The global portable ultrasound market size is estimated to be worth USD 6 billion by 2027 from USD 4.2 billion in 2022, growing at a CAGR of 7.4% during the forecast period.
Portable Ultrasound Equipment refers to a device that uses ultrasound technology and is a type of medical ultrasound equipment that has a portable benefit over bigger ultrasound machines found in hospitals. Portable ultrasound equipment can be used in various disciplines, including emergency medical, critical care medicine, and musculoskeletal health. Sound waves are used in ultrasound imaging to create images of the inside of the body. It's used to find out what's causing discomfort, swelling, and infection in the body's internal organs and inspect a baby in pregnant women and newborns' brains and hips. It's also used to guide biopsies, detect cardiac problems, and measure heart attack damage. Because of their portability, portable ultrasound devices are being modified to satisfy growing commercial demands. These machines have several advantages, including decreasing the burden of patients having to wait hours for a checkup or transferring from one area to another where devices are accessible. Portable ultrasound equipment is frequently transferred from one procedure location to another.
The growing patient population base in lung diseases and lifestyle based disorders, increase of old people population, therapy techniques, growing market demand for minimum invasive diagnostic, collection of concerning people or belonging to a particular person or group of people are driving factors of the global portable ultrasound market. In addition, the increase of accident cases and tumors, common targeted diseases, high risk of surgical procedures for older adults also drive the market.
Technological advancements, such as emergency medicine and primary care, drive the market growth, and increasing awareness about portable ultrasound will fuel market demand. In addition, the upcoming consumption of low power and charging technologies is likely to push the market boom.
Additionally, reduction of the cost of portable ultrasound devices can further fuel growth opportunities. The growth events like training programs and the rise in ambulatory and remote patient care infrastructure also create business potential. The strengthening of healthcare expertise by focusing on the healthcare business through divestment strategies, expanding companies’ capabilities through acquisitions focusing on innovations of products and technologies will support market growth in the coming years.
The strict government regulations, not having enough well-trained and skilled personnel, equipment costs are the restraints of the global portable ultrasound market. In addition, the rise in interest rates and insufficient public health coverage hinder the market growth. The high price also prevents the market from reaching its true potential.
The result in the availability of handheld or portable ultrasound poses a significant problem for the manufacturers who make the devices. However, these challenges can be addressed by providing training to the new users and continue the training support until the initial sale is made.
Impact of COVID-19 on the global portable ultrasound market:
Novel Coronavirus is a worldwide pandemic with a growing number of confirmed cases and deaths. The COVID-19 pandemic has affected almost all the countries globally, which disrupted the economies in various ways. Due to lockdown constraints, the treatment procedures have been canceled or postponed unless it is an emergency. Growing demand for telemedicine and tele-ultrasound techniques during these tough times, the demand for portable ultrasound devices has increased tremendously. Government organizations invested huge amounts on these platforms to lower the risk of COVID 19. Moreover, wireless handheld ultrasound presents a fast diagnosis and delivers contactless diagnosis procedures, which reduces the transmission rate of the virus. This surged the usage of these devices. Healthcare providers are using ultrasound systems for organizing, monitoring, and diagnosis of COVID-19 patients. This led the market shares to grow very high during the pandemic.
Market Size Available
2021 to 2027
2022 to 2027
By Device Type, Application, End-User, Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This market research report on the global portable ultrasound market has been segmented and sub-segmented based on the device type, application, end-user, region.
Portable Ultrasound Market - By Device Type:
The Mobile ultrasound devices segment is anticipated to account for the largest share of the ultrasound market based on device type. It is expected to have quick growth during the analysis period. However, factors like hiking demand for ambulatory, obtaining attraction in the developed regions, and increasing popularity are leveling up the demand of this segment.
Handheld ultrasound imaging devices are small, lightweight, which are designed for diagnostic usage. As a result, the handheld ultrasound devices segment is accounted to grow with a high CAGR rate.
Portable Ultrasound Market - By Application:
Based on the application, the cardiovascular segment is expected to be the fastest-growing segment during the forecast period based on the application. According to the World Health Organization (WHO), in 2017, over 19 million deaths were caused due to a surge in cardiovascular diseases worldwide.
The obstetrics and gynecology portable ultrasound device segment is the second leading segment with the highest CAGR growth rate globally during the assessment period.
Portable Ultrasound Market - By End-Users:
The hospital's segment is projected to hold the largest share during the forecasting framework based on the end-users. Factors like rising importance for out-patient surgery and the existence of high-end infrastructure are propelling the market demand. The availability of highly efficient and skilled professionals in the medical field also impels market growth. Diagnostic centers segment to have the fastest growth over the period.
Portable Ultrasound Market - By Region:
Geographically, the North American market is expected to govern the global portable ultrasound market with the largest revenue share. The market in this region is attributed to developed healthcare infrastructure. The government and increasing support take growing initiatives to develop new technologies and implement reimbursement policies in favor of the common people. The United States dominates the portable ultrasound market with the upsurge in advanced health infrastructure and increases diseases and infections. An increasing number of key players manufacturing portable ultrasound devices is boosting the market growth. Canada is predicted to have quick growth in the region.
The European market is estimated to be the second-largest region in the portable ultrasound market. The region is accounted to have a significant and promising growth rate during the analysis period. Germany is dominating the European portable ultrasound market over the review period. Adopting high technology, rising in the aging populace, and expanding healthcare expenses are some of the factors contributing to the market growth in the region. The UK is holding with the highest share of the portable ultrasound market.
The portable ultrasound market in Asia-Pacific is expected to grow with a surging CAGR rate during the assessment period. Factors driving the market growth are growing discretionary expenses, an upsurge in awareness in patients about the usage, and amplifying utilization of ultrasound in the hospitals. Japan is expected to lead the market in the APAC region.
The Latin American portable ultrasound market is driven by a growing wide range of applications and the adoption of the latest technologies, and prevalence for quick imaging ability and efficiency of the devices. Brazil is to dominate the market in the LATAM region, followed by Mexico.
Middle East & Africa is to lead the market with considerable market growth during the forecasting framework. Africa is to dominate the portable ultrasound market in the region. The rising insistence for minimally invasive and non-invasive diagnostic procedures and enhancements in technology influences market growth during the period.
KEY MARKET PLAYERS:
Some of the key market participants dominating the global portable ultrasound market profiled in this report are Fujifilm Holdings Corporation (Japan), Analogic Corporation (U.S.), Esaote S.p.A. (Italy), Koninklijke Philips N.V. (Netherlands), Toshiba Corporation (Japan), Siemens AG (Germany), General Electric Company (U.S.), Samsung Electronics Co., Ltd. (South Korea), Hitachi Ltd. (Japan) and Mindray Medical International Ltd. (China).
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Device Type
5.1.1 Mobile Ultrasound Device
5.1.2 Hand-Held Ultrasound Device
5.2 By Application
5.2.1 Cardiovascular Portable Ultrasound Device
5.2.2 Obstetrics and Gynaecology Portable Ultrasound Device
5.2.3 Gastric Portable Ultrasound Device
5.2.4 Musculoskeletal Portable Ultrasound Device
5.3 By End-Users
5.3.2 Diagnostics Center
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Fujifilm Holdings Corporation
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Analogic Corporation
8.3 Esaote S.p.A.
8.4 Koninklijke Philips N.V.
8.5 Toshiba Corporation
8.6 Siemens AG
8.7 General Electric Company
8.8 Samsung Electronics Co., Ltd.
8.9 Hitachi Ltd.
8.10 Mindray Medical International Ltd.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures
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