Since medical images occupy large amounts of storage space and hinder the speed of tele-healthcare information exchange, compression of image data is essential. In this work a comprehensive experimental study on lossless compression algorithms is applied on ultrasound images. There are many compression schemes available for lossless compression. But in this work, eight commonly used well known algorithms, namely CALIC, JPEG2000, JPEG-LS, FELICS, Lossless mode of JPEG, SPIHT (with Reversible Wavelets S+P), PNG and BTPC were applied to determine the compression ratio and processing time. For this study a large number of ultrasound images pertaining to different types of organs were tested. The results obtained on compression ratio indicated that CALIC led followed by JPEG-LS. But JPEG-LS took much less time for processing than CALIC. FELICS, BTPC and the two wavelets-based schemes (SPIHT and JEPG2000) exhibited very close efficiency and they were the next best to CALIC and JPEG-LS. The results showed that JPEG-LS was the better scheme for lossless compression of ultrasound images as it demonstrated comparatively better compression efficiency and compression speed.