The global ultrasound market is expected to grow at a compound annual growth rate (CAGR) of 5% between 2015 and 2021, according to a new report by Research and Markets.
Right now, the market is dominated by some of the major healthcare companies: GE Healthcare, Siemens Healthcare, and Philips Healthcare. Growth is driven by various factors such as an increase in the number of cancer patients, the prevalence of cardiovascular disease and other lifestyle-oriented diseases, and in birth rates and awareness of the utility of ultrasound.
Innovations such as 3D and 4D imaging are creating opportunities for ultrasound as well, the firm noted. However, the market is restrained by factors such as reimbursement policies in emerging nations.
Europe accounted for the highest market share, driven by an aging population and high awareness related to life-threatening diseases. North America has the second highest market share, followed by Asia-Pacific and the rest of the world. The Asia-Pacific market has the highest market growth, with a CAGR of 6%.
To access the full report, click here.