Less affected by supply chain issues, Chinese vendors have become more active in the market and looked to expand into new international markets, capitalising on the struggles of incumbent vendors.

The European and U.S. markets are primary targets for Chinese vendors, and they are using product availability and competitive pricing to win sales. When entering the European market, Chinese vendors are starting in Eastern Europe, where their lower pricing is more favorable to customers, before moving into more premium-focused Western markets.


Artificial intelligence gaining traction
Many ultrasound OEMs are embracing AI, with some seeing it as a way of differentiating themselves from their competitors. This is manifesting both as a feature of ultrasound systems and increased marketing on the potential value of AI. However, often the solutions offered are “AI” versions of existing tools, such as for ejection fraction assessment. In the last 12-18 months, there have been few new FDA approved AI solutions from ultrasound OEMs. There has, however, been more activity among ultrasound AI independent software developers. For example, Intelligent Ultrasound released its ScanNav Anatomy/PNB solution and Ultromics received FDA clearance for its EchoGo Heart Failure solution.

The ultrasound AI and equipment markets are also starting to consolidate, as seen through the increased number of partnerships and acquisitions. In 2023, Caption Health and DiA Imaging Analysis, two of the most established ultrasound AI vendors, were acquired by GE HealthCare and Philips, respectively. This follows the acquisition of Medo.ai by Exo in July 2022. EchoNous also partnered with UltraSight, which will see UltraSight’s Real-Time Guidance solution integrated with EchoNous’ Kosmos device. Through its marketplace, Clarius has also partnered with numerous AI vendors, integrating their solutions into its third-generation handheld probes. We expect to see more relationships established between ultrasound equipment OEMs and ultrasound AI vendors in the future, as AI is increasingly utilized in ultrasound.

For AI to become more widely used in ultrasound, there also need to be more applications that go beyond automating workflow processes. Whilst some of these solutions are on the market already, they have yet to have a big market impact. This could happen if there were more reimbursement, an effective commercial model (especially for solutions integrated into handheld ultrasound devices), and increased clinical validation, regulation, and physician confidence.

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