REFERENCE CODE GDME1082CFR PUBLICAT ION DATE JANUARY 2014 DIAGNOSTIC ULTRASOUND IMAGING - APAC ANALYSIS AND MARKET FORECASTS

Transcription

1 REFERENCE CODE GDME1082CFR PUBLICAT ION DATE JANUARY 2014 DIAGNOSTIC ULTRASOUND IMAGING -

2 Executive Summary Diagnostic Ultrasound Imaging Key Metrics: Key Events and Pipeline Assessment 2012 Market Sales ($m) APAC $1,319 Key Events ( ) Outcome of the J-START clinical trial (2017) Analogic acquires PocketSonics (2013) Analogic acquires Ultrasonix (2013) Mindray acquires Zonare Medical Systems (2013) GE Healthcare acquires U-Systems (2012) Samsung Electronics acquires Medison (2011) Pipeline and Competitive Landscape Assessment Level of Impact Total pipeline products profiled 6 Total companies profiled Market Sales ($m) APAC $1,942 Source: GlobalData, primary research interviews with leading diagnostic ultrasound radiologists in APAC = Asia-Pacific (Japan, China, and India) Diagnostic Ultrasound Market Overview GlobalData estimates the ultrasound market in APAC (Japan, China and India) to be worth $1.3 billion in 2012 and estimates that it will be worth $1.9 billion in 2019, increasing at a compound annual growth rate (CAGR) of 5.7% during this period. The key drivers for the diagnostic ultrasound market in APAC are: Rising prevalence of diseases Escalating global population Increased demand for cost-effective and quality healthcare Novel technologies to drive growth Increased consciousness regarding radiation dose Compact systems to drive future growth Expanding use of the ultrasound imaging technique by non-radiologists Government funding Population-based screening applications using diagnostic ultrasound The key barriers of the diagnostic ultrasound market in APAC are: Shortage of dedicated ultrasound technologists Increasing prevalence of lifestyle-related diseases 2

3 Executive Summary Reduced hospital budgets The ultrasound imaging market is a growing market with a CAGR of 5.7% in APAC. It is a mature sector of the diagnostic imaging market; continued growth is expected along with continual technological developments and the emerging markets acceptance of products. China and India to Foster Future Growth Emerging economies such as China and India will continue to provide immense opportunities for increasing sales within the global diagnostic ultrasound market. According to GlobalData estimates, the Chinese market accounted for 23% of the global revenue in diagnostic ultrasound in 2012; this share is estimated to increase to 28% by 2019, seeing maximum growth. GlobalData projects that India s market share will follow at a close second and that India s total ultrasound equipment sales will grow at a CAGR of 9.6% from 2012 to In addition, GlobalData expects that the growth in sales in China and India would in part be attributed to the sales of more compact systems that will allow better access to healthcare even in the more remote areas of these price-sensitive economies. With increasing household incomes and a demand for better-quality healthcare, these emerging economic markets will see a rise in the use of ultrasound imaging procedures, as ultrasound imaging is a cost-effective, safe, and therefore, widely available decision-making tool for physicians. Future Outlook The economic downturn has been a continued concern within the diagnostic imaging market; even though the ultrasound imaging market is also susceptible to this economic downturn, the downturn has affected the ultrasound imaging market only partially, as these systems are less capital-intensive than other diagnostic imaging modalities. However, at this point in time, the key opinion leaders (KOLs) that GlobalData interviewed for this report indicated that not all equipment is replaced at the end of the average product lifecycle, negatively affecting the sales in light of reduced hospital budgets. The rising prevalence of disease, an aging population, and an escalating global population will act as major drivers of the increased use of ultrasound imaging. In addition, cost-containment measures implemented by healthcare authorities will favor ultrasound imaging over the other, more expensive techniques, such as magnetic resonance imaging (MRI) and computed tomography (CT), when appropriate clinical questions arise. 3

4 Executive Summary What do Physicians Think? The KOLs interviewed for this report agreed that in terms of technological development, current ultrasound imaging seems to have reached a plateau, and major breakthrough technologies have not been introduced within this market in a long time. The KOLs further added that threedimensional (3D) ultrasound imaging offers limited clinical utility. Okay, 3D is an example of something that has very limited usefulness...and even a good 3D has just a few things you can use it for. Key Opinion Leader Anything that 3D can do can be done 2D. It looks beautiful, sometimes makes the work easier, but not always. It s not a must. Key Opinion Leader The KOLs believe that due to their comparatively inexpensive nature, ultrasound-imaging systems are continuing to increase in number, and in all levels of hospitals and clinics. Ultrasound is [a] basic imaging method in all the levels of hospitals. Some smaller ones [hospitals] do not have CT, don't have MRI, [but] they have ultrasound [equipment]. Ultrasound [imaging] is very common... it s just getting bigger and bigger. The market is huge. The KOLs indicated that the absence of ionizing radiation with ultrasound imaging works in favor of an increased use of this technique. Compared to CT and X-rays it has the advantage that it shares with MRI, that is not using ionizing radiation, so that is a strong reason for preferring to use it. Key Opinion Leader The fact that it s safe allows it to be utilized as an extension of the physical examination. Key Opinion Leader KOLs also displayed enthusiasm towards the growth of this ultrasound-imaging technique in emerging economies. It [the use of diagnostic ultrasound] will increase, because it is terribly underutilized in the developing countries, so it will become more and more used there because it s less expensive and certainly more easier to convince patients to use, more portable, and user-friendly, so it will increase. Key Opinion Leader Key Opinion Leader 4

5 Executive Summary The KOLs interviewed for this report highlighted that contrast ultrasound will foster growth in this market when more robust clinical evidence becomes available. I think contrast is a big area to develop in the future. In the past couple of decades, it has been a very hot topic, I would say it s a big step... but clinically, it s still relatively new and not very standardized. Key Opinion Leader KOLs have expressed that portable ultrasound systems present a huge area of growth within the diagnostic ultrasound market. This is because an increasing number of non-radiologist healthcare personnel are adopting this technique for clinical assessment in settings such as emergency room departments. I think it will, and if you look not too far in the future, there will come a time when it will essentially replace the stethoscopes. Every ward doctor will have one in their pocket. Key Opinion Leader 5

6 List of Tables List of Figures Introduction Catalyst Related Reports Industry Overview Principle of Diagnostic Ultrasound Imaging System Overview Modes of Operation A-Mode B-Mode M-Mode Doppler Mode D Ultrasound/4D Ultrasound Applications of Ultrasound Imaging Overview Obstetrics and Gynecology Abdominal Examinations Cardiovascular Examinations Neurology

7 3.4.6 Musculoskeletal Small Body Parts Advantages and Disadvantages of Diagnostic Ultrasound Overview SWOT Analysis Market Access Product Life Cycle Purchasing Decisions Brand Loyalty Adoption of New Technologies Influence of Clinical Trials Results Reimbursement Economic Resources Regulatory Process Japan China India Current Reimbursement Trends Japan China India Procedure Trends Overview

8 APAC Evolution in Technology Plane-Wave Imaging Transducer Technology Overuse of Ultrasound Imaging M&A, Key Partnerships Regulatory Issues/Product Recalls Unmet Needs Analysis Overview Instrumentation Improvement Inter-Instrument Variability Ultrasound Remains Significantly Operator-Dependent Market Opportunity Analysis Emerging Economies Promise Future Growth Contrast Ultrasound Imaging to Foster Growth Ultrasound Imaging Set to Get Smaller and Smarter Invest in Emerging Technologies Newer Applications for Diagnostic Ultrasound on the Horizon Fusion Imaging Market Drivers and Barriers Overview Driver: Rising Prevalence of Diseases Driver: Escalating Global Population

9 6.4 Driver: Increased Demand for Cost-Effective Quality Healthcare Driver: Newer Technologies to Drive the Growth of the Market Driver: Increased Consciousness Regarding Radiation Dose Driver: Compact Systems to Drive Growth Driver: Expanding Use of Ultrasound by Non-Radiologists Driver: Government Funding Driver: Population-Based Screening Applications Using Diagnostic Ultrasound Barrier: Shortage of Dedicated Ultrasound Technologists Barrier: Lifestyle-Related Diseases May Tip the Scales Barrier: Reduced Hospital Budgets Competitive Assessment Overview Classification Based on Features Black and White Ultrasound Imaging Systems Color Ultrasound Imaging Systems Classification Based on Price Premium Ultrasound Systems High-End Systems Mid-Range Systems Low-End Systems Point-of-Care Systems Pipeline Assessment Overview

10 8.2 Flash Ultrasound (InnerVision Medical Technologies) Overview SWOT Analysis Sonic Window (Analogic) Overview SWOT Analysis Breast Histoscanning (Advanced Medical Diagnostics) Overview SWOT Analysis ImagistxProstate (Imagistx) Overview SWOT Analysis Breast Imaging Ultrasound System (Sonarium Medical) Overview SWOT Analysis SoftVue (Delphinus Medical Technologies) Overview SWOT Analysis Current and Future Players Overview Trends in Corporate Strategy Who Is On Top? GE Healthcare

11 9.4.1 Overview Portfolio Assessment SWOT Analysis Siemens Overview Portfolio Assessment SWOT Analysis Philips Overview Portfolio Assessment SWOT Analysis Esaote Overview Portfolio Assessment SWOT Analysis Analogic Overview Portfolio Assessment SWOT Analysis Toshiba Medical Systems Overview Portfolio Assessment SWOT Analysis

12 9.10 Mindray Medical International Overview Portfolio Assessment SWOT Analysis Hitachi Aloka Medical Overview Portfolio Assessment SWOT Analysis Fujifilm Holdings Overview Portfolio Assessment SWOT Analysis Samsung Medison Overview Portfolio Assessment SWOT Analysis Terason Overview Portfolio Assessment SWOT Analysis SuperSonic Imagine Overview Portfolio Assessment

13 SWOT Analysis Other Companies Market Outlooks Company Market Share Overview Japan China India By Market Segment Overview Portable Black and White Systems Stand-Alone Black and White Systems Portable Color Systems Stand-Alone Color Systems By Geography APAC Overview Japan China India Appendix Bibliography Definitions Abbreviations

14 11.4 Research Methodology Overview Coverage Secondary Research Physicians and Specialists Included in this Study Primary Research Primary Research Key Opinion Leader Interviews Expert Panel Validation Stakeholder Survey Forecasting Methodology About the Authors Analysts Global Head of Healthcare About GlobalData Disclaimer

15 1.1 List of Tables Table 1: Advantages and Disadvantages of Ultrasound Imaging, Table 2: Ultrasound Imaging SWOT Analysis, Table 3: Diagnostic Ultrasound Procedures in Japan (m), Table 4: Diagnostic Ultrasound Procedures in China (m), Table 5: Diagnostic Ultrasound Procedures in India (m), Table 6: Other Key Events in the Diagnostic Ultrasound Market Table 7: Diagnostic Ultrasound Market Drivers and Barriers, Table 8: Portable Black and White Systems Table 9: Stand-Alone Black and White Systems Table 10: Black and White Ultrasound Systems SWOT Analysis, Table 11: Portable Color Ultrasound Systems Table 12: Stand-Alone Color Ultrasound Systems Table 13: Color Ultrasound Systems SWOT Analysis, Table 14: Premium Ultrasound Systems Table 15: Premium Ultrasound Systems SWOT Analysis, Table 16: High-End Ultrasound Systems Table 17: High-End Ultrasound Systems SWOT Analysis, Table 18: Mid-Range Ultrasound Systems Table 19: Mid-Range Ultrasound Systems SWOT Analysis, Table 20: Low-End Ultrasound Systems Table 21: Low-End Ultrasound Systems SWOT Analysis, Table 22: Point-of-Care Ultrasound Systems Table 23: POC Ultrasound Systems SWOT Analysis,

16 Table 24: Flash Ultrasound SWOT Analysis, Table 25: Sonic Window SWOT Analysis, Table 26: Breast Histoscanning SWOT Analysis, Table 27: ImagistxProstate SWOT Analysis, Table 28: Breast Imaging Ultrasound System SWOT Analysis, Table 29: SoftVue SWOT Analysis, Table 30: GE Healthcare Portfolio Assessment, Table 31: GE Healthcare SWOT Analysis, Table 32: Siemens Healthcare Portfolio Assessment, Table 33: Siemens Healthcare SWOT Analysis, Table 34: Philips Healthcare, Ultrasound Systems, Marketed Products Table 35: Philips Healthcare SWOT Analysis, Table 36: Esaote Portfolio Assessment, Table 37: Esaote SWOT Analysis, Table 38: Analogic Portfolio Assessment, Table 39: Analogic SWOT Analysis, Table 40: Toshiba Medical Systems, Portfolio Assessment, Table 41: Toshiba Medical Systems SWOT Analysis, Table 42: Mindray Medical International, Portfolio Assessment, Table 43: Mindray Medical International SWOT Analysis, Table 44: Hitachi Aloka Medical Portfolio Assessment, Table 45: Hitachi Aloka Medical SWOT Analysis, Table 46: Fujifilm Holdings Portfolio Assessment, Table 47: Fujifilm Holdings SWOT Analysis,

17 Table 48: Samsung Medison Portfolio Assessment, Table 49: Samsung Medison SWOT Analysis, Table 50: Terason Portfolio Assessment, Table 51: Terason SWOT Analysis, Table 52: SuperSonic Imagine Portfolio Assessment, Table 53: SuperSonic Imagine SWOT Analysis, Table 54: Other Companies in the Diagnostic Ultrasound Imaging Market, Table 55: Company Market Share, Japan, Table 56: Company Market Share, China, Table 57: Company Market Share, India, Table 58: APAC Diagnostic Ultrasound Sales Forecast by Segment, Table 59: APAC Diagnostic Ultrasound Sales Forecast, Portable Black and White Systems, Table 60: Global Diagnostic Ultrasound Sales Forecast, Stand-Alone Black and White Systems, Table 61: Global Diagnostic Ultrasound Sales Forecast, Portable Color Systems, Table 62: Global Diagnostic Ultrasound Sales Forecast, Stand-Alone Color Systems, Table 63: APAC Diagnostic Ultrasound Sales Forecast by Country, Table 64: Global Total Installed Base and Unit Sales of Ultrasound Systems, Table 65: Japan Diagnostic Ultrasound Sales Forecast by Segment ($m), Table 66: Total Installed Base and Unit Sales of Ultrasound Systems in Japan, Table 67: Installed Base and Unit Sales of Black and White Ultrasound Systems in Japan, Table 68: Installed Base and Unit Sales of Color Ultrasound Systems in Japan, Table 69: Change in Average Selling Price in Japan, Table 70: China Diagnostic Ultrasound Sales Forecast by Segment ($m), Table 71: Total Installed Base and Unit Sales of Ultrasound Systems in China,

18 Table 72: Installed Base and Unit Sales of Black and White Ultrasound Systems in China, Table 73: Installed Base and Unit Sales of Color Ultrasound Systems in China, Table 74: Change in Average Selling Price in China, Table 75: India Diagnostic Ultrasound Sales Forecast by Segment ($m), Table 76: Total Installed Base and Unit Sales of Ultrasound Systems in India, Table 77: Installed Base and Unit Sales of Black and White Ultrasound Systems in India, Table 78: Installed Base and Unit Sales of Color Ultrasound Systems in India, Table 79: Change in Average Selling Price in India, Table 80: Primary Research Summary Table 81: Primary Research Participants Affiliation

19 1.2 List of Figures Figure 1: Ultrasound Imaging Figure 2: Ultrasound Depth vs. Resolution Figure 3: A-Mode Ultrasound Image Figure 4: B-Mode Ultrasound Image Figure 5: M-Mode Ultrasound Image Figure 6: Color Doppler Mode Ultrasound Image Figure 7: 3D Ultrasound Image Figure 8: Procedure Trends for Diagnostic Ultrasound in APAC 2013, Figure 9: Procedure Trends for Diagnostic Ultrasound in Japan 2013, Figure 10: Procedure Trends for Diagnostic Ultrasound in China 2013, Figure 11: Procedure Trends for Diagnostic Ultrasound in India 2013, Figure 12: Company Market Share in Japan, Figure 13: Company Market Share in China, Figure 14: Company Market Share in India, Figure 15: APAC Overall Sales ($m) Forecast for Diagnostic Ultrasound by Segment, Figure 16: Global Overall Sales ($m) Forecast for Portable Black and White Systems, Figure 17: APAC Overall Sales ($m) Forecast for Stand-Alone Black and White Systems, Figure 18: APAC Overall Sales ($m) Forecast for Portable Color Systems, Figure 19: Global Overall Sales ($m) Forecast for Stand-Alone Color Systems, Figure 20: APACSales ($m) Forecast for Diagnostic Ultrasound, Figure 21: Total Installed Base and Unit Sales of Ultrasound Systems, Figure 22: Major Markets Sales Forecast for Diagnostic Ultrasound by Country, 2012, Figure 23: Japan Overall Sales ($m) Forecast for Diagnostic Ultrasound,

20 Figure 24: Total Installed Base and Unit Sales of Ultrasound Systems in Japan, Figure 25: Japan Sales ($m) Forecast for Diagnostic Ultrasound by Segment, 2012, Figure 26: Decline in Average Selling Price of Ultrasound Systems in Japan, Figure 27: China Overall Sales ($m) Forecast for Diagnostic Ultrasound, Figure 28: Total Installed Base and Unit Sales of Ultrasound Systems in China, Figure 29: China Sales ($m) Forecast for Diagnostic Ultrasound by Segment, 2012, Figure 30: Decline in Average Selling Price of Ultrasound Systems in China, Figure 31: India Overall Sales ($m) Forecast for Diagnostic Ultrasound, Figure 32: Total Installed Base and Unit Sales of Ultrasound Systems in India, Figure 33: India Sales ($m) Forecast for Diagnostic Ultrasound by Segment, 2012, Figure 34: Decline in Average Selling Price of Ultrasound Systems in India, Figure 35: Primary Research Summary Figure 36: Primary Research Participants Affiliation

21 Appendix 11.9 About GlobalData GlobalData is a leading global provider of business intelligence in the healthcare industry. GlobalData provides its clients with up-to-date information and analysis on the latest developments in drug research, disease analysis, and clinical research and development. Our integrated business intelligence solutions include a range of interactive online databases, analytical tools, reports, and forecasts. Our analysis is supported by a 24/7 client support and analyst team. GlobalData has offices in New York, San Francisco, Boston, London, India, Korea, Japan, Singapore, and Australia Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of the publisher, GlobalData. 217