The global point-of-care ultrasound device market is predicted to grow at 5.9% CAGR during the forecast period with the market size reaching USD 2.9 billion by 2024. The market is driven by the factors such 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 point-of-care ultrasound device is used for the therapeutic and diagnostic point-of-care application. It is simple to operate, ensures non-usage 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.
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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.
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.
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.
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.
North America accounted for the major share in the point-of-care ultrasound device industry in 2017, globally 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. Moreover, 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.
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. 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.
Global Point-of-Care Ultrasound Device Market Coverage
Product Insight and Forecast 2014-2024
Portability Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Global Point-of-Care Ultrasound Device Market by Region
Rest of the World