Global Diagnostic Ultrasound Market to Witness Modest Growth by 2019
- Diagnostic ultrasound market value to increase from $3.6 billion in 2012 to $4.9 billion by 2019
- This modest growth ‘will occur as a result of ongoing worldwide technological developments and a steadily improving economic climate,’ says analyst
The global diagnostic ultrasound market value will experience a slight increase over the coming years, climbing from $3.6 billion in 2012 to $4.9 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 4.4%, says research and consulting firm GlobalData.
According to the company’s new report, the US boasts the largest market for diagnostic ultrasound, accounting for 39% of global revenues in 2012. Its own market value is expected to rise from $1.4 billion in 2012 to approximately $1.9 billion by 2019, at a CAGR of 4%.
Among the factors influencing this growth are the development of novel technologies, demand for cost-effective, quality healthcare, and an expanding use of the ultrasound imaging technique by non-radiologists, says GlobalData.
Niharika Midha, GlobalData’s Analyst covering Diagnostic Imaging, says: “While the economic downturn has been a continued concern within diagnostic imaging, it has affected the ultrasound market only partially, as these systems are less capital-intensive than other diagnostic imaging modalities.
“However, since ultrasound imaging is a mature industry, opportunities for expansion are limited in developed markets, such as the US and European Union (EU). The slight revenue increase that we can expect to witness by 2019 will occur as a result of ongoing worldwide technological developments and a steadily improving economic climate.”
Diagnostic ultrasound market growth in the US and EU is heavily dependent on the replacement of already existing systems, due to the limited capacity for new installations.
However, as Midha continues: “At this point in time, the key opinion leaders that we interviewed for this report indicated that not all equipment is replaced at the end of the average product lifecycle, which negatively affects sales in these developed regions.”
Additional barriers to diagnostic ultrasound market expansion include a shortage of dedicated ultrasound technologists, less monetary incentive to use ultrasound over other expensive modalities and the impact of reduced hospital budgets, according to GlobalData.