Portable Ultrasound Market Size to reach USD 3,897.0 million in 2026
Posted on Feb 7 2023 8:15 AM
"On the basis of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market size in North America stood at USD 733.5 million in 2019. The region is projected to become the largest market in the forecast period."
The size of the portable ultrasound market Globally in 2019 was USD 1,801.5 million. The impact of COVID-19 on the world has been unprecedented and staggering, and the pandemic has had a negative effect on the demand for portable ultrasounds in every region. According to our analysis, the market will grow by 0.5% less in 2020 than it did on average between 2016 and 2019. According to projections, the market will increase by USD 1,810.9 million from 2020 to 2026, or a CAGR of 13.6%. When the pandemic is over, this market's demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR.
- July 2020: FUJIFILM Sonosite, Inc. introduced its latest Sonosite PX ultrasound system. It provides superior image quality and efficient workflow. It would aid clinicians to treat patients effectively.
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Drivers & Restraints-
Increasing Demand from Emergency Care Departments to Augment Growth
The extensive usage of portable ultrasound systems in emergency care departments is expected to aid growth. Besides, the type of medical equipment and technology present in emergency departments is a vital factor that can bolster the rapidity of the patient care. Portable ultrasound machines are very essential and sensitive that can deliver real-time images. These are often used as a diagnostic tool because of its non-invasive approach. However, the limited reimbursement for medical imaging may hamper the portable ultrasound market growth in the upcoming years.
Hospitals Segment to Generate Largest Share Backed by Higher Usage of These Devices
Our analysts have divided the market into type, end-user, and geography. By type, it is segregated into touchscreen and built-in-console. Based on end-users, it is fragmented into clinics and hospitals. Amongst these, the hospitals segment is anticipated to procure the largest portable ultrasound market share in the near future backed by the increasing adoption of technologically advanced devices and higher availability of trained healthcare professionals to operate such portable ultrasound equipment.
We have conducted thorough primary and secondary research to gather information about various aspects of the market for portable ultrasound. We have also conducted interviews with key stakeholders, such as marketing managers, sales managers, product managers, and C-level executives to derive insights, namely, application patterns, average pricing, raw material supply & demand, and growth rate.
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North America to Lead Stoked by Rising Prevalence of Cancer in the U.S.
Geographically, North America is set to retain its dominant position throughout the forthcoming years fueled by the high demand for accurate medical imaging, such as portable ultrasound, to lower the prevalence of cancer. The region stood at USD 733.5 million in terms of revenue in 2019. The Global Cancer Observatory (GLOBOCAN), for instance, estimated that in 2020, the United States would record 2,281,658 new cases of cancer.
In Europe, the surging expenditure by major countries and the increasing number of new product launches would boost growth. Asia Pacific, on the other hand, is likely to exhibit the highest CAGR because of the improving healthcare expenditure and robust potential patient base in the region.
Key Players Focus on R&D Activities to Launch Innovative Products in Market
The global market contains a large number of portable ultrasound manufacturers that are currently investing huge sums in research & development activities to launch technologically advanced products. Below is one of the latest industry developments:
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A list of renowned portable ultrasound manufacturers present in the global market:
- GE Healthcare (Chicago, U.S.)
- Koninklijke Philips N.V. (Amsterdam, The Netherlands)
- FUJIFILM Sonosite, Inc. (Bothell, U.S.)
- ALPINION MEDICAL SYSTEMS Co., Ltd. (Seoul, South Korea)
- Hitachi Ltd. (Tokyo, Japan)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Shenzhen, China)
- EDAN Instruments (Shenzhen, China)
- Terason Corporation (Burlington, U.S.)
- CHISON Medical Technologies (Jiangsu, China)
- Other Players
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