Ultrasound Equipment Market to Increase Gradually with the CAGR 7.3% with Market Valuation Reaching USD 15.21 Billion by 2030, Introduction Of The Artificial Intelligence In The Equipment To Drive Market Growth

The global ultrasound equipment market size is estimated to display strong growth by reaching USD 15.21 billion by 2030. Fortune Business Insights™ in its report titled “Ultrasound Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Compact, and Table-top), By Application (Radiology, Gynecology, Cardiology, Point of Care, Urology, Surgery, and Others), By End User (Hospitals, and Clinics), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 8.70 billion and is expected to reach USD 9.32 billion in 2023. The market is expected to witness a strong CAGR of 7.3% during 2023-2030. Growing cases of chronic diseases and expansion of applications of these systems is set to drive the market growth. There have been new advancements in the ultrasound technology and introduction of innovative equipment in the developing healthcare facilities in developing countries. Introduction of the artificial intelligence in the equipment is set to drive the market growth.

Koninklijke Philips N.V., Announced That The Healthcare Authorities In Japan Approved Its Lumify Handheld Solution

In June 2020, Koninklijke Philips N.V., announced that the healthcare authorities in Japan approved its Lumify handheld solution. The approval is done with the aim to commercialize its high-quality portable system available almost everywhere in Japan. Approvals for new equipment is set to propel the market growth for ultrasound equipment.  

Pandemic Impacted The Manufacturing Capacity Of The Key Market Players 

The COVID-19 pandemic impacted the manufacturing capacity of a few players was affected due to the unavailability of locally sourced raw materials or parts. After pandemic, routine medical diagnosis at hospitals and clinics resumed due to patient visits to healthcare settings.

The number of launches of handheld devices by the market players and adoption of the equipment by the healthcare professionals supported the market growth. Thus, rising hospital visits by patients for diagnostic ultrasound post COVID-19 pandemic and increased launch and demand of portable devices at home healthcare settings and remote patient monitoring further propelled the market growth in 2021.

Integration Of Artificial Intelligence In The Equipment To Drive Market Growth

Integration of artificial intelligence in the equipment set to drive ultrasound equipment market growth. Leading market players have been putting their efforts and focus on the development of advanced devices and systems. It will help in overcoming various limitations long duration of time required to conduct the examination, poor image qualities in certain cases, high dependency on technicians to acquire and interpret images. Thus, introduction of new systems which have artificial imaging by the key players is set to boost the market growth.

However, recent recalls of these devices is hampering the brand image of major companies which is hampering the market growth. Shortage of trained technicians in Australia, the U.K., and Canada is expected to limit the growth opportunities during the forecast period.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/ultrasound-equipment-market-100515

New Product Launches by the Key Market Players Drove the Competitive Edge

GE Healthcare dominated the industry and accounted for the largest ultrasound equipment market share in 2022. Players such as GE Healthcare, Koninklijke Philips N.V., Canon Inc., Hitachi, Siemens Healthcare, Samsung Medison Co., Ltd., and Esaote accounted for a dominant share of the global market in 2022. In June 2021, CANON MEDICAL SYSTEMS CORPORATION commercially launched the Aplio i-series / Prism Edition, a complete redesign of its premium ultrasound series. Similarly, its existing Aplio a-series device also received an routine-to-advanced imaging range upgrade.

Key Industry Development

• February 2022: Koninklijke Philips N.V., introduced Lumify and expanded its product ultrasound portfolio. It is company’s handheld point-of-care ultrasound solution. It will advanced hemodynamic assessment and measurement capabilities.

List of Key Companies Profiled in the Market Report:

• GE Healthcare (U.S.)


• Koninklijke Philips N.V. (Netherlands)


• CANON MEDICAL SYSTEMS CORPORATION (Japan)


• Hitachi (Japan)


• Siemens Healthcare (Germany)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)


•  Samsung Medison Co., Ltd. (South Korea)


• Esaote SPA (Italy)

Further Report Findings

• Asia Pacific dominated ultrasound equipment market share due to high sales of such equipment in the region. The market stood at USD 3.51 billion in 2022 as China is one of the biggest manufacturers in the region for cost-effective equipment. In April 2022, CHISON Medical Technologies Co., Ltd. announced its overseas revenue registered USD 50.1 million in 2021, accounting for 87.38% of its total revenue.


• North America is set to have the second-largest market share as the U.S has witnessed new product launches and innovations in the equipment.

Table of Segmentation