| Status : Published | Published On : Jun, 2023 | Report Code : VRHC1111 | Industry : Healthcare | Available Format :
|
Page : 122 |
Global Point-of-Care Ultrasound Device Market – Analysis and Forecast (2023-2030)
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), and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global point-of-care ultrasound device market is anticipated to grow at a CAGR of 6.1% during the forecast period, with the market size anticipated to reach USD 4.1 billion by 2030. The point-of-care ultrasound device is used for therapeutic and diagnostic point-of-care applications. It is simple to operate, ensures nonusage ionizing radiation, and is easy to travel in remote areas. It is used for the identification of conditions such as deep vein thrombosis, 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/trolleys due to their augmented use in acute care situations and emergency care in hospitals and healthcare institutions.
Market Segmentation
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 a faster rate in the market due to its capability to relieve pain and inflammation, offer speedy healing, decrease muscle spasms, and enlarge the range of motion. The diagnostic segment accounted for a larger share of 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 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 situations 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 for the largest share and is expected to grow at the fastest rate in the point-of-care ultrasound device market due to the advantages of these devices such as procedural safety, reduced cost, and diagnostic accuracy, which led to their acceptance in the emergency department.
Global Point-of-Care Ultrasound Device Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023 - 2030 |
|
Market Size in 2022 |
$x.x Billion |
|
Revenue Forecast in 2030 |
$4.1 Billion |
|
Growth Rate |
CAGR 6.1% |
|
Segments Covered in the Report |
By Type, By Portability and By Application |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Expanding geriatric population, technological advancements in point-of-care ultrasound devices, and mounting healthcare expenditure is the primary growth drivers for the 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 of 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
Rising Incidence of Chronic Diseases: The prevalence of chronic diseases, such as cardiovascular disorders, respiratory conditions, and musculoskeletal disorders, is increasing globally. POCUS devices aid in the rapid diagnosis and monitoring of these conditions, driving their demand.
Growing Emphasis on Point-of-Care Diagnostics: Point-of-care testing and diagnostics are becoming essential in healthcare settings, as they enable prompt decision-making and reduce the need for time-consuming laboratory tests. POCUS devices offer immediate imaging and diagnostic capabilities, contributing to their rising adoption.
Technological Advancements: POCUS devices have witnessed significant technological advancements, such as improved image quality, wireless connectivity, and the integration of artificial intelligence (AI) algorithms. These advancements enhance the accuracy and efficiency of POCUS devices, further driving market growth.
Increasing Focus on Telemedicine: The rise of telemedicine and remote patient monitoring has created a need for portable and easy-to-use diagnostic tools. POCUS devices, with their compact size and wireless capabilities, are well-suited for telemedicine applications, fueling their demand.
Cost-effectiveness and Efficiency: POCUS devices offer cost-effective imaging solutions compared to traditional ultrasound machines. They eliminate the need for patient transfers to dedicated imaging departments, reducing costs and improving efficiency in healthcare settings.
Challenges
Strict regulatory norms and a lack of skilled professionals are the major challenges to the growth of the point-of-care ultrasound device market.POCUS devices can be expensive, and the initial investment cost can be a barrier for healthcare providers, especially in resource-constrained settings. The high cost of devices, along with additional expenses for training, maintenance, and software upgrades, can limit their widespread adoption.
POCUS devices need to be user-friendly and ergonomically designed to facilitate ease of use at the point of care. Issues such as complex user interfaces, limited battery life, and suboptimal device ergonomics can affect user experience and hinder the seamless integration of POCUS into clinical practice. Maintaining consistent quality and performance standards across different POCUS devices is crucial. Establishing standardized protocols, quality assurance programs, and proficiency testing can help ensure reliable and accurate imaging results. However, the lack of universally accepted standards and guidelines can pose challenges in this regard.
Industry Ecosystem
Globally, 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.
Geographic Overview
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.
Competitive Insight
Key players in the point-of-care ultrasound device market are catering to the demand for 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 a 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.
The Global Point-of-Care Ultrasound Device Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
- By Product
- Diagnostic
- Therapeutic
- By Portability
- Compact
- Handheld
- Cart-based/Trolley
- By Application
- Emergency Medicine
- Obstetrics and Gynecology
- Musculoskeletal
- Cardiology
- Vascular and Urology
- Others Compact
Global Point-of-Care Ultrasound Device Market by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Rest of the World
- Brazil
- South Africa
- Saudi Arabia
- Other Countries
.png "Point-of-Care Ultrasound Device Market Size and Market Analysis")
Source: VynZ Research
Frequently Asked Questions
Place an order
Latest Report
Research Methodology
- Desk Research / Pilot Interviews
- Build Market Size Model
- Research and Analysis
- Final Deliverabvle
CONNECT WITH OUR SALES TEAM
- Toll-Free: 1 888 253 3960
- Phone: +91 9960 288 381
- Email: enquiry@vynzresearch.com
Point-of-Care Ultrasound Device Market