Ultrasound systems market to reach $5 billion by 2023
The ultrasound systems space, which covers 39 major markets, is set to rise steadily from $4.2 billion in 2016 to $5 billion by 2023, representing a compound annual growth rate (CAGR) of 2.5 percent, according to research and consulting firm GlobalData.
The company’s report states that the growth will primarily be driven by the rising prevalence of diseases and expanding demand for cost-effective quality health care.
“Ultrasound technology has developed greatly over the past few decades, and the market has become mature. With the growth of the elderly population and rising prevalence of diseases worldwide, the need for ultrasound systems is growing consistently,” Tina Deng, MSc, GlobalData’s Analyst covering Medical Devices, explains. “Real-time 3D/4D ultrasound systems lead the market with a steady growth which can be attributed to their effective functionalities and advanced features. 3D ultrasound systems draw a respectable portion of revenue of the ultrasound business due to cost-effective offerings. Additionally, today’s handheld ultrasound systems with better image quality and more advanced modes have consistently gained acceptance.”
he Asia-Pacific region is the largest market owing to a large patient base, demands for better quality health care, and increasing government initiatives from emerging economies to expand health care facilities, according to GlobalData. India is the fastest-growing market of all, demonstrating a CAGR of 5.4 percent. In North America, the primary factor for growth in the ultrasound systems market has been the rise in technological innovation and a continual shift toward cost-effective diagnosis.
“The European markets will fare the worst with a combined CAGR of 1.3 percent, as they are very saturated,” Deng continues. “The modest growth in market volume is largely offset by negative pricing pressures and cost-containment measures in health care systems, resulting in only slight revenue growth in the cart-based ultrasound market. However, the increasing demand for point-of-care devices will drive growth in these regions.”
“Ultrasound technology has developed greatly over the past few decades, and the market has become mature. With the growth of the elderly population and rising prevalence of diseases worldwide, the need for ultrasound systems is growing consistently.”
Tina Deng, MSc, GlobalData’s Analyst
Research and Markets also predicts growth in the ultrasound market.
“The world ultrasound devices market was evaluated at $7,050 million in 2015, and is projected to reach $10,476 million by 2022, with a CAGR of 5.8 percent over the forecast period. This is primarily attributed to the large number of technological advancements (such as 3D and 4D imaging) in ultrasound systems, increase in prevalence and incidence rates of chronic diseases (such as heart disease, stroke, type 2 diabetes, and cancer), increase in number of ultrasound diagnostic imaging procedures, demand for minimal invasive therapies, and rise in awareness for early disease diagnosis,” according to Research and Markets. “The factors such as rise in public and private investments and grants and funds for the development of more advanced ultrasound devices as well as to create awareness about the advantages offered by these devices also drive the market growth. Conversely, the major restraining factors of the market include dearth of skilled and experienced sonographers, globally.”
“In terms of key market players, the competitive landscape in the global ultrasound systems market has remained relatively stable,” according to GlobalData. “Market players are subject to intense competition based on product design, performance, pricing, quality, and service. GE is the leader in the ultrasound systems market, followed by Siemens and Philips, as these companies continue to improve on image quality, ease of use, mobility, reliability, and flexibility with a robust portfolio of specialized ultrasound transducers.” ICE