Despite the still-uncertain economy, the ultrasound market is expected to grow 27 percent over the next five years, according to a new report from IMS Research. Russia will lead the way with a predicted 25 percent increase in ultrasound purchasing.

In Russia, increased government investment in modernizing health care services drove a significant increase in health care spending. Because most equipment has now been replaced, growth is expected to be slower in 2013, but experts hope Russia will begin purchasing equipment on a cyclical schedule and continue pushing the market.

Besides the Russian market, strong growth in China and health-improvement goals in Brazil and Southeast Asia will also help drive the market. In fact, health care spending in China in 2012 counteracted slow growth in the mature markets of the U.S. and Europe. The country's 2020 Health Plan aims to increase the construction of large hospitals and add to the number of clinics in small towns and villages, which will need to be outfitted with new equipment.

"Additional investment for existing hospitals to update old equipment will also spur demand for higher-specification ultrasound systems over the next few years," said Carly Reed, senior analyst for medical imaging at HIS, in a press release.

Finally, emerging markets such as India, Brazil and Southeast Asia will contribute to market growth as the countries put a stronger focus on improving health care. The report also predicts that as the economy improves in the U.S. and Europe, "pent-up demand" will eventually lead to growth in those markets as well.