Point-of-Care Ultrasound Market – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2029
Overview
Point-of-Care Ultrasound Market size was valued at US$ 957.8 Mn in 2022 and the total revenue is expected to grow at 13.80% through 2023 to 2029, reaching nearly US$ 2367.56 Mn.
Point-of-Care Ultrasound Market Overview:
The Point-of-care ultrasound refers to the use of a portable ultrasound by medical practitioners for diagnosis and treatment purposes, especially in remote places. POCUS aids in the speedier and more accurate treatment of their patients in a non-invasive manner, as well as removing the travel barrier that traditional bedside ultrasound machines lacked. POCUS is useful in a variety of clinical situations and can be used in conjunction with a variety of medical equipment, such as an intensive care unit (ICU) to monitor clinical conditions, during an emergency to investigate internal or external pathological findings, and with physiological monitoring, such as hemodynamic assessment, cardiac function, and volume status.
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The report has covered the market trends from 2018 to forecast the market through 2029. 2022 is considered a base year however 2022's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report
Market Dynamics:
The use of point-of-care ultrasonography has the potential to save billions of dollars in annual health-care costs. The advantages of employing POCUS over traditional medical systems include improved patient outcomes, fewer fatalities, and reduced medical risk scenarios. Additionally, ultrasonography provides medical professionals with optimal options such as real-time information updates to treat injured patients even in emergency and remote care facilities.
The increased demand for point-of-care in emergency rooms, as well as the rising prevalence of chronic diseases, will drive market expansion. The expansion of the POC ultrasound devices market would be aided by rising health expenditure in China and Japan. Furthermore, technical improvements, as well as the continued need for mobile point-of-care ultrasound systems to increase operational efficiency and patient outcomes, have a beneficial impact on the industry's growth. Many organizations, such as the Society of Point-of-Care Ultrasound (SPOCUS), are promoting POC ultrasound equipment and educating professionals from many disciplines, which is expected to boost company growth.
The demand for POCUS devices will rise as the frequency of chronic diseases rises, as will the number of patients who require emergency care for a variety of health issues such as acute abdomen pain, urological issues, and severe chest pain. According to data published by the Healthcare and Utilization Project, stomach pain was identified in 6.0 million emergency department visits in 2014, up 32.0 % from 2006. POCUS is useful in situations of abdominal pain since it can detect a variety of disorders that cause stomach discomfort. It also can simplify patient care and improve the efficacy of medical operations, as well as reduce problems and save time.
Segment Analysis:
The Cart-Based segment is dominating the Product segment of the Point-of-Care Ultrasound Market:
The cart-Based segment accounted for the largest market share during the forecast period. The key factors attributed to the growth of the market are the huge adoption of Point-of-care medical imaging systems in various emergencies, anesthesia, vascular access, and the rising investment by the market players in ongoing trends and the introduction of novel and innovative systems for Point-of-care treatment. The handheld segment is likely to grab be significant market attention in the forecast period. The growth of the segment is credited to the launching of newer hand-held devices and with a wide range of controlling options together with precise results and better outcomes. Moreover, the hand-held segment is likely to grow at a higher CAGR in the forecast period.
The Hospital segment is considered to supplement the growth of the Point-of-Care Ultrasound Market.
The hospital segment accounted for the largest market share in the forecast period owing to the rising need for intensive care units and medical probes used in the hospitals. Imaging in emergency care units is building a strong demand for point-of-care ultrasound devices in the forecast period. Moreover, rising disposable income of individuals and technological advancement in the field of the medical sector is further fueling the growth of the market in the forecast period. Furthermore, the adoption of advanced technology by the hospital authorities to offer high accuracy in medical imaging systems is projected to lift the growth of the market in the forecast timeframe. In addition, launching of new technologies by top market players for instance- Butterfly Network Inc, announced the launch of their next-generation Butterfly iQ+point-of-care-Ultrasound (POCUS) technology that turns a smartphone into a diagnostic imaging system. Hence, these launches are likely to lift the growth of the market.
Point-of-Care Ultrasound Market Regional Insights:
North America is estimated to dominate the growth of the Point-of-Care Ultrasound Market.
Throughout the forecast period, North America is likely to lead the point-of-care ultrasound market. The market in the United States is being propelled by factors such as an increase in the global prevalence of chronic diseases, an increase in the number of emergency and road accidents, and higher adoption of technology in the region, resulting in a higher demand for affordable treatment and cost-effective therapies. Cardiovascular disorders are the top cause of death among American men, according to the Centers for Disease Control and Prevention. Other reasons include a sharp increase in healthcare spending and high demand for improved health outcomes at reduced costs, as well as the availability of a well-developed infrastructure and the presence of significant industry is further motivating the market.
The objective of the report is to present a comprehensive analysis of the Point-of-Care Ultrasound Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Point-of-Care Ultrasound Market dynamics, structure by analyzing the market segments and projecting the Point-of-Care Ultrasound Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Point-of-Care Ultrasound Market make the report investor’s guide.
Point-of-Care Ultrasound Market Scope: Inquire before buying
| Global Point-of-Care Ultrasound Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US$ 957.86 Mn. |
| Forecast Period 2023 to 2029 CAGR: | 13.80% | Market Size in 2029: | US$ 2367.56 Mn. |
| Segments Covered: | by Product | Cart-Based Hand-Held |
|
| by End-User | Hospitals Clinics Other |
||
Point-of-Care Ultrasound Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Point-of-Care Ultrasound Market Key Players:
1. Esaote S.p.A
2. Mindray Bio-Medical Electronics Co. Ltd.
3. Analogic Corporation
4. General Electric Company
5. Siemens AG
6. Fujifilm Holdings Corporation
7. Samsung Electronics Co. Ltd.
8. Canon Medical Systems Corporation.
9. Butterfly Network Inc.
10.Teknova Medical System
11.Advanced Instrumentation
12.DRE medical
13.Landwind Medical
14.EDAN instrument
15.Terason Corporation
16.GE healthcare
17.Koninklijke Philips N.V.
18.FujiFilm Sonosite
19.Hitachi Ltd
Frequently Asked Questions:
1. Which region has the largest share in Global Point-of-Care Ultrasound Market?
Ans: North America region holds the highest share in 2022.
2. What is the growth rate of Global Point-of-Care Ultrasound Market?
Ans: The Global Point-of-Care Ultrasound Market is growing at a CAGR of 13.80% during forecasting period 2023-2029.
3. What is scope of the Global Point-of-Care Ultrasound market report?
Ans: Global Point-of-Care Ultrasound Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Point-of-Care Ultrasound market?
Ans: The important key players in the Global Point-of-Care Ultrasound 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., Canon Medical Systems Corporation., Butterfly Network Inc., Teknova Medical System, Advanced Instrumentation, DRE medical, Landwind Medical, and EDAN instrument.
5. What is the study period of this market?
Ans: The Global Point-of-Care Ultrasound Market is studied from 2022 to 2029.