FROST & SULLIVAN CONSULTING FIRM PREDICTS GROWTH IN THE ULTRASOUND EQUIPMENT MARKET
Today, diagnostic sonography is one of the most common methods used in institutions of different levels of care. The reason for this is that it has a number of advantages like low cost, high availability, and the fact that it’s very informative.
The world-renowned consulting firm Frost & Sullivan has released a report about the ultrasound equipment market, which states that to date, the total revenue is over a billion dollars a year. According to predictions, in 2020 the ultrasound equipment market will net more than $2 billion.
Unlike other medical equipment markets, the ultrasound market is extremely stable. According to experts, this is due to the consistent release of new models and upgrades. Besides that, old models are discontinued and replaced with new and improved ultrasound equipment.
Another respected company, iData Research, has also released their opinion on the matter. According to the published data, the growth of the ultrasound market can be attributed to several important factors.
1. High cost of other radiological methods. Current research is aimed towards making more compact ultrasound scanners that can potentially replace some radiological procedures. Other than the obvious cost savings, ultrasound is safe for the human body and is often better tolerated than other methods.
2. Increased sales of devices used in ultrasound-guided procedures, the most common being administration of local anesthesia and injections. The ability to perform these procedures under the control of a portable ultrasound scanner can save a lot of time and money.
3. Large variety of ultrasound equipment on the market. Undoubtedly, the majority of the US ultrasound market is controlled by three giants: SonoSite, GE Healthcare and Philips. There are also at least 15 other companies that manufacture and produce high-quality equipment for difference diagnostic solutions. This effectively covers the worldwide demand for ultrasound equipment.
In conclusion, the ultrasound market can definitely be considered one of the most promising of all medical equipment markets. According to reputable consulting firms, the ultrasound market will steadily grow for at least the next five years to come, which reaffirms current trends.