Number of pages: 100 | Report Format: PDF | Published date: April 28, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 811.55 million |
Revenue Forecast in 2031 |
US$ 1,302 million |
CAGR |
5.4% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Type, Mobility type, Application, End user, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global point of care ultrasound market was valued at US$ 811.55 million in 2022 and is expected to register a revenue CAGR of 5.4% to reach US$ 1,302 million by 2031.
Point of Care Ultrasound Market Fundamentals
Point of care ultrasound refers to the use of portable, handheld ultrasound devices by healthcare providers at the bedside or point of care, as opposed to traditional ultrasound, which is typically performed in a radiology department. Point of care ultrasound can be used to visualize internal organs, tissues, and blood vessels, and is often used to assist in the diagnosis and management of a wide range of medical conditions, including trauma, cardiovascular disease, and pulmonary disease. Point of care ultrasound has several advantages over traditional ultrasound, including its portability, ease of use, and real-time visualization capabilities. It can be used to rapidly diagnose and monitor medical conditions, guide procedures such as needle placements, and reduce the need for more invasive diagnostic tests or procedures. It can be utilized to evaluate therapeutic conditions in emergency care and to investigate internal or exterior pathological findings in ICUs and other clinical settings. It outperforms conventional approaches in many ways, such as by enhancing patient outcomes while lowering expenses, mortality rates, and medical risk scenarios. Point of care ultrasound is also used to determine the gestational age, number of fetuses (twins/triplets), fetal viability, and intrauterine pregnancy. Additionally, this technique gives medical professionals the real-time information they need to manage and treat injured patients in emergency situations, military settings, and out-of-the-way care facilities.
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Point of Care Ultrasound Market Dynamics
It is anticipated that an increase in the number of patients seeking emergency care for conditions like acute abdominal pain, dyspnea, urology issues, urinary bladder problems, pulmonary embolism, thoracic injuries, undifferentiated shock, cardiac arrest resuscitation, pulmonary embolism, pericardial effusion, inflammation, muscle spasm, and chest pain will promote the global point of care ultrasound market growth. According to the Healthcare Cost and Utilization Project report 2020, about 50,000 people per 1,00,000 cases made emergency department visits in United States. For disorders that cause abdominal pain, point-of-care ultrasound is a useful emergency department diagnostic tool. According to the Centers for Disease Control (CDC), 31.8 percent of patients who visited the emergency department (E.D.) in 2021 reported having stomach pain. The primary reason propelling the global point of care ultrasound market is the rising demand for diagnosis and treatment because of the growth in chronic diseases like acute coronary syndrome, aortic aneurysm, cholecystitis, etc. An ultrasound is used for both disease detection and therapy, such as in ultrasound-guided surgical interventions. According to the World Health Organization (WHO), the anticipated annual death toll from cancer and heart disease is 9.6 million and 17.9 million, respectively. These statistics have increased the need for ultrasound services.
The global point of care ultrasound devices market is also growing due to an ongoing rise in elderly population, who are more prone to illness. According to data from the United Nations (U.N.), there were approximately 727 million individuals over sixty-five in the world in 2020, and that number is expected to rise to 1.5 billion by 2050. Since not all elderly people can regularly attend a medical center, these tools can be made available to these individuals for diagnosis. One of the key elements propelling the point of care ultrasound market is a rise in birth rates across the globe. Ultrasound is a key diagnostic and monitoring tool in obstetrics and gynecology. Growing birth rates are therefore indicative of the corresponding growth in demand for ultrasound devices. The birth rate in India is 17.4 per one thousand people, whereas the United Nations projected a global birth rate of 17.87 births per one thousand people in 2021.
On the other hand, because of the products' high pricing, the unfavorable reimbursement systems in developing and underdeveloped economies, strict regulations, and the shortage of qualified specialists in emerging regions are the factors restraining the growth of the global point of care ultrasound market.
Point of Care Ultrasound Market Ecosystem
The global point of care ultrasound market is analyzed from the following perspectives: type, mobility type, application, end user, and region.
Point of Care Ultrasound Market by Type
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Based on the types, the global point of care ultrasound market is segmented into diagnostic and therapeutic.
The diagnostic segment accounts for the largest revenue share in the global point of care ultrasound market. The prevalence of chronic diseases is rising globally and therefore is increasing the demand for novel high precision equipment to enable early and timely diagnosis. Because diagnostic ultrasound uses low-power sound waves, there are no significant risks associated with its usage, and it is also more affordable than other medical imaging techniques.
Point of Care Ultrasound Market by Mobility Type
Based on the mobility type, the global point of care ultrasound market is segmented into cart-based and handheld.
The handheld devices segment accounts for the largest revenue share in the global point of care ultrasound market. Manufacturing companies have reduced the price of handheld ultrasound devices because of the increase in demand from primary care doctors. Diagnostic and therapeutic procedures can be conducted using this ultra-portable equipment at hospitals, distant healthcare facilities, and ambulatory surgery centers. From cardiologists to emergency care doctors, handheld ultrasound devices are used by a variety of end users.
Point of Care Ultrasound Market by Application
Based on the applications, the global point of care ultrasound market is segmented into emergency medicine, cardiology, gynecology & obstetrics, vascular surgery, and others.
The emergency medicine segment accounts for the largest revenue share in the global point of care ultrasound market. This is caused by the increased use of high precision diagnostic equipment in emergency care facilities. The ultrasound scan can be completed quickly during the physical examination, answering multiple clinical issues, and lowering the number of differential diagnoses that are still being considered.
Point of Care Ultrasound Market by End User
Based on the end user, the global point of care ultrasound market is segmented into hospitals & clinics, maternity centers, ambulatory surgical centers (ASCs), and others.
The hospitals and clinics segment accounts for the largest revenue share in the global point of care ultrasound market. The demand for point of care systems, including devices, has increased because of an increase in emergency visits to hospitals for ailments such as abdominal pain, abdominal/thoracic trauma, cardiac arrest, and pleural effusion with nonspecific complaints. Additionally, the versatility of point of care ultrasound as a diagnostic, therapeutic, and guiding tool for a variety of procedures and conditions has increased its use in hospitals, boosting its market share. The primary factor driving point of care ultrasound use in clinics is the potential to lower healthcare costs if problems are detected early. The use of modern devices in small clinics has been encouraged by the reduced point of care ultrasound size and the economical availability of this equipment.
The ambulatory surgical centers segment is projected to grow at a high revenue CAGR during the forecast period. This is because these facilities have cost-effective cost coverage plans for point-of-care ultrasound. Therefore, the patient footfall in ambulatory surgical centers is observed to be gradually increasing worldwide, consequently increasing the uptake of point of care ultrasound devices.
Point of Care Ultrasound Market by Region
Geographically, the global point of care ultrasound market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global point of care ultrasound market. The highest percentage in the North American region is a result of high government and industry funding for research and development of ultrasound systems, a greater prevalence of chronic diseases, technological advancements, the presence of well-established market players, and the established healthcare infrastructure in the area. According to the CDC, six out of ten Americans have at least one chronic illness. The burden of chronic illnesses such as cardiovascular diseases and cancer is significantly high. Moreover, there is a greater availability of advanced treatments and diagnostic technologies in the region. Better reimbursements in North America also support the high uptake of devices such as point of care ultrasound devices in the region.
Europe accounted for the second-largest revenue share in the global point of care ultrasound market. With the emergence of large firms based in Germany and the UK, the demand for advanced point of care ultrasound has increased, contributing to the large market share of the region. Initiatives taken by the European Society of Emergency Medicine, such as creating a forum for discussion of emergency ultrasonography and creating and delivering several brief and basic ultrasound courses, are anticipated to contribute to the expansion of this sector.
Asia Pacific is also projected to grow at a high revenue CAGR during the forecast period. This is because there is a significant unmet need for strengthening payment policies and improving healthcare infrastructure, especially in nations like China and India. Another factor that is anticipated to increase demand for point of care ultrasound devices is the rising cost of healthcare in China and Japan.
Point of Care Ultrasound Market Competitive Landscape
The prominent players operating in the global point of care ultrasound market are:
Point of Care Ultrasound Market Strategic Developments
Point of care ultrasound refers to the use of portable, handheld ultrasound devices by healthcare providers at the bedside or point of care, as opposed to traditional ultrasound, which is typically performed in a radiology department.
The estimated market size of the global point of care ultrasound market in 2031 is US$ 1,302 million.
The revenue CAGR for the point of care ultrasound market is 5.4% during the forecast period
Siemens Healthcare GmbH, GE Healthcare, Koninklijke Philips NV, Teknova Medical Systems Co., Ltd., and Hitachi Ltd. are some of the major key players in the point of care ultrasound market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global point of care ultrasound market.
The lack of qualified specialists in developing regions throughout the globe is one of the factors that is predicted to hinder the growth of the global point of care ultrasound market during the projected period. Due to reduced per capita spending, there has been poor product accessibility in underdeveloped countries as well as a lack of adequate training for doctors regarding the correct management of these devices.
*Insights on financial performance are subject to the availability of information in the public domain