Ultrasound Market Share

North America Market Statistics

North America industry is expected to hold largest revenue share of 42% by 2037. The growth in this region is driven by the surge in cosmetic surgeries coupled with innovative technologies in healthcare. American Society of Plastic Surgeons in 2023 projected that cosmetic surgery procedures showed an increase of 19% since 2019. This will act as a growth factor for Artificial Intelligence (AI) in healthcare during the forecast years.

The U.S. showed increasing spending on healthcare by public and private sectors. For instance, the Centers for Medicare & Medicaid Services in July 2024 estimated that U.S. healthcare spending increased by 4.1%, while health spending accounted for about 17.3% of the country’s GDP.

Increasing cancer cases in Canada is propelling the market expansion during the forecast period. According to the Canadian Cancer Statistics 2023, prostate and colorectal cancers together dominated for 49.8% of all male cancers diagnosed under 25 years of age since 2018.

APAC Market Analysis

The Asia Pacific region will also encounter huge growth in the ultrasound market share during the forecast period with a notable size and will account for the second position. This growth is led by the increasing cardiovascular diseases and gastrointestinal disorders in this region. American College of Cardiology in 2021 stated that Asia Pacific saw an increase in CVD deaths from 5.6 million in 1990 to 10.8 million in 2019. Nearly 39% of these deaths from CVD occurred in people under the age of 70, compared to the U.S., where the percentage of premature CVD deaths was 23%.

There is a growing demand for advanced medical devices in China that is anticipated to increase market revenue. According to recent estimates, China’s medical devices industry is expected to set a share of about USD 36 billion in 2024.

The ultrasound market is anticipated to grow in coming years owing to Japan's growth in the healthcare technology sector in recent years. For instance, the International Trade Administration published a report in 2022 stated that about 37% of Japan’s population uses digital technology in health-related concerns and the health-tech market in Japan is predicted to surpass 3 billion by 2025.