Demand for Compact Systems Likely to Boost the Cardiac Ultrasound Systems Market Growth
Advancements and availability of portable diagnostic ultrasound systems is driving the use of “bedside ultrasonography”, which is expected to give a push to the growth of the Cardiac Ultrasound Systems market. Companies are focused on the development of portable cardiology ultrasound systems which offer economic as well as clinical relevance to the overall business.
Attractive Reimbursement and Government Support Will Drive the Cardiac Ultrasound Systems Market
Increasing penetration of healthcare insurance and growing screening rates are driving the demand for Cardiovascular ultrasound systems across the globe. Attractive healthcare insurance plans with free diagnostic provisions are indirectly aiding market growth and are expected to facilitate greater device adoption. Implementation of new guidelines by national and international/Govt. firms for ultrasound owners and owners of clinics, diagnostic centres, nursing homes and hospitals is another driver for the market.
Expansion of Healthcare and Economics of Production Will Drive the Cardiac Ultrasound Systems Market
Factors, such as the expansion of the healthcare sector, in developing countries and growing investments in healthcare information technology portfolio by both governments as well as public sector organizations will provide a boost to the market. The key players are planning to shift their production facilities to places with easy availability of new products with higher efficacy.
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Larger Economy and Larger Purchasing Power of Developed Regions, Coupled with Attractive Reimbursements Will Drive the Cardiac Ultrasound Systems Market in These Regions
The North American cardiac ultrasound systems market is dominated by the U.S. owing to its large economy and buying power. Attractive reimbursement policies and expanding demand for advanced 3D cardiac ultrasound systems are expected to propel the cardiac ultrasound systems market in the region.
The presence of large players, such as Mindray Medical International Ltd., GE Healthcare and others, is also anticipated to drive the growth of the North America cardiac ultrasound systems market during the forecast period. The large public healthcare expenditure of the U.S., 16 % of its GDP in 2017, reflects better pricing and market attractiveness for the cardiac ultrasound systems market.
The growing healthcare infrastructure of Europe, 10% of its GDP, and the large medical devices industry of Germany will propel the European cardiac ultrasound systems market during the forecast period.
The Asia Pacific cardiac ultrasound systems market is dominated by Japan, India, Australia and New Zealand. The Middle East and Africa cardiac ultrasound systems market is led by the Gulf nations of Saudi Arabia, UAE and others owing to their high per capita income and large public healthcare expenditure. The development of multi-specialty hospitals is driving the faster adoption of cardiac ultrasound systems in these regions.
High Cost is the Biggest Barrier to Achieving Full Cardiac Ultrasound Systems Market Potential
High installation and maintenance cost of high-end ultrasound systems needs significant capital investment between US$ 55,000 and US$ 100,000, which is the prime restraint on the market. The limited product availability and competition due to consolidated nature of the market is driving high pricing premium.
Lack of government grants for installation of cardiac ultrasound systems in the developing countries, has led to the end users, such as hospitals and diagnostic centers, being reluctant to adopt these systems.
The competition section of the cardiac ultrasound systems market features profiles of key players operating in the industry based on their market shares, differential strategies, product offerings, marketing approach, and company dashboard. Some of the key players operating in the cardiac ultrasound systems market are Hitachi, Ltd., Analogic Corporation, Toshiba Corporation, Esaote SpA, Samsung Medison Co., Ltd, FUJIFILM Holdings Corporation, and Mindray Medical International Ltd., and GE Healthcare.
Cardiac ultrasound systems are medical imaging devices that use the principles of ultrasound and are specifically designed for the diagnosis of cardiac disorders for preventing heart disease. Cardiac ultrasound systems also help patients find their problems in early stages for treatment of cardiovascular diseases. Cardiac ultrasound systems are totally safe, noninvasive and do not utilize ionizing radiation.
Under our scope of study, we have looked into the historical market value from year 2013 and provided forecast for the market till 2028 based on certain forecast factors mentioned further in the report.
About the Report
FMI conducted a research study on the cardiac ultrasound systems market for the forecast period 2018 to 2028. The Cardiovascular ultrasound systems market report offers a comprehensive evaluation of the business opportunities prevailing in the cardiac ultrasound systems market along with insights on the cardiac ultrasound systems consumption trends, disease incidences and awareness level for cardiac ultrasound systems market competition. The report elaborates on the macroeconomic factors influencing the dynamics of cardiac ultrasound systems market and its future potential.
Additional Questions Answered
Some of the additional questions addressed in this report on cardiac ultrasound systems market-
- What is the revenue potential of cardiac ultrasound systems across regions of North America and Europe?
- Who are the key competitors and what are their portfolios in cardiac ultrasound systems market?
- What are major challenges influencing the growth of cardiac ultrasound systems market?
- How intervention from regulatory authorities is shaping the Cardiovascular ultrasound systems market growth?
The values in cardiac ultrasound systems market have been estimated based on the supply-demand approach. The market values were first calculated based on incidence and diagnosis rate, conducted in different region/countries. Other qualitative factors analyzed during the estimation include installed base for Cardiovascular ultrasound systems, new installations and others.
This information was further validated with rigorous primary research (including interviews, surveys, in-person interactions, and viewpoints of seasoned analysts) and secondary research (including verified paid sources, authentic trade journals and resourceful databases).
The research study on the Cardiovascular ultrasound systems market also includes top trends and macro as well as micro economic factors shaping the cardiac ultrasound systems market. With this approach, the report on the cardiac ultrasound systems market anticipates the industry attractiveness of every major segment in cardiac ultrasound systems over the forecast period.
The report offers a comprehensive taxonomy of the Cardiovascular ultrasound systems market based on product type, end user and region. On the basis of product type, the cardiac ultrasound systems market is categorized into cart/trolley cardiac ultrasound devices and compact/handheld ultrasound scanners. By end users, the cardiac ultrasound systems market has been segmented into hospitals & clinics, diagnostic imaging & surgical centers, ambulatory surgical centers and others.
The cardiac ultrasound systems market has been analyzed across regions of North America, Latin America, Europe, Asia Pacific and MEA.