The global ultrasound market is primed to reach $6.86 billion U.S. by 2021, according to a new report by research firm MarketsandMarkets.
The market will grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period, the firm noted.
Diagnostic ultrasound accounted for the largest share of the market in 2016, attributed to factors such as the large-scale use of 2D ultrasound in disease diagnosis, the availability of medical reimbursements, and the ongoing technological advancements in the field of 3D/4D ultrasound.
The trolley/cart-based ultrasound devices segment accounted for the largest share in the market in 2016, but the compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period of 2016-2021, the firm said.
Europe dominated the market in 2016, followed by North America, but the Asia-Pacific region is expected to be the fastest-growing market during 2016-2021. This is due to increasing public awareness related to procedural benefits of ultrasound and also continuously rising healthcare expenditure in the Asia-Pacific region, MarketsandMarkets said.
