The global point-of-care ultrasound systems (POCUS) market size was valued at $721.4 million in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 5.7% by 2026, according to Grand View Research (GVR).
Rapid technological advancements in health care services and increasing number of patient admissions in emergency care are some of the major factors driving the demand for point of care ultrasound devices, GVR reports. This change has led to the adoption of speedy and accurate diagnostics technology in emergency department (ED), especially in the case of “point-of-care devices” to reduce the delay between the onset of symptoms and decision on a definitive therapy to reduce mortality and morbidity in critically ill patients.
The global point-of-care ultrasound devices market size was $2.09 billion in 2019, and it is predicted to progress at a CAGR of 7.4% during the forecast period (2020–2030), according to Prescient & Strategic Intelligence.
The growth is contributed to rising health care expenditure, surging geriatric population, developing health care infrastructure and the increasing prevalence of chronic diseases. For instance, in the U.S., according to the Centers for Disease Control and Prevention (CDC), six in 10 people have at least one chronic disease, such as a cardiovascular disease (CVD), stroke, cancer or diabetes.
The ongoing COVID-19 pandemic across the world is expected to have a tremendous impact on different spectra of society, the point-of-care ultrasound devices market being no less, according to according to Prescient & Strategic Intelligence. The production of POCUS devices and related goods has been impacted negatively due to COVID-19 and imposition of lockdowns, which have resulted in a reduced workforce, constraints in producing goods with proper sanitization, surge in the unemployment rate and affected import and export services.
Globally, the Asia-Pacific region is expected to advance at the highest CAGR during the forecast period in the point-of-care ultrasound devices market. Some of the factors leading to the market growth include the improving health care infrastructure, increasing need for point-of-care diagnosis and treatment, and growing prevalence of chronic and lifestyle-related diseases. In addition, POCUS devices are increasingly being used for the scanning of osteoarthritis in the aging population, as there is a high risk of this disease in the elderly.
Global Market Insights Inc. also forecasts POCUS growth in globally and in the Asia-Pacific region. Global Market Insights reports that the global market is set to surpass $3 billion by 2025.
The Asia-Pacific point of care ultrasound market was valued at $625 million in 2018 and is expected to boost exponentially over the forecast period, according to Global Market Insights Inc. A growing need for point-of-care in emergency departments and rising prevalence of chronic diseases in this region will boost the regional growth. Increasing health expenditure in China and Japan will prove beneficial for POC ultrasound devices market growth. Moreover, increasing demand for point-of-care ultrasound in Japan coupled with technological advancements in POCUS is expected to foster business growth over the coming years.