The global ultrasound device market accounted for revenue of $6,014.4 million in 2015, and it is expected to grow at a CAGR of 5.5% during 2016-2022. Based on portability, the portable ultrasound segment is expected to witness faster growth during the forecast period, a CAGR of 8.8% in the global market. Among the various field strengths, the high field MRI segment is expected to witness the fastest growth during the forecast period.
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The global ultrasound device market is growing at a significant rate, due to growing geriatric population, increasing prevalence of chronic diseases such as cancer, lung diseases and rheumatoid arthritis, increasing incidence of injuries, increasing demand for minimally invasive diagnosis and treatment, and increasing healthcare expenditure. In addition, the improving healthcare infrastructure in developing countries, such as China and India, and technological advancement in ultrasound device are also driving the growth of the global ultrasound device market. The restraint associated with the growth of the global ultrasound device market includes stringent regulations for the approval of ultrasound device.
Geographically, Europe is expected to maintain its dominance in the global market of ultrasound device during 2016-2022. This is due to increasing healthcare expenditure, growing geriatric population, improved healthcare infrastructure, and growing prevalence of chronic diseases.
The North American ultrasound device market is growing, mainly due to growing aging population, increasing prevalence of chronic diseases, and increasing healthcare cost. However, the Asia-Pacific market of ultrasound device is expected to witness the highest growth globally, during the forecast period. This is due to the growing geriatric population and surge in the occurrence rate of different chronic diseases. Additionally, the large population pool and improving healthcare infrastructure are driving the growth of the market in the region.
Some of the key companies operating in the global ultrasound device market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Toshiba Corporation, Analogic Corporation, FUJIFILM Holdings Corporation, Mindray Medical International Ltd., and Esaote SpA.
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