Global PoCUS device market is expected to reach $3.1 billion by 2025, according to P&S Market Research.
The market is mainly driven by surge in geriatric population, increasing prevalence of chronic diseases, technological advancements in PoCUS devices, increasing awareness about the benefits of portable ultrasound devices, and rising healthcare expenditure.
Insights on market segments
Based on type, the PoCUS device market has been categorized into diagnostic and therapeutic devices. During the forecast period, the market demand for therapeutic devices is expected to witness faster growth, at a CAGR of 8.4%, owing to its non-invasive feature and ability to relieve pain and inflammation, reduce muscle spasm, offer fast healing and increased range of motion.
PoCUS devices are either trolley/cart-based or compact/handheld, where the former category held the larger share in the PoCUS device market in 2017, accounting for 75.4% share. This can be attributed to its increased usage in acute care setting and emergency care in hospitals and healthcare institutions.
Browse report overview with detailed TOC on "Point-of-Care Ultrasound (PoCUS) Device Market by Type (Diagnostic, Therapeutic), by Portability (Trolley/Cart-Based, Compact/Handheld), by Application (Emergency Medicine, Cardiology, Obstetrics & Gynecology, Vascular & Urology, Musculoskeletal), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, Brazil, Mexico) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2015–2025" at:https://www.psmarketresearch.com/market-analysis/pocus-device-market
PoCUS devices have various applications in the fields of emergency medicine, cardiology, obstetrics and gynecology, vascular and urology, musculoskeletal, and others. Among these, the market is expected to witness the fastest growth in emergency medicine, during the forecast period. Benefits of these devices include procedural safety, timeliness of care, diagnostic accuracy and reduced costs, that have led to their increased adoption in emergency departments.
PoCUS device market is predicted to witness the fastest growth in Asia-Pacific (APAC)
During the forecast period, the PoCUS device market is expected to witness the fastest growth in APAC, at a CAGR of 7.5%. Increasing need for point-of-care in emergency departments, rising prevalence of chronic and lifestyle diseases and strengthening of networks of international device manufacturers in APAC, are the factors leading to high demand for these devices, which in turn, is boosting the market growth in APAC.
In addition, Australian Bureau of Statistics 2014–2015, about 2.1 million Australians suffered from osteoarthritis. The prevalence of osteoarthritis rises with age. While relatively few younger people have this condition, the prevalence of the disease rises sharply in the patients above 45 years of age. This increasing osteoarthritis problem in elderly population lead to high need for ultrasound devices.
Japan was the largest market for PoCUS devices in APAC. Surge in geriatric population, technological advancements and high healthcare expenditure are driving the growth of the Japanese PoCUS device market. According to the United Nations reports, 33.4% of Japan’s population was above 60 years, in 2017, and it is expected to reach 42.4% by 2050. Due to this increasing aging population and the rising prevalence of age related disorders, the Japanese government spends a significant portion of its gross domestic product (GDP) on healthcare. In 2000, 7.15% of Japan’s GDP was spent on healthcare and it increased to 10.9% in 2015.
Market players are focusing on strategic acquisitions to expand their business
In order to increase their market share, key players in the PoCUS device industry are acquiring other companies operating in the domain. For instance, in January 2018, Hitachi Healthcare Americas Corporation, a subsidiary of Hitachi Ltd., entered into an agreement of acquire with VidiStar LLC, a clinical analytics company. The aim of acquisition was to expand Hitachi’s informatics strategy and analytics capabilities to improve workflow for physicians, particularly with those providers conducting diagnostic ultrasound examinations.
Some of the other major players operating in the PoCUS device 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., and Canon Medical Systems Corporation.
GLOBAL PoCUS DEVICE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Portability
Market Segmentation by Application
Market Segmentation by Geography