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North American Medical Ultrasound Imaging Markets
Frost & Sullivan, Dec 2008, Pages: 128
This research study analyzes the North American medical ultrasound imaging market from 2005 to 2015 with a base year of 2008. The main chapters of the research service include an executive summary, overview of the market segments for new and remarketed ultrasound imaging equipment, ultrasound contrast agents and intravascular ultrasound (IVUS). The new ultrasound equipment market is further analyzed through estimates of revenues, demand, pricing, industry challenges and strategic recommendations, market drivers and market restraints. The analysis also covers the competitive landscape, market share analyses, as well as the trends in clinical usage, reimbursement, technology and ultrasound products.
Research Overview
This Frost & Sullivan research service titled North American Medical Ultrasound Imaging Market provides an in-depth analysis of the market and its various segments by clinical segment, by product type (new and remarketed), by equipment type (cart-based and hand-carried ultrasound (HCU) and hand-held systems), by solution component (new equipment, upgrade transducers and parts, and services), and by customer segment (hospital departments and non-hospital settings). The study also provides a complete analysis of the trends in market and clinical uses of ultrasound, procedure volumes, reimbursement, ultrasound contrast media utilization, the challenges facing the industry and the strategic recommendations to overcome these challenges and grow in the market.
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Market Overview
Technological Innovation Step up the Tempo of Development in the North American Medical Ultrasound Imaging Markets
Although the market for ultrasound imaging in North America has hit the maturity phase, vigorous R&D activity has contributed to the accelerated pace of technological innovation across the academic, clinical, and industry sectors. Backed by ongoing R&D initiatives, ultrasound is continually taking leaps forward, enhancing the technology used in ultrasonic transducers, piezoelectric materials, contrast agents, and computing algorithms. Buoyed by strong technology cross pollination between the electronics industry and healthcare, the market is witnessing the rollout of scanner equipment that is getting ever smaller in size, yet affording advanced capabilities and better image quality than its predecessors. With the advantages of cost-effectiveness, device capability, and superior image quality, modern ultrasound equipment is now better positioned as an imaging modality. Moving beyond the traditional areas of application, ultrasound is being used for primary as well as secondary analysis apart from its growing utilization in screening and interventional procedures.
The higher portability of ultrasound is paving the way for better adoption in non-hospital settings. In addition, uneven reimbursement cuts across imaging modalities will trigger the transition to the more stable reimbursement levels offered by ultrasound. 'The reimbursement status of ultrasound is increasingly attractive to the providers of diagnostic and interventional services, while the business model for other modalities has been rendered more challenging,' notes the analyst of this research service. 'Outpatient facilities offer ultrasound manufacturers new customer opportunities across clinical specialties, which are expected to significantly grow their contribution to market revenues until 2015.' While the market for capital imaging equipment such as CT and MR is being greatly affected by the current economic downturn, the ultrasound market for its part is expected to continue to grow at a slow, yet steady pace during the coming years.
Opportunities Proliferate for Ultrasound in Point of Care, Cardiology, Interventional, and Specialty Applications
The North American ultrasound imaging equipment market is rapidly evolving into a commodity market and more of a replacement market. However, one of the most conspicuous aspects of the medical ultrasound market is its ability to reinvent itself. 'The degree to which these two trends are taking place varies according to the clinical segments of the market,' says the analyst. 'In radiology and ob/gyn, the market opportunity consists largely of replacing high-end units with newer ones, while in emergency medicine and anesthesia, the market consists of selling large numbers of portable, lower cost systems.' The highly mature radiology market is nearing the stage of an all replacement market, recording little or no growth between 2008 and 2015. The Ob/gyn ultrasound sector is also displaying signs of maturation, registering slight growth. As ultrasound systems continue to improve in performance and functionality, healthy replacement rates are assured for these two segments.
Point of care ultrasound, cardiology ultrasound, interventional ultrasound, and specialty ultrasound systems are the areas that offer the most potential for the market. Trends indicate that revenues generated from these segments will outdo growth in the overall market. Hand-carried ultrasound (HCU) imaging equipment is gaining ground in the cardiology space because it provides adequate support for standard imaging procedures at the point of care, particularly during emergencies, which is yielding changes in the clinical protocols in place among North American providers. Targeting the cardiology segment with the full range of HCU systems has proved lucrative, and manufacturers of HCU systems are capturing an increasingly larger share of the revenues. Ongoing miniaturization of high-performance ultrasound systems will augment the prospects of the market in these segments and further enlarge the addressable customer base for ultrasound.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- New imaging equipment
- Remarketed imaging equipment (refurbished and as-is)
- Contrast agents for contrast enhanced ultrasound (CEUS)
- Intravascular ultrasound (IVUS)
- Upgrades, transducers, and parts
- Support services
- Cart-based systems
- Hand-carried ultrasound (HCU) and hand-held systems
- Technologies
The following technologies are covered in this research:
- Ultrasound
- Image guided
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