Point-of-care Ultrasound Devices Market, Size, Growth, Drivers, Revenues, Market Opportunities, Market Trends and Forecast to 2024

Point-of-Care Ultrasound (PCU) is a broader term that encapsulates the many situations in which a portable ultrasound device can be used. For example, a patient may be scanned using portable ultrasound while in an ambulance on the way to an emergency room. Or a patient may be scanned in the trauma bay after being delivered to the hospital emergency room. As such, “point-of-care ultrasound” indicates that portable ultrasound can be transported to wherever the patient is located.

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The global point-of-care ultrasound device market is anticipated to grow at a CAGR of 5.9% during the forecast period, with the market size expected to reach USD 2.9 billion by 2024. The point-of-care ultrasound device is used for the therapeutic and diagnostic point-of-care medical diogenitic application. It is convenient to operate, ensures nonusage ionizing radiation, and easy to travel in remote areas.

Different convenience such as compact/handheld and cart-based/trolley contributed to the point-of-care ultrasound device market size. The market has witnessed increased demand for cart based/trolley due to its augmented use in acute care situation and emergency care in hospitals and healthcare sectors.

Expanding geriatric population, technological advancements in point-of-care ultrasound devices, & mounting healthcare expenditure is the primary growth drivers for point-of-care ultrasound device market. According to the World Health Organization in 2010, approximately 524 million people were aged 65 years and is expected to reach 1.5 billion in 2050.

The mounting occurrence of chronic diseases, refining healthcare infrastructure in developing countries, and rising alertness about the advantages of portable ultrasound devices are also facilitating the growth for the point-of-care ultrasound device market. For instance, the Centers for Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to the World Health Organization (WHO) globally approximately 17.7 million people died from cardiovascular diseases in 2015.

Lack of skilled professionals and strict regulatory norms are the major heddles for the growth of point-of-care ultrasound device market.

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Globally, the manufacturing companies trying to enter the point-of-care ultrasound device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is witnessing the fastest growth in the market, due to expanding the geriatric population and mounting healthcare expenditure. The mounting occurrence of chronic diseases and refining healthcare infrastructure are also creating a positive impact on the point-of-care ultrasound device market growth in the Asian region.

Key players in the point-of-care ultrasound device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe.

In March 2018, Royal Philips partnered with Innovative Imaging Technologies to integrate tele-ultrasound solution created on Philips’ Lumify portable ultrasound system.

Mindray Bio-Medical Electronics Co. Ltd., Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Samsung Electronics Co. Ltd., Esaote S.p.A, Hitachi Ltd., Analogic Corporation, and Fujifilm Holdings Corporation are the key players offering point-of-care ultrasound device.

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