Over the last five years, the ultrasound market has witnessed significant acquisitions among leading vendors seeking to expand their geographic presence and achieve economies of scale. These strategic acquisitions by leading vendors have enabled them to maintain their position in this market as well as develop a wide product portfolio of ultrasound systems, which helped them boost their revenue during the forecast period.
North America (including the U.S. and Canada) and a major part of Europe are mature markets for ultrasound devices. However, developing regions such as Asia-Pacific (including China and India), Latin America, and the Middle East are expected to become new revenue-generating markets for players operating in the ultrasound market in the coming years. The ultrasound market in these emerging regions is primarily driven by factors such as huge patient pool, rapidly aging population, and rising focus of key players on developing nations. Leading players such as General Electric Company (U.S.), Siemens AG (Germany), Koninklijke Philips N.V. (The Netherlands), Toshiba Corporation (Japan), and Hitachi Ltd. (Japan) are striving to expand their presence in these emerging markets by adopting a number of strategies such as launch of low-cost devices, conducting training services for healthcare professionals, and opening R&D and manufacturing facilities.
In Asia-Pacific, the market in China is estimated to grow at the highest CAGR in the next five years. A number of factors such as government initiatives (in the form of healthcare reforms) and investments, increasing aging population and incidence/prevalence of various diseases (such as cancer and CVD), and growing focus of market players are the major drivers contributing to the growth of the ultrasound er of R&D activities market in China. These factors have spurred market players such as Hitachi Ltd. (Japan) to expand their research and development facilities in China to meet the increasing demand for ultrasound devices in the country. Moreover, the ultrasound market in India is also expected to witness robust growth in the forecast period. The evolving ultrasound market in India offers remarkable growth opportunities for players due to factors such as high incidence and prevalence of chronic diseases, increasing penetration by global market players in India, rising medical tourism, and easy regulatory approvals. Furthermore, the combined efforts of government agencies and public sector organizations to increase healthcare awareness have made Asia-Pacific an attractive market for ultrasound system manufacturers.
Ultrasound systems used for cardiology applications offer a promising future, showcasing high growth opportunities for market players. Their growth is propelled by various factors such as rising incidences of cardiac diseases, technological advancements in the field of cardiac ultrasound, rapid growth in the geriatric population across the globe, and increasing awareness among healthcare professionals towards cardiac ultrasound devices. Several companies such as General Electric Company (U.S.), Koninklijke Philips N.V. (The Netherlands), Siemens AG (Germany), and Toshiba Corporation (Japan) are investing in the cardiovascular ultrasound systems market to gain more profits and increase their share in the global ultrasound market.