PoCUS Device Market Overview
The global PoCUS device market generated $1.9 billion revenue in 2017 and is projected to showcase a CAGR of 6.7% during the forecast period. Growing geriatric population, increasing prevalence of chronic diseases, and rising healthcare expenditure are the major factors driving the growth of the market.
On the basis of type of device, the market has been categorized into diagnostic and therapeutic devices. During the historical period, diagnostic devices held the larger share in the PoCUS device market, with 86.1% contribution in 2017. Diagnostic devices are increasingly adopted for the diagnose of various chronic disorders and provide accurate results.
Based on portability, the PoCUS device market has been bifurcated into trolley/cart-based and compact/handheld devices. The market demand for compact/handheld PoCUS devices is expected to witness a CAGR of 9.0%, during the forecast period. These devices are gaining immense popularity due to their small size and light weight. The compact/hand devices are increasingly used for abdominal, fetal, pelvic, cardiac imaging, and imaging of peripheral vessels.
Based on application, the PoCUS device market has been categorized into emergency medicine, cardiology, obstetrics and gynecology, vascular and urology, musculoskeletal, and others. Emergency medicine has been accounting for the highest consumption of PoCUS devices till now, with 28.6% contribution in 2017. It is also expected to continue holding the largest share in this market in the coming years.
Geographically, Europe contributes the largest share to the PoCUS device market, with 32.1% contribution in 2017. The market growth in the region is mainly due to the high prevalence of chronic diseases, increasing healthcare expenditure and technological advancements. According to data published by Eurostat, in March 2018, the healthcare expenditure in Germany was $375.3 million in 2015, the U.K recorded the second highest level of healthcare expenditure ($283.1 billion), followed by France ($267.6 billion). Thus, rising healthcare spending is increasing the affordability for the diagnosis of the chronic diseases, which, in turn, is contributing to the growth of the PoCUS device market in the region.
PoCUS Device Market Dynamics
Technological advancements and increasing awareness about the benefits of these devices are the major factors driving the growth of the PoCUS device market. The technological advancements have resulted in novel imaging modes, which exploit the non-linear performance of tissue and micro-bubble contrast agents.
For instance, Koninklijke Philips N.V. (Philips) introduced app-based ultrasound system, Lumify. Using this app, the smartphone turns into an ultrasound device by connecting Philips transducer through universal serial bus (USB) port and using Lumify app. Smartphone screen works as a display and transducer performs all the functions regarding acquisition and image reconstruction processing. Furthermore, technological advancements have also led to the miniaturization of ultrasound devices. Manufacturers in the PoCUS device market are focusing continuously on workflow enhancements and improving diagnostic performance. The development of technologically advanced products has become necessary to ensure increased healthcare efficiency and productivity.
The increasing penetration of PoCUS device manufacturers in emerging economies is expected to offer enormous growth opportunities. Although the market is growing at a considerable rate in the emerging economies, especially in Asia-Pacific (APAC) and Latin America, there is still massive unexplored market for the players to invest.
Furthermore, with the boom in e-commerce industry in APAC, the major manufacturers of ultrasound devices, that are to be used at the point-of-care, are penetrating in the untapped market in the region. For instance, handheld systems have been heavily marketed toward physicians in rural areas who need to travel long-distances to visit patients in small clinics.
PoCUS Device Market Competitive Landscape
Continuous research and development in ultrasound imaging technique has led to the introduction of technologically advanced systems by players in the PoCUS device industry. In March 2018, Canon Medical Systems USA Inc., a subsidiary of Canon Medical Systems Corporation received USFDA clearance for Aplio i600 ultrasound system. The Aplio i600 has been designed to expand the clinical utility of ultrasound by delivering outstanding image quality, improve productivity with an intuitive user interface that enhances workflow, and reduce training needs.
In January 2018, GE Healthcare, a subsidiary of General Electric Company, introduced Versana Essential, a new ultrasound system with better image quality and advanced features. It enables clinicians to confidently deliver the next level of care to their patients at an affordable cost. Furthermore, in October 2017, Philips received USFDA 510(K) clearance, to market eL18-4 transducer with full solution for small parts ultrasound imaging, which is used to assess diseases and disorders of small organs such as breasts, testicles and thyroid, as well as musculoskeletal injuries like sprains and tears.
Some of the other major players in the PoCUS device industry are Esaote S.p.A, Mindray Bio-Medical Electronics Co. Ltd., Analogic Corporation, Siemens AG, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., and Hitachi Ltd.