May 1, 2008 – It is estimated that the European ultrasound market will grow from $0.9 billion in 2007 to $1.4 billion in 2014, according to a new analysis from Frost & Sullivan, awarding advancements in obstetrics and gynecology ultrasound, hand-carried ultrasound and other smaller market segments such as urology and surgical ultrasound.
With advances in technology, particularly in the form of miniaturization of transducer probes, elastography as well as 3D and 4D imaging, the market is expected to grow steadily. According to the analysis, the market will undergo a strong growth due to the widespread acceptance of hand-carried ultrasound by European hospitals as well as private diagnostic settings.
Also according to Frost & Sullivan, the market for radiology ultrasound will gradually decline because of high levels of saturation, steady price erosion and the growing demand for refurbished equipment among private clinicians.
Companies that can provide better value-added offerings and cater to the untapped potential in surgical, urology and musculoskeletal ultrasound will be the driving forces.
The lack of complete reimbursement for several ultrasound procedures, along with the lack of standardization of 3D and 4D imaging, will also affect growth.
In order to succeed, global vendors need to develop improved value-added offerings to counter the threat posed by low-cost manufacturers, according to the analysis. Focusing on reimbursement, vendors should form lobbies or associations to promote the complete reimbursement for different ultrasound procedures. Companies also need to strategize to correctly target the demand for mid-range ultrasound equipment from private clinics.
European Markets for Ultrasound is part of the Medical Imaging Growth Partnership Service Program, which also includes research into markets for interventional radiology, MRI, PACS, general X-rays and C-arms. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
For more information: www.frost.com