The portable ultrasound device market size is expected to advance at a CAGR of 7.2% during 2021–2030, to reach $3,488.3 million by 2030. This can be ascribed to the rising prevalence of chronic disorders and the increasing adoption of portable devices. Moreover, the market is also expected to be driven by the growing geriatric population, the launching of several point-of-care and handheld ultrasound devices specifically in emerging economies, and the rapid advancements in the field of therapeutic ultrasound by research institutes.
For instance, the development in array design and improvement in transducer materials have resulted in greater bandwidth and advancement in spatial and contrast resolution. These technological advancements resulted in novel imaging nodes.
Furthermore, the rising awareness among people about a timely diagnosis of diseases, the surging demand for minimally invasive methods, and the reduced size of devices are other factors contributing to the growth of the market.
In Europe, the portable ultrasound device market is increasing, due to the surging healthcare expenditure and advancements in technology. Moreover, the market is propelled by a large number of ongoing clinical research projects in the field of ultrasound and the rising sales of such systems in the region. Governments in Europe are supporting industrial research and offering various tax incentives, which have been provided to establish R&D with advanced imaging facilities such as ultrasound.
Additionally, the rapid increase in technological advancements and the launching of various novel products in the region drive the market. For instance, key players have introduced artificial intelligence into advanced ultrasound devices and increased focus on innovations such as the development of hand-held portable systems for point-of-care diagnostics.
Whereas, North America holds the largest market share, due to the presence of key players and skilled healthcare professionals in the region. Moreover, several guidelines implemented by governments to create awareness about chronic disorders and make high investments in this field are also driving the regional market growth.
On the other hand, in the APAC region, the market is growing significantly. This is attributed to the rising adoption of micro-ultrasound systems and the increasing awareness about the benefits of the pre-diagnosis of diseases. In developing nations, such as India and China, the high prevalence of the geriatric population and the surging demand for diagnosis also drive the market. For instance, in India, almost 70% of the population is suffering from chronic illnesses.
The rise in the number of geriatric people suffering from chronic disorders has led to an increase in demand for portable ultrasound devices. These devices are small in size and can be carried easily, thus these are widely used. For instance, according to the Centers for Disease Control and Prevention, approximately 85% of the geriatric population have at least one chronic health condition and about 60% have at least two chronic conditions.
The most-significant portable ultrasound device market players are GE Healthcare, Mindray Bio-Medical Electronics Co. Ltd., FUJIFILM Holdings Corporation, Koninklijke Philips N.V., Samsung Medison Co. Ltd., Canon Medical Systems Corporation, Siemens Healthineers, and Toshiba Corporation.