The global ultrasound device market is expected to reach $8.7 billion by 2019, growing at a compound annual growth rate (CAGR) of 6.4 percent, according to a new Transparency Market Research report.

The aging population is the main driver behind the market - the elderly commonly have diseases that require diagnosis from ultrasound. Also, the population as a whole is suffering from rising incidences in diseases such as cardiovascular and oral diseases.

Good reimbursement rates and technologically advanced devices, including GE Healthcare's VScan and LOGIQ, are also accelerating the market's growth.

However, the medical device excise tax that was imposed on the sale of every ultrasound device in the U.S. may hinder growth.

The report divided the market into 2-D ultrasound imaging, 3-D and 4-D ultrasound imaging, high intensity frequency ultrasound imaging, Doppler imaging and lithotripsy imaging.

The 3-D and 4-D segments are expected to have the highest growth rate at over 10 percent due to their ability to more accurately diagnose complex diseases and their usefulness in neurology and cardiovascular imaging.

Previously, ultrasound devices were solely used for abdominal imaging but because of the new technological developments, the cardiovascular ultrasound imaging market is anticipated to have the highest CAGR. Since ultrasound devices are unlike CT scanners in the sense that they generate real-time images of the heart, they'll be used even more in cardiovascular imaging.

North America makes up most of the market because it possesses the most ultrasound manufacturers and also because of good reimbursement rates. But the Asia-Pacific market is expected to have the highest CAGR at 7.5 percent due to the to the increasing percentage of elderly in China and India and the rise in the number of women of reproductive age.

The major players in the market are GE Healthcare, Philips Healthcare, Siemens Healthcare and Toshiba America Medical Systems.

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