Global ultrasound market set to reach $11B by 2023

The global ultrasound devices market is set to expand at a compound annual growth rate of 5.8% from 2015 to 2023 to reach $11 billion U.S. (9.82 billion euros), according to a new market report from Transparency Market Research.

Growth in the size of the global geriatric population will drive the market, with people older than 65 representing 20% of the population by 2030.

Also, improvements in ultrasound technology could increase demand for ultrasound devices globally, according to the firm. In addition, compact ultrasound devices have been identified as the fastest-growing segment during the forecast period due to usage in emergency department, critical care, anesthesiology, and musculoskeletal applications. Technological improvements in compact ultrasound devices will likely boost the segment during the forecast period.

The 3D and 4D ultrasound imaging segment accounted for more than 42.8% of the global ultrasound imaging market in terms of revenue and only 10.9% in terms of installed units in 2014. Moreover, the segment is expected to gain market share and emerge as the fastest-growing segment during the forecast period.

Europe was the largest market for ultrasound devices in 2014, accounting for approximately 32.8% of the global market. The region dominated the market by a steady increase in sales of ultrasound devices due to growth of public hospitals. On the other hand, the Asia-Pacific region is expected to gain market share during the forecast period to emerge as the fastest-growing market.

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