Point of Care Ultrasound Market size is set to surpass USD 4.8 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing adoption of point of care ultrasound systems in emergency department and growing popularity of minimally invasive treatment are some of the prominent factors that will drive the market growth. Also, increasing birth rate worldwide will foster the market progression over the coming years.
Increasing prevalence of chronic diseases will accelerate the point of care ultrasound market expansion
Point of care ultrasound is an important and efficient tool having an expedite to diagnosis and improve patient outcomes. The demand for POCUS has increased in emergency departments because of rising prevalence of chronic diseases globally. Additionally, in case of lung cancer, endobronchial ultrasound guided needle aspiration (EBUS-TBNA) procedure is regarded as the best method to stage lung cancer in both malignant and benign tumors. Such uses of ultrasound in emergency treatment will positively promote its demand over the coming years. Apart from cancer, POCUS is also used in performing abdominal ultrasonography, appendix, obstetric, testicular, soft tissue/musculoskeletal, and ocular ultrasonography among others.
Rising demand for minimally invasive treatment will fuel the overall market demand
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The therapeutic ultrasound was valued at around USD 1 billion in 2020. The demand for therapeutic ultrasound has increased over the past few years as it is a minimally invasive treatment. For instance, according to the National Health and Nutrition Examination Survey, around 10.6% of males and 7.1% of females in the U.S. suffer with kidney stones. In case of kidney stones majority of people opt for lithotripsy as therapeutic procedure for the treatment of this condition. Lithotripsy treat kidney stones by sending focused ultrasonic energy or shock waves directly to the stone using ultrasound system. Through strong mechanical waves of ultrasound, stones are broken that easily passes through the urinary system.
Growing demand for portable medical devices will augment the point of care ultrasound market value
Trolley based point of care ultrasound devices is projected to witness 5.5% growth rate through 2027, as trolley-based devices can be easily relocated from one medical room to another. This provides practitioners to diagnose to bed ridden and severely ill patients without impacting the quality of diagnosis. In addition, the trolley-based devices are affordable than conventional ultrasound machines that allows general physicians, small public clinics, and specialists to buy separate equipment for each clinic.
Browse key industry insights spread across 130 pages with 115 market data tables & 15 figures & charts from the report, ” Point of Care Ultrasound (POCUS) Market Size By Type (Diagnostic Devices, Therapeutic Devices), By Portability (Trolley Based Devices, Handheld Devices), By Application (Emergency Medicine, Cardiology, Obstetrics & Gynaecology, Urology, Vascular Surgery, Musculoskeletal), By End-use (Hospitals, Clinics, Maternity Centres, Ambulatory Surgical Centres), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing demand for ultrasound systems for imaging circulatory system will stimulate the market revenue
The vascular surgery crossed USD 320 million in 2020 led by the rising instances of heart diseases. The process of vascular ultrasound is used to evaluate body’s circulatory system and identifies blockages in arteries and veins, that helps in prevention of clots in blood vessels. Also, the process is less expensive than other imaging techniques.
Rising demand to identify pregnancy related risks will propel maternity centers segment growth
The maternity centers segment in the point of care ultrasound market accounted for USD 545 million in 2020. Demand for ultrasound in maternity centers has increased as ultrasound scans help in expecting parents with confirmation of pregnancy and offer them a chance to have first encounter with the child. Also, it helps in identifying pregnancy related risk and position of placenta. A recent method of ultrasound also helps in examination of DNA in maternal blood, also known as noninvasive prenatal testing (NIPT). Furthermore, many governments around the world to support mother and childcare have introduced ultrasound machines for national screening programs to detect fetal abnormalities.
Growing government funding in the healthcare sector will boost the industry value
Europe point of care ultrasound market is estimated to attain a CAGR of over 6.9% till 2027. Increasing healthcare funding and establishment of R&D units to develop innovative, non-disruptive ultrasound technologies will favor the industry demand. Similarly, rising prevalence of chronic diseases and growing number of hospitals and ambulatory surgical centers in this region are some of the major factors that will impel the regional market.
Strategic initiatives undertaken by market players will gain higher competitive advantage
Some of the prominent companies operating in the point of care ultrasound market include Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., FUJIFILM Sonosite, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., SAMSUNG MEDISON (SAMSUNG Healthcare), Esaote SpA, Canon Medical, B. Braun, and Fukuda Denshi Co. Ltd. These participants are involved in strategic partnership agreements, collaborations and mergers to strengthen their market position.