For example, Philips Healthcare launched the EPIQ CVx-a premium cardiology-dedicated ultrasound system-in 2018 and has developed an artificial intelligence (AI) software, coined Anatomical Intelligence, to improve cardiac examinations. Cardiology is an area of emphasis for innovation from medical imaging manufacturers and technology companies. In regions where heart disease rates were very high, like the mature markets of North America, Western Europe, Asia Pacific, healthcare providers purchased 3D/4D cardiology equipment to use in interventional procedures. Rising incidence of chronic illness also drove growth for cardiology ultrasound since heart disease was one of the global leading causes of death in 2018. These factors drove high demand for radiology systems since they were affordable and could be used by several departments in a hospital. Healthcare providers faced major budget constraints, rising incidence of chronic illness, and emphasized return on investment in purchasing decisions. Radiology on its own accounted for more than one-third of all ultrasound unit shipments in 2018 and was the preferred equipment in all markets because of its ability to be used by various hospital departments in a shared services model. Although traditional ultrasound is forecast to maintain its stronghold of the ultrasound market during the next five years, non-traditional, POC, and primary care present large opportunities for ultrasound manufacturers. Traditional ultrasound revenues grew 6.6% year-over-year (YoY), a faster rate than the revenues of non-traditional (which includes breast, gastroenterology, internal medicine, interventional cardiology and radiology, surgical, urology, vascular, veterinary, and other), point-of-care (POC) (which includes anesthesiology, critical care, emergency medicine, and musculoskeletal), and primary care applications. Traditional equipment (which includes cardiology, OB/GYN, and radiology) accounted for more than 70% of global ultrasound unit shipments in 2018 and traditional revenues totaled $4.9 billion of the $7.0 billion ultrasound market. Despite the excitement surrounding new ultrasound clinical applications, in 2018 healthcare providers continued to predominantly purchase traditional equipment.
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