The Australia and New Zealand ultrasound devices market is on a steady growth trajectory, with an anticipated compound annual growth rate (CAGR) of 6.07% between 2024 and 2032. This growth is primarily driven by the increasing prevalence of cardiovascular diseases, which has created a heightened demand for diagnostic imaging solutions, including ultrasound devices. In addition to cardiovascular diseases, other factors such as the rising geriatric population, advancements in ultrasound technology, and increased healthcare spending are contributing to the market’s expansion.
In this blog, we will explore the key drivers of growth, the significance of ultrasound devices in healthcare, and an in-depth analysis of the major competitors in the Australia and New Zealand markets, including Canon Medical Systems Corporation, SonoScape Medical Corp, Fujifilm Holdings Corporation, and GE Healthcare.
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Market Overview
1. Increasing Prevalence of Cardiovascular Diseases
Cardiovascular diseases (CVDs) are a leading cause of death globally, and Australia and New Zealand are no exceptions. The World Health Organization (WHO) reports that CVDs account for approximately 17.9 million deaths per year worldwide, representing 31% of all global deaths. Factors such as sedentary lifestyles, unhealthy diets, obesity, and smoking have contributed to the rising incidence of CVDs in these regions.
This surge in cardiovascular diseases has increased the demand for diagnostic tools like ultrasound devices, which are non-invasive and provide real-time imaging. Ultrasound devices are essential for detecting heart anomalies, valve diseases, and other cardiovascular conditions, making them critical in preventive healthcare. Additionally, the availability of portable and handheld ultrasound devices enables healthcare providers to offer point-of-care diagnostics, improving access to cardiovascular health monitoring, especially in rural areas.
2. Aging Population and Increasing Healthcare Expenditure
Australia and New Zealand have aging populations, with more citizens requiring healthcare services as they age. The Australian Institute of Health and Welfare (AIHW) reports that over 15% of the Australian population is aged 65 and older, a figure expected to rise in the coming decades. As age is a significant risk factor for cardiovascular diseases and other chronic conditions, the demand for ultrasound imaging continues to grow.
Governments in both countries are increasing their healthcare expenditure to meet the rising demand for diagnostic services. This surge in spending is directed toward improving healthcare infrastructure, including the procurement of advanced ultrasound devices. The expansion of healthcare services and the establishment of new diagnostic centers further fuel market growth.
3. Technological Advancements in Ultrasound Devices
Ultrasound technology has evolved significantly over the past decade. Innovations such as 3D/4D imaging, Doppler ultrasound, and the integration of artificial intelligence (AI) have transformed the efficiency and accuracy of diagnostic imaging. These technologies enable clinicians to better visualize internal organs, tissues, and blood flow, making diagnoses faster and more accurate.
The introduction of AI-powered ultrasound devices has revolutionized imaging by allowing the automation of tasks such as measurements, image acquisition, and interpretation. Additionally, AI can enhance image quality and reduce human error, leading to improved diagnostic outcomes. These advancements make ultrasound devices indispensable tools in medical imaging, driving market growth in Australia and New Zealand.
4. Increasing Adoption of Point-of-Care Ultrasound (POCUS)
Point-of-care ultrasound (POCUS) has become increasingly popular in Australia and New Zealand due to its portability and ease of use. POCUS allows healthcare providers to perform quick diagnostic assessments at the patient’s bedside, improving patient outcomes by reducing the need for expensive imaging procedures like MRIs or CT scans.
The portability of these devices, combined with their affordability, has led to their widespread adoption in emergency rooms, primary care, and rural clinics. Additionally, POCUS can be used in various medical fields, including obstetrics, cardiology, and musculoskeletal care, making it a versatile tool in modern healthcare settings.
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Competitor Analysis
1. Canon Medical Systems Corporation
Canon Medical Systems Corporation, a subsidiary of Canon Inc., is a leading player in the global ultrasound devices market. The company offers a broad range of diagnostic imaging solutions, including advanced ultrasound systems designed for various medical applications. In Australia and New Zealand, Canon Medical Systems is known for its high-quality imaging technology, which includes features such as real-time 4D ultrasound, advanced Doppler imaging, and elastography.
Canon’s Aplio series is widely recognized for its superior image resolution and advanced processing capabilities. These devices are particularly favored by healthcare professionals for cardiovascular and obstetric applications. With a strong emphasis on innovation, Canon continues to invest in research and development to enhance the diagnostic capabilities of its ultrasound systems.
2. SonoScape Medical Corp
SonoScape Medical Corp is a China-based company that has rapidly gained market share in Australia and New Zealand due to its affordable yet high-quality ultrasound devices. The company specializes in the development of diagnostic ultrasound systems, endoscopy equipment, and other medical imaging products. SonoScape is renowned for its comprehensive product portfolio, which includes portable ultrasound devices, color Doppler ultrasound systems, and specialized equipment for cardiovascular, obstetrics, and musculoskeletal imaging.
One of the key factors behind SonoScape’s success is its focus on affordability, making advanced ultrasound technology accessible to smaller healthcare facilities and rural clinics. In addition, the company’s commitment to innovation has led to the development of AI-powered systems and devices with enhanced imaging capabilities, further contributing to its growth in the Australia and New Zealand markets.
3. Fujifilm Holdings Corporation
Fujifilm Holdings Corporation, a Japanese multinational conglomerate, is a key player in the ultrasound devices market, with a strong presence in Australia and New Zealand. The company’s ultrasound systems are known for their cutting-edge technology, exceptional image quality, and user-friendly interfaces. Fujifilm’s products cater to a wide range of medical specialties, including cardiology, obstetrics, gynecology, and musculoskeletal imaging.
Fujifilm’s Arietta series, which features 3D/4D imaging and advanced Doppler capabilities, has been particularly successful in Australia and New Zealand. The company also emphasizes environmental sustainability by developing energy-efficient devices and reducing the use of hazardous materials in its products. This commitment to sustainability, combined with its technological expertise, has made Fujifilm a trusted name in the ultrasound market.
4. GE Healthcare
GE Healthcare, a global leader in medical technology, has a significant presence in the ultrasound devices market in Australia and New Zealand. The company offers a wide range of ultrasound systems, from portable devices to high-end machines designed for complex diagnostic procedures. GE Healthcare is known for its innovation in ultrasound technology, with features such as 4D imaging, high-frequency transducers, and automated workflow systems.
GE Healthcare’s Vivid series is particularly popular in the field of cardiovascular imaging, offering advanced features such as speckle tracking, automated measurements, and strain imaging. These devices are widely used by cardiologists and radiologists to diagnose and monitor heart conditions. In addition to cardiovascular applications, GE Healthcare’s ultrasound systems are also used in obstetrics, gynecology, and oncology, making the company a key player in the Australia and New Zealand markets.
Future Market Trends
1. Integration of AI in Ultrasound Devices
The integration of AI in ultrasound imaging is expected to revolutionize the market in the coming years. AI algorithms can analyze ultrasound images in real time, improving diagnostic accuracy and reducing the time required for image interpretation. This technology also enables the automation of routine tasks, allowing healthcare providers to focus on more complex cases.
2. Rising Demand for Portable Ultrasound Devices
Portable ultrasound devices are becoming increasingly popular in Australia and New Zealand due to their convenience and affordability. These devices are particularly useful in rural and remote areas where access to advanced healthcare facilities is limited. The demand for portable ultrasound systems is expected to grow significantly during the forecast period, driven by their versatility and cost-effectiveness.
3. Expansion of Telemedicine and Remote Diagnostics
Telemedicine has gained traction in Australia and New Zealand, particularly during the COVID-19 pandemic. The ability to remotely perform ultrasound scans and transmit images to specialists for interpretation has expanded access to healthcare services, especially in underserved regions. The adoption of telemedicine is expected to continue growing, further boosting the demand for advanced ultrasound devices.
