|Status : Published||Published On : Dec, 2018||Report Code : VRHC1111||Industry : Healthcare||Available Format :||Page : 122|
Industry Insights by Type (Diagnostic and Therapeutic), by Portability (Compact, Handheld, and Cart Based/Trolley), and by Application (Emergency Medicine, Obstetrics and Gynecology, Musculoskeletal, Cardiology, Vascular and Urology, and Others)
The global point-of-care ultrasound device market is anticipated to grow at a CAGR of 5.9% during the forecast period, with the market size anticipated to reach USD 2.9 billion by 2024. The point-of-care ultrasound device is used for the therapeutic and diagnostic point-of-care application. It is simple to operate, ensures nonusage ionizing radiation, and easy to travel in remote areas. It is used for identification of conditions such as a deep vein thrombosis, and pleural fluid, and intrauterine pregnancy.
The global point-of-care ultrasound device market is growing at a significant rate, due to the mounting occurrence of chronic diseases and expanding the geriatric population. Different portability such as compact/handheld and cart-based/trolley contributed to the point-of-care ultrasound device market size. The market has witnessed high demand for cart based/trolley due to its augmented use in acute care situation and emergency care in hospitals and healthcare institutions.
Insight by Type
On the basis of the type, the market is subdivided into diagnostic and therapeutic. Of all types, the therapeutic segment is expected to grow at faster rate in the market due to its capability to relieve pain and inflammation, offer speedy healing, decrease muscle spasm, and enlarged range of motion. The diagnostic segment accounted for a larger share in the market, due to progressively accept diagnose of several chronic disorders and accurate results.
Insight by Portability
On the basis of portability, the market is subdivided into the compact, handheld, and cart-based/trolley. Of all the portability, the cart based/trolley segment accounted foremost share in the point-of-care ultrasound device market due to its augmented use in acute care situation and emergency care in hospitals and healthcare institutions. The handheld segment is expected to grow at the fastest rate in the market, due to its small size and lightweight.
Insight by Application
On the basis of application, the market is subdivided into emergency medicine, obstetrics and gynecology, musculoskeletal, cardiology, vascular and urology, and others. Among all applications, the emergency medicine application accounted the largest share and is expected to grow at fastest rate in the point-of-care ultrasound device market due to advantages of these devices such as procedural safety, reduced cost and diagnostic accuracy, which led to their acceptance in the emergency department.
Expanding geriatric population, technological advancements in point-of-care ultrasound devices, and mounting healthcare expenditure is the primary growth drivers for point-of-care ultrasound device market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
The mounting occurrence of chronic diseases, refining healthcare infrastructure in developing countries, and escalating alertness about the advantages of portable ultrasound devices are also facilitating the growth for the point-of-care ultrasound device market. For instance, according to the Centers for Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to the World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.
Strict regulatory norms and lack of skilled professionals are the major challenges for the growth of point-of-care ultrasound device market.
Globally, the manufacturing companies trying to enter the point-of-care ultrasound device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest point-of-care ultrasound device market as in the region the occurrence of chronic diseases is increasing. For instance, according to CDC, in the U.S. approximately 610,000 people die every year due to heart disease.
In addition, expanding the geriatric population, mounting healthcare expenditure, and technological advancements in point-of-care ultrasound devices are also up surging growth of the North American point-of-care ultrasound device market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population and mounting healthcare expenditure. In addition, the mounting occurrence of chronic diseases and refining healthcare infrastructure are also creating a positive impact on the point-of-care ultrasound device market growth in the region.
Key players in the point-of-care ultrasound device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In March 2018, Royal Philips partnered with Innovative Imaging Technologies to integrate tele-ultrasound solution created on Philips’ Lumify portable ultrasound system. Mindray Bio-Medical Electronics Co. Ltd., Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Samsung Electronics Co. Ltd., Esaote S.p.A, Hitachi Ltd., Analogic Corporation, and Fujifilm Holdings Corporation are the key players offering point-of-care ultrasound device.