India Ultrasound Devices Market Size & Outlook, 2023-2030
India ultrasound devices market, 2018-2030 (US$M)
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India ultrasound devices market highlights
- The India ultrasound devices market generated a revenue of USD 345.2 million in 2023 and is expected to reach USD 477.2 million by 2030.
- The India market is expected to grow at a CAGR of 4.7% from 2024 to 2030.
- In terms of segment, diagnostic ultrasound devices was the largest revenue generating product in 2023.
- Therapeutic Ultrasound Devices is the most lucrative product segment registering the fastest growth during the forecast period.
Ultrasound devices market data book summary
| Market revenue in 2023 | USD 345.2 million |
| Market revenue in 2030 | USD 477.2 million |
| Growth rate | 4.7% (CAGR from 2023 to 2030) |
| Largest segment | Diagnostic ultrasound devices |
| Fastest growing segment | Therapeutic Ultrasound Devices |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Diagnostic Ultrasound Devices, Therapeutic Ultrasound Devices |
| Key market players worldwide | Koninklijke Philips NV, GE HealthCare Technologies Inc Common Stock, Siemens Healthineers AG ADR, Canon Inc, Mindray Medical International, Samsung BioLogics, FUJIFILM Holdings Corp, Konica Minolta Inc, Esaote |
Other key industry trends
- In terms of revenue, India accounted for 3.5% of the global ultrasound devices market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China ultrasound devices market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 759.1 million by 2030.
Diagnostic ultrasound devices was the largest segment with a revenue share of 84.01% in 2023. Horizon Databook has segmented the India ultrasound devices market based on diagnostic ultrasound devices, therapeutic ultrasound devices covering the revenue growth of each sub-segment from 2018 to 2030.
Increase in birth rates, growing awareness about prenatal care, and economic reform activities are expected to drive the country’s ultrasound device market. According to data released by UNICEF in 2020, out of 400,000 babies born on the new year’s day, around 70,000 babies were from India. India recorded the highest number of babies born on a New Year’s Day worldwide.
This signifies the demand for maternity services in India. During the period of pregnancy, an average of 2-3 ultrasound scans are recommended to monitor the health of the fetus. Thereby, increasing birth rate in India is anticipated to boost the adoption of ultrasound devices. Furthermore, many manufacturers are investing and expanding their business in this region, boosting the regional market growth.
In May 2022, Philips announced the expansion of its Manufacturing and Research and Development Facility in Maharashtra, India, the unit houses the MR radio frequency coil, mobile surgery systems, and ultrasound assembly businesses, among other activities.
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Ultrasound Devices Market Scope
Ultrasound Devices Market Companies
| Name | Profile | # Employees | HQ | Website |
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India ultrasound devices market size, by product, 2018-2030 (US$M)
India Ultrasound Devices Market Outlook Share, 2023 & 2030 (US$M)
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