By Kamran Zamanian, Ph.D., CEO, and Lucas Parker, senior research analyst, iData Research Inc.

The market for ultrasound equipment has been growing steadily and is expected to continue growing for years to come. The two largest segments of the overall ultrasound equipment market in 2014 were cardiology and radiology segments. Radiology was the first area to use ultrasound equipment intensively. Due to the large number of important applications, cardiology has also become a traditional setting for the use of ultrasound devices. These respective segments each accounted for over 25% of the overall market.

Cardiology and radiology are highly saturated segments of the ultrasound equipment market. However, due to advances in 3D and 4D imaging, as well as elastography and combined MRI/ultrasound imaging techniques, growth rates in these markets are expected to…