The global ultrasound devices market was valued at USD 3,216 million in 2015, and is estimated to grow at a CAGR of 3% between 2016 and 2021 to reach USD 3,860 million by 2021, driven by improvements in the ultrasound technology.
These are the findings of Mordor Intelligence (Hyderabad, India), a global market research and consulting firm, according to which, government and private funding for R&D in ultrasound imaging, aging population, increasing number of healthcare providers, curtailment in the size of ultrasound devices, and higher incidences of chronic diseases are driving the market growth. However, the lack of skilled labor to handle the equipment and stringent FDA regulations are acting as constraints to growth.
By application, the global ultrasound market is segmented into anesthesiology, ob/gyn, cardiology, musculoskeletal, radiology, emergency department, critical care and others, with the cardiology sub-segment holding the highest share. By technology, the global ultrasound market is segmented 2D ultrasound imaging, 3D and 4D ultrasound imaging, Doppler imaging, and high-intensity focused ultrasound, with 2D ultrasound accounting for the largest market share.
By type, the global ultrasound market is segmented stationary ultrasound imaging and portable ultrasound imaging, with the stationary ultrasound segment holding the major share. However, the demand for handheld ultrasound devices on the rise due to a shift towards home healthcare and remote patient monitoring to reduce hospitalization cost. As a result, the portable ultrasound is expected to grow at a higher CAGR between 2016 and 2021.
North America holds the largest share of the global ultrasound devices market (30%), followed by Europe. In terms of market share, North America is ahead of Europe by just a few degrees. Asia-Pacific is considered the emerging market for ultrasound devices, due to its rising population and large investments in R&D in the region, which is estimated to grow at a CAGR of 4.5%.
With ultrasound becoming one of the fundamental aspects of healthcare, an increasing number of private companies and public institutions are investing in R&D of advanced innovative technologies in ultrasound imaging. An increase in the number of healthcare providers is expected to have a tremendous impact on the ultrasound devices market in the developing nations where the healthcare sectors are on track for progress and expansion.