A growing middle class population in India is increasing demand for higher quality healthcare services, which may lead to 49% growth in the color ultrasound equipment market over the next five years, according to new research published by market research firm InMedica.
The forecast is based on InMedica's prediction that color ultrasound equipment will account for 87% of ultrasound units purchased by 2016 in India. In 2011, color ultrasound equipment accounted for 73% of the ultrasound market.
Growth in the color ultrasound market is being further driven by availability at a much lower price than in previous years, according to the report. International suppliers are being forced to reduce prices of low-end and midrange systems to compete with Chinese manufacturers receiving approval to sell their systems in India.
The refurbished market is also making color systems available at prices similar to grayscale-only ultrasound equipment, InMedica noted. For this reason, the firm is forecasting a rapid decline in the black-and-white equipment market.
