emergency medicine, and situations requiring rapid assessments. Technological advancements enable high-quality imaging in a compact form, expanding their use across various clinical settings and increasing access to ultrasound capabilities.
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In the Ultrasound Machines Market by application, radiology emerges as the largest segment, owing to its extensive use in imaging organs and tissues across diverse medical applications, long-standing practice, and continuous technological advancements.
Meanwhile, obstetrics and gynecology is the fastest-growing category, primarily due to its critical role in monitoring pregnancy health, advancements in 3D/4D imaging technology, and an increasing focus on women's healthcare, all contributing to rising demand for ultrasound machines in this specialized field.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Ultrasound Machines market report 2024 Edition by contacting our team.
According to Cognitive Market Research, the dominant category in the Ultrasound Machines Market is "Hospitals and clinics," as they are the primary end-users with extensive requirements for diagnostic and medical imaging, utilizing ultrasound machines for a wide spectrum of medical procedures, from routine examinations to critical diagnostics and therapeutic applications.
The "Diagnostic Imaging and surgical Centers" segment is the fastest-growing category in the Ultrasound Machines Market, propelled by the surging demand for specialized diagnostic and surgical facilities that necessitate advanced ultrasound equipment for precise and efficient procedures. As healthcare services increasingly shift to outpatient settings, the demand for ultrasound machines in these centers is rapidly expanding, driving the segment's growth.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Ultrasound Machines Market is witnessing significant growth in the near future.
In 2023, the Cart/Trolley Based segment accounted for noticeable share of global Ultrasound Machines Market and is projected to experience significant growth in the near future.
The Radiology segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies GE Healthcare , Canon Medical Systems Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Modality | Cart/Trolley Based, Compact/Hand Held |
Application | Radiology, Obstetrics, Gynecology, Cardiology |
End User | Hospitals & Clinics, Diagnostic Imaging, Surgical Centers, ASCs, Others |
List of Competitors | GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Siemens AG, Fujifilm Holdings Corporation, Hologic Inc, Esaote SpA, Hitachi, Ltd., Konica Minolta Inc., Mindray Medical International Limited, Samsung Healthcare, Toshiba Medical Systems Corporation, Altaris Capital Partners LLC, Asahi Kasei Corp, SonoScape Medical Corporation |
This chapter will help you gain GLOBAL Market Analysis of Ultrasound Machines. Further deep in this chapter, you will be able to review Global Ultrasound Machines Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Ultrasound Machines Market Trends North America Ultrasound Machines Technological Road Map North America Ultrasound Machines Market Drivers North America Ultrasound Machines Market Restraints North America Ultrasound Machines Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Modality Analysis 2019 -2031, will provide market size split by Modality. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Modality Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by End User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Ultrasound Machines market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Cart/Trolley Based have a significant impact on Ultrasound Machines market? |
What are the key factors affecting the Cart/Trolley Based and Compact/Hand Held of Ultrasound Machines Market? |
What is the CAGR/Growth Rate of Radiology during the forecast period? |
By type, which segment accounted for largest share of the global Ultrasound Machines Market? |
Which region is expected to dominate the global Ultrasound Machines Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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