By Mustafa Hassan and Aiyana Amess
Workforce challenges and inflationary pressures hampered the global growth for the ultrasound market in 2023. Customers became increasingly price conscious, which provided an opportunity for Chinese vendors to increase their presence and competitive edge against global vendors through pricing tactics. The impacts of these and other macro-influences also affected regional markets to varying degrees — our roundup of the trends impacting the ultrasound market in the main geographical markets are outlined below.
Western Europe: Market growth hindered by the economic climate
The struggling economies within many Western European countries dampened growth prospects in the ultrasound market for 2023, as customers delayed investment and shifted purchasing priorities. Tighter hospital budgets led to a purchasing shift toward systems that provided the best features for the cheapest price. This shift in purchasing habits favoured Chinese vendors, which subsequently gained greater presence in the market, particularly in the low-end segments, further contributing to the pricing decline in the region.
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The Western European ultrasound market is projected to pick up in 2024 driven by tender activity as governments prioritise increasing the quality of care provided. The Spanish public spending programme, INVEAT aims to replace all systems that are older than 12 years to ensure accessibility to high-tech systems across the country. Tender activity, though benefiting the market, is also fueling price erosion in the region. For example, the Italian CONSIP has highlighted the 30-40% saved through the purchase of lower-end systems, with vendors pushing prices down to remain competitive in the tenders.
Eastern Europe, Middle East and Africa: Russia weighing the market down
The Eastern European market saw an estimated decline once again in 2023 due to the ongoing sanctions imposed on Russia as a result of the invasion of Ukraine, driving down the overall size of the regional market. Purchasing was slow for most of 2023 in many Eastern European countries, due to customers delaying investment. This was due to the economy, reduced EU investment, and country elections.
