There have been no notable new market entrants in the ultrasound AI market. With the ultrasound AI market smaller and a lot less developed than for other imaging modalities, the introduction of notable new vendors is important for the market to evolve and mature.

The handheld ultrasound market continues to mature
Technical improvements in handheld ultrasound, alongside growing awareness and acceptance of these products amongst clinicians, is increasing the use of ultrasound in some clinical applications. This is occurring mainly at the point of care, and for veterinary uses, by novice users. Whilst handheld ultrasound devices are often purchased in adjunct to cart and compact systems, the increased demand from novice users is leading to a divergence in purchasing, with customers either purchasing low-cost, ultraportable handheld ultrasound devices, or larger, more technically capable compact systems. New users of ultrasound will typically opt for a handheld ultrasound device that is ultraportable and can be used for an initial ultrasound assessment, whilst more experienced users may opt for a compact system for more detailed imaging and advanced system features. Those who initially purchase handheld ultrasound devices may later purchase higher specification compact systems if they require more technical capabilities, or they may continue to use a handheld ultrasound device, favoring the ultra-portability provided by the form factor.

Whilst the handheld ultrasound market remained consolidated in 2022, there have been new market entrants which could change this in the future. In 2022, Mindray launched its first handheld ultrasound device, the TE Air, included in all sales of its TEX 20 system. The TE Air will be released as a stand-alone solution in 2023. In July 2023, Konica Minolta launched its first handheld device, the PocketPro H2, and has partnered with Healcerion to distribute the PocketPro H2 in the U.S. In September 2023, Exo Imaging released its first handheld ultrasound device, the Exo Iris. The partnership between EchoNous and UltraSight, which will integrate UltraSight’s Real-Time Guidance solution onto EchoNous’ Kosmos device, could also help EchoNous’ market performance in 2023.

Local gains traction
Governments are increasingly looking to promote local manufacturing of ultrasound systems sold in their country. China is the most prominent example, introducing its local production policy in 2021. Initially, this policy required 63% of deals to include locally made products, but this was increased to 85% in 2023. The Indonesian government is also pushing for more locally produced products, and requires a minimum 25% of the system to be locally made. This 25% is only for primary care applications but is predicted to be rolled out to other clinical segments, with an increased percentage of the system to be domestically manufactured in the coming years.

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