Updated on 22 December 2016
A new report published by Allied Market Research, titled, "Ultrasound Devices Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", projects that the global ultrasound market would reach $10,476 million by 2022. Diagnostic ultrasound system would continue to be the highest revenue-generating segment throughout the forecast period. Europe accounted for almost one-third of the market share in 2015, and is expected to dominate the overall market during the study period.
The major factors boosting the market growth include technological advancements (such as advent of 3D and 4D ultrasound that provides detailed information about a known abnormality from different angles), rising incidence of chronic diseases, and increasing geriatric population worldwide.
The rising number of application areas of ultrasound coupled with increasing adoption of ultrasound systems in obstetrics and gynaecology field, is set to boost the growth of the ultrasound market worldwide. Cost effectiveness, safety, high accessibility, and clinical value in preliminary diagnosis are strengthening the technologies value proposition in technological advancements in the ultrasound market.In addition, increase in number of diagnostic imaging procedures, and rising awareness for early diagnosis of clinical disorders are anticipated to further drive the demand for ultrasound devices. However, dearth of skilled and experienced sonographers and technological limitations of ultrasound systems are some of the factors restricting the market growth.
The radiology/general imaging segment accounted for the major share of 30% of the overall ultrasound market in 2015. This is primarily due to the wide adoption of ultrasound devices in the diagnosis of rising number of abdominal diseases. Urology has emerged as the fastest growing segment, registering a CAGR of 11.3% during the forecast period, due to the growing incidences of urinary tract infections coupled with the rapidly aging patient population.
Diagnostic ultrasound devices such as 2D ultrasound, 3D & 4D ultrasound, and Doppler devices have given rise to new applications (such as biopsies and image-guiding interventions) across different clinical specialties.