Ultrasound Market Size & Share, by Portability (Cart/Trolley, Handheld, Compact); Product; Application; End user - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Integration of artificial intelligence (AI) in medical devices - AI trained in Foundation Models (FMs) plays a pivotal role in addressing high variability and intrinsic noise in ultrasound imaging. FMs, large-scale neural networks, have emerged as an adaptable and reliable foundation for developing AI applications tailored to disease diagnosis. These models have risen to prominence due to their ability to operate as human-in-the-loop AI systems, garnering accurate results. This positions them as ready a contender to fulfill a diverse array of tasks and address challenges prevalent in conventional imaging technologies. In April 2024, GE HealthCare launched its AI-based Voluson Signature 20 and 18 ultrasound systems, which automatically annotate and reduce the time required to complete the standard ISUOG second-trimester exams by 40%. Moreover, to achieve the highest level of precision and accuracy, robotic surgeries are gradually replacing traditional surgeries. Better outcomes are expected from the adoption of AI into medical devices like blood pressure monitors, ultrasound systems, MRI scanners, and more. For instance, the "Acuson Maple" AI-enabled ultrasound system was introduced by Siemens Healthineers in 2023. The same hardware and software platforms are used by this system to digitize analysis and workflow for effective examination. As a result, companies and medical professionals are making large investments in AI-related research and development. Collectively, these advancements underline the potential of AI in redefining medical diagnostics and treatment.
• Demand for therapeutic ultrasound - Diagnostic imaging systems, ultrasound is a cost-effective and efficient diagnostic tool in the medical imaging field. Additionally, compared to other imaging technologies, it is safer as it does not use magnetic fields or ionizing radiation. The ultrasonic medical device has many applications in both therapy and diagnosis. The use of ultrasound for certain medical conditions, such as cardiology and oncology, has become increasingly common. The ultrasound market revenue is anticipated to grow due to the creation of wireless transducers, app-based ultrasound technology, laparoscopic ultrasound, fusion with CT/MR, and an increase in the applications of ultrasound devices in shear wave elastography and 3D imaging. For instance, A division of Kronos Advanced Technologies Inc., KronosMD, INC., has announced that it has acquired all present and future rights to all patents and properties associated with its revolutionary 3D ultrasonic dentistry imaging and diagnostic equipment.

Challenges

• Market entry barriers - Regulations may impose high entry barriers for new manufacturers or products, requiring substantial investments in regulatory compliance, clinical trials, and documentation. This can deter small companies or startups from entering the market, limiting competition and innovation.
• Shortage of skilled technicians - While the ultrasound imaging equipment market is experiencing significant advancements, some factors, including product recalls, regulatory warnings, and defective products, are negatively impacting the reputation of major companies in the industry.