PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1609472
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1609472
Global portable ultrasound devices market is projected to witness a CAGR of 5.75% during the forecast period 2025-2032, growing from USD 2.53 billion in 2024 to USD 3.96 billion in 2032. The market's growth is boosted by the rapid expansion of the healthcare sector, increasing requirements for easy-to-carry medical equipment, rising investments by leading medical device companies, novel product launches, and growing emphasis on research and development activities to bolster the availability of technologically advanced medical equipment.
Portable ultrasound devices are designed to be lightweight and compact, providing diagnostic imaging solutions in various medical fields. They also allow healthcare professionals to perform diagnostic procedures in remote and rural locations, increasing the accessibility of diagnostic services. The rising requirement for point-of-care diagnostics is another major factor supporting the expansion of the global portable ultrasound devices market size, as portable ultrasound devices provide real-time imaging solutions that allow healthcare providers to make swift clinical decisions.
The key players in the market are significantly investing in research and development activities, providing lucrative growth opportunities to the global portable ultrasound devices market. For instance, in July 2023, Konica Minolta Healthcare Americas, Inc. announced the launch of their new wireless handheld ultrasound device, PocketPro H2, for point-of-care imaging applications. The device is optimized for pain management, needle guidance, vascular access, and musculoskeletal applications and provides excellent image quality. It is designed to be lightweight and ergonomic to meet the evolving requirements of healthcare professionals by supporting one-hand operation. The product expands the company's ultrasound systems portfolio and includes remote installation and support. Such introductions allow the market players to strengthen their position and expand their customer base, providing lucrative growth opportunities for the market.
Increasing Prevalence of Chronic Diseases Boosts Market Demand
The rising prevalence of various chronic diseases, including cancer, urological disorders, gastric conditions, cardiac disorders, and musculoskeletal diseases, among others, is propelling the requirement for advanced and convenient diagnostic solutions, including portable ultrasound devices. As per the estimates of the United States Centers for Disease Control and Prevention, in 2022, approximately 702,880 people died from heart disease in the United States. This augments the requirement for portable ultrasound devices as they play a crucial role in managing, diagnosing, and monitoring a wide range of chronic health conditions, including cardiovascular diseases. The provision of real-time imaging and the easy-to-carry nature of portable ultrasound devices support point-of-care diagnostics, increasing the healthcare sector's reliance on them and boosting the global demand for portable ultrasound devices.
Rising Research Activities Support Market Expansion
The rising emphasis on research and development activities to boost the development of technologically advanced diagnostic devices is one of the major drivers of the portable ultrasound devices market. Rapid advancements in ultrasound technologies coupled with increasing applications of technology across a wide range of fields, including sports medicine, cardiology, oncology, and emergency medicine, provide lucrative growth opportunities to the market. For instance, in September 2024, the Indian Institute of Technology (IIT) Madras announced that a team of researchers had successfully developed an indigenous portable Point-of-Care-Ultrasound Scanner (POCUS) for diagnosing sports injuries. This device is expected to potentially allow immediate assessment of the extent of injury and aid in providing an on-field diagnosis, helping healthcare professionals make the final call on whether the player should be allowed to continue playing. Furthermore, artificial intelligence-powered devices are expected to possess a wide range of applications in sports medicine and offer a wide range of benefits, including sufficient clinical resolution compared to other modalities and no radiation exposure. Additionally, various medical device companies are also focusing on developing miniaturized ultrasound devices with increased portability to ensure the provision of healthcare services even in remote locations.
Hospitals and Specialty Clinics Account for a Significant Share of the Market
The growing burden of different diseases and disorders is increasing the reliance on hospitals and specialty clinics to meet the rising healthcare requirements, thus bolstering the demand for various diagnostic solutions and medical devices for effectively diagnosing and treating the patient population. Using portable ultrasound devices also eliminates the requirement for invasive diagnostic procedures and follow-up imaging, increasing affordability and time efficiency. Portable ultrasound devices also enable point-of-care ultrasound, where clinicians are empowered to perform examinations directly at the bedside and during emergencies, thus improving patient care and diagnostic efficiency. Due to their easy mobility, they can easily be transferred between health units and even transported to remote locations, further increasing their popularity among specialty clinics and hospitals. Additionally, significant investments towards expanding and upgrading various hospitals across the globe are bolstering the requirement for advanced diagnostic equipment, including portable ultrasound devices. For example, a USD 1.5 billion expansion and renovation project is underway at the University of Pittsburgh Medical Center (UPMC). The opening of UPMC's centerpiece Presbyterian Hospital tower is expected to open in 2027. The 636-bed facility will focus on neurology, transplants, and cardiology upon its completion.
North America Holds Major Market Share
The strong presence of leading medical device companies, easy acceptance of advanced medical technologies, and rapid expansion of the healthcare sector are some of the major factors supporting the growth of the North America portable ultrasound devices market. The rising government initiatives to promote remote healthcare and telemedicine services, increasing requirements for point-of-care diagnostics, and availability of favorable reimbursement policies are other major factors supporting the market's expansion in the region. Additionally, the increasing cases of chronic health conditions, including cancer, in the United States and Canada are further propelling the requirement for effective diagnostic solutions, including portable ultrasound devices. As per the estimates of the National Cancer Institute, approximately 2,001,140 new cancer cases are expected to be diagnosed in the United States in 2024, thus propelling the market's demand as portable ultrasound devices play a crucial role in oncology care and allow for cost-effective, non-invasive, and convenient monitoring of the progression of the disease. Furthermore, the rising integration of advanced technologies, including wireless connectivity and artificial intelligence with portable ultrasound devices, is also expected to increase their utilization in the region in the coming years.
Future Market Scenario (2025-2032F)
As per the global portable ultrasound devices market analysis, the market's growth over the forecast period is expected to be driven by the rising cases of chronic diseases, the growing adoption of point-of-care diagnostics, and increasing advancements in medical technologies. According to the estimates of an article published in Elsevier in September 2022, by 2040, approximately 1 million deaths and 3 million new cases of breast cancer are expected to be reported every year. Such increases are expected to bolster the requirement for convenient and advanced diagnostic solutions, including portable ultrasounds, to aid healthcare professionals in providing adequate diagnosis. Additionally, strategic collaborations and increasing investments by leading research institutions and healthcare companies towards research and development activities are further expected to bolster the availability of innovative solutions that aid in addressing the diverse healthcare requirements of the patient population. For instance, the Centre Hospitalier Saint Joseph Saint Luc de Lyon is conducting an interventional study that is expected to conclude in April 2025 to evaluate the functioning of standard ultrasound vs ultra-portable ultrasound for placing a peripheral catheter in patients that have a high risk of difficult puncture.
Key Players Landscape and Outlook
The key players in the market are increasingly investing in novel product launches to enhance their market share and expand their global presence. For instance, in September 2024, GE HealthCare Technologies Inc. announced the launch of their new portable ultrasound device, Venue Sprint, which offers unmatched image quality and wireless probing capabilities with the help of tools that are powered by artificial intelligence and Venue software. The device aims to help healthcare professionals in various settings, including critical care and emergency rooms. Such product launches align with the company's goal to enhance patient outcomes and improve the efficiency of healthcare professionals.
In March 2024, Koninklijke Philips N.V. Korea showcased its broad ultrasound portfolio at the 39th Korea International Medical & Hospital Equipment Show (KIMES 2024), which was held in Seoul, South Korea. The company's latest product is designed to aid clinicians in improving their efficiency and can be used in a wide range of settings in clinics and hospitals, including the angiography department, intensive care units, and the emergency department. The position of the touchscreen and the control panel of the new series is the same as that of the Epic Elite, allowing healthcare professionals who are already using equipment designed by Philips to familiarize themselves with the new devices.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.