The ultrasound market is projected to reach USD 8.4 billion by 2023 from USD 6.3 billion in 2018, at a CAGR of 5.9% during the forecast period. Factors such as the increasing prevalence of target diseases, rising patient preference for minimally invasive procedures, technological advancements, increasing number of diagnostic centers & hospitals, and growing public and private investments, funding, and grants are driving the growth of the ultrasound market during the forecast period.

Europe is expected to command the largest share of the ultrasound market in 2018

The report covers the ultrasound market across four major geographies, namely, Europe, North America, Asia Pacific, and the Rest of the World (RoW). Europe is expected to command the largest share of the ultrasound market in 2018. Factors such as the large number of ongoing clinical research projects in the field of ultrasound, expansions in the clinical applications of focused ultrasound and the early commercialization of these devices in the region, and the significant healthcare expenditure across mature European countries (such as Germany, France, the UK, Italy, and Spain) are driving the growth of the ultrasound market in Europe.

The major players in the ultrasound market are General Electric Company (US), Philips (Netherlands), Canon Medical Systems (Japan), Siemens AG (Germany), Hitachi (Japan), Samsung Electronics (South Korea), and FUJIFILM Holdings Corporation (Japan). The other prominent players operating in this market include Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Shimadzu Corporation (Japan), Analogic Corporation (US), Carestream (US), Hologic (US), Mobisnate (US), and Chison Medical Imaging (China).

Recent Developments

• In March 2018, GE Healthcare (US) and Trice Imaging (US) expanded their partnership for software enhancements and developments to be made for GE’s LOGIQ E10 ultrasound system.
• In December 2016, Canon Medical Systems (Japan) acquired the healthcare medical unit of Toshiba Corporation to add strength to its medical sector and expand its healthcare business across the globe.
• In March 2018, Hologic (US) entered into a distribution agreement with Clarius (Canada) in order to market its wireless, handheld ultrasound scanner in Canada.