Growing technological advancements in the field of diagnostic imaging is expected to drive the growth of India Ultrasound System Market.
According to TechSci Research report, “India Ultrasound System Market – By Region, Competition, Forecast & Opportunities, 2027F,” the India ultrasound system market stood at USD489.91million in 2021 and is expected to grow at a CAGR of 6.43% during the forecast period. This can be ascribed to the growing demand for ultrasound systems from various specialties, especially gynecology/obstetrics and urology & renal. The increase in gynecological disorders which require monitoring the reproductive system through regular ultrasounds is expected to support the market growth. Furthermore, increasing incidences of kidney stones and different urological and renal problems are expected to drive market growth through 2027. Furthermore, technological advancements and new product launches by various companies operating in the market are further expected to create lucrative opportunities for the overall growth of the ultrasound systems market in India. Besides, supportive government policies such as 100% FDI in medical devices and the PLI scheme are expected to create lucrative opportunities for overall market growth. However, the higher cost of ultrasound systems leads to affordability constraints, thereby increasing demand for used or refurbished equipment and decreasing the sales of new ultrasound systems.
Browse over 33 market data Figures spread through 70 Pages and an in-depth TOC on “India Ultrasound System Market“
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The India ultrasound system market is segmented based on technology, display type, mobility, equipment type, source, application, end user, company, and regional distribution. Based on technology, the market can be split into diagnostic ultrasound and therapeutic ultrasound. The diagnostic ultrasound segment dominated the market in 2021 with an overall share of around 87.67% on account of the widespread use of ultrasound systems for different diagnostic purposes. Based on mobility, the market is divided into fixed and mobile. The mobile segment is expected to register the highest growth during the forecast period on account of the growing demand for point-of-care diagnostics.
Key market players in the India Ultrasound System Market include:
- Philips India Limited
- Wipro GE Healthcare Private Limited
- Trivitron Healthcare Private Limited
- Hitachi India Private Limited
- Konica Minolta Healthcare India Private Limited
- Siemens Healthcare Private Limited
- Fujifilm Sonosite India Private Limited
- Canon Medical India Private Limited
- Mindray Medical India Private Limited
- BPL Medical Technologies Private Limited
The India ultrasound system market is a very fragmented market with few well-established global players, a lot of Chinese players and a few emerging players from India. At present, the ultrasound systems of global and Chinese players are more in demand. However, it is expected that various local players will emerge and hold prominent positions in the market in the coming years.
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“The launch of a production-linked incentive scheme will make the country self-reliant and improve the overall manufacturing structure across the country, especially in the healthcare and pharmaceutical industry. In the coming years, a lot of domestic manufacturers will be emerging who will be offering medical devices made in India. This, in turn, will reduce the dependency on imports and create opportunities for the growth of widely used equipment such as ultrasound systems in India”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“India Ultrasound System Market By Technology (Diagnostic Ultrasound v/s Therapeutic Ultrasound), By Display Type (Black & White v/s Colored), By Mobility (Fixed v/s Mobile), By Equipment Type (Refurbished v/s New), By Source (Import v/s Domestic), By Application (Obstetrics/Gynecology, General Imaging, Cardiology, Urology), By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition, Forecast & Opportunities, 2027F,” has evaluated the future development capability of India ultrasound system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India ultrasound system market.
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