The point-of-care-ultrasound device market will exhibit a CAGR of 7.9% during the forecast period (2021–2030) due to the booming healthcare costs, soaring geriatric population, improving healthcare infrastructure, and increasing cases of chronic diseases, such as cardiovascular diseases (CVDs), diabetes, and cancer. The market was valued at $2,186.8 million in 2020, and it is projected to generate $4,546.5 million revenue by 2030. The rapid technological advancements in ultrasound devices have become a key market trend in recent years.
One of the major growth drivers for the market is the surging aging population, as it requires constant medical attention due to its weakening immune system. PoCUS devices are being used as time-saving tools for diagnosing and treating chronic diseases in the elderly population. For example, they are being used by primary-care physicians to evaluate urinary incontinence in the elderly with minimal invasion. These devices are also being used to evaluating the cardiac function in outpatient settings and screening for prostatic enlargement and abnormal aortic aneurysms (AAA) in this age pool.
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In recent years, the rapid technological advancements in electronics, computing applications, and transducers have become a prominent trend in the point-of-care-ultrasound device market. Advancements in array designs and transducer materials have led to greater bandwidths, with an enhancement in contrast and spatial resolutions. These advancements have resulted in the development of novel imaging modes that exploit micro-bubble contrast agents and the non-linear performance of tissues. All these developments have revolutionized PoCUS devices in recent years.
Nowadays, companies operating in the point-of-care-ultrasound device market are focusing on mergers and strategic partnerships to consolidate their position. For instance, in July 2019, FUJIFILM Holdings Corp. entered into a strategic partnership with Partners HealthCare (Mass General Brigham) to integrate artificial intelligence (AI) into PoCUS devices, for improving their utility and functionality. Similarly, in June 2020, Canon Medical Systems Corporation collaborated with R-Pharm Holding (Russia) to facilitate the sale and maintenance of the diagnostic imaging equipment manufactured by the former in nine Commonwealth of Independent States (CIS) countries.
The type segment of the point-of-care-ultrasound device market is bifurcated into diagnostic and therapeutic. Of these, the diagnostic category is expected to generate the higher revenue during the forecast period. This can be ascribed to the increasing use of PoCUS devices for diagnostic applications, such as for pericardial effusion, left ventricular systolic function, pleural effusion, severe mitral regurgitation, pulmonary edema, and pneumothorax. Thus, the rising prevalence of chronic illnesses, such as CVDs, will augment the demand for diagnostic PoCUS devices in the upcoming years.
According to P&S Intelligence, Europe held the largest share in the point-of-care-ultrasound device market in 2020, and it is expected to retain its dominance throughout the forecast period. This can be owed to the surging incidence of chronic diseases, advancements in technology, and escalating healthcare expenditure in the region. Moreover, the booming geriatric population will facilitate the market growth in the region in the forthcoming years. As per the World Population Ageing 2019 report, the population of people aged 65 years or above here will surge from 140.4 million in 2019 to 199.9 million by 2050.
Therefore, the growing geriatric population and rising number of technological advancements in ultrasound devices will fuel the market growth in the coming years.
PoCUS Devices Market Size Breakdown by Segment
Obstetrics and Gynecology
Vascular and Urology
Middle East and Africa
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Ultrasound Device Market – Across the world, Europe is predicted to observe significant growth in the utilization of ultrasound devices in the coming years. This is primarily ascribed to the rising popularity of minimally invasive procedures and increasing number of approvals for the ultrasound devices, in the region. In addition to this, the surging geriatric population and the rising incidence of chronic diseases are hugely contributing toward the escalating adoption of ultrasound devices. In Europe, Germany is expected to register tremendous growth in the usage of ultrasound devices in the years to come.
Diagnostic Imaging Systems Market – Globally, North America contributed the highest revenue to the diagnostic imaging systems market in the years gone by. This was because of the high incidence of chronic diseases, existence of several hospitals and diagnostic centers, and the high healthcare expenditure of the regional countries. Moreover, the existence of industry players such as Analogic Corporation, Carestream Health Inc., and Hologic Inc. also contributed toward the boom of the market in this region.
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