Ultrasound Market Size

Ultrasound Market size was valued at USD 9.4 billion in 2023 and is predicted to cross USD 23.4 billion by the end of 2036, expanding at more than 7.9% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of ultrasound is evaluated at USD 10.08 billion.

The globally increasing prevalence of chronic diseases such as chronic obstructive pulmonary disease (COPD), cancer, and arthritis are influencing the market growth. Ultrasound provides effective palliative and curative care to cancer patients and has fewer adverse effects than surgical or conventional pharmacological treatments. According to a World Health Organization (WHO) 2024 study, the global burden of new cancer cases will be 35 million in 2050, at a growth rate of 77% as compared to 20 new million cases in 2022. Furthermore, a 2023 report by the World Heart Federation mentioned 20.5 million deaths worldwide in 2021 due to cardiovascular diseases. Significant strides have been made to address the gaps in modern ultrasound technology. In September 2021, the Focused Ultrasound Foundation (FUS), Cancer Research Institute (CRI), and Parker Institute for Cancer Immunotherapy (PICI) collaborated to discuss the ongoing challenges in immuno-oncology and develop the FUS technology. It offers a targeted approach using histotripsy ablation for tumor diffusion and kills cancer cells at an early stage.  The rising incidence of chronic diseases and the continuous technological advancements in non-invasive therapeutics are driving market expansion.