The global ultrasound market is expected to grow steadily over the next several years, according to a report by Transparency Market Research.
The firm projects that the market will rise from $4.8 billion U.S. (3.5 billion euros) in 2012 to $6.1 billion (4.5 billion euros) in 2017, at an estimated compound annual growth rate of 4.9%.
An increase in the number of individuals suffering from chronic diseases will boost demand for ultrasound, a key imaging modality for early diagnosis and follow-up. Another source of demand for ultrasound is fetal imaging, Transparency Market Research noted.
The largest share of the ultrasound market is in the Americas, accounting for 38.5% of the market in 2011 due to technological improvements in the modality's ability to provide accurate results, according the firm. The Americas will also lead the growth in gynecologic ultrasound over the next five years.
Still, regions from Asia to Africa, especially South Africa and Egypt, will show the highest overall growth rate in the near future, the report concluded. In these countries, medical tourism is expected to grow significantly.