Biomedical images are generally corrupted by speckle noise and Gaussian noise. Speckle noise is multiplicative type whereas other noises like Gaussian noise are additive type. It is difficult to remove multiplicative noise from images. Latest domain in the field of Image denoising and compression is using wavelet analysis. Multiresolutional image analysis using wavelets is the latest modification in the field of image enhancement and denoising. Speckle Noise is the high frequency content in the ultrasound images and can be easily removed using wavelet based thresholding technique. This paper presents study of various techniques for removal of speckle noise from images, used in biomedical applications, such as Spatial and frequency domain filter and a modified algorithm for speckle noise reduction using wavelet based multiresolutional analysis and thresholding function has been proposed incorporating different wavelets such as Haar, Coiflets, Daubechies and Symlets.