GE Healthcare Set to Take Share from Siemens and Philips in the $1.2 Billion US Ultrasound Market
TORONTO, Sept. 27 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, GE was the overall leader in the US ultrasound system market last year. Not only did the company increase its lead over Philips and Siemens in the market, but it also earned a strong presence in the fast-growing emerging ultrasound system segment that year. This diverse portfolio has enabled GE to maintain a solid lead in the overall US ultrasound system market. In particular, its strategic focus on new product offerings in the emerging application segment situates the company for robust growth through 2014.
The emerging application segment in ultrasound includes systems that are used for regional anesthesia, emergency medicine, surgery, critical care, and vascular access. Over the next five years, growth in this segment will dwarf gains in the traditional radiology and cardiology ultrasound markets. GE has realized the potential of compact systems in the emerging ultrasound applications and has focused on penetrating these segments. The company is addressing the user-specific needs in the various emerging application segments with its new Venue 40 series, which was released at the end of 2009. Venue 40 is aimed at meeting the needs of point-of-care ultrasound and can be used for vascular access, anesthesia, and other applications. With a strengthening focus on the emerging markets and an established presence in the mature markets, GE is well positioned to be a leader in the US ultrasound system market in the upcoming years.
"GE went from having less than 10% market share in the emerging ultrasound market in 2007 to having 27% in 2009," says Isuru Silva, Analyst at MRG. "Since 2007, the company has widened its lead over Siemens and Philips with innovative products and will continue increasing its market share. GE's newest offerings and product line extensions, such as LOGI