In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing necessity for advanced diagnosis methods to detect various disease indications such as neurological disorders, cancer, cardiovascular diseases, and others. Moreover, the developing healthcare sector, supported by the increasing government investment in the public healthcare system is also expected to boost the market growth.
The market in the North America is evaluated to occupy the largest share in terms of revenue, by the end of 2030, owing to the increasing prevalence of cardiovascular diseases in the region. According to American Heart Association, in 2017, CVD has been listed as one of the most prominent underlying causes of death in the United States, which accounted for around 74% of all deaths. As per the data by the CDC, one person dies every 36 seconds in the United States from cardiovascular diseases. Such an increasing number of CVD cases in the United States has significantly increased the demand for ultrasound examination in this region, which is further expected to drive the demand for ultrasound contrast agents in the region.
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The global ultrasound contrast agents market is further classified on the basis of region as follows:
Our in-depth analysis of the global ultrasound contrast agents market includes the following segments:
Ans: Rising prevalence of chronic disorders and increasing implementation of ultrasound diagnosis are the key factors driving market growth.
Ans: The market is anticipated to attain a ~20% CAGR over the forecast period, i.e., 2022-2030.
Ans: Allergic reactions & side effects and short-term effect of the ultrasound contrast agents are estimated to hamper market growth.
Ans: The market in North America region will provide ample growth opportunities over the forecast period owing to the increasing number cardiovascular diseases in the region.
Ans: The major players dominating the ultrasound contrast agents market are Bristol-Myers Squibb, GE Healthcare, Lantheus Holdings, Inc., Bracco Diagnostic Inc., Siemens Healthcare GmbH, and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by therapeutic area, application, end-user, and region.
Ans: With respect to therapeutic area, the cardiovascular segment is anticipated to hold the largest market share owing to the increasing incidence of cardiovascular diseases globally.