Chinese vendors are increasingly focusing on the European market and are looking to enter via Eastern European markets, before moving west. The more price-sensitive nature of the Eastern European market, as well as the ability for Chinese vendors to deliver systems quickly during the recent periods of supply chain problems, has seen them increase their market share in 2022 and should lead to further market share gains in 2023.

The MEA was the fastest growing region in 2022 with the African, Middle East, Saudi Arabian and markets all estimated to have grown. Fastest growth was estimated in Saudi Arabia, primarily due to new greenfield private sector projects alongside government-funded NUPCO tenders. The large 809-unit tender announced in Turkey in 2021 led to market growth in both 2021 and 2022. In Africa, growth was driven by strong market performance in Egypt, with its Haya Karima initiative, as well as strong growth in South Africa, after 2 years of market decline.

North America – Market slowdown expected to continue into 2023
The U.S. market experienced strong growth in the first half of 2022, where the market continued to be boosted by the increased investment seen in 2021, before the market slowed down in the second half of 2022. This slowdown is still being observed in 2023, in part, due to some customers delaying orders.

In March 2023, the FDA finalized a regulation that requires that all women receive information about their breast density following a mammogram. The new regulation goes into effect in September 2024. This is expected to increase the number of breast ultrasound scans performed, which along with MR, is more effective for imaging dense breasts.

The Canadian market went through a correctional decline in 2022, after large growth in 2021. The market is forecast to return to growth in 2023.

Latin America – Becoming more price conscious
The LATAM ultrasound market experienced strong growth in 2022, mainly driven by strong growth in Mexico. There is a growing trend in LATAM of customers trying new brands that offer lower-priced ultrasound systems. This trend is mainly seen in the radiology market and is less evident in the cardiology and women’s health segments, where the final decision is typically based on clinical features of the ultrasound system and not its price.

Ultrasound prices in LATAM increased in 2022, especially from established vendors. With Chinese vendors becoming more active in the market and not increasing their system prices as aggressively, it accelerated the trend of customers trying new brands.

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