Ultrasound Devices Market 2030: Bridging the Gap in Rural Healthcare in Asia

The global ultrasound devices market was valued at USD 9.79 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 4.24% from 2024 to 2030. This growth is primarily driven by the increasing adoption of ultrasound technology for both diagnostic imaging and therapeutic applications, along with a rising prevalence of chronic diseases and lifestyle-related conditions. Other key factors contributing to market expansion include a growing demand for minimally invasive surgical techniques and continuous improvements in ultrasound imaging technology.

Ultrasound has established itself as a leading diagnostic tool within the medical imaging sector, especially when compared to other imaging modalities. Its advantages include being relatively more cost-effective and faster than alternatives, which makes it the preferred choice in many clinical settings. Furthermore, ultrasound technology does not use ionizing radiation or magnetic fields, which makes it a safer option compared to many other imaging techniques.

Gather more insights about the market drivers, restrains and growth of the Ultrasound Devices Market

Ultrasonic medical devices serve a wide array of diagnostic and therapeutic functions. Their use in therapeutic fields like oncology and cardiology, for example, has become more widespread. Innovations such as wireless transducers, app-based ultrasound devices, integration with CT and MR imaging, laparoscopic ultrasound, and advances in 3D imaging and shear wave elastography are expected to drive further market growth. A notable example of ongoing innovation in this space occurred in March 2023, when KronosMD, INC., a subsidiary of Kronos Advanced Technologies Inc., announced the acquisition of all current and future properties and patents related to its cutting-edge 3D ultrasonic dentistry imaging and diagnostic technology. This development highlights the continuous evolution of ultrasound applications and their expanding role in medical diagnostics and treatment.

Regional Insights

North America Ultrasound Devices Market Trends

North America led the ultrasound devices market, capturing the largest revenue share of over 29.75% in 2023. The region is projected to continue experiencing significant growth from 2024 to 2030. Several key factors are driving this growth, including the high number of ultrasound device manufacturers and competitors based in the region, as well as the increasing prevalence of cancer, which is boosting demand for advanced diagnostic imaging technologies. Additionally, rising healthcare expenditures, greater awareness of various diagnostic methods, and favorable reimbursement policies are expected to further contribute to North America's market expansion.

Asia Pacific Ultrasound Devices Market Trends

In the Asia Pacific region, a rapid increase in demand for advanced imaging devices is expected to result in the fastest compound annual growth rate (CAGR) of 4.90% from 2024 to 2030. This growth is largely attributed to the region’s growing need for better diagnostic equipment to meet the healthcare demands of its expanding populations. Additionally, many key ultrasound manufacturers are employing various strategies, including strategic partnerships and local manufacturing, to strengthen their presence in the region. Factors such as lower research and development costs, more flexible regulatory environments, and substantial government investments in the R&D sector are further making the Asia Pacific region an attractive destination for research and innovation in ultrasound technology.

Furthermore, the ongoing economic development and improvements in healthcare infrastructure in key countries such as China, Japan, and India are expected to play a major role in driving the market’s expansion across Southeast Asia. As these nations continue to modernize their healthcare systems and increase access to advanced medical technologies, the demand for ultrasound devices in the region is poised for substantial growth.

Browse through Grand View Research's Category Medical Imaging Industry Research Reports.

The global orthopedic imaging equipment market size was estimated at USD 4.92 billion in 2023 and is expected to grow at a CAGR of 5.10% from 2024 to 2030.
The global medical imaging market size was estimated at USD 39.8 billion in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030.

Key Companies & Market Share Insights

Leading companies in the ultrasound devices market are focused on enhancing their product portfolios by upgrading existing offerings, engaging in strategic collaborations, and pursuing acquisitions and regulatory approvals. These efforts are aimed at expanding their customer base and increasing their market share. For example, in March 2023, Siemens Healthineers unveiled the next generation of its Acuson Sequoia Flagship series of ultrasound devices at the European Congress of Radiology (ECR) 2023 in Vienna. This announcement underscored the company’s commitment to advancing ultrasound technology, and with a projected growth rate of 6.3%, the ultrasound market is expected to reach a value of USD 9.0 billion by 2026, making it one of the fastest-growing sectors globally.

In another significant development, Boston Imaging launched the Hera W10 Elite in February 2023, which is a specialized version of the Hera platform designed specifically for obstetrics and gynecology. This new model incorporates powerful AI-driven tools and advanced clinical applications, aimed at enhancing the diagnostic capabilities and experience for clinicians. Boston Imaging, which operates as the U.S. headquarters for Samsung's digital radiography and ultrasound systems, is positioning itself as a key player in the ultrasound market through this innovation. This strategic move is designed to address the growing demand for specialized imaging solutions, particularly in the fields of obstetrics and gynecology, where accurate and advanced imaging is critical.

Key Ultrasound Devices Companies: