Global ultrasound revenues totaled $6,644.1 million in 2017 and grew 7.6% from 2016, representing the largest year-over-year market growth rate in several years. The following table shows the ultrasound market size for each region in 2016 and 2017:
Revenue growth was driven by successful markets in China and the United States, countries which accounted for 45% of the global market in 2017. The global market shares for the largest five sub-regions are presented in the following chart:
Additionally, growth returned to developing markets as Brazil bounced back from its recession, and healthcare infrastructure upgrades drove demand in several Eastern European and Middle Eastern countries.
Europe, Middle East, and Africa
Western European ultrasound revenues were essentially flat from 2016 to 2017. In Germany, France, and Italy, intense competition for public tenders led to price erosion which dampened revenue growth. The Eastern European market for ultrasound exceeded expectations in 2017. Growth in the Russian market was driven by the country’s large population and expanding demand for better healthcare. Increased public investment in Poland, Romania, and Hungary led to several new ultrasound tenders and requests in this region.
In the Middle Eastern market, Saudi Arabian revenues grew in 2017 after the public spending freeze in 2016 caused the market to plummet. The private market grew substantially while the public market contracted due to the continued slowdown in government spending, and total market revenues did not reach pre-freeze levels.
The North American ultrasound market performed better in 2017 compared with 2016. The failure to repeal of the Affordable Care Act (ACA) boosted the market, and the robust economy contributed to the strong year. Latent demand for replacement systems was finally realized in 2017 after several years of dampened growth. The product mixture continued to shift from premium to high-end systems as advanced technologies migrated into lower-price brackets. The emergence of several new handheld ultrasound products was a major product trend in the US market in 2017, but the future of this segment is clouded with uncertainty.
Latin American revenues increased more than 10% Y/Y due to strong growth in the Argentine and Brazilian markets. Brazilian ultrasound revenues grew for the first time since 2014, and the country showed signs of rebound in 2017. The product mixture shifted toward low-end systems due to new users entering the market. These first-time ultrasound users purchased inexpensive systems to accomplish basic primary care or general imaging workflows. The Argentine ultrasound market performed well in 2017. The economy continued to improve with the Marci administration’s sustained support for business and foreign investment.
Government investment continued to play a major role in the Chinese ultrasound market’s development in 2017. Both the private and the public markets performed well in 2017, and Chinese ultrasound revenues grew 15.8% Y/Y. Chinese manufacturers Mindray and Sonoscape made major strides to capture market share in China and elsewhere during 2017.
The Japanese and South Korean ultrasound markets were fairly stagnant in 2017. Both countries boast healthy populations and excellent healthcare infrastructure, but saturation and competition in the hospital market is very high.
The Indian ultrasound market grew nearly 7% Y/Y after contracting in 2016 following the government’s currency devaluation. Ultrasound imports grew over 22% from 2016 to 2017, with the most imports coming from China. Ultrasound revenues have grown due to increased private investment and improved public-investment projects, but the healthcare system in India lacks the sophistication and funding required to support a premium market.