Global ultrasound market estimated to reach USD 6.90 billion in 2021
According to a report published by Zion Research, the global ultrasound market accounted for USD 5.20 billion in 2015. It is estimated to reach USD 6.90 billion in 2021 by growing at a CAGR of approximately 5.5%. The key factors fueling the growth of the ultrasound market include rising number of cases of diseases, availability of innovative products and increasing demand for ultrasound devices. Rising demand from the healthcare industry for diagnosis of various diseases is the major factor driving market growth. However, costly procedures and unfavorable regulations in the developed countries may hamper the ultrasound market growth. Portable (cart/trolley based) ultrasound equipment is the leading segment of the ultrasound global market in 2015. It is likely to continue its market dominance in the near future. North America was one of the leading players in the global market but it has reached a saturation stage. Presently, Latin America and Asia Pacific are the fastest growing regions due to increased adoption of diagnostic testing and growing public awareness. Brazil and Mexico are contributing to the market growth, where Brazil had a major share in the overall Latin America’s ultrasound market.