6 Predictions from 5 years ago | How Ultrasound Systems Market Will Expand through 2022
Due to the increasing adoption of advanced imaging systems in the healthcare industry, ultrasound systems continue to be an irreplaceable commodity. In view of rising healthcare costs, affordable and accurate imaging & diagnosis achieved through ultrasound technology will continue to attract patients, and render profits even in conventional medical settings.
The report on the global market for ultrasound systems projects steady growth for the market during 2017-2022. The global ultrasound systems market, which is pegged to reach US$ 6 Bn by 2017-end, will soar steadily at a 5.5% CAGR to reach US$ 7.8 Bn towards the end of 2022.
Following are key projections on the global ultrasound systems market, excerpted from the report:
The report highlights the application of ultrasound systems in cardiology. An alarming rise in the incidence of cardiac disorders throughout the globe is expected to drive the adoption of ultrasound systems, which are effectively used in cardiology diagnostics. Between 2017 and 2022, more than US$ 430 Mn worth of incremental opportunity will be created by the application of ultrasound systems in cardiology. The report also predicts that nearly half of ultrasound systems sold in the global market during the forecast period will be developed on 2D ultrasound imaging technology.
Healthcare infrastructure in developed economies such as the US and Canada is expected to promote the adoption of ultrasound systems. The report projects that by the end of 2022, North America’s ultrasound systems market will have reached an estimated value of US$ 3.2 Bn. During this forecast period, North America is also anticipated to be the largest market for ultrasound systems in the world.
The report also observes impressive growth in the ultrasound systems market across European countries. In 2017, more than 25% of the global ultrasound systems market value is expected to be accounted for by sales of ultrasound systems in Europe.
Demand for ultrasound systems in the Asia-Pacific excluding Japan (APEJ) region is projected to be lower than above regions, however, manufacturers will be interested in laying down their production units in this region. In such a manner, the APEJ ultrasound systems market is likely to account for more than 15% of the global market revenues throughout the forecast period.
Based on the portability of ultrasound systems, the report expects higher demand for standalone systems. By procuring revenues worth US$ 4.2 Bn, standalone ultrasound systems will dominate the global market with more than 70% revenue share by the end of 2017. On the other hand, portable ultrasound systems will showcase robust revenue growth at 6.4% CAGR, albeit, reflecting a little over 17% share on the global ultrasound systems market.
Hospitals will remain the largest end-users of ultrasound systems in the global market and account for half of its value in the years to come. Meanwhile, diagnostic centers will contribute to nearly 20% of the global ultrasound systems market, procuring revenues worth US$ 1.6 Bn by 2022-end.
The report has profiled leading players in the global ultrasound systems market, which include companies namely, General Electric Company, Koninklijke Philips N.V., Toshiba Corporation, Siemens AG, Hitachi Ltd., Fujifilm Holdings Corporation, Esaote SpA., Shimadzu Corporation, Analogic Corporation, and Samsung Electronics Co. Ltd.
These insights are based on a report on Ultrasound Systems Market by Fact.MR