Report: Global ultrasound systems market to grow at a CAGR of 2.5% by 2023

26 January 2017 (Last Updated January 26th, 2017 18:30)

The global ultrasound systems market is projected to grow from $4.2bn in 2016 to $5bn by 2023, according to a report by GlobalData.

Report: Global ultrasound systems market to grow at a CAGR of 2.5% by 2023

The global ultrasound systems market is projected to grow from $4.2bn in 2016 to $5bn by 2023, according to a report by GlobalData.

Titled ‘MediPoint: Ultrasound Systems – Global Analysis and Market Forecasts’, the report forecasts the ultrasound systems space to witness a compound annual growth rate (CAGR) of 2.5%.

The growth is attributed to the increase in prevalence of diseases, growth in elderly population and need for cost-effective quality healthcare.

"3D ultrasound systems, especially, are popular in the market due to their cost-effective features."

Ultrasound technology has advanced over the last few years with real-time 3D / 4D ultrasound systems leading the market due to their functionalities and modern features. 3D ultrasound systems, especially, are popular in the market due to their cost-effective features.

Handheld ultrasound systems, which provide better image quality and advanced modes are also gaining popularity, according to Tina Deng, MSc, GlobalData’s Analyst covering Medical Devices.

Continent-wise, Asia-Pacific is the biggest market for ultrasound systems due to the huge patient base, demand for modern healthcare equipment, and government initiatives. India is the fastest-growing market in the region, growing at a CAGR of 5.4%. North America is another market demonstrating growth in the ultrasound systems market due to rise in technological innovation and shift towards economical diagnosis.

Comparatively, the European markets are forecast to record a CAGR of 1.3% due to market saturation. Negative pricing pressures and cost-containment measures, however, are expected to marginally offset revenue growth in the market. Demand for point-of-care devices is also expected to drive growth in the region.

GE is the leading company in the market, followed by Siemens and Philips. All the three companies have a robust portfolio of ultrasound systems, which provide ease of use, reliability and flexibility, says Deng.