Increasing Demand to Drive Growth in US and European Ultrasound Market

New market research found that an aging population growth combined with cost-effectiveness and innovations in technology are expected to drive growth in the U.S. and Europe ultrasound systems market. The report highlights these factors as the key drivers for these markets.

The U.S. and Europe ultrasound systems market, together valued at US$2.4 billion in 2008, is forecast to grow by 7% annually for the next seven years to reach $4 billion by 2015, according to industry analysis specialists Global Data (Chambersburg, PA, USA). The U.S. market valued at $1.4 billion in 2008 remains the largest market for ultrasound systems, globally. An increasing aging population coupled with technologic developments such as miniaturization of the scanning system and advancement in software and ultrasound contrast media technology are expected to drive growth in the U.S. and Europe ultrasound systems market.

Ultrasound has seen tremendous progress over the last five to six decades; from simple, A-line scans to multidimensional scans (portable handheld devices) with network connectivity. This progress has been made possible due to the sophisticated software developed and innovative analytic methods created to interpret the data. It has the potential to become the gold standard for guidance in minimally invasive surgeries, biopsies and ablation procedures.

The color Doppler ultrasound systems will continue to contribute a major share to the overall market value in 2015. The color Doppler ultrasound systems segment is the largest revenue-contributing segment in both the US and Europe ultrasound system markets. The US and Europe color Doppler ultrasound systems segment, together valued at $2.2 billion in 2008, is forecast to grow by 8% annually for the next seven years to reach $3.8 billion by 2015. The market for color Doppler ultrasound systems is mainly driven by factors such as high level of reliability and stability in diagnostic scan applications, advanced digital technology features, capability of producing high-resolution images, and high adoption rates.

Hand-carried ultrasound (HCU) systems will be driving overall market growth. HCU has the potential to reshape the ultrasound market landscape. Advancements in technology, software developments, and miniaturization of the system are paving way for high performance HCU systems. HCU being cost-effective and more flexible in nature could replace the expensive cart-based systems in the near future. This portable ultrasound is being used to assess cardiovascular abnormalities and is performed at the bedside.

While the ultrasound market is dominated by large companies, smaller manufacturers remain the leaders in niche segments, according to Global Data analysts.

Philips Medical (Best, The Netherlands), GE Healthcare (Chalfont, St. Giles, UK), and Siemens healthcare (Erlangen, Germany) remain the leading companies in the U.S. ultrasound systems market with a combined share of 68% in 2008. Philips Medical has the largest share with 25%, followed by GE Healthcare, and Siemens Medical with 22% and 21%, respectively. These companies are also the leading three companies in Europe; however, the market leader in this region is Siemens with a share of 32.3%.

Despite the dominance of the market by the large global conglomerates, smaller companies such as Sonosite (Bothell, WA, USA) are making their presence felt in niche segments such as HCU.

GlobalData is an industry analysis specialist company providing business information products and services. The company's analysts, researchers, and solution consultants use proprietary data sources and various tools and techniques to gather and analyze the information essential for businesses to sustain a competitive edge.

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