The global ultrasound device market is expected to reach $3.86 billion by 2021, with a compound annual growth rate of 3% between 2016 and 2021, according to a recent report. The market was valued at $3.22 billion in 2015. North America holds the largest share (30%), followed by Europe. Due to a rising population and large investments in the field of research and development (R&D), Asia-Pacific is considered the emerging market for ultrasound devices.

One of the prime reasons of growth in the ultrasound devices market globally is the government and private funding for R&D. Other factors propelling market growth include an aging population, an increasing number of health care providers, reduction in the size of ultrasound devices, and increasing incidences of chronic diseases. Increase in the number of health care providers is expected to impact the market in developing nations, as the health care sectors of these regions are set for progress and expansion.

Cardiology accounted for the largest share of the ultrasound market, followed by obstetrics/gynecology and radiology. While the stationary ultrasound segment holds the major share, portable ultrasound is expected to grow at a higher CAGR during the forecast period between 2016 and 2021.

Some of the major players in the market are GE Healthcare, Philips Healthcare, Siemens Healthineers, Toshiba America Medical Systems, Mindray Medical International Ltd, Hitachi Medical Corp., Trivitron Healthcare, Fukuda Denshi Co, Ltd, and Shantou Institute of Ultrasonic Instruments Co, Ltd.