(EMAILWIRE.COM, July 19, 2018 ) The global ultrasound market is expected to reach USD 6.86 Billion by 2021 at a CAGR of 5.2% during 2016 to 2021. A number of factors such as rising patient population base for chronic and lifestyle-related disorders, technological advancements, and growing market demand for minimally invasive diagnostic and therapeutic techniques are driving the growth of the market.

Based on technology, the market is segmented into diagnostics and therapeutics ultrasound. Diagnostic ultrasound accounted for the largest share of the market in 2016 owing to factors such as the large-scale use of 2D ultrasound in disease diagnosis, the availability of significant medical reimbursements, and the ongoing technological advancements in the field of 3D/4D ultrasound.

On the basis of device portability, ultrasound products are categorized into trolley/cart-based and compact/handheld ultrasound devices. The compact/handheld ultrasound devices segment is expected to grow at the highest CAGR during the forecast period of 2016-2021 owing to ease of operability and expansion in application horizons (such as radiology imaging, emergency medicine, and wound healing).

On the basis of application, the market is classified into radiology/general imaging, obstetrics/gynecology, cardiology, urology, vascular, and other applications (including neurology, mammography, emergency medical imaging, hepatic imaging and renal imaging, and point-of-care). In 2016, the radiology/general imaging application segment commanded the largest share of the market. The large share of this segment is primarily attributed to the rising incidence of various cancers, growing market availability, and physicians’ preference for HIFU in cancer treatment.

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Based on end user, the market is segmented into hospitals and diagnostic & surgical centers; maternity and fertility centers; ambulatory care centers; academic and research centers; and other end users. The hospitals and diagnostic & surgical centers segment accounted for the largest share of the market in 2016. The large share of this segment is attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination of hospitals and surgical centers towards the automation & digitization of radiology patient workflow, and increasing adoption of minimally invasive procedures (such as ultrasound) in hospitals by healthcare professionals.

On the basis of geography, this market is classified into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. This is primarily due to increasing public awareness related to procedural benefits of ultrasound, continuously declining product prices, and continuously rising healthcare expenditure in the Asia-Pacific region.

As of 2015, the global market is dominated by General Electric Company (U.S.), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), Hitachi Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), FUJIFILM Holdings Corporation (Japan), Esaote S.p.A. (Italy), Mindray Medical International Ltd. (China), Shimadzu Corporation (Japan), and Analogic Corporation (U.S.).

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