Image: The global ultrasound market is expected to reach a value of almost USD 7 billion by 2021 (Photo courtesy ofiStock).
The global ultrasound market is expected to grow at a CAGR of 5.2% during 2016 to 2021 to reach a value of USD 6.86 billion by 2021, driven by a growing patient population base for chronic and lifestyle-related disorders, technological advancements, and increasing demand for minimally invasive diagnostic and therapeutic techniques.
These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.
The growth of the global ultrasound market is being driven mainly by technological advancements in ultrasound devices, rising prevalence of targeted diseases, growing preference for minimally invasive procedures, increasing public-private investments, funding, & grants; and rising birth rate/fertility rate, especially in the emerging countries. However, the dearth of skilled and well-trained sonographers, and stringent government regulations are acting as the key constraints to the growth of the ultrasound market. Nevertheless, the expanding applications of ultrasound and the emerging markets will create significant opportunities for market growth. On the other hand, the growing end-user preference for refurbished equipment poses a challenge to the growth of the ultrasound market.
Geographically, North America and Europe dominated the global ultrasound market with the largest share in 2016. However, Asia-Pacific is expected to be the world’s fastest growing ultrasound market during the forecast period, driven by the rising incidence of chronic and infectious diseases, growing awareness of advanced diagnostic and therapeutic ultrasound, and continuously increasing healthcare expenditure in the region.
A large number of global and local manufacturers make the ultrasound market fairly competitive. During 2013-2016, a majority of the market players adopted the strategies of product launches, approvals, & product enhancements; agreements, partnerships, & collaborations; and geographic expansions to drive growth in the ultrasound market.
Research and Markets