The global ultrasound devices market was valued at USD 9.79 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.24% from 2024 to 2030. This growth is primarily driven by the increasing use of ultrasound technology in both diagnostic imaging and therapeutic applications. Additionally, the rising prevalence of chronic and lifestyle-related diseases plays a significant role in this expansion. Other contributing factors include the growing demand for minimally invasive surgical procedures and continuous advancements in ultrasound imaging technology.

Ultrasound has become a central diagnostic tool within the medical imaging field, particularly when compared to other imaging modalities. Its advantages include being more cost-effective and providing quicker results, which make it a preferred choice in many clinical settings. Moreover, ultrasound imaging does not rely on ionizing radiation or magnetic fields, making it a safer alternative to other technologies such as X-rays and MRIs.

Ultrasonic medical devices have a broad range of diagnostic and therapeutic applications. Their use in specialized fields, including oncology and cardiology, has gained significant traction. Innovations like wireless transducers, app-based ultrasound systems, integration with CT and MRI imaging, laparoscopic ultrasound, and advancements in 3D imaging and shear wave elastography are expected to further drive market growth. For example, in March 2023, KronosMD, Inc., a subsidiary of Kronos Advanced Technologies Inc., acquired the rights to all current and future patents related to its 3D ultrasonic dentistry imaging and diagnostic equipment. This move highlights the ongoing progress in ultrasound technology and its diverse applications.

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

Product Segmentation Insights

In 2023, the diagnostic ultrasound devices segment accounted for the largest revenue share, with more than 84.27% of the total market. This dominance is attributed to the wide range of applications in key medical specialties such as obstetrics, cardiology, and oncology. As technology improves and the prevalence of lifestyle-related diseases rises, the demand for diagnostic ultrasound devices is expected to increase. Regulatory approvals of new ultrasound devices also support the growth of this segment. For example, in September 2022, Koninklijke Philips N.V. received FDA 510(k) approval for its compact 5000 Compact Series ultrasound system, which is designed to provide high-quality, cart-based ultrasound images in a smaller, more portable format. This system caters to a broad spectrum of medical fields, including obstetrics, general imaging, cardiology, gynecology, and more. The increasing demand for advanced diagnostic tools, including miniaturized 2D and 3D/4D ultrasound systems, is anticipated to further fuel growth in the diagnostic ultrasound market. This segment is divided into three subcategories: 2D, 3D/4D, and Doppler ultrasound devices.

On the other hand, the therapeutic ultrasound devices segment is projected to experience the fastest growth, with an estimated CAGR of 4.90% from 2024 to 2030. This segment includes high-intensity focused ultrasound (HIFU) and extracorporeal shockwave lithotripsy (ESWL). Among these, the high-intensity focused ultrasound segment accounted for the largest revenue share in 2023 and is expected to see significant growth over the forecast period. HIFU devices are particularly effective in treating cancers and other related disorders. For instance, the American Cancer Society estimates that in 2023, there will be 1,958,310 new cancer cases and 609,820 cancer-related deaths in the United States. As such, the increasing prevalence of cancer and the growing use of HIFU in cancer treatment are expected to drive substantial growth in this segment.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.