Hospitals to hold largest share in Ultrasound Systems Market with highest demand for application in Radiology
Hospitals shift toward more value-oriented products, they need to operate more efficiently and productively. Similarly, a quality shift has occurred with patients, who more proactively involved in their care. Trends from the shift to value-based care include data integration and population health management. An influx of data combined with advancements in imaging helps leverage these data to not only bring further value but also apply it to broader populations. Along with the clearer and high definition pictures that are a part of ultrasound systems, there has also been an introduction to the portable machines. These are the more handy and easy to move form of ultrasound systems that have come into existence not long ago. Although the developed nations are already familiar with the technology, the market may find a higher prospects of growth in the developing regions. The market analysis has shown that hospitals hold the highest market share in the Global Ultrasound Systems Market, however diagnostics imaging and surgical centers are expected to raise a higher demand for the systems in the coming years. In terms of application the market is also dominated by Radiology as the key application area for ultrasound systems and is expected to continue growing further at a CAGR of 6.3% during the forecast period, as analyzed by FMI.
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Favorite Government Policies to Benefit Start-up Companies and Independent diagnostic centers
As a move to encourage start-up companies, government of various regions like Asia Pacific and MEA have bolstered the initiatives to support the new start-ups who are entering the healthcare and medical device industry. It includes exemption of taxes for the first three years, subsidizing patent protection cost etc. The move is intended to boost the overall market for medical devices. Specifically the medical imaging market has also taken an independent position in the global market. With the improvement in services and advanced facilities related to ultrasound or any other imaging techniques, the global market is expected to witness a higher volume of independent imaging centers. The companies have also independently introduced handy and user-friendly devices in the market. GE, Philips, Samsung, Fukuda, Mindray, Hitachi, Toshiba, and Siemens, all these companies offer their own particular models.
High prices and reimbursement regulations may hinder the overall growth of Global Ultrasound Systems Market
High end ultrasound systems can cost a fortune for the healthcare providers. Especially the ones that are equipped with new and advanced technology, are higher in price and cannot be affordable for small scale hospitals or diagnostic centers.
The top end machines usually cost US$55,000 to US$100,000 and governments of many regions do not provide enough grants for it. This has made many regions like Asia Pacific and Latin America more reluctant to afford it. This is primarily attributed to lack of awareness among patients about these systems, which negatively affects its uptake.
The market is also facing an impact of FDA regulations and reimbursement scenario. The regulations for ultrasound devices are quite stringent owing to the possible harms these devices could cause to the human body. It is required to be handled by equipment expert, however there is a serious lack of skilled labor in the industry, which may lower the adoption rate of advanced equipment.
- Cart/Trolley Based
- Compact/Handheld Ultrasound Devices
- Obstetrics and Gynecology
- Others (Breast Imaging, Urology, Emergency Care and among others)
By End User
- Hospitals & Clinics
- Diagnostic Imaging & Surgical Centers
- North America
- Latin America
- Western Europe
- Eastern Europe
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