Accounting for around 31% deaths that occur globally each year, cardiovascular disorders are the key cause of over 17 million deaths across the world – says WHO. With constantly increasing number of referrals to cardiologists and technological advances driving innovation in the existing cardiac imaging devices, the global cardiac ultrasound systems landscape is slated for positive growth prospects in the near future.
According to a recently released intelligence study by Future Market Insights, the current valuation of cardiac ultrasound systems market is over a billion dollar and is likely to expand at a promising rate over the next two years.
The top three companies operating in the global competitive landscape are holding over 45% share of the current market revenue, whereas an equal portion of the market value is being contributed collectively by relatively smaller players. A majority of them are focusing on strategic mergers, acquisitions, and collaborations for expanded product portfolio. Growing concentration on firming up across the value chain is a recent trend observed among companies, according to FMI research.
“This trend will particularly accelerate the forward integration of cardiac ultrasound systems landscape. Moreover, enhanced efforts for a stronger distribution network in emerging economies also highlights the current strategic scene of the global cardiac ultrasound systems landscape,” says a senior research analyst at FMI.
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Explaining further about the competition scenario, the analyst says, “As a continued effort to attain higher RoI, companies are shifting their manufacturing bases to low-cost production bases, i.e. developing countries”.
FMI’s cardiac ultrasound systems market report evaluates the key trends influencing the product performance.
- Compact, attractively designed, and user-friendly cardiac ultrasound systems are available online, creating more revenue generation channels.
- Portable cardiac ultrasound systems are witnessing remarkable market penetration in recent years.
- A dramatically growing number of specializations in imaging technology and the rising number of independent imaging centers is providing a strong impetus to revenue growth.
- Growing use of bedside ultrasonography is likely to push the prospects for portable cardiac ultrasound systems.
Limitations Posed by High Price Point Are Still Prevalent
- While the healthcare industry is continuously striving for a better reimbursement scenario, the high price point still remains a significant limiting factor impacting the sales of cardiac ultrasound systems – especially in developing economies.
- Even the largest end users of cardiac ultrasound systems, i.e. hospitals, clinics, and diagnostic and imaging centers are still reluctant to an extent, about installation of new cardiac ultrasound systems – which is primarily attributed to the lack of adequate grants from governments for the substantial capital investment.
On the other side, the market landscape remains consolidated, leading to a high pricing premium and thus the limited availability of cardiac ultrasound systems.
Mobile Connectivity Is Rapidly Invading End User Preferences for Medical Devices
- FMI through extensive research senses a strong possibility of the newly introduced handheld wireless cardiac ultrasound systems gradually replacing conventional devices in the near future. Such a system offers a dual advantage, compact portability and connectivity with personal mobile devices.
- Growing patient preference for connected ultrasound systems for real-time visualization and diagnosis marks a recent milestone shaping the performance of cardiac ultrasound systems landscape.
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North America Reigns Supreme in Global Landscape, MEA is Witnessing Promising Sales of Cardiac Ultrasound Systems
- More than 610,000 deaths due to CVDs are registered in the US alone, whereas over 735,000 citizens in the country suffer from a heart attack, each year – says the Center for Disease Control & Prevention.
- As a result, with more than 1/3rd share of the total market revenue, North America is dominating other regional markets for cardiac ultrasound systems.
- In addition to favorable reimbursement policies of the US Government, escalating demand for 3D cardiac ultrasound systems is pushing the growth of North America’s marketplace.
- Strong key player presence, early technology adoption, and better pricing scenario collectively continue to raise the overall attractiveness of the region as a top performing cardiac ultrasound systems market.
- Among developing economies, China, India, and gulf economies in the MEA region are offering promising signs of growing cardiac ultrasound system sales.
- Rapid sophistication of the healthcare and medical sector in gulf economies is identified to be the key factor driving growth of MEA market.