The Chinese ultrasound imaging equipment market is expected to grow at a compound annual growth rate (CAGR) of 9.3% to reach $1 billion by 2014, according to a report from market research firm InMedica.
In contrast to the Western European and North American ultrasound markets, the Chinese sector has experienced tremendous growth over the past two years, according to the Wellingborough, U.K.-based firm. Gains are being driven by China's ongoing healthcare reform, strong economic growth, and the Chinese population's increasing awareness of healthcare issues, InMedica said.
The Chinese market has also benefited from the government's focus on upgrading medical devices in the thousands of township and county hospitals across China, InMedica said. This development has prevented the previously anticipated dramatic decline of the black-and-white ultrasound equipment market.
Multinational companies have also been attracted by the increasing number of government tenders to refocus on the low end of the market by setting up local joint ventures, according to the company. Long-term market growth will be fueled by the replacement of black-and-white ultrasound units by higher-priced color systems, InMedica said.
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