Ultrasonic equipment manufacturers are looking at developing markets to cope with the domestic market downswing.
Device manufacturers and med-surg product producers have been quick to understand that while the ripple effects of the emerging global village continue to expand they've served to reduce the distances and differences among worldwide health care marketplaces.
It comes as no surprise, then, that developing markets in Eastern Europe, Asia Pacific and Latin America have come under increased scrutiny by marketers looking to stretch the boundaries of their traditional sales territories. Among the segments seen ripe for growth is the ultrasound equipment field. "The U.S. market (for ultrasound products) is growing at less than 10% annually, while emerging regions are experiencing growth as high as 20%," said Frost & Sullivan analyst Hamsini Muralidharan.
Maturing markets and the effects of severe cost containment in the health care industry in the U.S., Western Europe and Japan, said Frost & Sullivan, has prompted equipment manufacturers to consider underutilized markets to increase market share. The continued development and industrialization of those regions has heightened health awareness among local populations and supplemented the means by which they can obtain updated medical diagnostic equipment.
"These emerging markets are where the future growth of the industry is headed," said Muralidharan. "Establishing a global presence in the regions, backing it with a strong distribution network and customer support service is the recipe for achieving successful market penetration." In a recently released report titled "World Medical Diagnostic Ultrasound Imaging Equipment, Frost & Sullivan said total revenues for all ultrasound segments in 1999 reached $3 billion.
