Published: September 2020 | Report Code: LS10763 | Available Format: PDF | Pages: 168
The global point-of-care ultrasound (PoCUS) devices market size was $2,096.6 million in 2019, and it is predicted to progress at a CAGR of 7.4% during the forecast period (2020–2030), on account of the rising healthcare expenditure, surging geriatric population, developing healthcare infrastructure, and increassing prevalence of chronic diseases. For instance, in the U.S., according to the Centers for Disease Control and Prevention (CDC), six in 10 people have at least one chronic disease, such as a cardiovascular disease (CVD), stroke, cancer, or diabetes.
The ongoing COVID-19 pandemic across the world is expected to have a tremendous impact on different spectra of society, the point-of-care ultrasound devices market being no less. The production of PoCUS devices and related goods has been impacted negatively due to COVID-19 and imposition of lockdowns, which have resulted in a reduced workforce, constraints in producing goods with proper sanitization, surge in the unemployment rate, and affected import and export services.
Diagnostic devices are expected to hold the larger share in the point-of-care ultrasound devices market during the forecast period, on the basis of type. This can be attributed to the increasing use of these devices in diagnostic point-of-care applications, such as cardiac ultrasound for left ventricular systolic function, pericardial effusion, and severe mitral regurgitation, as well as for pleural effusion, pneumothorax, and pulmonary edema.
Compact/handheld PoCUS devices have been witnessing an increasing demand from developed nations with better healthcare infrastructure, due to the high adoption rate of and awareness about technologically advanced products here. Key players such as Koninklijke Philips N.V. and Fujifilm Holdings Corporation (SonoSite) are offering PoCUS devices that include smart devices connected with mobile applications, which operate as portable ultrasound systems. Thus, on the basis of portability, the compact/handheld device category is expected to witness the higher CAGR in the point-of-care ultrasound devices market during the forecast period.
The emergency medicine category held the largest share in the point-of-care ultrasound devices market in 2019, on the basis of end-user. This can be attributed to the rising demand for advanced PoCUS devices for critical care, globally. For instance, bedside ultrasound has become a valuable tool for physicians working in critical care environments, to obtain immediate clinical information, improve patient safety, increase efficiency, and decrease complications.
Europe is expected to continue holding the largest share in the point-of-care ultrasound devices industry in the coming years. The market in the region is mainly driven by the high prevalence of chronic diseases, rising healthcare expenditure, and advancements in technology. According to the International Diabetes Federation (IDF), 59 million people aged 20–79 years in Europe had diabetes in 2019, and this number is expected to reach 68 million by 2045. According to the World Health Organization (WHO), cancer is the second most common cause of death and morbidity in Europe, with 3.7 million new cases and 1.9 million deaths each year.
Globally, APAC is expected to advance at the highest CAGR during the forecast period in the point-of-care ultrasound devices market. Some of the factors leading to the market growth include the improving healthcare infrastructure, increasing need for point-of-care diagnosis and treatment, and growing prevalence of chronic and lifestyle-related diseases. In addition, PoCUS devices are increasingly being used for the scanning of osteoarthritis in the aging population, as there is a high risk of this disease in the elderly.
Technological advancements have led to the miniaturization of ultrasound devices. Manufacturers in the point-of-care ultrasound devices market are increasingly focusing on improving the workflow for doctors and diagnostic performance of the devices. Moreover, advancements in computing applications, electronics, and transducers have revolutionized ultrasound devices in recent years, leading to their increasing adoption. For instance, in July 2020, FUJIFILM Sonosite Inc. (part of FUJIFILM Holdings Corp.) launched the new Sonosite PX ultrasound system. It and its transducers are drop-tested to one meter, and the work surface is sealed to the edge, for simplified cleaning and disinfection. Sonosite PX has an adaptable work surface position, for optimal clinician ergonomics, while a small footprint and adjustable height allows for closer bedside access.
As compared to younger people, the elderly are more susceptible to chronic diseases, due to which their demand for medical devices that aid in the diagnosis and management of diseases is high. Thus, with the surge in the geriatric population, globally, there has been an increase in the demand for PoCUS devices, to facilitate proper point-of-care diagnosis and treatment. For example, using PoCUS devices, primary care physicians can non-invasively evaluate urinary incontinence in the elderly, screen them for abdominal aortic aneurysm (AAA) and prostatic enlargement, and evaluate their cardiac function in outpatient settings. Thus, the surging geriatric population is expected to drive the point-of-care ultrasound devices market in the coming years.
Portable ultrasound devices have paved the way for the point-of-care identification of health conditions, to increase the success rate of the treatment. Ultrasound does not use any radiation, which is commonly used in conventional techniques, such as X-rays. It facilitates real-time imaging and is highly useful in image-guided minimally invasive surgeries. Portable ultrasound devices are capable of producing images of soft tissues, which are not clearly visible through X-ray imaging. In addition, the several beneficial features of portable ultrasound devices, such as small size, low weight, high performance, and good battery life, are increasing their popularity among healthcare providers, thereby resulting in the point-of-care ultrasound devices market advance.
|Base Year (2019) Market Size||$2,096.6 Million|
|Forecast Period (2020-2030) CAGR||7.4%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Type, Portability, Application, Geography|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, Brazil, Mexico, South Africa, and Saudi Arabia|
|Secondary Sources and References (Partial List)||American Cancer Society, American College of Obstetricians and Gynecologists, American Institute of Ultrasound in Medicine, Asia-Pacific Advanced Network, Centers for Disease Control and Prevention, International Diabetes Federation, International Atomic Energy Agency, World Health Organization|
The global point-of-care ultrasound devices industry is fragmented in nature, with the presence of several key players. In recent years, major players in the market have taken several strategic measures, such as product launches, partnerships, and facility expansions, to gain a competitive edge in the market.
For instance, in April 2020, Mindray Bio-Medical Electronics Co. Ltd. announced the launch of its new portable ultrasound system, ME series, to enhance clinical confidence while dealing with critical and emergency COVID-19 cases. Featuring smart fluid management solutions, comprehensive disinfection solutions, convenience, agility, intuitive interface, and flexible battery solutions, the ME series helps clinicians address diagnostic challenges and make rapid decisions in the presently fast-paced, overburdened, and demanding hospital environment.
In October 2019, Siemens AG (Siemens Healthineers) launched the ACUSON Redwood ultrasound system. Built on the company’s new platform, the system features advanced applications for greater clinical confidence, AI-powered tools for smart workflows, and shared services cardiology features for different hospital departments. These features, along with a portable and lightweight design, offer clinicians an affordable and efficient imaging solution.
In March 2018, Canon Medical Systems USA Inc., a subsidiary of Canon Medical Systems Corporation, received the U.S. Food and Drug Administration (USFDA) clearance for the Aplio i600 ultrasound system. Aplio i600 has been designed to expand the clinical capabilities of ultrasound, by delivering better images, improving the productivity with an intuitive user interface that enhances the workflow, and reducing training needs.
The point-of-care ultrasound device market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Portability
Based on Application
The point-of-care ultrasound device market is expected to witness a 7.4% CAGR, in terms of revenue, during 2020–2030.
The development of healthcare infrastructure, rising cases of chronic diseases, and growing elderly population will drive the growth of the PoCUS device industry.
Technological developments are the key trend in the point-of-care ultrasound device industry.
The PoCUS device market report covers Europe, APAC, North America, MEA, and LATAM.
Players are focusing on facility expansions, partnerships, and product launches to expand their point-of-care ultrasound device market reach.
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