An increase in the number of chronic diseases that are detected early by sonography will help drive growth in the global ultrasound market over the next five years, according to a new study by Transparency Market Research.

The report estimates that the worldwide ultrasound market will total $4.82 billion in revenues this year and advance to $6.11 billion in sales by 2017, with a compound annual growth rate of 5%.

According to the market research firm, the Americas had the largest share in the ultrasound market with 38.5% last year, due primarily to ultrasound's ability to provide accurate results. Asia and countries such as South Africa and Egypt will experience the greatest growth rate in the near future.

An increase in R&D, growth in medical tourism fueled by low costs for healthcare services, and investment of foreign vendors in the healthcare sector also are expected to contribute to ultrasound's growth.

Source: AuntMinnie.com staff writers