InMedica (Wellingborough, UK), a market research company, has assessed the extent of the recession on the world market for ultrasound imaging equipment. In 2009, the global market for ultrasound imaging equipment was estimated to be worth US$4.9 billion; 6% less than in 2008. Impeded by factors such as healthcare spending cuts and postponed equipment purchasing in Western Europe and North America, market recovery in these developed regions will be slow. Continued economic uncertainty in Europe and further expected public health cuts will continue to hamper equipment purchasing, preventing a return to growth until 2011.
In contrast, strong growth in the developing markets of the Asia Pacific region has offset decline in other developed regions. Stephen Holloway, research analyst at InMedica commented “these markets have bounced straight back from the economic downturn, with increasing demand for ultrasound systems in 2009 a result of greater investment in healthcare services. Demand for ultrasound systems in China, India, and South East Asia cushioned the blow dealt by the economic crisis to the world market, and that will continue to drive future market growth. Consequently, the Asia Pacific region is forecast to become the largest major world market by 2011.”
Worldwide, the economic downturn has caused severe decline in some imaging modality markets, yet ultrasound has been less affected. Spiraling healthcare costs have placed greater focus on the purchase of cost-effective medical devices by healthcare providers; the relative low-cost of ultrasound equipment has made this modality an attractive option. “Ultrasound is now seen by physicians as an efficient, lower-cost diagnostic alternative to more expensive and magnetic resonance imaging [MRI] and CT [computed tomography] examinations, a consequence of advancements in ultrasound technology and image quality. Ultrasound’s flexibility and clinical effectiveness often outweighs the benefits of using other modalities,” explained Mr. Holloway.
As a result, the world ultrasound market has weathered the effects of the economic downturn, and recovery to growth is projected for 2010. With continued uncertainty surrounding the safety and cost-effectiveness of CT and MRI, developments in ultrasound technology, and the increasing use of ultrasound in new clinical applications, ultrasound is well positioned as an essential modality in the future of medical imaging.
InMedica is the medical research division of IMS Research, a supplier of market research and consultancy services on a wide range of global electronics markets. The company is supported by headquarters in Wellingborough, UK and offices in Austin, TX, USA, and Shanghai, China. IMS Research regularly publishes detailed research on medical imaging devices (such as ultrasound, X-ray, and MRI), consumer medical devices (telehealth, blood pressure monitors, and sports performance monitors) and clinical care markets (such as patient monitors, ventilators, and infusion pumps), among others.
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