PUBLISHER: The Business Research Company | PRODUCT CODE: 1455516
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455516
Point-of-care ultrasound (POCUS) involves the utilization of portable ultrasound devices at the bedside or in a clinical setting for immediate diagnostic and therapeutic purposes. This approach provides several advantages, including real-time assessment, immediate feedback, and the potential to expedite clinical decision-making.
Point-of-care ultrasound encompasses two main types, diagnostic devices and therapeutic devices. Diagnostic devices are medical instruments or tools specifically crafted to aid healthcare professionals in identifying and confirming the presence of diseases, conditions, or abnormalities in a patient. These devices come in various portability options, including trolley-based and handheld devices. They find applications in diverse medical fields such as emergency medicine, cardiology, obstetrics and gynecology, urology, vascular surgery, and musculoskeletal care. Additionally, they are utilized by various end-users including hospitals, clinics, maternity centers, ambulatory surgical centers, and other healthcare facilities.
The point-of-care ultrasound market research report is one of a series of new reports from The Business Research Company that provides a point of care ultrasound market statistics, including point of care ultrasound industry global market size, regional shares, competitors with a point-of-care ultrasound market share, detailed point of care ultrasound market segments, market trends and opportunities, and any further data you may need to thrive in the point of care ultrasound industry. This point-of-care ultrasound market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The point of care ultrasound market size has grown strongly in recent years. It will grow from $3.93 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be attributed to factors such as the increase in point-of-care testing, heightened clinical utility of point-of-care ultrasound, the adoption of compact and portable devices, the implementation of training and education programs, and the overall cost-effectiveness of utilizing such technology.
The point of care ultrasound market size is expected to see strong growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to the integration of point-of-care ultrasound with artificial intelligence, the expanding applications in primary care settings, the influence of global health initiatives, and increased utilization in remote and rural healthcare. Customization and the use of specialized probes are also contributing factors. Key trends expected in the forecast period include technological advancements, miniaturization and portability of devices, wireless connectivity and cloud integration, the extension of applications beyond radiology, and improved access to healthcare in remote and rural areas.
The anticipated growth of the point-of-care ultrasound market is driven by the increasing prevalence of chronic diseases, characterized by long-term medical conditions that persist over an extended period and often progress slowly. Point-of-care ultrasound (POCUS) plays a crucial role in managing chronic conditions, supporting early detection, personalized treatment, and remote monitoring, ultimately contributing to improved patient outcomes. As reported by the World Health Organization in September 2022, approximately 74% of the 41 million annual deaths globally are caused by non-communicable diseases (NCDs) or chronic diseases. Notably, cardiovascular diseases account for 17.9 million deaths, cancer for 9.3 million deaths, chronic respiratory diseases for 4.1 million deaths, and diabetes for 2.0 million deaths. The rising prevalence of chronic diseases underscores the significance of the point-of-care ultrasound market in addressing healthcare challenges.
Key players in the point-of-care ultrasound market are actively engaged in the development of innovative products to gain a competitive advantage. The concept of a venue fit for point-of-care settings refers to healthcare environments specifically designed and equipped to accommodate point-of-care technologies such as POCUS. In March 2021, GE HealthCare Technologies, Inc., a U.S.-based medical technology company, introduced the Venue Fit ultrasound system, a compact and user-friendly system designed for point-of-care settings. Featuring an easy-to-clean touchscreen and advanced scanning tools, this innovation aims to enhance workflow efficiency and diagnostic confidence for healthcare providers, contributing to the market's growth.
In December 2021, GE HealthCare Technologies, Inc. acquired BK Medical for $1.45 billion. This acquisition expands GE Healthcare's ultrasound business into surgical and therapeutic interventions, providing a comprehensive continuum of care. The acquisition not only fosters synergies but also enhances GE Healthcare's global reach and innovation capabilities. BK Medical, a U.S.-based medical equipment manufacturing company specializing in ultrasound imaging systems and transducers for urology, surgery, and point of care, adds valuable expertise and product offerings to GE Healthcare's portfolio in the point-of-care ultrasound market.
Major companies operating in the point of care ultrasound market report are Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens Healthineers GmbH, Fujifilm Holdings Corporation, Becton, Dickinson, and Company, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Toshiba Medical Systems Corporation, Fukuda Denshi Co. Ltd., FUJIFILM Sonosite Inc., Analogic Corporation, B. Braun SE, Esaote SPA, Bard Access Systems Inc., Zimmer MedizinSysteme GmbH, Chison Medical Imaging Co. Ltd., Butterfly Network Inc., Terason Division Teratech Corporation, Advanced Instrumentations, DRE Medical, ALPINION Medical Systems Co. Ltd., Shenzhen AnaSonic Bio-Medical Technology Co. Ltd., Healcerion Co. Ltd., Edan Instruments Inc., Shenzhen Landwind Industry Co. Ltd., Teknova Medical Systems Co. Ltd.
North America was the largest region in the point of care ultrasound market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the point of care ultrasound market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the point-of-care ultrasound market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The point-of-care ultrasound market consists of sales of handheld ultrasound scanners, ultrasound transducers, ultrasound gel, accessories and consumables, and vascular access ultrasound guidance kits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Point of Care Ultrasound Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on point of care ultrasound market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for point of care ultrasound ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The point of care ultrasound market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.