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World ultrasound market to bounce back strongly in 2021

September 23, 2021
Business Affairs Ultrasound

The ultrasound market in Mexico, on the other hand, is forecast to further decline in 2021. Whilst it has not seen the same increased COVID cases and deaths as in Brazil this year, the country is still suffering from the pandemic, with the COVID-19 vaccination programme progressing slowly, with under 30% of the population fully vaccinated (by September 2021). While the government has continued to issue tenders for ultrasound equipment, they are not the same size as in previous years. The rest of the LATAM region has not been as affected by COVID-19 as Brazil and Mexico, and the ultrasound market is forecast for a near-full recovery to 2019 levels in 2021. Argentina is expected to be one of the main growth drivers in the region.

Western Europe: Market boosted by emergency tenders
Fueled by COVID-related tenders, the Western European ultrasound market grew at a double-digit annual rate in 2020. All countries in the region saw market growth, except for Benelux which was estimated to have declined. With far fewer COVID-related tenders expected in 2021, the Western European market is forecast to decline, with the biggest decline predicted for the U.K., due to the exceptionally strong growth in 2020.

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Whilst overall the Western European market will decline in 2021, some Western European governments have rolled out schemes which will boost the market in their country. This includes the COVID-19 investment premium in Austria and the Hospital Future Act in Germany.

Eastern Europe, Middle East & Africa: Russia driving growth
The Eastern European ultrasound market was estimated to have grown in 2020 and is forecast to grow again in 2021. This is largely due to the performance of the Russian market, where there is a large life cycle deal in Moscow running across 2020 and 2021, worth around $120 million.

All of the major markets in the Middle East and Africa region, including Iran, Turkey and Saudi Arabia, are estimated to have declined in 2020. The Middle East region has been hit hard by the combination of the COVID-19 pandemic, the plunge in oil prices and various ongoing conflicts. As such, following a steep decline in 2020, the ultrasound market is forecast to experience another decline in 2021. The main exceptions are Turkey, where a large MOH tender funded by the ERBD will boost the market, and Saudi Arabia which is poised for growth due to pent-up demand and the need to replace ageing systems. The overall Middle East and Africa region is forecast to recover to 2019 revenue levels by 2024.

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