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Medical Ultrasound Systems Worldwide 2009
Marketstrat, Inc., July 2009, Pages: 385
Key Topics:
Product definitions, technology, types of ultrasound systems, market trends, strategies, competition, key players, forecasts, market drivers and restraints and opportunities. For details, see Table of Contents and Highlights.
Report Summary:
The Medical Ultrasound market is expected to grow to more than $5.3 billion by 2016, driven primarily by growth in hand-carried ultrasound (HCU) devices and expansion in emerging geographic and clinical markets. Overall growth in medical imaging will also continue due to growing populations of elderly people worldwide, accompanied by a concurrent rise in chronic disease rates. Main restraints in the ultrasound market include the slow economy in many countries, reimbursement restrictions and intense competition from MRI and CT.
Leading competitors in the ultrasound market recognize the significance of lateral expansion through miniaturization. This is helping ultrasound gain new ground in medical imaging and stave off competition from CT and MRI, in areas of overlap in diagnostic imaging. The wide range of hand-carried or handheld devices ultrasound devices have been the most significant technological innovation in ultrasound. They range from laptop-sized devices that can be mounted on a cart or folded and carried to pocket ultrasound. HCU s will allow ultrasound to effectively monopolize a vast range of applications in point-of-care imaging. After Sonosite Inc. first introduced hand-carried ultrasound in 1999, the global leader in medical imaging GE, jumped on board, quickly establishing a broad base in this segment with a wide range of HCUs. The original devices offered portability although image quality was compromised. The latest HCUs are now poised to capture a large share of the ultrasound market across the globe. As the leaders in HCU, GE and Sonosite, expand their range and offer greater functionality and enhanced performance at a lower cost, other imaging giants such as Philips, Siemens and Toshiba are launching new products to tap into this market, in addition to well-established niche players such as Aloka, Esaote, Zonare, etc.
Other notable trends in the ultrasound markets include the following:
- Pricing pressures are forcing manufacturers to slash prices off established product lines and offer high-tech compact ultrasound devices at the expense of their own cart-based systems.
- Greatest opportunities exist in emerging clinical applications requiring point-of-care imaging, the expanding healthcare markets of Asia and Latin America and in services including maintenance, repair, upgrade, etc.
- The ultrasound contrast agents market is negatively impacted by warnings from the US FDA and the European Agency for the Evaluation of Medicinal Products contraindicating their use in certain cardiology applications.
- Consolidation trend is likely to continue.
- Specialized hardware and software for cardiology, breast ultrasound, emerging clinical applications and 3D/ 4D imaging will be in high demand.
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