April 26, 2019 — With healthcare costs continuing to rise, affordable and accurate imaging and diagnosis achieved through ultrasound will continue to attract patients, according to a new market report from Fact.MR. The report on the global market for ultrasound systems projects steady growth for the market from 2017 to 2022, from a value of $6 billion in 2017 to $7.8 billion toward the end of 2022 — a compound annual growth rate (CAGR) of 5.5 percent.
Other key projections from the report include:
- The report highlights the application of ultrasound systems in cardiology. According to Fact.MR, an alarming rise in 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 $430 million worth of incremental opportunity will be created by 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 2-D ultrasound imaging technology.
- Healthcare infrastructure in developed economies such as the U.S. 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 $ 3.2 billion. 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 percent of the global ultrasound systems market value is expected to be accounted 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 North America and Europe. However, manufacturers will be interested in laying down their production units in this region. As a result, the APEJ ultrasound systems market is likely to account for more than 15 percent of the global market revenues throughout the forecast period.
- Based on the portability of ultrasound systems, the report expects a higher demand for standalone systems. By procuring revenues worth $4.2 billion, standalone ultrasound systems will dominate the global market with more than 70 percent revenue share towards the end of 2017. On the other hand, portable ultrasound systems will showcase a robust revenue growth at 6.4 percent CAGR, reflecting a little over 17 percent 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 percent of the global ultrasound systems market, procuring revenues worth $1.6 billion by the end of 2022.
For more information: www.factmr.com
