Middle East & Africa Ultrasound Devices Market - Segmented by Application, Technology, Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Ultrasound is a medical imaging modality that uses high-frequency sound waves to visualize the internal organs of the body. It transmits high-frequency ultrasonic sound waves into the body of the patient, which are reflected by the organs into the probe and are transmitted to a display to generate the image. The Middle East & Africa ultrasound devices market is expected to register a CAGR of 6.6% during the forecast period of 2018–2023.
Increasing Incidence of Chronic Diseases
In the Middle East & Africa region, non-communicable diseases such as heart disease (up by 44%), stroke (up 35%), and diabetes (up 87%) are causing more premature deaths and disability than they did in the past. Potentially preventable risk factors such as poor diets, high blood pressure, high body mass index (an indicator of obesity and overweight), and smoking are contributing to the growing burden of non-communicable diseases in the region. Diagnostic Imaging equipment like ultrasound devices provide the capability for prompt and early diagnosis of disease and hence enabling the physicians to cure the disease.
Additionally, the increase in government and private funding for R&D in ultrasound imaging, increasing number of healthcare providers and curtailment in the size of ultrasound devices are some of the other factors contributing to the growth of the market.
The diagnostic imaging procedures are expensive, and hence it becomes difficult for all people to have access to them. This can be a restraining factor for the market. Further in 2015 and 2016, low oil prices and political instability across the Middle East region led to a massive reduction in spending on healthcare. This shift led to a freeze on healthcare tenders in 2016. For much of 2016, the private sector in the Middle East & Africa region continued purchasing ultrasound systems, but by the fourth quarter, private spending ceased because of increasing financial pressure and instability in the country.
Additionally, stringent regulatory requirements and the lack of skilled professionals to handle the equipment are also restraining the ultrasound devices market.
GCC Countries to Dominate the Market
GCC countries dominate the ultrasound devices market due to the rising patient population base for chronic and lifestyle-related disorders, technological advancements, increasing public-private investments, funds and grants, and growing market demand for minimally invasive diagnostic and therapeutic techniques.
Major Players: FUJIFILM, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, PHILIPS HEALTHCARE, SAMSUNG HEALTHCARE, SIEMENS HEALTHINEERS, and TOSHIBA MEDICAL SYSTEMS CORPORATION, among others..
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