Portable Ultrasound Devices Market Definition
The portable ultrasound devices market consists of the sales of portable ultrasound devices and related services by entities (organizations, sole traders and partnerships) that manufacture portable ultrasound devices for use in the healthcare industry.
Ultrasound imaging is an imaging method in which high frequency sounds waves, usually 1-20 MHz, are transmitted into the body, encountering tissues, organs, fluids, gases, and bones. The waves are both absorbed and reflected by the different materials and interfaces within the human body. The reflection or echo, then returns back to the transmitter, forming an image of the target.
A portable ultrasound device is a diagnostic imaging equipment that is small in size and light in weight, and can be moved easily from one place to other. These devices are easy to carry and useful for short duration treatments.
Portable Ultrasound Devices Market Size
The global portable ultrasound devices market was valued at $3,036.0 million in 2018, having grown at a compound annual growth rate (CAGR) of more than 21% since 2014. The market is expected to grow at a CAGR of 22.6% to nearly $6,856.2 million by 2022.
Growth in historic period resulted from rapid technological advances coupled with large-scale investments in the healthcare industry, support from governments and private organizations for research and development that resulted in innovations, and increased size of the aging populations with mobility issues. Factors that negatively affected growth in the historic period were high costs of maintenance of portable ultrasound devices, and privacy and security concerns about patients’ data.
Going forward, advances in low power consumption and charging technologies, increasing number of patients with chronic diseases, and increasing awareness about portable medical devices will drive the growth. Factors that could hinder the growth of the portable ultrasound devices market in the future include rising interest rates, and insufficient public health insurance coverage, especially in developing economies.
Portable Ultrasound Devices Market Drivers
The Key drivers of the portable ultrasound devices market during 2014-2018 include:
Increased Size Of The Aging Populations - During the historic period, increased size of the aging populations drove the demand for portable ultrasound devices. Advances in healthcare and life-saving technologies improved the overall life expectancy of the global population. During 2014-2017, the number of people globally over the age of 65 grew from below 450 million to 601 million, an increase of 33%, according to estimates of Population Reference Bureau data. The rise in the size of aging populations can be attributed to the increased life expectancy rates in developed and developing countries following the developments in the healthcare industries. The susceptibility of gastrointestinal or digestive problems and increase in the incidences of cardiovascular diseases with age made the aging populations a major consumer segment of the portable ultrasound devices market. The increased need for healthcare services and growing healthcare expenditures are also expected to drive the adoption of mobile ultrasound devices to reduce costs and provide quality services.
Portable Ultrasound Devices Market Restraints
The key restraints on the portable ultrasound device market during 2014-2018 include:
High Prices Of Portable Ultrasound Devices-During the historic period, the limited affordability of portable ultrasound devices due to their high prices proved to be a restraint on the portable ultrasound devices market. The prices of portable ultrasound systems generally depend on the type of functions and diagnosis offered by the systems. Portable ultrasound machines with lower quality images than stand-alone nonportable ultrasound devices retail for $50,000 to $100,000. High price tags on portable ultrasound devices restrain people’s spending, as on average, people spend $56.8 a year on medical devices, from purchasing the devices for the home use. Additionally, portable ultrasound systems require regular battery replacements, recharging and frequent maintenance that lead to additional costs for the owners of the devices. High prices of portable ultrasound devices hindered the growth of the market during 2014-2018.
Opportunities And Recommendations In The Portable Ultrasound Devices Market
Opportunities – The top opportunities in the portable ultrasound devices market by type of device will arise in the mobile ultrasound devices segment, which will gain $2,767.7 million of global annual sales by 2022. The top opportunities in the portable ultrasound devices market by type of end-use application will arise in the point of care/other applications segment, which will gain $1,534.6 million of global annual sales by 2022. The portable ultrasound devices market size will gain the most in the Americas at $1,646.4 million. Player-adopted strategies in the portable ultrasound devices industry include strengthening healthcare expertise by focusing on the core healthcare business through divestment strategies, expanding company’s capabilities through acquisitions, and focusing on innovations of products and technologies through strong research and development initiatives.
Recommendations - To take advantage of the opportunities such as these, TBRC recommends a range of strategies for portable ultrasound devices manufacturers. These include focusing on safeguarding patient data to mitigate any risks from cyber threats, targeting cardiologists, who tend to perform their own image acquisition in addition to image interpretation, focusing on innovations in portable ultrasound device product lines to increase market share, and focusing on strategic partnerships with technology companies.
Portable Ultrasound Devices Market Segmentation
The Portable ultrasound devices market is segmented by type of device, by end-use application, and by geography.
Segmentation by Type of Device
The Portable ultrasound devices market can be segmented by type of device into
Handheld ultrasound devices had the highest growth rate of 29.9% during the historic period. The growth in the historic period can be attributed to the demand for handheld ultrasound devices used in abdominal, pelvic, fetal, peripheral vessel and cardiac imaging.
- a) Mobile Ultrasound Devices
- b) Handheld Ultrasound Devices
Segmentation by Type of End-Use Application
The portable ultrasound devices market can be segmented by end-use application into
Point of Care / Others segment had the highest growth rate of 23.2% during the historic period. The growth in the historic period can be attributed to the increased applications of portable ultrasound devices used in dermatology, critical care medicine, anesthesia and ophthalmology.
- a) Cardiovascular
- b) Obstetrics / Gynecology
- c) Gastro
- d) Musculoskeletal
- e) Point of Care / Others
Segmentation by Geography
The portable ultrasound devices market can be segmented by geography into
The Americas was the largest region in the global portable ultrasound devices market accounting for almost 44.6% of the global market. It was followed by Europe, Asia-Pacific and MEA. Going forward, Asia-Pacific, and Europe will be the fastest growing regions in this market.
- a) Americas
- b) Europe
- c) Asia-Pacific
- d) MEA
Portable Ultrasound Devices Competitive Landscape
Major Competitors are:
- • General Electric Company
- • Koninklijke Philips N.V.
- • Siemens Healthineers
- • Canon Inc.
- • FUJIFILM – SonoSite
- • Analogic Corporation
- • The Esaote Group
- • ZONARE (Mindray)
- • Signostics
- • Interson