The key drivers for the demand for PoCUS devices are the increasing cost of healthcare, surging population of the elderly, developments in the healthcare infrastructure, and rise in the chronic disease incidence. Due to these factors, the global point-of-care ultrasound devices market is expected to grow from $2,186.8 million in 2020 to $4,546.5 million in 2030, at a CAGR of 7.9% during the forecast period (2021–2030).
All the COVID-19-affected countries around the world took the measure to lock down their operations around March 2020, in order to implement social distancing to curb the transmission of the infection. However, the nationwide lockdowns have had their own share of cons. Thus, PoCUS device market accounted for a lower growth rate in 2020; however, it is expected to witness better growth trends during the forecast period.
The market is bifurcated into diagnostic and therapeutic devices, on the basis of type. In 2020, diagnostic devices held the larger share in the point PoCUS devices market due to the growing use of these devices in diagnostic applications, including for left ventricular systolic function, severe mitral regurgitation, pericardial effusion, pneumothorax, pleural effusion, and pulmonary edema.
The PoCUS devices market is bifurcated into trolley/cart-based and compact/handheld devices, based on portability. The compact/handheld category is projected to witness the faster growth during the forecast period. This can be mainly ascribed to the high adoption of technologically advanced products in developed countries with better healthcare infrastructure.
Globally, the European region held the largest share in the PoCUS devices market in 2020. Some of the major factors driving the growth of the European market are the high prevalence of chronic diseases, increasing 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. Thus, the need for advanced and cost-effective diagnostic solutions is expected to increase the demand for PoCUS devices in Europe.
Players in the PoCUS devices market are consistently focusing on strategic measures, such as technological developments and product launches, to remain competitive.
For example, in January 2020, Mindray Bio-Medical Electronics Co. Ltd. announced the launch of its new PoCUS system, TE7 ACE. This new touchscreen ultrasound system provides targeted solutions for diverse point-of-care applications, including anesthesia, critical care, and emergency care. Featuring smart fluid management tools, safe needling toolkit, seamless data connectivity, and a comprehensive disinfection solution, TE7 ACE helps clinicians deal with diagnostic challenges and make rapid decisions.
Some of the major players operating in the point-of-care ultrasound devices market are Esaote S.p.A, Mindray Bio-Medical Electronics Co. Ltd., Analogic Corporation, General Electric Company, Siemens AG, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., Canon Inc., and B. Braun Melsungen AG.