Point-of-Care Ultrasound Device Market: Current Analysis and Forecast (2021-2027)

Point-of-Care Ultrasound Device Market: Current Analysis and Forecast (2021-2027)

The point-of-care ultrasound device market is predicted to grow at a CAGR of ~9% between 2021 and 2027. This is mainly due to the growing prevalence of diseases around the world, surging medical infrastructure developments in developing economies and developed countries, and increased awareness about diseases and their management around the world. Furthermore, the increasing elderly population and the adoption of speedy, accurate, and more portable diagnostics technology in emergency departments increase the demand for point-of-care ultrasound devices. Furthermore, the rising production and demand for medical devices also contribute to the market share for POCUS. In South Korea, for instance, according to Korea medical devices industry association, the market for medical devices increased by 43% between 2015 and 2019 which accounted for US$ 4,653 million in the former year and reached US$ 6,694 million in the latter year.

Abbott Laboratories, Siemens Healthineers AG, Quidel Corporation, F. Hoffman-La Roche Ltd., Danaher Corporation, Becton Dickinson and Company, Chembio Diagnostics, EKF Diagnostics, Trinity Biotech plc, Instrumentation Laboratory (a Werfen Company) are some of the prominent players operating in the Point-of-Care Ultrasound Device market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Portability, Trolley-Based Devices Category Held Significant Share in 2020”

Based on portability, the market is bifurcated into trolley-based devices and handheld devices. in 2020, trolley-based devices had a significant share. The dominance is due to the higher adoption of imaging techniques for diagnosis of diseases such as cardiovascular diseases and anesthetics. However, handheld devices are likely to dominate in the forecast period. The rising demand for better and portable devices by healthcare professionals contributes to the market growth of the point of contact ultrasound devices. Furthermore, the advancements in microchips and their significant use in medical devices enable the manufacturers to manufacture portable devices contributing to the segmental growth of the handheld devices.
"Amongst Application, Obstetrics & Gynecology Category to Witness Higher Incremental Gain During the Forecast Period”

On the basis of application, the market is categorized into emergency medicine, cardiology, obstetrics & gynecology, musculoskeletal, and others. Among them, in 2020, the obstetrics & gynecology segment held a considerable share and is anticipated to grow during the forecast period. The increasing number of pregnancies and related complexities highly contributed to the market share of the segment. For instance, as per WHO, globally obstructed labor is a major cause of maternal mortality, accounting for 1–5 deaths/1000 live births.

Amongst Types, Diagnostic Category Held Significant Share in 2020”

Based on types, the market has been bifurcated into diagnostics and therapeutics. In addition, the rising frequency of chronic disorders such as nephrolithiasis and cardiovascular diseases would lead to the diagnostic segments' considerable market share in 2020. The segmental growth is due to the specialization of the diagnostic centers in the visualization and diagnosis along with the presence of skilled staff. Furthermore, the integration of advanced technology such as AI-based equipment and electronic patient records attributes to the growth of diagnostic imaging centers in the POCUS market. For instance, in India, Mahajan Imaging has launched an integrated center of excellence in diagnostics in Delhi to offer precision and personalized treatment to patients. The new center is equipped with an R&D department and an AI startup.

“Amongst End-user, Hospital segment Category to Witness Highest CAGR”

Based on end-users, the market is segmented into hospitals, clinics, and others. Among these, the hospital segment is predicted to have a major market share in the forecast period. The increasing number of surgeries is one of the major reasons for it. Furthermore, Hospitals complement and amplify the effectiveness of many other parts of the health system, providing continuous availability of services for acute and complex conditions. The unexpected increase in the emergency cases such as cardiac arrest, accidents, and traumas in the emergency department of the hospitals induces the demand for diagnostic devices in hospitals. Moreover, multiple uses of the POCUS in therapeutics and diagnostics have a positive impact on the growth of the hospital segment in the POCUS market.
"North America is expected to be the Fastest-Growing Region in Global Point-of-Care Ultrasound Device Market During 2021–2027F”

During the forecast period, North America is expected to have a higher CAGR due to extensive investment in healthcare expenditure by the developed nations such as U.S and Canada in the region. Furthermore, increasing focus government organizations and medical device companies are focusing on developing and launching advanced systems in the market. For instance, SoftVue Automated ultrasound system for the breast gets approval from FDA in October 2021. Additionally, favorable reimbursement and insurance regulations to proliferate the market growth during the forecast period.

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• Deep dive regional level analysis of the industry