The governments of several countries are investing a significant portion of their gross domestic product (GDP) in the healthcare sector. According to the World Bank Group, the global healthcare expenditure increased from 8.6% in 2000 to 9.9% of the GDP in 2017. Moreover, with the growing prevalence of chronic diseases and increasing government and non-government initiatives to facilitate better treatment, healthcare expenditure across the globe is expected to increase further. Due to these factors, the global point-of-care ultrasound devices market is expected to grow from $2,096.6 million in 2019 to $4,494.4 million in 2030, at a CAGR of 7.4% during the forecast period (2020–2030).
Therapeutic Bifurcation To Witness Higher CAGR during Forecast Period
The point-of-care ultrasound devices market is classified into diagnostic and therapeutic, on the basis of type. Of these, the therapeutic category is expected to witness the higher growth rate during the forecast period. This can be mainly ascribed to the increasing demand for therapeutic devices in clinical applications such as cosmetic surgery, emergency care, and pain management, as these devices facilitate increased blood flow, scar tissue breakdown, and tissue relaxation.
Further, the point-of-care ultrasound devices market, on the basis of portability, is categorized into trolley/cart-based and compact/handheld. The trolley/cart-based category accounted for the majority share in the market in 2019, primarily due to the adoption of these devices for wide-ranging applications in large healthcare institutions, including acute care and emergency care settings. Furthermore, the growing adoption of these devices in developing countries, coupled with the increasing healthcare expenditure here, is expected to drive the category’s growth in the coming years.
Globally, the European region held the largest share in the point-of-care ultrasound devices market in 2019. Some of the major factors driving the growth of the European point-of-care ultrasound devices market are the high prevalence of chronic diseases, increasing healthcare expenditure, and advancements in technology. According to the World Health Organization (WHO), cancer is the second most important cause of death and morbidity in Europe, with approximately 1.9 million deaths each year. Thus, the need for providing advanced and cost-effective diagnostic solutions is expected to increase the demand for PoCUS devices in Europe.
Due to COVID-19, the point-of-care ultrasound devices market has been negatively impacted; it is expected to recover only after the third quarter of 2020. The COVID-19 situation has forced thousands of companies to throttle down or temporarily shut their assembly and manufacturing plants in major countries, including China, the U.S., and Germany. The activity of the manufacturing plants in these countries is expected to remain depressed for a few more month, which is expected to hamper the growth of the point-of-care ultrasound devices market.
Partnerships Are Strongest Strategic Measures Taken by Players in Market in Recent Years
Players in the point-of-care ultrasound devices market are consistently focusing on strategic partnerships and business mergers, to remain competitive. For example, in June 2020, Canon Medical Systems Corporation established a joint venture with R-Pharm Holding (Russia), for the sale and maintenance of diagnostic imaging equipment manufactured by Canon Medical in nine Commonwealth of Independent States (CIS) member countries, including Russia. The joint venture will take off once all the necessary regulatory approvals have been obtained.
Furthermore, in July 2019, FUJIFILM Holdings Corp. announced the launch of a strategic relationship with Partners HealthCare (Mass General Brigham), to apply artificial intelligence (AI) to improve the utility and functionality of portable ultrasound. The two organizations are collaborating to enhance the ultrasound technology with AI, to enable clinicians to perform scans at the point of care, thereby further expanding the accessibility of this technology for clinicians and patients.
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, Siemens AG, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd., Koninklijke Philips N.V., and Hitachi Ltd.