By 2020, the ultrasound market will be worth approximately $6.86 billion USD, according to a new market report by Markets and Markets.

The report, entitled Ultrasound Market - Diagnostic Ultrasound (2D, 3D, 4D, Doppler), Therapeutic Ultrasound (HIFU, ESWL), Products (Cart/Trolley-Based, Compact, PoC), Applications (OB/GYN, Cardiac Ultrasound, Vascular Ultrasound, Surgical Ultrasound) - Global Forecast To 2020 explores major market drivers, opportunities and challenges, as well as restraints in North America, Europe, Asia-Pacific and the rest of the world.

Ultrasounds are categorized into two categories for device portability, trolley/cart-based and compact/handheld. The trolley/cart-based segment will account for the largest share of the global ultrasound market in 2015, the report states, while the compact/handheld segment will grow at the highest compound annual growth rate, or CAGR, during the forecast period, in which the individual yearly cash flows are input to the discounted cash flow formula.
Factors contributing to the growth of compact ultrasounds include procedural benefits such as ease of operability, lower cost device and lower electricity consumed when compared to trolley-based devices; the growing demand of portable ultrasounds; and the increased commercialization of compact, portable devices in countries such as the U.S., Germany, Japan, China and India, as mentioned in the report.

Europe will account for the largest share of the global ultrasound market in 2015, followed by the U.S. and Canada. However, Asia-Pacific (such as China, Japan and India) will be the fastest-growing region in the ultrasound market due to expansion and modernization of health care in these countries, increasing numbers of age-related illnesses and growing public awareness regarding the benefits of ultrasound.

The ultrasound market categorizes clinical application into radiology/general imaging, cardiology, OB/GYN, vascular, urology and other applications (including anesthesiology, emergency medicine, and breast imaging).

Cardiology application is expected to be the fastest growing segment during the forecast period due to the rise in cardiac disease, technological advances in cardiac ultrasound, and growth in the geriatric population all around the world, according to the report.

Major companies in the global ultrasound market, in 2015, are General Electric Company and Analogic Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany), Esaote S.p.A. (Italy), Toshiba Corporation, Hitachi Ltd., FUJIFILM Holdings Coroporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and Mindray Medical International Ltd. (China).

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