Global ultrasound market to top $11B by 2024

The global market for ultrasound devices is expected to reach $11.1 billion (9.64 billion euros) by 2024, according to a new report from Grand View Research.

Major drivers include expanding applications for ultrasound in therapeutic areas and government recommendations for periodic ultrasound screenings of the breast for breast cancer.

One of the expanded applications is high-intensity focused ultrasound (HIFU), which is widely used for treating prostate cancer. The other therapeutic use of ultrasound is for treating kidney stones and gallstones using extracorporeal shockwave lithotripsy. Also, 2D, 3D/4D, and Doppler ultrasound techniques are widely used in diagnostic imaging.

The 2D ultrasound segment captured the largest market share owing to its wide use in brain tumor and fetal screening. Most of the hospitals and healthcare facilities in developing countries offer 2D ultrasound because the cost of devices is lower, Grand View Research said. Along with 3D, 4D sonography has also become popular in obstetrics as it enables visualization of real-time movements of the fetus.

Demand for handheld ultrasound devices is swiftly increasing. In addition, the shifting trend to home healthcare and remote patient monitoring is augmenting the adoption of handheld devices. However, demand for relatively bigger cart-based scanners is escalating with the rising adoption of therapeutic ultrasound, where heavy hardware and large display screens are necessary.

North America was the largest market (24.9%) in 2015 and is expected to maintain its dominance throughout the forecast period. The presence of a well-defined regulatory framework, recommendations of government and healthcare agencies, and high adoption of remote patient monitoring and home healthcare services are the major factors supporting the market growth.

The Asia-Pacific region is expected to witness the fastest growth, at 9.6%, during the forecast period. Increasing disposable income, growing awareness, and a booming medical tourism industry are some of the factors expected to drive the Asia-Pacific market toward swift growth during the forecast period, the firm said.

For the full report, click here.

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