Chinese companies increasing share in medical ultrasonic equipment market

The market size of China's medical ultrasonic diagnostic instrument industry is estimated to reach $1.58 billion by 2022, maintaining an average annual growth rate of around 6 percent, and domestic brands will see more opportunities thanks to technological advances, rising demand, and supportive policies, a recent report said.

The report by market research consultancy QY Research showed that in 2016, the country's medical ultrasonic diagnostic instrument market was $1.15 billion, and its 6 percent average annual growth rate is double the global growth rate of 3 percent.

The market volume generated by hospital color equipment replacement will be 7 billion to 20 billion yuan ($1.04 billion to $2.98 billion) because major hospitals normally change their color equipment every three years, an estimate by QY Research said.