The global ultrasound market is estimated to reach USD 6.86 billion by 2021 at a CAGR of 5.2 percent over the next 5 years, predicts Markets and Markets. The growth in this market can largely be attributed to factors such as rising patient population base for chronic and lifestyle-related disorders (coupled with a growing geriatric population that is at greater risk of target diseases as compared to adults); technological advancements; and growing market demand for minimally invasive diagnostic and therapeutic techniques (including ultrasound).
Emerging markets (such as China and India) are offering high growth opportunities for market players in the ultrasound industry. The rising incidence of chronic and infectious diseases, increase in awareness related to minimally invasive procedures, and continuously rising healthcare expenditure in the Asia-Pacific region are the key factors driving the demand for ultrasound in emerging nations. In order to leverage the high growth opportunities in these emerging nations, leading market players are expanding their presence in these countries.