May 17, 2016 -- The global portable ultrasound device market produced $1.39 billion U.S. (1.23 billion euros) in revenues in 2015 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2016 to 2022, according to a new report by P&S Market Research.
Growth is being driven by higher healthcare expenditures, a growing geriatric population, the increasing prevalence of chronic diseases, and improving healthcare infrastructure in developing countries, according to the company. On the downside, market growth is being held back by the stringent regulatory requirements for approval of portable ultrasound devices, P&S said.
The handheld portable ultrasound device segment is expected to be the fastest-growing market niche, increasing at a 13.1% CAGR over the study period. On a geographic basis, Europe dominated the global market for portable ultrasound devices in 2015, the company said. However, P&S projects that the Asia-Pacific sector will grow at the fastest rate, at a 9.5% CAGR from 2016 to 2022.