Early diagnosis is the foundation for increasing disease survival rates. As the most widely used technique to achieve early detection and clinical assessment of adult and paediatric patients, diagnostic ultrasound imaging is therefore a cornerstone of disease control.
GlobalData estimates the worldwide ultrasound market to have been worth $3.6 billion in 2012, and predicts that it will be worth $4.9 billion in 2019, increasing at a compound annual growth rate (CAGR) of 4.4% during this period.
The key drivers for the global diagnostic ultrasound market are:
- rising prevalence of diseases
- escalating global population
- increased demand for cost-effective and quality healthcare
- novel technologies
- increased awareness regarding radiation dose
- compact systems
- expanding use of the ultrasound imaging technique by non-radiologists
- steady reimbursement and other government funding
- population-based screening applications using diagnostic ultrasound.
Meanwhile, barriers to the growth of the market are:
- shortage of dedicated ultrasound technologists
- less monetary incentive to use ultrasound over other expensive modalities
- increasing prevalence of lifestyle-related diseases
- reduced hospital budgets
- limited availability of venture capital
- impact of the medical device excise tax.
The ultrasound imaging market is a moderately growing market. As a mature sector of the diagnostic imaging market, it is expected to show continued growth and technological developments, along with emerging markets’ acceptance of products.
China and India to foster growth
Emerging economies such as China and India will continue to provide immense opportunities for increasing sales within the global diagnostic ultrasound market. According to GlobalData estimates, the Chinese market accounted for 23% of global revenue in diagnostic ultrasound in 2012; demonstrating maximum growth, this share is estimated to increase to 28% by 2019.
GlobalData projects that India’s market share will follow at a close second, with total ultrasound equipment sales for the country growing at a CAGR of 9.6% from 2012-2019.
In addition, the industry analyst expects that the growth in sales in China and India would be attributed in part to the sales of more compact systems that will allow greater access to healthcare, even in the more remote areas of these price-sensitive economies. With increasing household incomes and a demand for better-quality healthcare, these emerging economic markets will see a rise in the use of ultrasound imaging procedures, as ultrasound imaging is a cost-effective, safe and therefore widely available decision-making tool for physicians.
Future outlook
The economic downturn has been a continued concern for the diagnostic imaging market. While the ultrasound imaging market is also susceptible to this, the downturn has affected it only partially, as these systems are less capital-intensive than other diagnostic imaging modalities. However, since the ultrasound imaging market is a mature one, growth in developed markets such as the US and the European Union (EU) is limited, due to a saturation of ultrasound systems, which in turn limits the amount of growth that can be experienced in these regions.
The market growth for ultrasound imaging in the US and the EU is heavily dependent on the replacement of existing systems because, as is the case in most developed countries, the capacity for new installations is limited. As the US and EU economies recover, it can be expected that equipment will be replaced. However, at present, the key opinion leaders that GlobalData interviewed indicated that not all equipment is replaced at the end of the average product life cycle, negatively affecting sales in the US and EU markets.
In addition, there is a further trickling down of ultrasound imaging features and systems to contend with that will have a negative impact on sales in the US and the EU. For example, previously used high-end systems may be replaced with low-end or mid-range systems.
On the other hand, the obsolescence of black-and-white systems is expected in some countries over the forecast period, which translates to increased sales of colour systems. For example, in Germany, black-and-white systems in either stand-alone or portable forms are expected to account for around only $1 million of the total revenue of this region by 2019.
The rising prevalence of disease, an aging population and an escalating global population will act as major drivers of the increased use of ultrasound imaging. In addition, cost-containment measures implemented by healthcare authorities will favour ultrasound imaging over other, more expensive, techniques such as MRI and CT, when the appropriate clinical questions arise.