The point of care ultrasound market size is anticipated to record a valuation of $4.8 billion by 2027, according to a recent study by Global Market Insights Inc. Rising demand for low-cost systems, improved ease of use, and increased portability are some of the major factors that are propelling the market growth. Also, increasing birth rates and rising prevalence of chronic diseases globally are fueling the market expansion.
Increasing birth rates worldwide is one of the prime factors that will spur the point of care ultrasound market progression during the forecast period. Ultrasound is one of the most common ways to detect birth defects. Doctors often suggest an ultrasound scan to check on the baby’s health and development to minimize the chances of complications. Also, ultrasound is more cost effective and safer when compared to other imaging technologies such as, computed tomography (CT), magnetic resonance (MR) imaging contrast angiography (CA) and single-photon emission computed tomography (SPECT) that emits radiation.
The diagnostic segment was valued at $2 billion in 2020. The demand for point of care ultrasound has increased as it is a painless procedure and does not require any needles or incisions. Moreover, patients are not exposed to radiation making the procedure safer than X-rays and CT scan.
The handheld devices segment crossed $1 billion in 2020 led by its affordability over other imaging devices. Lower price has expanded the device market beyond hospitals to primary care physician. Also, the COVID-19 pandemic increased the demand for handheld ultrasound as it was frontline diagnostic tool for COVID patients.
The cardiology segment captured 18.5% of the market share in 2020. The demand for stand-alone and portable ultrasound systems increased as the number of cardiac patients increased. For instance, per a CDC report, in the U.S 659,000 die due to heart attack every year. Thus, with increasing number of people suffering with heart problems demand for ultrasound also increased to identify artery blockage and other cardiovascular problems.
The ambulatory surgical centers segment is projected to witness 7% growth rate till 2027. The growth of this segment is due to efficient cost coverage policies. Also, the portability of point of care ultrasound devices makes it a suitable fit for remote ambulatory centers, single and multiple specialty ambulatory centers. An increasing demand for point of care ultrasound systems in ASCs also favor growth.
The Asia Pacific point of care ultrasound market size was around $750 million in 2020 on account of the rise in health care expenditure in the region. For instance, according to a report by India Brand Equity Foundation, there was a 98% increase in foreign investment on medical devices in 2020. Some of the other factors contributing to the industry growth are technological advancements, increasing demand for the diagnosis of various diseases, growing public awareness about the need for diagnosis and government initiatives to support health care infrastructure in the region.
Some of the prominent companies operating in the point of care ultrasound market include Siemens Healthineers, Canon Medical Systems, Esaote SpA, Fujifilm, B. Braun, GE Healthcare, Koninklijke Philips, Samsung MEDISON (SAMSUNG Healthcare), Fukuda Denshi Co. Ltd.