Image: The Vscan portable ultrasound (Photo courtesy of GE Healthcare).
The global portable ultrasound devices market grew at a compound annual growth rate (CAGR) of 21% from 2014 to 2018 to reach nearly USD 3.03 billion in 2018 and is projected to grow at a CAGR of 22.6% from 2018 to 2022 to reach almost USD 6.85 billion by 2022.
These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.
During 2014-2018, the growth of the global portable ultrasound devices market was driven by rapid technological advances, coupled with large-scale investments in the healthcare industry, support from governments and private organizations for research and development leading to innovations, and an increased ageing population with mobility issues. However, the high cost of maintenance of portable ultrasound devices, and privacy and security concerns over patients' data negatively impacted the market growth.
Going forward, advances in low power consumption and charging technologies, an increasing number of patients with chronic diseases, and rising awareness about portable medical devices are expected to drive the growth of the global portable ultrasound devices market. However, rising interest rates, and insufficient public health insurance coverage, especially in the developing economies, are likely to negatively impact the market growth.
Based on type of device, the handheld ultrasound devices segment is expected to record the fastest CAGR of 29.6% during the forecast period. However, the mobile ultrasound devices segment will provide the maximum growth opportunities and is expected to record global annual sales of USD 2.76 billion by 2022. On the basis of type of application, the point of care/other applications was the largest segment in 2018 with a share of 35.7% of the portable ultrasound devices market and is also expected to record the fastest CAGR of 24.7% during the forecast period. The point of care/other applications segment will also provide the maximum growth opportunities and is expected to record global annual sales of USD 1.5 billion by 2022.
Geographically, the Americas region held the largest share of the global portable ultrasound devices market at 44.6% in 2018, followed by Europe, Asia-Pacific and the Middle East and Africa (MEA). Going forward, the portable ultrasound devices market in Asia-Pacific and Europe will record the fastest CAGR of 24.7% and 23.2%, respectively during the forecast period, followed by the Americas and the MEA with a CAGR of 22% and 21%, respectively.
In terms of competition, the portable ultrasound devices market is consolidated, with a few large players and the top 10 players making up to 53.7% of the total market in 2018. Some of the strategies adopted by the players in the portable ultrasound devices market include strengthening their healthcare expertise by focusing on their core healthcare business through divestment strategies, expanding their capabilities through acquisitions, and focusing on innovations of products and technologies through strong research and development initiatives. In order to take advantage of the opportunities in the market, manufacturers of portable ultrasound devices can focus on various other strategies such as safeguarding patient data to mitigate any risks from cyber threats, cardiologists who perform their own image acquisition in addition to image interpretation, innovations in portable ultrasound device product lines to increase market share, and strategic partnerships with technology companies.
Research and Markets