The global ultrasound devices market was valued at USD 9.79 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.24% from 2024 to 2030. This growth is largely driven by the increasing use of ultrasound equipment for both diagnostic imaging and therapeutic treatments, along with the rising incidence of chronic and lifestyle-related disorders. Additional factors contributing to the market expansion include a heightened demand for minimally invasive surgical procedures and ongoing advancements in ultrasound imaging technology.
Ultrasound stands out as a primary diagnostic tool within the medical imaging landscape, particularly when compared to other imaging modalities. It is typically more cost-effective and quicker, making it a preferred choice. Moreover, because ultrasound does not rely on ionizing radiation or magnetic fields, it is considered safer than many alternative imaging technologies.
Gather more insights about the market drivers, restrains and growth of the Ultrasound Devices Market
Ultrasonic medical devices have a wide range of applications, both diagnostic and therapeutic. Their use in specific therapeutic areas, such as oncology and cardiology, has become increasingly popular. Innovations such as wireless transducers, app-based ultrasound technology, integration with CT and MR imaging, laparoscopic ultrasound, and advancements in 3D imaging and shear wave elastography are anticipated to further propel market growth. For example, in March 2023, KronosMD, INC., a subsidiary of Kronos Advanced Technologies Inc., announced its acquisition of all current and future properties and patents related to its innovative 3D ultrasonic dentistry imaging and diagnostic equipment, showcasing the ongoing evolution in this field.
Portability Segmentation Insights
The segment of cart/trolley-based ultrasound devices captured the largest revenue share, exceeding 67.75% in 2023. These ultrasound systems facilitate the transportation of the device directly to the patient's location, whether in an Intensive Care Unit (ICU) or an emergency department, effectively eliminating the challenges associated with moving critically ill patients. This capability not only accelerates the diagnostic process but also enhances decision-making regarding treatment and administration, ultimately leading to improved patient recovery rates and higher levels of satisfaction.
On the other hand, the handheld ultrasound devices segment is projected to grow at the fastest rate, with a compound annual growth rate (CAGR) of 5.73% from 2024 to 2030. The rising demand for these portable devices can be attributed to the increasing trend toward home healthcare and remote patient monitoring.
During the COVID-19 pandemic, handheld ultrasound devices demonstrated their effectiveness in monitoring critically ill patients. Consequently, since the pandemic, the demand for these devices has been on a steady rise. Technological innovations are expected to further enhance market growth. For example, in January 2023, Konica Minolta Healthcare Americas, Inc. launched the PocketPro H2, a novel cordless handheld ultrasound device designed for point-of-care applications in general screening. This new device offers a unique combination of versatility and cost-effectiveness in ultrasound imaging. In collaboration with Healcerion, Konica Minolta Healthcare is distributing the PocketPro H2 across the U.S. for use in both human and animal healthcare settings.
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