You are here
Breast Ultrasound Market to Enter 2020 Strong and Will Continue Growing Through 2023
Digital capabilities like cloud, AI, and data analytics to position ultrasound as the imaging tool of choice, finds Frost & Sullivan
SANTA CLARA, Calif., July 8, 2019 /CNW/ -- The rise in procedural volumes and favorable reimbursements is expected to propel the $1.11 billion global breast ultrasound market toward $1.71 billion by 2023. Revenue from the shipment of systems to North American customers accounted for 42.7% of the revenue of the total market in 2018. This growth is largely driven by vendors' use of novel techniques, machine learning (ML), and deep learning (DL) algorithms to deliver high-quality imaging and digital capabilities such as cloud and data analytics. The vendors are also proactively introducing applications as well as value-based equipment based on regional needs.
"The launch of automated breast ultrasound (ABUS) has encouraged the offer of value-based care and expanded the scope of breast ultrasound's clinical applications. ABUS's introduction is likely to accelerate the US market's revenue when compared to other regions," said Poornima Srinivasan, Industry Analyst, Transformational Health. "Innovations like miniaturization, non-invasiveness, higher affordability, painless diagnosis, and other digital capabilities will further boost the use of ultrasound scanners."
Frost & Sullivan's recent analysis, Global Breast Ultrasound Market, Forecast to 2023, analyzes the market trends, growth drivers and restraints, and competitive strategies for the market segments of conventional breast ultrasound (CBUS) and ABUS. It provides annual unit shipment, weighted average selling price (WASP), as well as revenue estimates and projections for 2019 to 2023 for the North American, European, and Asia-Pacific markets.
For further information on this analysis, please visit: http://frost.ly/3k5.
"So far, developed economies have employed ultrasound systems as an adjunct to mammography; however, Asia-Pacific countries such as China and Japan present opportunities for ultrasound as the primary diagnostic tool," noted Srinivasan. "New business models focusing on operational efficiency and training will be viable in developed economies, particularly with manufacturers' provision of ultraportable systems and application of Artificial Intelligence."
Successful vendors will look to explore further growth opportunities by:
- Demonstrating evidence-based benefits such as cost efficiency, improved clinical outcomes, and time efficiency.
- Adopting a targeted approach toward breast screening programs to increase procedural volume, as ABUS takes less than 20 minutes for scanning.
- Realigning care models, focusing on automation and wireless, and expanding new clinical areas such as optical ultrasound.
- Improving value proposition across clinical and financial stakeholders and providing value adds through managed equipment services, training, and technical upgrades.
- Offering usage-based, service-oriented delivery models in developing economies.
Global Breast Ultrasound Market, Forecast to 2023 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Global Breast Ultrasound Market, Forecast to 2023
T: +1 210 247 2481
T: +54 11 4778 3540
View original content to download multimedia:http://www.prnewswire.com/news-releases/breast-ultrasound-market-to-enter-2020-strong-and-will-continue-growing-through-2023-300880376.html
SOURCE Frost & Sullivan