Portable Ultrasound Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD2187 | Last Updated On: Jul 01 2022 | Available Formats

> Global Portable Ultrasound Market Expected to reach a high CAGR of 5.7% By 2029: DataM Intelligence

Global Portable Ultrasound Market is segmented By Device Type (Handheld Ultrasound Device, Mobile Ultrasound Device), By Application (Cardiovascular, Gynecology, Gastric, Musculoskeletal, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global "portable ultrasound market" is expected to grow at a CAGR of 5.7% during the forecast period (2022-2029).

Ultrasound is an imaging method that uses high-frequency sound waves to produce images of structures within the body. It is used to diagnose any swelling, infection, or any cause of pain in the body's internal organs. It is also used to guide biopsies, diagnose heart conditions and any effect after a heart attack. Portable ultrasounds have all the devices such as analyzers, image processors and generators, and image display condensed into a single small unit, weighing way less than the conventional ultrasound. It uses all the small and light parts.

 

Market Dynamics

The portable ultrasound market growth is driven by several factors, such as instant diagnosis and not requiring any special dedicated space, technological advancements, rise in geriatric population, and improvement in patient convenience.

The geriatric population is the target population for the development of the portable ultrasound market due to the inconvenience caused to the elderly because of frequent visits to the hospitals for checkups. According to the National Institutes of Health, the world’s older population continues to grow at an unprecedented rate. In 2016, 8.5% of the people worldwide, equivalent to 617 million, are aged 65 or over. According to data collected by United Nations (UN), the elderly population worldwide is expected to reach 17% of the world’s population by 2050, which will reach 1.6 billion. Older people get sick quickly and require health facilities more often. These devices eliminate old patients' stress to wait hours before they receive a check-up or to move from one room to another constantly where the device is available. Hospital visits require effort, and more often elderly feel much more convenient in-home environment than in a hospital. It is easier for the respective family, too, as they don’t have to accompany them to the hospital.

Major companies present in the segment concentrate on new technological advancements for easier handling and faster functions, such as incorporating artificial intelligence (AI). Many high-end ultrasound systems already integrate some AI level. Most new systems on all tiers moving forward will likely integrate increasing AI levels to automate time-consuming tasks and quantification and pick out the ideal image slice from a 3-D dataset. For instance, GE Healthcare added DiA Imaging Analysis AI-powered LVivo EF for automated ejection fraction measurements in its portable Vscan Extend handheld, pocket-sized ultrasound to enhance the device's functionality. There is also an increase in point-of-care ultrasound systems; Fujifilm’s SonoSite iViz fits in the palm, provides quick answers to clinical questions, and has many tutorials. In 2018, Healcerion gained FDA clearance for its Sonon 300L wireless handheld ultrasound device that works with a table device to display the images. It provides a flexible imaging device at less than 1/10 the cost of a traditional ultrasound machine.

Market Segmentation

The global portable ultrasound market is segmented into handheld ultrasound devices and mobile ultrasound devices by device type. These mobile ultrasound devices are expected to hold a dominant market share over the period of forecast (2020-2027) due to the large demand for these devices in ambulatory care. These devices help provide mobile care. Mobile ultrasounds can be connected to a smartphone and can be used anywhere, anytime, and can be carried with the doctor as it weighs less than a pound. These cheaper, lightweight equipment impacts live throughout the world, from medical schools’ anatomy classes to isolated battlefields such as Fujifilm’s SonoSite portable ultrasound used by the U.S. army. Mobile ultrasounds are very convenient for patients who do not have to leave their homes' comfort to get the ultrasound done. Mobile ultrasounds are cost-effective as well. For instance, Butterfly iQ is a handheld ultrasound machine costs just around US$ 2,000.

Based on application, the market is segmented into cardiovascular, gynecology, gastric, musculoskeletal and others. Among these, cardiovascular is expected to hold the largest market share over the period of forecast (2020-2027) due to rising cases of cardiovascular diseases globally. According to World Health Organization (WHO), in 2017, cardiovascular diseases were the leading cause of deaths globally, accounting for 19 million deaths. For faster, earlier and accurate diagnosis of heart diseases, there is an increase in ultrasound usage. In immediate assistance, portable ultrasounds prove quite handy and can be carried to the patient rather than moving the patient.

 

Geographical Analysis

North America is dominating the Portable Ultrasound market in 2018 and estimated to hold the largest market size over the forecast period (2020-2027), owing to the highly aware public, favorable government initiatives and policies, technological advancement and highly developed hospital infrastructure. Key players present in the region occupy a large share of the global market. These key players make high investments and open many new research and manufacturing facilities.

Asia Pacific region is expected to grow at the highest CAGR over the period of forecast (2020-2027) due to the rise in economy, large target population and growth in healthcare infrastructure. Developing economies have a huge market for mobile ultrasounds as they are cheaper and easier to handle. In India, with government initiatives like Ayushman Bharat, a significant spike in the growth of portable ultrasound in rural locations is expected, which is supposed to contribute to a major portion of the region's market. The market is also boosted by an increase in mid to large nursing homes & multi-specialty hospitals in tier I & II locations of many developing countries.

 

Competitive Landscape

Some of the market's major key players are Fujifilm, GE Healthcare, Hitachi Healthcare, Fukuda, Mindray, Canon Medical Systems Corporation, Philips Healthcare, Samsung Healthcare, Siemens Healthcare, Terason, Esaote, BenQ Medical Technology.

In the portable ultrasound market, the key players adopt various growth strategies such as new product launches, partnerships, and collaborations with multiple research institutes and increasing research and development and high investment, contributing to the portable ultrasound market's growth globally.

In August 2019, Terason, a leading global ultrasound imaging company based in Burlington, Mass., has partnered with DiA Imaging Analysis, a leading provider of Artificial Intelligence (AI)-based solutions for ultrasound analysis, to provide its cardiac solutions on Terason’s point-of-care ultrasound devices.

In July 2018, Healcerion gained FDA clearance for its Sonon 300L wireless handheld ultrasound device that works with a table device to display the images. It provides a flexible imaging device at less than 1/10 the cost of a traditional ultrasound machine.

In March 2018, Philips announced the first integrated tele-ultrasound solution on Philips’ Lumify portable ultrasound system.

Why Purchase the Report?

  • Visualize the portable ultrasound market's composition across each indication, in terms of type and by type highlighting the key commercial assets and players.

  • Identify commercial opportunities in portable ultrasound by analyzing trends and co-development deals.

  • Excel data sheets with thousands of data points of portable ultrasound market-level 4/5 segmentation.

  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

  • Product mapping in excel for the key products of all major market players.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

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