The global ultrasound systems market is projected to grow from $4.2bn in 2016 to $5bn by 2023, according to a report by GlobalData.

Titled ‘MediPoint: Ultrasound Systems – Global Analysis and Market Forecasts’, the report forecasts the ultrasound systems space to witness a compound annual growth rate (CAGR) of 2.5%.

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The growth is attributed to the increase in prevalence of diseases, growth in elderly population and need for cost-effective quality healthcare.

"3D ultrasound systems, especially, are popular in the market due to their cost-effective features."

Ultrasound technology has advanced over the last few years with real-time 3D / 4D ultrasound systems leading the market due to their functionalities and modern features. 3D ultrasound systems, especially, are popular in the market due to their cost-effective features.

Handheld ultrasound systems, which provide better image quality and advanced modes are also gaining popularity, according to Tina Deng, MSc, GlobalData’s Analyst covering Medical Devices.

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Continent-wise, Asia-Pacific is the biggest market for ultrasound systems due to the huge patient base, demand for modern healthcare equipment, and government initiatives. India is the fastest-growing market in the region, growing at a CAGR of 5.4%. North America is another market demonstrating growth in the ultrasound systems market due to rise in technological innovation and shift towards economical diagnosis.

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Comparatively, the European markets are forecast to record a CAGR of 1.3% due to market saturation. Negative pricing pressures and cost-containment measures, however, are expected to marginally offset revenue growth in the market. Demand for point-of-care devices is also expected to drive growth in the region.

GE is the leading company in the market, followed by Siemens and Philips. All the three companies have a robust portfolio of ultrasound systems, which provide ease of use, reliability and flexibility, says Deng.